DIGITAL & DATA ACCELERATION
Informa Group Annual Report and Accounts 2021
Informa in 2021
REVENUE
£1,799m
2020: £1,661m
UNDERLYING REVENUE
GROWTH/(DECLINE)*
6.1%
2020: (41.0%)
REPORTED REVENUE
GROWTH/(DECLINE)
8.3%
2020: (42.5%)
ADJUSTED OPERATING PROFIT*
£388m
2020: £267m
STATUTORY OPERATING PROFIT/(LOSS)
£94m
2020: £(882m)
ADJUSTED DILUTED EARNINGS
PER SHARE*
16.7p
2020: 9.8p
STATUTORY DILUTED EARNINGS PER SHARE
5.2p
2020: (73.4p)
FREE CASH FLOW*
£439m
2020: £(154m)
6–13
Group Chief Executive’s Review
* In this report, we include IFRS measures and alternative performance
measures. For clarity, each alternative performance measure is marked
14–19
Market Trends
32–36
Colleagues and Culture
2–99
STRATEGIC
REPORT
Informa at a Glance
Why Invest?
Introduction from the Chair
Group Chief Executive’s Review
Market Trends
Business Model
Group Strategy
FasterForward
Approach to Engagement
Section 172 and Non-Financial Information Statements
Divisional Snapshot
Divisional Review
Key Performance Indicators
Risk Management
– Principal Risks and Uncertainties
– Climate Impacts
– Viability Statement
Financial Review
2
3
4
6
14
20
22
24
30
46
50
52
52
56
64
66
68
73
80
83
86
100–159
GOVERNANCE
REPORT
Board of Directors
Governance at a Glance
Corporate Governance Report
Nomination Committee Report
Audit Committee Report
Directors’ Remuneration Report
Other Statutory Information
Statement of Directors’ Responsibilities
100
104
108
110
120
124
132
156
159
FINANCIAL
STATEMENTS
160–257
Independent Auditor’s Report
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Consolidated Statement of Changes in Equity
Consolidated Balance Sheet
Consolidated Cash Flow Statement
Notes to the Consolidated Financial Statements
Parent Company Balance Sheet
Parent Company Statement of Changes in Equity
Notes to the Parent Company Financial Statements
Glossary of Terms: Alternative Performance Measures
Five-Year Summary
160
171
172
173
174
175
176
247
248
249
255
257
258–260
COMPAN Y
INFORMATION
Shareholder Information
Advisers
258
260
110–159
Corporate Governance Report
52–65
Our Divisions
24–29
FasterForward
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
AT INFORMA
WE’RE HERE
TO CHAMPION
THE SPECIALIST,
CONNECTING
PEOPLE WITH
KNOWLEDGE
TO HELP THEM
LEARN MORE,
KNOW MORE
AND DO MORE
WE DELIVER:
Specialist content. Smart events.
services. Expert research and data.
Audience development services.
TO SPECIALISTS IN MARKETS
AND CATEGORIES INCLUDING:
Aviation. Pharma. Cyber Security.
Medicine. Fashion. Social Sciences.
Private Equity. Enterprise IT. Biotech.
Fintech. Construction. Beauty
Environmental Sciences. Education.
WHAT MAKES US DIFFERENT:
International reach. The creativity
A purpose focused on customers
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
2
Informa at a Glance
GROWING DEMAND
FOR SPECIALIST
KNOWLEDGE
SEE PAGES 22 AND 23 FOR
GROUP STRATEGY
UNIQUELY POSITIONED
SEE PAGES 6 TO 13 FOR GROUP
CHIEF EXECUTIVE’S REVIEW
ACCELERATING
DIGITISATION
SEE PAGES 50 TO 65 FOR
DIVISIONAL REVIEWS
STRONG FINANCIALS
SEE PAGES 86 TO 99 FOR
FINANCIAL REVIEW
ACCELERATING
SUSTAINABILITY
SEE PAGES 24 TO 29 FOR
FASTERFORWARD
•
• International reach combined with deep expertise
•
and products
•
diverse customer preferences
•
•
and new services
•
inclusive culture
•
the business
•
business (B2B) events as smart events and B2B
market access powered by IIRIS
•
•
•
•
•
•
• Robust balance sheet
• Disciplined approach to capital returns
COMPANY INFORMATIONFINANCIAL STATEMENTSGOVERNANCE REPORTSTRATEGIC REPORT
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
3
Why Invest?
John Rishton
Chair
IT IS A PRIVILEGE TO INTRODUCE
INFORMA’S 2021 ANNUAL REPORT
TO SHAREHOLDERS AND ALL
READERS, HAVING TAKEN UP
THE POSITION OF CHAIR AT THE
GROUP’S JUNE 2021 ANNUAL
GENERAL MEETING (AGM) AFTER
NEARLY FIVE YEARS AS A NON-
EXECUTIVE DIRECTOR.
There are many Shareholders, and
Last year, I shared my excitement about the
opportunities that lie ahead for Informa.
Looking back at 2021 and forward into the
coming years, this firmly remains the case.
The last 12 months have been a transition
period for the Group. After the significant
impact of the pandemic in 2020 and an
effective action plan to achieve stability and
security, 2021 was a year when Informa’s
Board and leadership team could once again
look ahead and embark on the activities and
investments that will deliver the next stage of
the Company’s growth and expansion.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
4
Introduction from the Chair
PERFORMANCE AND AMBITION
As the Group Chief Executive and Group
Finance Director explain, Informa delivered
an improving and encouraging financial
performance in 2021 that was in line with
The Company also set out its future ambition,
through the 2021-2024 Growth Acceleration
Plan (GAP II), to create further scale and
success in the two markets in which Informa
has leadership positions and where it so
effectively connects people with knowledge:
in B2B Markets and in Academic Markets.
GAP II, as laid out on pages 22 and 23, is
designed to make the most out of Informa’s
unique strengths and characteristics: the
position and power of the Group’s specialist
brands, the ongoing growth and evolution
leadership and talent at all levels, the way
sustainability is both increasingly embedded
into the business and an opportunity for
further growth, and the strength of the
Company’s customer platforms.
The full focus of the Board and leadership
team is now on GAP II and acceleration in all
areas. This includes an acceleration in digital
and data leadership, as the title of this report
makes clear, by building on the growing range
and depth of platforms and services Informa
has built for customers in recent years.
It includes an acceleration in investment in
products, brands, technology and talent.
SHAREHOLDER SUPPORT AND RETURNS
It also includes accelerating growth and
returns for Shareholders. In December 2021,
it was announced that as a consequence of
focusing on B2B Markets and Academic
Markets, the Group would divest Informa
Intelligence and its portfolio of specialist data
and intelligence brands. This will unlock the
significant value built in these businesses
after many years of focus, investment and
improvement by the management team,
while providing the funds to accelerate
investment in our two leading businesses.
The Board was pleased to confirm that the
proceeds will also enable up to £1bn of capital
to be returned to Shareholders, including in
the form of a share buyback programme
which has since started.
This amount is similar to the level of support
provided by Shareholders at the height of
support. The Group also plans to resume
ordinary dividends at the time of the 2022
interim dividend.
STEWARDSHIP AND ENGAGEMENT
There were several additional developments
on Informa’s Board during 2021. Planned
retirements at the time of the AGM provided
the opportunity to replenish the Non-
Executive skills and experience available to
the Company and add talent in areas most
relevant to Informa’s GAP II ambitions.
As described in detail in the Corporate
Governance Report starting page 110, we
were delighted to welcome Louise Smalley,
Joanne Wilson and Zheng Yin as Non-
Executive Directors during the fourth quarter.
Informa’s Directors both enjoy and take their
responsibilities to the Company and its
stakeholders seriously. As in previous years,
we seek to maintain direct and productive
relationships with Shareholders, colleagues
and other communities, taking a range of
perspectives and feedback into account in
decision making, as I explain in our Section
172 statement on pages 46 to 48.
Such engagement was an immediate priority
for me on taking up the position of Chair,
Remuneration Committee. There is full
information the Board’s varied engagement
with colleagues and dedicated roadshows
and meetings with Shareholders on pages
115 and 116.
I would like to take this opportunity to thank
all Informa’s colleagues for the continued
drive and contribution to the Company and
personal thanks and that of the wider Board
to the Chief Executive and his leadership
team, for their full focus and commitment to
delivering outstanding results and benefits
for everyone connected with Informa.
I am excited to be part of this journey with
the Company and look forward to the further
progress and success that is to come.
John Rishton
Chair
14 March 2022
THE FULL FOCUS OF
THE BOARD AND
LEADERSHIP TEAM
IS NOW ON GAP II
AND ACCELERATION
IN ALL AREAS
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
5
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Stephen A. Carter
Group Chief Executive
We continued to manage through and work
around the impacts of the pandemic during
times during the year, maintaining our
support for colleagues and focus on
We also seized the opportunity to look
further ahead, taking a number of decisions
about the future shape of the Company and
setting out a clear direction for the next four
years through the 2021-2024 Growth
Acceleration Plan II.
GAP II is modelled on the structure, discipline
and success of the 2014-2017 Growth
Acceleration Plan.
INFORMA ENTERED 2021 WITH
STABILITY, STRENGTH AND THE
CLEAR GOAL OF RETURNING
TO LONG-TERM SUSTAINABLE
GROWTH. 12 MONTHS ON, WE
HAVE DELIVERED A RESILIENT
PERFORMANCE AND EMBARKED
ON AN AMBITIOUS PROGRAMME
OF GROWTH, INVESTMENT AND
DIGITAL ACCELERATION: GAP II.
GROWTH ACCELERATION
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
6
Group Chief Executive’s Review
It will see us focus on the two markets where
Informa has scale leadership positions: B2B
Markets and Academic Markets. It will bring
additional investments into our products and
platforms, further extending and enriching
our digital and data capabilities in particular.
It will also place even greater emphasis on
our FasterForward programme to embed
sustainability more deeply throughout
Over the four-year period, GAP II will see us
champion specialists in new ways, delivering
knowledge and connections to customers
through an expanded and enhanced range of
products and platforms. It will help us create
a higher growth, higher quality and higher
value business, and we are excited about
IMPROVING REVENUES, PROFITS
AND CASH FLOW
In 2021, Informa delivered improvements in
revenues, profits and cash flow as a result of
the continued strength of our subscriptions-
led businesses, growing demand for digital
services across the Group and the impact of
course of 2021.
Group revenues were just under £1,800m
(2020: £1,661m), representing an underlying
revenue growth of 6.1% and a reported
revenue growth of just over 8%. Adjusted
operating profit also improved to £388m
from £267m in 2020. On a statutory basis,
operating profit was £94m, substantially
higher than the prior year’s loss
(2020: £(882m)) reflecting the growth
As a Group, we not only met the financial
commitments set out to Shareholders but
exceeded expectations in certain areas,
including in our cash flow performance.
The generation of free cash flow has long
been an important metric for Informa.
After the impact of the pandemic during
2020, we set a goal of delivering positive
nearly £440m of free cash flow compared
with an outflow of around £150m in 2020.
Operating cash flow, which measures cash
flow before costs such as tax and interest,
was £570m (2020: £231m).
This strong cash performance helped to
lower net debt to just under £1,440m* as
reducing the Group’s leverage* to below
the Company was one year ago. Informa
continues to have no financial covenants
This improving performance led the Board
dividends to Shareholders at the time of the
interim dividend in 2022. This is in addition to
generating Shareholder returns from divesting
our Intelligence businesses under GAP II,
which we will come on to discuss further.
DIVISIONAL PROGRESS
Each of Informa’s five Divisions recorded
positive and improved underlying revenue
growth in 2021, with strong performances in
Informa Intelligence and in our Academic
Markets & Knowledge Services business
Taylor & Francis, and improving momentum
across our three B2B Markets & Digital
Services Divisions: Informa Markets, Informa
Connect and Informa Tech.
OVER THE FOUR-
YEAR PERIOD,
GAP II WILL SEE
US CHAMPION
SPECIALISTS IN NEW
WAYS, DELIVERING
KNOWLEDGE AND
CONNECTIONS
TO CUSTOMERS
THROUGH AN
EXPANDED AND
ENHANCED RANGE
OF PRODUCTS AND
PLATFORMS
CONTINUED OVER
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
7
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
In Taylor & Francis, revenues were £545m
(2020: £556m) with underlying revenue
growth of 2.4%. Its reported revenue decline
of (1.9%) (2020: (0.6%)) reflects the impact of
exchange rates in a business that generates a
large proportion of its revenues in US dollars
and currencies linked to the dollar.
Since the start of GAP I, in Taylor & Francis, we
have steadily built a business with a strong
position in the growing market for open
research, a strong digital infrastructure,
increasingly advanced digital and data
capabilities and a consistent financial
performance, which we are now looking
GAP II.
2021 was a transition year for our three
Live events began to return in number, albeit
at different times in different markets, and
our specialist digital services and platforms
further expanded. This has delivered an
improving performance despite some
ongoing disruption from the pandemic.
Across the three Divisions, there was
enduring demand for our specialist, customer
market-focused events. We ran over 350 live
B2B events in Asia, the Middle East and North
America during 2021, generating revenues
revenues in excess of 85% of their pre-
pandemic levels, despite many events taking
place at unfamiliar times or being affected by
travel restrictions, and rebooking rates for
2022 have been encouraging.
At the same time, we have continued to
develop our B2B Digital Services products,
which include specialist content and media
platforms that serve our markets and
support our audience development services,
marketplaces and matchmaking platforms
that connect buyers with sellers online, and
smart events that range from sponsored
webinars to multi-day festivals. The data
generated through these products is
supporting our expansion into digital
demand generation and services that deliver
highly qualified leads to marketers: a priority
area for investment under GAP II.
Revenues in Informa Markets rose to £609m
(2020: £524m) with an underlying revenue
growth of 7.7% (2020: (63%)). This business,
which has a strong presence in China,
benefited from the ability to operate physical
events in most of the major Chinese hubs
throughout the greater part of 2021.
£1,799m
2021 revenues
£439m
2021 free cash flow
Informa Connect delivered revenues of
£131m (2020: £124m) with underlying revenue
growth at 3.8% (2020: (55%)) and Informa
Tech, which focuses on customers working
revenues of £166m (2020: £152m) and
underlying revenue growth of 13.9%
PERFORMANCE AND SCALE
IN INTELLIGENCE
In 2021, Informa Intelligence generated
revenues of just under £350m (2020: £305m)
with an underlying revenue growth of 6.5%
(2020: 1.8%). This strong performance is, in
the main, thanks to the foundations built
under GAP I.
Between 2014 and 2017 we invested in new
leadership, in products and platforms, in
digital and data capabilities, in strengthening
customer relationships and in driving
improved renewal rates, refocusing the
portfolio around targeted specialist markets
and returning it to revenue growth.
Today, Informa Intelligence comprises a
series of high performing brands, providing
specialist, subscription-based data and
information to companies working in clinical
trials and pharma, in maritime and vessel
tracking, and in international fund and fixed
income investment flows.
These businesses do not, however, currently
have scale in their respective end markets,
and it is our belief that the best opportunities
for Informa will come from focusing and
further investing in the two markets in which
we have sizeable leadership positions.
In December, as part of GAP II, we therefore
announced the decision to divest our
Intelligence businesses. This started a
process to seek owners who are best placed
to continue to serve our customers, and to
support the professional and personal
interests of our colleagues, by further
developing our brands and expanding their
reach and position.
In February 2022, we reached an agreement
for Pharma Intelligence, the largest portfolio
in the Division, with a long-term and
investment-focused partner, at a value that
reflects the quality of the business and its
potential for continued growth.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
8
Group Chief Executive’s Review
continued
GROWTH ACCELERATION
When completed, the sale of the Informa
Intelligence portfolio will unlock some of the
significant value created in those businesses
following the transformation of the last five
to seven years.
We intend to use the proceeds to fund up to
£150m of net incremental GAP II investment
into our Academic Markets and B2B Markets
businesses, to pay down debt and create
further strength and flexibility in the
Shareholders of up to £1bn. As part of this
return, the Group commenced a share
buyback programme in February 2022.
After what has been a transition year,
Informa’s single-minded focus is now on the
future, on growth and acceleration through
to 2024 and on delivering new Informa
through GAP II.
The plan we have laid out, which can be seen
in full on pages 22 and 23, is about making
the most of our brands and market
leadership positions, extending our products
and platforms and seizing opportunities from
customer and market trends. While many
The Knowledge and Information Economy
continues to grow at pace. It has been
estimated that human knowledge doubled
every 12 months in 1984 and every 12 hours
in 2020, heightening the value of access to
relevant, specialist knowledge and content
that has been curated, qualified and is
delivered in an effective way.
In every market, digital channels are being
used in a deeper and more sophisticated way
for business activity. As a by-product, these
activities and interactions are generating
larger amounts of data, including data that
can provide a deep insight into customer and
purchasing interests.
Technology is ever-advancing: in what
platforms and apps can do and offer, in
sophistication of analytical capabilities. At the
same time, however, the pandemic has also
demonstrated the importance of community,
the power of tangible experiences and the
irreplaceability of in-person human
trends, including perspectives from
colleagues, on pages 16 to 19.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
GROWTH ACCELERATION
IN ACADEMIC MARKETS
In Taylor & Francis, through GAP II, we are
looking to accelerate growth and create more
customer benefits by expanding our position
in open research, broadening our range of
knowledge services and extending our
For the last five years, we have been steadily
building a position in open research, where
funders pay for research to be validated,
published, curated and hosted. This has
included internal investment and the addition
of high quality specialist brands and teams
such as Dove Medical Press and the
Open research comes in many forms and,
through GAP II, we plan to expand the
whether a customer chooses to publish in a
subscription journal or a fully open access
journal, to publish an early or pre-print
version of their research, to make data notes
and research models available, or where a
funder wants a high quality platform through
which to self-publish research.
With more, and more complex, knowledge
being created every day, we will be further
investing in our knowledge platforms to
submissions effectively, adding features
discoverability of our research, whether
Through expansion and investment in
technology and platforms, in digital
management and analytics and in our talent,
we believe that Taylor & Francis can extend
its leadership position in Academic Markets
and accelerate its growth, with a target of
delivering over 4% underlying revenue
growth by the end of 2024.
DATA ACCELERATION THROUGH IIRIS
Our B2B Markets businesses have long captured high quality first-party
customer data thanks to the position our brands hold in their specialist
markets, the engaged audiences around them and the close customer
relationships our teams have built.
With more business activity conducted digitally through the pandemic
and the expansion of our digital services, more data and richer data is
now being generated and captured. This includes behavioural and intent
data that goes well beyond contact, demographic and company details.
The challenge is collecting data consistently with discipline and
appropriate consents, managing it on an ongoing basis, enriching it
capabilities to derive valuable insights from it.
As colleagues share on page 17, we created IIRIS in 2021 as a centralised
data and analytics engine for all our B2B Markets customer data to
capture the opportunities from using data to enhance our existing
products and develop new digital demand generation services.
IIRIS is progressively expanding its programme of data collection,
curation, management and insights across all our B2B Markets brands.
We are building increasingly high quality audience profiles and aim to
double our current known, engaged and marketable audience of over
10m customers to 20m by 2024.
Services that are already being applied in the business are IIRIS Passport,
which simplifies registration and embeds consent-driven tracking; IIRIS
Recommend, which delivers more valuable and tailored content and
connection recommendations by understanding audiences better; and
IIRIS Insights and IIRIS Segment, which precisely match sellers with
qualified buyers and prospects based on behavioural insight.
Further examples are on pages 56 to 63.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
10
Group Chief Executive’s Review
continued
GROWTH ACCELERATION
IN B2B MARKETS
Specialist knowledge, but also specialist
connections, lie at the heart of our three
professionals use our products and platforms
to learn, acquire knowledge they can apply
and make relevant connections that further
their individual and business goals.
Scale, live events offer a powerful and
efficient platform for sellers to meet and do
business with a large number of relevant
buyers, in one place and time. We believe
their customer value will endure, particularly
in a world where, after the experience of the
pandemic, a higher bar is likely to be set on
business travel.
With travel expected to be more efficient and
purposeful, attending one specialist scale
event, instead of undertaking individual trips
to achieve the same business outcome, can
help customers consolidate their travel, time
and use of carbon.
One of our FasterForward programme goals
is to save our customers more carbon than
they emit by 2025, and results from our
surveys and research suggest that our
face-to-face platforms are well placed to
DIGITAL AND DATA ACCELERATION
At the same time, with digital connectivity
becoming more deeply embedded in B2B
communities, the opportunities from digital
market access are also expanding.
Today, we provide digital market access,
channels, in three main ways: through smart
events, audience development services and
digital demand generation products.
Smart events, which can be either fully virtual
products or a physical event enhanced with
digital features, are delivering an increasingly
rich experience for customers. The ability to
access relevant digital content in advance,
and networking are engaging customers and
audiences at a deeper level.
They also generate powerful data that we
our marketing and expand our audience
development services, helping marketers
reach the audiences around our brands
through content-focused campaigns.
We are also going further into the newer area
of digital demand generation: making full use
of the first-party customer data we hold to
deliver new, data-driven lead generation
services to B2B companies. Underlying this is
IIRIS, Informa’s centralised data and analytics
engine for all our B2B Markets customer data.
This is further described opposite. Over the
next four years, the aim is to build IIRIS into a
world-class data engine that is at the heart of
delivering our growth ambitions.
In December, to add specific digital demand
capabilities in the Tech market, we acquired
NetLine, a company that provides
permissioned, first-party data and targeted
leads to tech marketers.
By accelerating our digital and data
capabilities and increasing investment in
products, platforms and analytics, we believe
we can further accelerate growth across our
B2B Markets & Digital Services businesses,
deepen our positions in our specialist
markets and deliver more for our customers.
Under GAP II, 25% of our B2B Markets
revenues are targeted to come from digital
services by 2024.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
11
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
INVESTING IN CULTURE
While continued investment in products and
technology is fundamental to GAP II, Informa
remains a people business at its heart.
The commitment, skills, expertise, creativity,
engagement and contribution of our over
10,000 colleagues drive Informa’s brands and
make a difference to what we can deliver for
customers, which is why leadership and
talent is also a focus of GAP II.
With digital and data acceleration increasingly
important throughout the Company, we are
adding new roles in areas such as data
analytics, digital product management and
marketing and platform development. We are
also providing opportunities for colleagues to
enhance their digital knowledge and skills
through expanding role and market-specific
training programmes.
We have continued to focus and invest in
and opportunities that make Informa an
enjoyable and rewarding place to work.
At Informa, we have long recognised the
personal and professional benefits of
flexibility, and believe that time spent in
person, collaborating and working alongside
each other in an office hub, helps us to
develop and learn, stay connected and be
more creative. Starting in 2022, the majority
balanced way, mixing time in the office
balance that is tailored to each role, location
and market.
Informa continues to provide a high and
consistent level of support to colleagues
wherever they work, from access to expert
third-party assistance and wellbeing services
to technology that makes it easy to work
productively and connect from anywhere.
During 2021, we made further investments
into the ShareMatch programme, to the
fullest level possible under scheme rules,
offering colleagues a chance to connect
under GAP II.
AllInforma, our Group-wide diversity and
inclusion programme, made further
significant strides during the year, as
described on page 34.
Informa has five established and funded
networks, run by colleagues, with each
supported by an executive and a Board level
sponsor. Based on input from the networks
and direct colleague feedback, we have been
piloting new training opportunities and a
reverse mentoring initiative. This has seen
members of our colleague-led networks meet
and share perspectives with senior leaders, a
rewarding and insightful experience for all.
ACCELERATING FASTERFORWARD
It was through GAP I that Informa began
programmatic and increasingly ambitious
way. We invested in talent and expertise,
worked to strengthen our operational
practices and, in 2020, launched the
FasterForward programme to accelerate
We have steadily improved our practices
sustainability performance in independent
analysis. Informa was first certified as a
CarbonNeutral
®
Company in 2020 and has
gradually risen up the ranks of the Dow Jones
Sustainability Index, achieving the number
one position globally in the media sector for
the first time in 2021.
The continued delivery of FasterForward is
GAP II because we
consider responsible and sustainable
business practices to be essential for a
successful and thriving Company, and
because we see opportunities to help our
customers and markets accelerate their own
shift to a lower carbon world where social
and community impact matters more
Under GAP II, we are focused on extending
our performance and further operationalising
sustainability throughout the business.
Each Division has its own specific goals,
including for carbon and waste reduction,
which align to our nine Company-wide
FasterForward commitments.
We continue to work towards embedding
sustainability inside 100% of Informa’s
brands, to help every customer discover
relevant, specialist sustainability knowledge
and opportunities, and invest in initiatives
that extend benefits to the communities we
work in.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
12
Group Chief Executive’s Review
continued
CREATING NEW INFORMA
Through focus and deeper market
specialisation, digital and data acceleration,
the continued championing of our customers,
further progress on sustainability and
investment in our colleagues and culture,
excited about the Company’s future potential.
Allowing for the impact of the divestment of
Informa Intelligence, we believe that through
GAP II, Informa will deliver the same revenues
in 2024 as it did in 2019 before the pandemic,
with a higher growth rate and a higher quality
mix of revenues, and with leadership
positions that will serve our customers
increasingly well.
The last two years have undoubtedly been
demanding, and Informa has been fortunate
in the support and partnership shown by
many groups.
I would like to thank Informa Shareholders
period, as we looked to stabilise the business
and return to a position where we could
embark on growth acceleration once again.
A deep appreciation also goes to colleagues.
The continued contribution, agility, creativity
and engagement shown by everyone at
Informa has been impressive and a true
credit to the business.
A final and sincere thanks goes to the Board
for its commitment and ongoing guidance,
and in particular to the Chair John Rishton
who, having stepped up into the position
partner to the Company and leadership
Stephen A. Carter
Group Chief Executive
14 March 2022
A CONNECTED CULTURE
Opportunities to get together and connect in person are not only
something we provide to customers; they are a firm part of our culture
and what makes working at Informa rewarding and enjoyable.
We were fortunate to have several opportunities to connect, engage,
share and celebrate in person during 2021.
One such occasion was the Informa Awards: a popular date in the
individual and team achievements.
The 2021 ceremony was live-streamed from London with participation
from colleagues around the world. Anchors linked up live to hosts and
local awards parties in New York, Hong Kong, Dubai and Amsterdam and
presenters were chosen via a video competition. This allowed a broad
range of colleagues to play a fuller role in the awards, showcasing and
supporting Informa’s diverse and international culture.
A senior leadership event was also held in the UK to discuss the focus
and implementation of the 2021-2024 Growth Acceleration Plan. This
brought together 40 colleagues, including invited members of our
AllInforma diversity and inclusion networks, to connect, discuss and
input into the development of GAP II.
We were also fortunate to be joined by Informa Board Chair John
Rishton, who shared his perspectives and spent time meeting and
listening to colleagues.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
13
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
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1
Informa operates in the Knowledge and Information
Economy: a global market that provides businesses and
professionals with connections and intelligence that help
them be better informed, more effective and successful.
We focus on delivering knowledge to businesses and
institutions and academia. We also focus on serving
certain specialist end markets, including companies
We continually monitor, anticipate and respond to
trends in our end markets, whether they arise from
changing customer demand, product and technology
advances or macro factors, so that our services remain
as relevant and valuable to customers as possible.
We also monitor broader knowledge and information
trends to ensure the Company is well positioned to
succeed and grow. On the following pages, we highlight
four major trends that underpin the strategy of market
specialisation and digital acceleration being delivered
through the 2021-2024 Growth Acceleration Plan II.
TRENDS IN OUR
MARKETS
READ MORE:
Strategy: Market Specialisation and Digitisation, pages 22 and 23
Divisional Reviews, pages 50 to 65
INFORMA PLC
14
Market Trends
COMPANY INFORMATIONFINANCIAL STATEMENTSGOVERNANCE REPORTSTRATEGIC REPORT
INFORMA PLC
15
The end markets we work in are
becoming ever more specialist, with
highly focused and often innovative and
dynamic subsectors and subcategories
being created.
We believe this increase in specialisation is
a long-term trend and see examples in all
our markets.
In the global market for food products and
supplements, for example, not only has
natural products become an established
market for herbal dietary supplements,
up from $4bn in 2000.
In technology, advances in telecoms
connectivity and artificial intelligence
devices and made the development of
autonomous vehicles possible, opening up
a range of new and innovative subsectors.
communities around them become more
specialist too, and the businesses and
professionals working in them need
knowledge and connections that are highly
relevant and targeted rather than more
general information on trends, products
and peers.
Informa has had a consistent strategy to
focus on a series of specialist markets,
building depth and reach in those
categories to meet the increasingly
specialised needs of customers.
GAP II, we are continuing to add
expertise, capabilities and services that
THE
SPECIALISATION
OF MARKETS
SPECIALISATION AND EXPERTS IN ACADEMIC MARKETS
Lisa Mahan
Chief Marketing Officer, Taylor & Francis
EACH OF THESE
SPECIALISMS HAS ITS
OWN COMMUNITY
OF EXPERTS... AND
EACH COMMUNITY
REQUIRES
KNOWLEDGE THAT
IS RELEVANT,
CURATED AND
SUBSTANTIATED
specialisation and an interdisciplinary
approach to addressing global challenges
subcategories, such as psychoanalysis
engineering within physical sciences.
Increasingly, there is also research that
crosses several traditional fields including
smart cities, tidal erosion and autism.
Each of these specialisms has its own
community of experts: academic researchers
and authors, commercial research and
development teams, educators, policy
community requires knowledge that is
relevant, curated and substantiated,
constantly refreshed and delivered in
and sharing of knowledge across disciplines
and deep into disciplines, and we also
support the experts who foster progress
through the knowledge they create.
9m researchers worldwide. We focus on
building lifelong relationships as these
researchers embark on the journey from
learner to knowledge expert.
textbook content first, before moving onto
using our journals and research monographs
as their career develops. When they start
publishing, they may write articles and author
academic handbooks, as well as publishing
research protocols or data notes and creating
deepens, they may join one of our journals’
editorial boards and peer review articles in
their specialist area or see their monograph
our help. We support experts across many
different specialisms, every step of the way.
INFORMA PLC
16
Market Trends
continued
FORMING IIRIS, OUR B2B CUSTOMER DATA ENGINE
Max Gabriel
President, IIRIS
T H E VA LU E
OF B2B
CUSTOMER DATA
DIGITAL
REGISTRATIONS,
DOWNLOADS,
CONNECTIONS AND
INTERACTIONS
AROUND OUR
EVENTS HAVE
CREATED VAST
AMOUNTS OF DATA
PLUS NEWER AND
RICHER DATA TYPES
Whether it is the major construction
companies that exhibit and sell at World
Informa’s focus on championing customers
allowed us to form close and direct customer
relationships and create highly engaged
audiences around our brands.
opportunity to do more for those audiences
and virtual events has been a key driver.
and interactions around our events have
created vast amounts of data plus newer and
richer data types, including behavioural
insights into what customers might do next.
customer data engine, to generate new
commercial opportunities from capturing,
managing, nurturing and applying customer
identified over 1bn audience interactions and
a known, engaged and marketable audience
relationships, further develop our products
new and enhanced data-driven services.
behavioural data; one step in helping
businesses generate digital demand for their
services through understanding customer
process to know our audiences better, which
supports marketing campaigns and can help
businesses develop audiences for their
product that helps customers discover more
content, products and partners relevant to
their needs, providing more value and
maintaining engagement with our brands.
We are excited about the early results and the
potential for greater growth under GAP II.
The pandemic has caused our
professional lives to become more
intensively digital, with a surge in the
use of digital communications and
connectivity, digital services and apps
for more activities. In B2B markets,
where purchasing decisions are
typically longer and more complex than
in consumer markets, the combination
of rapid digitisation and changing
behaviour is creating new opportunities.
Customers are increasingly sophisticated
in the way they buy, spending more time
researching products and suppliers online
independently, and using more sources of
digital services and complete enquiry and
registration forms, more data is also being
of interactions, there is the potential to
identify customers and understand their
interests more precisely, as well as gaining
insight into what they might purchase.
expand and major websites are changing
their policies around third-party cookies,
used to understand and track customer
on customer consent standards.
first-party consent-based customer data.
Companies that can collect and collate
can gain a considerable advantage.
We are strengthening and deepening
Informa’s pool of consent-based first-
and increase engagement through greater
INFORMA PLC
17
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
There are many ways in which
businesses and professionals can
connect, learn and do business.
The experience of the pandemic has
shown both how powerful digital
platforms can be for certain activities,
and the distinct advantages and
enduring value that in-person,
face-to-face connection brings.
by 2023. We are seeing this trend of
continued demand for face-to-face
interaction evidenced in the strength of
attendee registrations and exhibitor
exhibitions in their specialist industry
provide an opportunity for personal,
immediate and memorable contact with
many customers and suppliers in one
place, which the pandemic has shown to be
hard to replicate as powerfully, efficiently
or effectively in other ways. Events provide
an opportunity to demonstrate and trial
products and negotiate directly with
suppliers, particularly important for high
value purchasing decisions.
We are continuing to build our face-to-
Customers remain focused on the value of
attending an event, including the relevance
of event content, the connections and
relationships established, maximising their
years, we have continuously developed our
events, focusing on delivering compelling
and unique experiences and acting as an
industry consolidator, creating scale
platforms that bring the right specialists
together at one time and in one place in a
highly effective way.
THE POWER OF
FAC E TO FAC E
RENEWING BUSINESS CONNECTIONS IN CHINA
Athena Gong, Vice President, Informa Markets Asia
Ying Sang, Deputy General Manager, China Beauty Expo
In China, the last two years have shown that
face-to-face events provide a very valuable
way of doing business.
decisions, spending quality time in person
true in beauty and cosmetics, where
touching, feeling and sampling products at
events such as China Beauty Expo is very
companies that may have smaller teams and
less well-developed sales processes, B2B
events are great ways to deliver leads.
pandemic between January and June 2020,
the majority of our exhibition brands
returned in 2021. We found that exhibitors
were understanding when events had to
quality of visitors is vital, and so we have put
extra effort into marketing events to relevant,
qualified visitors, despite often shorter
promotion windows than normal.
on both sides was strong. We had 3,200
exhibitors, who on average scored the event
8.9 out of 10 in terms of recommending it to
of over 20% on 2020, and 93% of visitors said
they would return in 2022.
much people want to meet and communicate
in person, but digital services are also an
increasingly important addition in China.
this is helping us provide a deeper level of
sales and marketing support to B2B markets.
launched a B2B matchmaking platform to
connect international companies, which were
not able to travel, with national and local
distributors, and our virtual expo attracted
over 450,000 further views.
FOR SMALL AND
MEDIUM-SIZED
COMPANIES THAT
MAY HAVE SMALLER
TEAMS AND LESS
WELL-DEVELOPED
SALES PROCESSES,
B2B EVENTS ARE
GREAT WAYS TO
DELIVER LEADS
INFORMA PLC
18
Market Trends
continued
CONNECTING THE DOTS IN TECH RESEARCH
Nick Fielden
Chief Commercial Officer, Omdia
THE
DIGITISATION
OF KNOWLEDGE
together as Omdia in 2020, we launched
Omdia.com as a single, upgraded hub for
tech markets.
development decisions is how we can deliver
maximum impact and value to customers.
While our hundreds of analysts and
consultants focus on quality and depth
are prioritising choice and sophistication
accessible our content is, informed by
continuous feedback from customers.
traditional long-form reports and
presentational materials to databases,
dashboards and videos, short-form
summaries, downloads and actionable
recommendations, with the ability to share
highlights to social media. We are investing
consulting reports and syndicated research.
the insights relevant to them, we recently
historical trend data, forecasts and
associated qualitative analyst insights, the
latest supply chain news, demand trends,
vendor assessments, recent webinars and
in-depth surveys. We have also started to
further content and relevant products based
on customer profile and behaviour.
tools are being implemented to tag content
consistently and efficiently, improving
customers’ search experience and freeing up
analysts’ time for research and engagement.
Outside of the site, enhancements are
underway to make our content more
discoverable through major search engines
and help Omdia educate and inform a
broader audience than ever before.
Advances in technology and changes in
customer behaviour mean that more
and more content is consumed in
professionals working in commercial
for knowledge relevant to their fields
and roles, as well as for consumers
opportunity for delivering knowledge in
multimedia formats. Video, graphical and
audio formats, podcasts and interactive
interfaces have the potential to make
content more eye-catching, compelling
such as the ability to annotate digital text,
bookmark and collate content, follow
recommendations create more value and
benefits for the user.
in providing knowledge to customers in
ever more advanced and compelling digital
possible, including by delivering data and
intelligence in ways that easily integrate
into existing processes and systems.
we have a particularly deep corpus of
knowledge, we are continually enriching
supplementary data notes, data methods
and even code alongside the primary
research article, and making sure that
knowledge can be easily discovered by
researchers whether it is on our own
platforms or through other channels.
DRIVING ALL
INVESTMENT
AND PRODUCT
DEVELOPMENT
DECISIONS IS HOW
WE CAN DELIVER
MAXIMUM IMPACT
AND VALUE TO
CUSTOMERS
INFORMA PLC
19
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
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OUR DIVISIONS SERVE THREE MARKETS AT THE HEART
OF INFORMA
Informa operates in the Knowledge and Information Economy, with the guiding purpose:
TO CHAMPION THE SPECIALIST, CONNECTING PEOPLE WITH KNOWLEDGE
TO HELP THEM LEARN MORE, KNOW MORE AND DO MORE.
Colleagues and culture: We rely on the talent
and engagement of our colleagues, working
positive impact of a dynamic, open and
inclusive culture
Leading brands:
of specialist brands, whose continued
strength, position and reputation in their
markets and among customers are critical
Close partnerships: We maintain strong,
long-term relationships with customers
Resilient technology: We invest in technology
and platforms that are resilient, relevant
Responsible natural resource use: We make
relatively limited use of carbon and natural
Effective financing:
AND WORK DEEPLY
IN OVER A DOZEN
SPECIALIST MARKETS
HOW INFORMA OPERATES
INFORMA PLC
20
Business Model
INFORMA IN ACTION CREATING BENEFITS AND
POSITIVE IMPACTS
Our products and platforms help businesses and
professionals learn more, know more and do more
• We create, curate, commission and deliver
market-specific knowledge, research, training
• We source, analyse and deliver critical market
on-demand B2B events: platforms for customers
discover solutions, build networks and learn
• We help businesses identify and connect with
engaged audiences, nurture leads and generate
demand through specialist digital services based
on content and data
We invest in building strong specialist brands and
delivering services flexibly
• Our teams continuously engage with customers
maintain the quality, relevance and value of
Informa’s brands
• We focus on knowledge and data that is market-
specific, high quality and often unique or exclusive,
whether it is first-party content we create or
content commissioned from external authors,
researchers, speakers and other market partners
• We take a flexible approach to product format
and formats
• We invest in our brands, products and services
Through a range of digital and data initiatives, we
are deepening our market positions and expanding
our digital services
• By capturing data more consistently and using
analytics in more sophisticated ways, we are
enhancing our products and our customers’
experience and developing new services
•
data, we are increasingly helping businesses
generate demand and access engaged buyers
digitally in more targeted and effective ways
For Shareholders
Long-term, sustainable capital and income growth through
£1bn
Planned capital return of up to £1bn under GAP II
For customers
businesses and professionals to learn more, know more
£150m
Net GAP II investment of up to £150m in enhancing and
expanding products and platforms
For colleagues
support and an engaging working environment
£647m
Paid in salaries and other direct contributions to colleagues
For business partners
Long-term relationships that provide our partners with
commercial and growth opportunities
£619m
Total spend with suppliers in 2021
For communities
Commercial activity and tax contributions that support
national infrastructure and local communities
development in the markets in which we operate
£267m
Global total tax contribution
GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATIONSTRATEGIC REPORT
21
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0 1 0 1 0 1 0 1 0 1 0 1 0
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1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
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1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
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0 1 0 1 0 1 0 1 0 1 0 1 0
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0 1 0 1 0 1 0 1 0 1 0 1 0
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0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
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0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
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1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
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1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
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1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
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0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
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0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
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0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
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0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
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1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
01010101010101010101010101010101010101010101010101010101010
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
MARKET SPECIALISATION
AND DIGITISATION
We have focused on building strong
positions in a number of specialist end
markets, championing the businesses and
professionals who work in those markets
by expanding our products and
capabilities, enhancing our brands,
deepening customer relationships
major markets – B2B
extend our leadership
positions within them
Divestment of the Informa
Intelligence portfolio, starting
in 2022
Delivering 40%+ of Group
revenue from digital services
by 2024
Continuing to invest in
colleagues, culture and
development opportunities
digitisation, with a focus on
further expanding in open
research, smart events
and building a position in
digital demand generation,
supported by investments
skills of current colleagues
and attract great talent into
new digital roles, supporting
an increasingly dynamic and
data-driven culture
MARKET SPECIALISATION HAS
BEEN AT THE HEART OF
INFORMA’S STRATEGY FOR THE
LAST SEVEN YEARS.
READ MORE: PAGES 6 TO 13 READ MORE: PAGES 6 TO 13 READ MORE: PAGES 32 TO 36
2021-2024 GROWTH ACCELERATION PLAN II
PORTFOLIO FOCUS DIGITAL AND DATA LEADERSHIP
AND TALENT
INFORMA PLC
22
Group Strategy
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0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
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1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
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1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
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1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
01010101010101010101010101010101010101010101010101010101010
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
Informa’s strategy through to 2024 is
specialisation and accelerate digitisation in
all areas of the business. We are delivering
this through the 2021-2024 Growth
Acceleration Plan II
to customers and create a better quality,
higher growth and higher value business
that has a broader range of opportunities
for future growth and success.
READ MORE: PAGES 86 TO 88 READ MORE: PAGES 86 TO 88 READ MORE: PAGES 24 TO 29
Internal GAP II net
investment of up to £150m
between 2021 and 2024
One-off capital return of
up to £1bn after completed
business divestments
Achieving key FasterForward
targets on energy and waste,
carbon consolidation and
content opportunities
investments in products,
technology platforms and
talent, supported by
targeted investments in
new partnerships and
business expansion
through resuming dividends
and a share buyback
programme
Embed sustainability
commitments throughout
all GAP II initiatives
GAP INVESTMENT SHAREHOLDER
RETURNS
FASTERFORWARD
COMPANY INFORMATIONFINANCIAL STATEMENTSGOVERNANCE REPORTSTRATEGIC REPORT
INFORMA PLC
23
FASTERFORWARD, OUR
FIVE-YEAR SUSTAINABILITY
PROGRAMME, IS AN
INTEGRAL PART OF GAP II
AND IMPORTANT TO HOW WE
DELIVER BUSINESS GROWTH
AND CONTINUE TO CREATE
BENEFITS FOR THE GROUPS
INFORMA WORKS WITH.
Informa has been building capabilities and
investing in sustainability in a deliberate
way for over five years, progressively
embedding it throughout the business.
have been recognised in leading third-
party ratings, and in 2021 Informa was
ranked top of the global media sector in
the Dow Jones Sustainability Index (DJSI).
Our approach is to ensure strong, responsible
business practices and to capture the
opportunities for creating growth, customer
benefits and broader positive impacts from
the transition to a lower carbon economy and
the deeper integration of environmental and
social considerations.
As a business that connects people with
knowledge, Informa makes relatively limited
use of natural resources. Furthermore, our
products and services are well suited to
providing customers with the knowledge
sustainability challenges and opportunities
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
24
FasterForward
As well as achieving a leading peer group
sector ranking in the DJSI, we continued to
make good progress with FasterForward
during 2021. Additional investments are
underway for 2022, which include adding
We have also expanded the data and
including by reporting under the framework
recommended by the Task Force on
Climate-related Financial Disclosures on
pages 80 to 82.
FASTER TO ZERO IN OUR OPERATIONS
Under Faster to Zero, our key aim is to
become a zero waste and net zero carbon
business by 2030 or earlier. Reaching net zero
means reducing the emissions associated
with our business, supply chain and the use
of our products and services by customers
chain as it is sometimes called, and
offsets. This commitment aligns with the
boundaries set under the Science Based
Targets initiative.
Informa was recertified as a CarbonNeutral
®
Company for our business operations in 2021,
in line with the CarbonNeutral Protocol and
Scope 1 and 2 and certain Scope 3 emissions.
This reflects continued improvements in
energy efficiency and our ongoing
relationship with offset specialists Natural
Capital Partners, through which we fund
certified projects that absorb or avoid
greenhouse gases being emitted.
96% of Informa offices are powered by
renewable electricity and the goal is to
elsewhere, we use renewable energy
attribution certificates.
Informa’s overall real estate footprint has
slightly reduced as a result of colleagues
balancing time between remote and office
working and a focus on using the space we
have more efficiently. This has reduced office
energy use and commuting emissions and
contributed to an overall reduction in
Where offices are being reconfigured to suit
more flexible working, we are taking the
opportunity to introduce new sustainability
features. This has included installing more
energy efficient printers, lighting and heating
controls and sourcing materials responsibly.
We continue to report on greenhouse gas
emissions as a Group KPI, as one indicator
Calculations are based on GHG Protocol
per-colleague ratio, believing it to be the
FASTER TO ZERO IN OUR PRODUCTS
In 2021, we continued to reduce the
emissions associated with our products
the second aspect of our carbon neutral
commitment.
Faster to Zero
commitments
1.
Become carbon neutral
as a business and across
our products by 2025
2.
Halve the waste
generated through our
products and events
3.
Become zero waste and
net zero carbon by 2030
or earlier
CONTINUED OVER
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25
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Taylor & Francis achieved CarbonNeutral
®
Publication status for its printed books
reduce waste and the carbon emissions
connected with printed materials and the
purchase of carbon offsets.
In recent years, the business has increased its
use of print-on-demand services that better
match production with demand and reduce
waste. In addition, following a successful trial
in 2020, just over 50% of printed journals
were mailed to customers without packaging
by the end of 2021, reducing the use of plastic
wrapping. We aim to remove 100% of printed
journal plastic wrapping by 2024.
In Informa’s B2B Markets businesses, our
major branded live events provide a way for
customers to consolidate their travel and use
of carbon. Global Business Travel Association
data shows that companies are resuming
travel after pandemic-related restrictions, but
channels for other business purposes.
Events that create a platform for many
different businesses and professionals to
gather, connect and do business, at scale and
in one place and time, can represent a more
effective use of time and carbon budgets
than multiple individual trips. We are
measuring these customer benefits more
consistently and widely from 2022 through
the IIRIS platform and direct customer
feedback, as part of our FasterForward
commitment to saving our customers
We are also making continued progress in
event sustainability and aim to achieve our
first CarbonNeutral
®
Events certification
during 2022. Nearly 300 events in North
America and EMEA were powered by
renewable electricity in 2021, a critical
with disposable stand construction through
the Better Stands programme. In 2021, we
BETTER STANDS
Informa launched a programme called Better Stands in 2020. This aims
built in a sustainable and reusable manner; a significant contribution to
meeting our zero waste goal. Reusable stand structures can also be
The aim is to eliminate disposable stands from all North America and
EMEA events by 2024 and from Asia within a further few years, allowing
time to fully engage customers in the region and enabling them to make
adjustments to their process and supply chain.
Over 300 Informa events are currently implementing Better Stands in
partnership with exhibitors and contractors. We have also seen significant
interest from industry peers, venues and contractors to adopt Better
Stands, and believe it has the chance to become a new industry-wide
approach in the years to come.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
26
FasterForward
continued
SUSTAINABILITY INSIDE
Under FasterForward, we are working to
embed relevant sustainability knowledge
This commitment was made to better
support our customers for whom, in almost
all markets, sustainability and the transition
to a lower carbon economy in particular is a
critical issue and potential opportunity.
We assess the sustainability performance
of 12 criteria that events are expected
incorporating relevant sustainable content
into programming and initiatives that
enhance accessibility, diversity and wellbeing.
Adoption of the Fundamentals is increasing.
Over 200 in-person and smart events have
participated since its launch in 2019 and
sustainability content. As progress continues,
we will be introducing a supplementary set of
criteria to assess the top performing brands
against increasingly ambitious targets, which
include embedding sustainability objectives
into performance appraisals for key roles.
As demand for market-relevant knowledge
about sustainability increases, it is also
presenting a growth opportunity for
Informa’s brands and products.
In 2021 for example, Informa Tech launched a
dedicated ClimateTech summit in London to
showcase the latest in climate intervention
technology. Following strong interest, the
summit will return in 2022 with plans to
expand to other cities. In Informa Intelligence,
Lloyd’s List is working on plans to use its
vessel tracking data to provide insight into
port congestion, providing information that
would help shipping companies maximise
fuel efficiency.
Within Taylor & Francis, the SDGOnline
collection continues to directly support
Development Goals (SDGs). It currently
houses teaching guides, videos, case studies
and over 18,000 book chapters and journal
We ensure a proportion of the collection is
always available for free, to ensure trusted
accessible as possible.
DIGITAL FOOTPRINT
As we expand the depth and range
GAP II,
understanding their sustainability
impacts is becoming an increasingly
important part of FasterForward.
The path digital content takes as it is
produced, distributed and consumed
networks, data centres, web infrastructure
and user devices, with systems and
products constantly evolving.
To better assess what carbon emissions
are created in the process, Informa
joined the Digital Impact (DIMPACT)
project in 2020 as a founding member.
This collaboration between over a dozen
global knowledge and media companies
and scientists at the University of Bristol
aims to develop a common tool to
content, as a starting point to helping
reduce it.
Sustainability Inside
commitments
4.
Embed sustainability
inside 100% of our
brands by 2025
5.
Help and promote the
achievement of the
Development Goals
through our brands
CONTINUED OVER
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
IMPACT MULTIPLIER
We know that the knowledge and
connections Informa provides, and our
business operations more broadly, can create
a wider positive impact beyond the benefits
to direct customers.
Connecting communities that might
otherwise be disconnected from certain
products and services is a FasterForward
commitment. As a by-product, our digital
acceleration plans are supporting this goal
because, by their nature, digital products
such as smart events and the new Streamly
video platform are less bound to a place and
time and can be accessed in more ways than
physical products.
At Arab Health, the latest content on medical
industry developments is made available to
students for free. Gaming brand GDC ran as
captioned all sessions in English, with
video-on-demand sessions having closed
captions in English, Spanish, Japanese and
Mandarin to open up access to a broader
international audience.
When the University of Cape Town was badly
affected by a fire in April, Taylor & Francis and
the Primal Pictures anatomy teaching brand
stepped in to ensure researchers could
We aim to form long-term partnerships in the
markets and communities in which we work,
creating benefits that reach beyond our
immediate products. Informa Markets’ Health
& Nutrition brand Vitafoods, for example,
non-profit Global Alliance for Improved
Nutrition, providing the organisation with a
event on better nutrition in low and middle
income countries and promoting its
fundraising campaigns.
Holding a large-scale event in a city
employment benefits for the area, including
income for local suppliers and tax revenues
for local authorities. We have previously
analysed Informa’s annual contribution to
certain key event hubs, such as Las Vegas,
where we contributed over $600m to the
city’s economy in 2019. Measurement work
was paused due to lower levels of in-person
events taking place during the pandemic
from 2022.
EMBEDDING SUSTAINABILITY
We run ongoing communications and training
programmes to inform and update colleagues
about sustainability, ensuring they have
successfully embed FasterForward
throughout the business.
Impact Multiplier
commitments
6.
Enable 1m disconnected
people to access
networks and knowledge
by 2025
7.
Contribute $5bn per
year in value for our
host cities by 2025
8.
Contribute value of at
least 1% of profit before
tax to community
groups by 2025
9.
Save customers more
carbon than we emit
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
28
FasterForward
continued
DISCLOSURE INSIGHT ACTION
A-
2020 rating
A-
2020 rating
+1.5°
Verified targets
Informa Connect held a regular webinar
series on FasterForward during 2021 for
example, led by Divisional management
team, covering topics such as customer
communications about sustainability,
embedding diversity and inclusion within
events and partnering with sponsors on
sustainability features.
In the run up to the COP26 UN Climate
Change Conference, the Sustainability team
ran a Company-wide video campaign to
explain key climate-related terminology
Informa’s FasterForward progress so far, to
help everyone feel confident talking about
sustainability to their customers and within
their networks.
Demonstrating strong credentials as a
responsible and sustainable business is
too. We have refreshed and expanded the
sustainability hub on the Informa website to
provide a deeper insight into our approach,
with examples of sustainability in action from
across the business. In a survey of over
100,000 applicants for Informa roles during
FasterForward programme greatly influenced
their decision to apply.
STRIDES IN DATA AND REPORTING
As part of Informa’s ongoing engagement
with investors, we continue to provide
information and updates on the
FasterForward programme. We prioritise
participating in the indices and surveys that
Shareholders tell us are most important,
including the specialist climate disclosure
assessment by CDP and DJSI’s broader
sustainability assessment, and are pleased
Informa published sustainability information
aligned to the Global Reporting Initiative (GRI)
and the Sustainability Accounting Standards
Board (SASB) standards for the first time in
2021. We have set Science Based Targets that
align with keeping global temperature rises to
no more than 1.5°C.
Governance of sustainability at Informa
continues to include the Board and Executive
Management Team. There is more information
in the TCFD section on pages 80 to 82 and in
46 to 48.
KEY SUSTAINABILITY HIGHLIGHTS
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
LOCAL COMMUNITIES
Making a positive impact on the
communities in which we work
How we engage and deliver benefits
BOARD ENGAGEMENT
The Board is closely involved in the
Company’s engagement activities.
For more details on how the Directors
interact with and respond to the
interests of colleagues, customers,
business partners and Shareholders,
see pages 115 and 116.
SECTION 172 STATEMENT
The interests of key communities are a
constant factor in the Board’s decision
making. Examples from 2021 can be
found on pages 46 to 48.
FOUR COMMUNITIES ARE
PARTICULARLY CENTRAL
TO INFORMA’S STRATEGY
AND SUCCESS: OUR
COLLEAGUES, CUSTOMERS,
BUSINESS PARTNERS
AND SHAREHOLDERS.
WE AIM TO ENGAGE,
CHAMPION AND DELIVER
BENEFITS FOR EACH OF
THESE KEY GROUPS, AND
THIS IS A DEDICATED
PART OF THE WORK
THAT INFORMA’S BOARD,
MANAGEMENT TEAM AND
COLLEAGUES UNDERTAKE
EV ERY DAY.
OUR APPROACH TO ENGAGEMENT
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
30
Approach to Engagement
CUSTOMERS
• Customers are at the heart of our business purpose:
knowledge to help them learn more, know more and
• Customer engagement is a continuous activity,
involving colleagues at every level
SHAREHOLDERS
• The confidence and support of Shareholders helps
•
year-round engagement programme, including forums
for larger institutional investors and individual investors,
in which the management team and Board participate
BUSINESS PARTNERS
• Many different business partners and suppliers help us
create and deliver products and services
• Our engagement is governed by two Informa guiding
principles in particular: Success is a Partnership and
Trust must be Earned
COLLEAGUES AND CULTURE
• Informa has over 10,000 colleagues, with our largest
hubs being in the US, the UK and China
• Our culture is based on ensuring all colleagues can
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
COLLEAGUES AND CULTURE
This makes colleagues, and the culture
colleagues work in, continuous priorities
for Informa’s management team and
Board; an importance that is reflected in
the 2021-2024 Growth Acceleration Plan II,
where leadership and talent is one of six
key focus areas.
Informa colleagues are typically professionals
and often specialists in a market or field of
expertise. Enabling all colleagues to do their
best work, and motivating colleagues to
choose to develop their careers at Informa,
are at the heart of our approach.
We focus on creating professional and
personal opportunities for everyone, offering
attractive benefits, providing a flexible and
supportive environment, ensuring all
colleagues can fully participate in and have
business an enjoyable place to work.
THE SKILLS, IDEAS AND
CONTRIBUTION OF
10,000+ COLLEAGUES IN
OVER 30 COUNTRIES ARE
FUNDAMENTAL TO HOW
WELL INFORMA CREATES AND
DELIVERS PRODUCTS, THE
QUALITY OF SERVICE PROVIDED
TO CUSTOMERS, THE DEPTH
OF RELATIONSHIPS BUILT
WITH CUSTOMERS AND OTHER
BUSINESS PARTNERS AND
THE STRENGTH OF OUR
BRANDS’ REPUTATIONS.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
32
Approach to Engagement
continued
WALK THE WORLD
IS ONE OF THE
EVENTS I ENJOY
THE MOST IN
SINGAPORE. IT WAS
EXCITING TO SEE
EACH OTHER AFTER
SOME TIME APART,
AND WHAT ALSO
UNITES EVERYONE
IS RAISING MONEY
TO SUPPORT THE
CAUSES THAT
REALLY MATTER
INFORMATION AND CONNECTION
Connecting people with knowledge is both
Informa’s purpose and a principle we apply
within the business. We believe that being
informed and connected helps teams to
achieve more, and our culture is based on
maintaining an open flow of information
There are year-round Company-wide
communications and engagement
programmes, supplemented by activities in
each Division and location tailored to the
needs and interests of different communities.
across the Company, sharing information,
providing guidance and setting a supportive
tone from the top. During 2021 this included
personal blogs and video updates every two
to three weeks on topics such as Informa’s
financial performance, the Company’s
digitisation strategy and launch of GAP II,
milestones in the FasterForward programme,
product developments including the creation
of IIRIS, highlights from colleague events such
as the Informa Awards, and information on
personal safety and office working aligned to
COVID-19 measures.
Direct feedback is encouraged, and the
and share views. Where possible, town halls
and smaller group meetings are also held face
to face around the world to engage more
personally with different communities.
For example, during 2021 the CEO and Group
HR Director held a hybrid virtual and in-person
roundtable with UK graduates and apprentices,
discussing topics such as networking, career
development and digital skills.
There are also communications programmes
on specialist topics by subject matter experts.
In 2021 these included a week of interviews,
blogs and a competition on the theme of
‘Doing the Right Thing’ led by the Compliance
team, designed to reinforce Informa’s culture
and principles in an engaging way.
We seek to ensure Company communications
are accessible and can be understood by all
colleagues. This includes providing captions
and transcripts for videos and town halls
documents. Informa operates a WeChat
account to translate and highlight key
Company news to colleagues in Chinese.
AN INCLUSIVE CULTURE
Alongside Company communications, we
invest in enabling colleagues to connect with
each other and share individual experiences
and interests, helping to make our culture
more personal, inclusive and engaging.
This includes a Company-wide intranet built
around social features. Any colleague can
personal interests or professional insights.
topics ranging from celebrations of cultural
holidays to volunteering experiences and
career and wellbeing tips. Intranet content
received over 35,000 social reactions and
There are also five cross-Company AllInforma
diversity and inclusion networks, dedicated
to connecting and supporting colleagues
Each network receives Company funding and
is sponsored by a member of Informa’s
management team and a Board Director,
communities directly with senior colleagues.
AllInforma Nations, for example, which
focuses on minority ethnic communities, ran
panel discussions with colleagues during
2021 on how racial difference has shaped
their career success, also hosting book and
film club sessions to connect colleagues
Chen Joo Ban
HR Manager
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
informally. AllInforma Rainbow, the network
for LGBTQIA+ colleagues and allies, organised
workshops on how to use gender neutral
language, while colleagues from AllInforma
Illuminate shared personal experiences
Informa’s key annual engagement event is
Walk the World, a global initiative where
colleagues in each business hub around the
world undertake a walk to support a local
charity. Although fewer walks happened
gatherings, it remains a popular way to
connect socially and have fun while
supporting good causes.
Walk the World raised over £150,000 in 2021.
More than 4,000 colleagues participated and
in a post-event survey, over 80% said Walk
the World made them more proud to work
HAVING A SAY
Whether it is through direct conversation and
correspondence, town halls or roundtables,
network groups or the intranet, there are
many ways that Informa’s management team
receives, responds to and stays up to date on
colleagues’ views.
More formally, feedback is gathered through
Inside Informa Pulse, a confidential survey run
at least once a year that gives colleagues the
chance to provide views on worklife at Informa
and have a say in the Company’s development.
In 2021, Inside Informa Pulse gathered views
on different aspects of working culture,
including flexible working and diversity and
part and Informa’s engagement index, a
Group KPI, stood at 80%.
The results from Inside Informa Pulse directly
informed our diversity and inclusion activities
during 2021, among other areas. A summary
of results and focus areas for action are
published to all colleagues, and managers
receive anonymised reports to address areas
of improvement within their teams.
ALLINFORMA
AllInforma is Informa’s Company-wide diversity and inclusion
valued, enabling everyone to be themselves at work, feel included and
able to fully contribute.
To accelerate AllInforma’s programme and maximise the initiatives
already taking place in the Company, Informa’s first Chief Diversity
2021 saw the launch of new activities based on feedback from colleagues
through Inside Informa Pulse and our AllInforma networks. With 45%
sponsorship opportunities, we introduced a reverse mentoring
programme, where members of each network were paired with senior
managers to swap feedback and share experiences.
Additional opportunities to learn about diversity topics was another
programme was offered to a pilot group of 350 colleagues. This was
launched by the Group CEO and included exercises and social
conversations on topics such as bias, being anti-racist and how to
The Company’s first voluntary census was also undertaken in the US and
the UK, to gather additional information on colleagues’ backgrounds
including on race and ethnicity, educational level and caring
of colleagues in our two largest locations that is helping to inform our
future focuses.
To help identify where we can work more inclusively in our customer
markets, we have also entered into several market-specific partnerships.
These include a new relationship between Informa Markets and events
industry-focused Diversity Ally, and an Informa Tech partnership with
the Design Lab Programme in London, which is working to increase the
recruitment of young Black men into technology.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
34
Approach to Engagement
continued
All colleagues also have access to Speak Up,
languages, for reporting issues confidentially
and receiving expert support. The service
was regularly promoted on the intranet
conducted to check awareness of and trust
provided to managers on how to help
colleagues discuss and report any concerns.
WELLBEING SUPPORT
We take pride in making specialist support
available to any colleagues who need
additional assistance at work or home, and
made further investments in wellbeing
resources during 2021.
worsening period for the pandemic, Informa’s
2020 Colleague Support Fund was reopened
for colleagues whose households or families
colleague assistance programme has also
now been permanently extended to cover
colleagues in all countries in consistent way.
This provides free, expert, local language
assistance on wellbeing, financial and legal
matters 24 hours a day.
Within the Company, we have also invested
peer mental health first aiders, as friendly
and informed sources of support within the
immediate workplace. As well as supporting
colleagues confidentially, our mental health
first aiders share wellbeing tips relevant and
available to everyone.
PROFESSIONAL OPPORTUNITIES
The chance to learn and develop is highly
important that the business has the right
expertise to deliver its strategy, particularly
when it comes to digital and data skills.
Free, on-demand access to LinkedIn Learning
is provided to all colleagues, as a way to
access a choice of courses on different topics
to suit personal development plans and
individual schedules. Informa’s in-house
teams additionally organise and deliver
tailored training, by function and
There is an increasing focus on deepening
colleagues’ digital skills and knowledge under
GAP II. Various programmes are underway,
including an IIRIS data literacy course to help
colleagues increase their skills in analysing
has introduced data apprenticeships in the
UK to provide colleagues with knowledge
they can apply immediately to their roles,
with plans to expand the initiative globally.
Through a partnership with Virtual Events
Institute (VEI), we continue to offer a Digital
Events Certification. In Informa Markets,
1,200 colleagues have registered and 600
have now completed this certification.
Digital tests colleagues’ knowledge of digital
concepts in a fun and rewarding way.
Kyle Battell
Health & Safety
Manager
MENTAL HEALTH
FIRST AIDERS ARE
HERE FOR ALL
COLLEAGUES. WE’RE
AVAILABLE TO
TALK TO ABOUT
ANY WELLBEING
CHALLENGES
AND SIGNPOST TO
PROFESSIONAL HELP
IF NEEDED. THE
MENTAL HEALTH
SUPPORT TRAINING
WAS FANTASTIC
AND CAN BE
APPLIED TO WORK
AND HOME LIFE
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35
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Secondments are available as a way of
gaining new skills and insight into different
brands and roles. In 2021, this included the
chance to support Informa Connect’s
Streamly video platform in digital marketing
and content roles. One type of secondment
offered by Taylor & Francis is the chance to
support senior management in a chief of staff
role. These are typically two-year positions
of a business.
Informa continues to operate several
schemes to attract great early-career talent,
including a Graduate Fellowship Scheme for
UK graduates, now in its seventh year, and a
range of apprenticeship programmes and
opportunities. We currently have nearly 100
colleagues working on apprenticeships
RECOGNITION AND REWARD
Being recognised and fairly rewarded for
contributing to the Company is important
an accredited Living Wage Employer in the
UK, although the professional and specialist
colleague compensation is typically higher
than that level, with average remuneration
We provide a range of additional personal
and financial benefits to colleagues.
UK colleagues have access to a flexible range
of benefits that include a discounted cycle to
work scheme. Others are available globally.
All colleagues can take up to four days per
year for volunteering with a charity or local
community organisation for example, which
also supports our commitment to create
positive impacts in the communities in which
we work.
pandemic, all colleagues directly employed
bounce-back holiday in 2022: an extra five
addition to the annual birthday day off all
colleagues receive.
We offer colleagues in seven countries the
chance to invest in Informa shares in an
efficient and rewarding way through
ShareMatch.
In 2021, we invested further in the Scheme,
providing colleagues with an enhanced offer
of two free matching shares for every share
purchased, the maximum permitted under
UK rules. Participation has since increased
and stands at 32% of eligible colleagues.
The annual Informa Awards are the most
prominent way achievements are recognised
and celebrated. Categories were refreshed in
2021 to more directly link to Informa’s guiding
principles and strategy and deepen the
connection between culture and day-to-day
work. There were nearly 1,000 entries and the
ceremony was co-hosted by the CEO, Board
Director Helen Owers and winners of
As a way to celebrate good work year-round,
we launched a digital recognition programme
called kudos in 2021. Colleagues can say
thanks and recognise the good work of others
publicly on the intranet. Over 1,500 kudos
were awarded between colleagues during the
first six months.
COLLEAGUES AND GENDER BALANCE
As at 31 December 2021
Colleagues F: 5,969 (60%)
M: 4,030 (40%)
Senior management and direct reports F: 63 (31%)
M: 141 (69%)
Directors F: 5 (42%)
Jade Monks
Operations Co-ordinator
Apprentice
THE
APPRENTICESHIP
HAS GIVEN ME THE
OPPORTUNITY TO
LEARN ON THE JOB
WHILE NOT BEING
THROWN IN AT
THE DEEP END. THE
FEEDBACK I’VE HAD
FROM COLLEAGUES
HAS MADE ME
REALISE I CAN DO
ANYTHING I SET MY
MIND TO
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
36
Approach to Engagement
continued
CUSTOMERS PLAY A
SIGNIFICANT ROLE IN HOW
WE WORK, MAKE DECISIONS
AND MEASURE SUCCESS.
THIS IS REFLECTED IN
INFORMA’S PURPOSE AND
BUSINESS MODEL AS WELL
AS IN HOW OUR TEAMS
OPERATE DAY TO DAY.
Based on input from around 2,000
colleagues and their experience of the way
we work, Informa developed a common
purpose for the business in 2019. It is
dedicated to serving customers and
delivering benefits for them: to champion
the specialist, connecting people with
knowledge to help them learn more,
This is put into practice across the business.
We believe that by being as specialist in our
customers’ markets as they are, we can
better understand their needs and, by
applying that knowledge to our products
as relevant and valuable as possible.
CUSTOMERS
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
37
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
YOU HAVE TO
BE IMMERSED IN
PRIVATE EQUITY TO
DELIVER A BRAND
LIKE SUPERRETURN
CONSISTENTLY AND
SUCCESSFULLY.
I’VE WORKED
IN THE MARKET
FOR DECADES,
INCLUDING IN
SENIOR STRATEGY
AND RESEARCH
ROLES, AND BRING
THAT KNOWLEDGE
AND NETWORK TO
EVERYTHING WE DO
We stay close to customers through
continuous engagement and daily
interactions across many different functions
and levels, including account management
and sales teams, analysts and editors,
producers and brand directors, and customer
service professionals.
Direct feedback and market knowledge are
supplemented by data, including first-party
data on customer interests and intent,
analysis of product use and customer
behaviour, and formal surveys and research,
with metrics tracked, discussed and acted
upon by management teams.
COMMUNITY-DRIVEN PRODUCTS
Many of our products have been developed
in close partnership with our customers and
markets, and with a deep consideration for
customers’ needs and preferences.
In some areas, there are formal ways in
In Informa Tech, the development of our
Black Hat cyber security brand is guided by
the Black Hat Review Board, a group of over
60 security professionals who provide
feedback and select and review event
agendas and presentations. In what is a
highly specialist and fast-moving market,
and up to the minute and helps Black Hat
events and training remain a must attend
During 2021, teams in our B2B Markets
Divisions undertook particularly significant
engagement with customers on the approach
and timing of the return to in-person events.
World of Concrete for example, one
commissioned an independent survey
attendees would value holding an in-person
event in summer, the earliest date possible
due to COVID-19 restrictions, or prefer to wait
until its next scheduled slot in January 2022.
80% reported they would likely attend a June
was positive for the construction market.
This feedback was a significant factor in the
decision to deliver World of Concrete as a
As we further develop our digital services and
create new products, customer feedback is
critical and is being incorporated in a range
what new digital services might support
customers in pharma ingredients, market
research was supplemented with a number
of in-person workshops, held at our CPhI
Worldwide event and led by colleagues who
specialise in data and analytics as well
DEEPENING RELATIONSHIPS
Across the business, we continuously look
relationships and provide additional benefits
to the specialists we serve.
part of what makes our live experiences and
digital services distinct. This makes subject
customer groups.
To deepen those relationships and expand
what we offer, Informa Connect has developed
a programme called CenterStage, offering
speakers and contributors enhanced
resources and the chance to build reward
points for extra memberships and discounts.
Through CenterStage, these specialists gain
access to presentation delivery resources,
production guidance and marketing assistance
to amplify the reach of their content across
our in-person and digital channels.
To provide more comprehensive support to
the research community, Taylor & Francis
launched The Knowledge Retreat in 2021.
This is a specialist resource hub that provides
free access to advice and practical tips from
academic experts on how to work in a healthy
and productive way when researching and
writing. To tailor the content, focus areas
were partly chosen based on trending topics
of discussion among researchers on social
media, such as writers’ block, wellness
Dr Dorothy Kelso
Brand Strategy Director,
SuperReturn
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
38
Approach to Engagement
continued
CUSTOMER-FOCUSED CULTURE
We use internal communications to set
customer engagement and experience
Informa Connect regularly publishes a Hall
performing brands according to audience
engagement, customer experience and
financial performance.
Customer satisfaction data has long been
collected across brands, and in 2021 Informa
Connect introduced a new metric to measure
the experience of its virtual events. This is
based on customer feedback on how easy
our ConnectMe platform is to use, the event’s
support where needed. The leaderboard
showcases best practice and encourages
friendly competition to keep improving the
experience for customers.
Peer reviewers are important contributors
& Francis, and to stay up to date on their
experience and preferences, the business
conducted its latest survey of reviewers
during 2021. The results were published
internally to share feedback and best practice
suggestions across teams, which included
reviewers according to their areas of
specialism as much as possible.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
39
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
BUSINESS PARTNERSHIPS
Our aim is to form close, trusted and
sustainable relationships, making key
suppliers partners in our work. We do this
through communicating openly, taking
meeting clear standards for engagement
and seeking to create benefits for our
partners as well as for Informa, our
customers and communities.
This ethos is part of Informa’s culture and
embedded in the Company’s guiding
principle: Trust must be Earned. Doing the
colleagues are expected to work, and this
Considering the variety of businesses we
partner with and procure services from,
relationships are managed.
WE WORK WITH NEARLY
30,000 BUSINESS PARTNERS
TO DELIVER OUR
PRODUCTS AND SERVICES
AND KEEP INFORMA’S
OPERATIONS RUNNING
SUCCESSFULLY.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
40
Approach to Engagement
continued
WE WANT OUR
RELATIONSHIPS TO
BE STRONG AND
LONG LASTING.
WITH OUR NEW
TRAVEL SERVICES
PA RT NE R , WE
VISITED THEM
AT THE OUTSET,
MEETING THE TEAM
TO MAKE THE
COLLABORATION AS
SUCCESSFUL AS IT
COULD BE
All partners, including suppliers, contractors
and agents, are expected to comply with
Partner Code of Conduct. Additional audits,
enhanced due diligence and executive
important relationships.
ENGAGING WITH BUSINESS PARTNERS
Business partnerships that are particularly
significant due to their size, an assessment of
risk or because they provide critical services
are overseen by Informa’s Executive
Management Team and receive additional
support from specialists in our central
procurement, legal and compliance teams.
Informa’s Group Chief Operating Officer,
Chief Commercial Officer and Divisional CEOs
have regular and direct engagement with
strategic business partners, including those
providing Company-wide technology
services, leading event service contractors
and government officials in the cities that
host our events, including Las Vegas.
Some colleagues are also members of
industry forums, which provide a chance
understand the perspectives of a broader
range of parties. For example, Taylor &
Francis CEO Annie Callanan served as
president of the UK’s Publishers Association,
a specialist organisation of over 140
members, until April 2021.
Other relationships are managed by the
colleagues and teams closest to that service
or market who have specialist expertise.
In 2021 for example, we embarked on a new
partnership for business travel services with
the company TripActions. The engagement is
overseen by the Group Travel Director, who
spent time with the company’s leadership
team at the outset to establish a strong
relationship and agree aligned goals.
SUPPORTING OUR DIGITAL
ACCELERATION
As Informa invests more in digital and
data-driven services, our relationships
increasingly important. We want to make
developing, ensure the technology is resilient
and service disruption is minimised to
mitigate our principal risks, and review
services and licences regularly to ensure
In some cases, we have invested in partners
to deepen our relationship and access to
extra digital capabilities. In 2021, this included
an investment in the Totem Smart Events
platform, which has been a partner to
Informa Connect’s virtual events since 2020.
review meetings with major technology
partners as a way to share longer-term
day-to-day performance management and
major strategic developments, such as on the
launch of GAP II.
RESPONSIBILITY AND SUSTAINABILTY
As part of our FasterForward programme
businesses that share our sustainability
goals, and we also rely on their collaboration
to ensure Informa’s wider impact is as
positive as possible.
Environmental and governance matters are
being incorporated as standard when we are
assessing key Company-wide technology
suppliers and renewing contracts, to ensure
our major partners are aligned and meeting
the standards we would expect.
During 2021, Informa Markets launched a
supplier diversity portal to increase the
diversity of business partners we work
those founded by individuals from
underrepresented communities, to submit
their credentials and be considered as part
SHARED STANDARDS
Informa’s Business Partner Code of Conduct
and supplementary global policies, some of
which are described on page 49, set out the
standards we expect from our partners in
and with respect, practising ethical business,
handling information responsibly and
complying with relevant laws and regulations.
We reserve the right to terminate any
contract if non-compliance is discovered and
is repeated, severe or cannot be resolved.
Melissa Willock
Group Travel Director
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
41
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Our whistleblowing service Speak Up is
and partners are encouraged to report any
behaviour that violates the law or does not
meet Informa’s codes and policies. There is a
strict no-retaliation policy and issues can be
reported in multiple ways and languages.
The service is confidential and can be used
anonymously in the countries where this is
legally permitted.
We have a zero-tolerance approach to any
form of bribery and corruption. It is our policy
to do business with integrity and according to
the law, without the use of bribery or corrupt
practices to gain an unfair advantage.
Our Anti-Bribery and Corruption Policy and
Gifts and Entertainment Policy provide clear
guidance in this area. As an international
business, we also pay close attention to
economic and trade sanction laws and
specialist teams provide colleagues with
up-to-date guidance to ensure compliance.
Informa has an ongoing commitment to
respecting internationally recognised human
rights standards, including the UN Universal
Declaration of Human Rights. We continue to
publish an annual Modern Slavery Statement,
which describes how we seek to prevent
modern slavery and human trafficking within
our business and supply chain and can be
read on the Informa website.
Overall, Informa’s exposure to the risk of
modern slavery is considered relatively low.
In 2021, just 5% of our expenditure was with
suppliers located in countries rated as having
a high or very high risk of modern slavery in
their economies.
In the limited instances where we work with
partners in locations or sectors that could be
exposed to the risk of labour abuses, we put
additional mitigations in place including
sourcing products with certified and audited
supply chains, and carrying out mid-contract
human rights audits and onsite monitoring
for physical events.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
42
Approach to Engagement
continued
INVESTORS
AS OWNERS OF THE
COMPANY, OUR EQUITY
SHAREHOLDERS PLAY
A CRUCIAL ROLE IN
PROVIDING THE FINANCIAL
CAPITAL NEEDED TO FUND
OUR BUSINESS. THEIR
SUPPORT, ALONGSIDE THAT
OF OUR DEBTHOLDERS,
HELPS US TO DELIVER
LONG-TERM, SUSTAINABLE
GROWTH.
Investors seek timely, comprehensive
updates on business performance, trends
in our markets and developments in our
future strategy. They also want the
opportunity to provide feedback on the
Company’s progress and future plans.
We provide scheduled updates throughout
the year aligned with our financial results,
which are combined with a structured
engagement programme of individual and
group meetings, both in person and online.
This is supported by a range of investor
material on Informa’s website.
We aim to be open, accessible and helpful in
our engagement style, and to provide clear,
balanced and comprehensive updates in
order to build and maintain long-standing
relationships with the Group’s investors.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
43
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
LEADERSHIP ENGAGEMENT
Informa has a dedicated Investor Relations
team which ensures we have a co-ordinated
approach to meeting with institutional
Shareholders, buy-side and sell-side analysts
and relevant advisory bodies. Our Group
Treasury team also provides support in
engaging with fixed income analysts, debt
investors and the ratings agencies.
The CEO and Group Finance Director
regularly take part in investor meetings,
management also joining from time to time.
Together the Group CEO and Group Finance
The Chair holds an annual roadshow each
year, meeting with some of Informa’s largest
investors to discuss any matters on their
minds, with the Senior Independent Director
typically joining these meetings. For further
details of activity undertaken in 2021 see
page 115.
The Director of Investor Relations is
Management Team and attends Board
meetings to provide feedback on investor
matters. A written report is provided at each
Board meeting detailing investor holdings,
analyst feedback and relevant news flow.
Alongside updates from our brokers, this
ensures that investors’ views are well
represented at the Board when it is making
critical decisions.
Informa’s Company Secretary is the first
point of contact for all administrative matters
and is responsible for ensuring all legal and
ENGAGING WITH ALL INVESTORS
Our AGM provides all Shareholders with
In 2021, ongoing government restrictions
meant that the AGM was held virtually, with
Shareholders able to access the meeting live
online. Shareholders were asked to submit
These were either answered at the meeting
We provide four scheduled updates
throughout the year, covering the Group’s
financial performance. The full-year and
half-year updates include a presentation by
the Group CEO and Group Finance Director,
followed by a Q&A session for analysts and
institutional investors. The events are
streamed live on our website so that all
investors around the world can access them
as they happen.
The easing of government restrictions in the
second half of 2021, enabled our half-year
results in July to be held as a live event,
allowing for in-person engagement and
interaction with investors, while maintaining
the option to attend online.
All material from presentations is made
publicly available on our website, with
recordings of the event and transcripts
available for future replay. This ensures that
all investors regardless of size or location
have access to the same information.
Institutional investors make up around 98%
of our share register, with our top 10 holders
owning 38% of the shares. Following
scheduled updates we typically meet with our
larger Shareholders for one-to-one and group
meetings so they can hear from us directly.
We attend a series of conferences throughout
the year and meet with investors outside of
scheduled updates. In total in 2021 we met
with over 135 investors, covering around 60%
of the Shareholder base. The majority of
these interactions occurred online, with more
meetings in person from the second half of
the year onwards.
In addition to the usual annual roadshow,
group meetings with smaller Shareholders to
directly hear their perspectives and feedback.
The response to these sessions was positive
and Shareholders welcomed the opportunity
for a constructive discussion. We expect to
add more of these sessions to the annual
engagement calendar from 2022.
While investors in Informa’s debt can join all
public results updates, the Group Finance
Director and the Group Treasurer hold a
separate call for debt investors following a
results update, allowing for the perspectives
of debt investors to be heard.
55%
Equity held by top 20
institutional investors
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
44
Approach to Engagement
continued
CAPITAL MARKETS DAY 2021
We held our latest Capital Markets Day in
December, following previous investor days
introduction to GAP II. Over 100 investors and
analysts attended either in person or online.
The event was hosted by our Group CEO
presentations from the CEO of Informa
Markets and CEO of Taylor & Francis, as well
as the President of IIRIS. Our Chair was also
At the event we outlined details of GAP II,
This included the decision to divest Informa
Intelligence and focus on our two markets
where we have leadership positions of scale:
Academic Markets and B2B Markets. As part
of this, we also set out plans for Shareholder
returns and broader capital allocation
following the divestment. For more
information see page 88.
Another feature of the event was a detailed
presentation on our B2B customer data
engine, IIRIS, helping investors better
understand the opportunity in data-driven
B2B lead generation, including examples
32%
Eligible colleagues
participating in ShareMatch
The presentation from the day, alongside
available on our website immediately
following the event.
Where possible, we also provide
opportunities for investors to attend some
intelligence and data services to help them
better understand the value we offer
EXTENDING OUR ENGAGEMENT
We continually look for ways to improve
investors and extend our reach into new
areas. In addition to the Chair’s roundtable
sessions focused on smaller Shareholders, in
2022 we also plan to host a series of one-to-
one and group sessions for investors serving
the retail Shareholder community.
2021 INVESTOR ENGAGEMENT SCHEDULE
Jan–Mar Apr–Jun Jul–Sep Oct–Dec
• Chair’s annual investor
roadshow
• Full-year results
presentation
• Follow-up meetings with
institutional investors
including attendance at
key conferences
• Chair’s group meetings
focused on smaller
Shareholders
• AGM
• Attendance at key
conferences
• Half-year results
presentation
• Follow-up meetings with
institutional investors
including attendance at
key conferences
• Capital Markets Day
• Attendance at key
conferences
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
45
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
BOARD DECISION MAKING
Under section 172 of the Companies Act
2006, Board Directors have formal duties
interests of a range of stakeholders and
adopting high standards of conduct,
At Informa, we fully endorse these
responsibilities and believe they are sensible,
important and well aligned to the way the
Board works, as well as being key factors
Three elements are fundamental to the way
we carry out these duties: strong knowledge
discussion, and effective decision making.
We ensure all Directors have full knowledge
responsibilities by providing guidance on
joining, and a summary reminder is given at
the start of every Board meeting. Informa’s
Directors also have deep experience and a
breadth of skills gained as executives, and
overall expertise and capabilities.
around the Board table is critical. The aim is
that all Informa’s Directors gain and maintain
a strong understanding of the business in
the round, which includes the connections
between the business and different groups
and communities.
In some cases, this information comes
directly from seeing the business at work
understand their views, particularly
colleagues and Shareholders.
In other instances, we build that
understanding through data, reporting and
discussion with the Executive Directors and
other subject and stakeholder experts within
Informa’s senior management teams.
Fuller information on how the Directors
engage with colleagues, Shareholders,
customers and business partners can be
found on pages 115 and 116 and in the Chair’s
Introduction to Governance starting on
As Chair, I ensure that all relevant topics are
addressed in scheduled Board meetings,
including stakeholder interests and impacts
and business conduct. An environment of
open exchange, constructive discussion and
collaboration continues to be a hallmark of
Informa’s Board.
Each Director also subscribes to Informa’s
articulate ambitious thinking, taking personal
ownership and acting in a way that
These elements give the Board the basis
judgements that take into account a breadth
of long-term impacts: financial, reputational
and stakeholder based. To illustrate our
approach, below are examples of the actions
John Rishton
Chair
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
46
Section 172 Statement
DIVESTMENT OF INFORMA
INTELLIGENCE
DECISION: As part of GAP II, the Board made the decision
CONSIDERATIONS: The interests of the Division’s
colleagues were a key focus. Data and direct interactions
show that colleagues are highly engaged and connected
with Informa. The Directors were conscious that changes
of ownership create periods of uncertainty, but that
working for growth-focused businesses can also create
professional opportunities.
The impact on Shareholders was also considered,
including their desire for a sustainable return on
investment and the impact that changing the Group’s
shape and mix might have. Divesting Informa Intelligence
creates short-term value for Shareholders and enables
continued focus and investment into Informa’s other
businesses, supporting long-term development and
financial performance.
The Board considered the status and priorities of Informa
Intelligence’s customers, based on management feedback
and metrics including rates of subscription renewals and
new business. Relationships in this area are strong and
continuous product enhancement is expected in order
Discussions also included the interests of customers
learning services, market trends and Informa’s strategy
data-driven services and the long-term benefits of
investments in these areas.
OUTCOMES: It was agreed that colleague communications
and engagement should be an immediate priority to
address and mitigate potential concerns, and the Executive
Directors were involved in what was a full programme of
activities. The Board also approved an incentive bonus for
colleagues leaving Informa on the successful completion of
the divestment, to recognise their contribution to creating
value and ensure day-to-day focus is maintained.
The divestment programme was announced at Informa’s
management immediately.
The Board directed that the team leading the divestment
should incorporate all relevant functions and prioritise
Maintaining high standards of business conduct was also
set as a focus, with potential buyers to be considered on
the basis of being responsible owners and committed to
continuing to serve our customers and markets.
CAPITAL MANAGEMENT
AND ALLOCATION
DECISION: As part of GAP II, the Board approved a one-off
CONSIDERATIONS: The views and interests of
Shareholders on capital allocation priorities were a
significant discussion point, based on historical first-hand
engagement by members of the Board as well as input
from the Investor Relations team and external advisers.
Shareholders have a long-term interest in the Company’s
stability and financial performance, which supports
capital growth and the potential for financial returns.
Acknowledging the significant support from Shareholders
temporary suspension of dividends, the Board believed
the divestment offered an opportunity to recognise and
reward Shareholders.
The interests of colleagues and Informa’s broader
communities were also discussed. This included the
balance between Shareholder returns and using
proceeds from the divestment for reinvestment, noting
that a proportion of colleagues are also Shareholders
In relation to former as well as current colleagues,
considered: specifically the funding status of the Group’s
six defined benefit schemes and the ongoing payment
plans agreed with trustees, as well as any implications
related to new pensions regulations.
OUTCOMES: The Board agreed up to £1bn as an
appropriate level of capital return, based on informed
expectations of the likely net proceeds of the divestment,
when completed.
This was deemed to provide a fair balance between
parties, including delivering Shareholder benefits,
reinvesting for growth and maintaining continued
financial strength. The Directors also agreed to specify
this level at the outset in order to provide commitment
and clarity to Shareholders.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
47
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
SUSTAINABLE BUSINESS
AND FASTERFORWARD
DECISION: The Board reviewed and approved
FasterForward programme.
CONSIDERATIONS: Sustainability is increasingly
important to all of Informa’s key stakeholder groups.
Colleague, customer, business partner, Shareholder
well businesses perform on environmental, social and
governance matters and whether companies are
delivering against measurable targets, particularly on
carbon reduction goals. Having sustainability embedded
The Board is conscious of its responsibilities to consider
and, wherever possible, to improve the impact of
Informa’s operations on the environment. As a provider
of knowledge, information and connections, the Directors
also recognise the longer-term opportunity Informa has
to help its customer communities as they seek to embed
sustainability into their businesses and transition to a
lower carbon future.
OUTCOMES: The Board approved updated priorities
within the FasterForward programme, including
accelerated activities around carbon reduction by
extending renewable energy use and minimising waste
To keep stakeholders informed and support Company
reputation, continued internal and external
communications around Informa’s performance and
endorsement for further developing the Company’s
programme continue through 2022.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
48
Section 172 Statement
continued
Under the UK’s Non-Financial Reporting Directive, we are asked to summarise in a statement how the Group manages specific
matters that are not principally financially focused, as follows.
BUSINESS MODEL
READ MORE: PAGES 20 AND 21
Informa is part of the global Knowledge and Information Economy. We connect businesses and professionals with knowledge through a range
COLLEAGUES AND THEIR CONTRIBUTION
READ MORE: PAGES 32 TO 36
The skills and contribution of our colleagues drive all Informa’s business activities. Engaging colleagues, maintaining a positive and supportive
culture and investing in talent are a continuous focus.
• Supporting policies: Include Code of Conduct and Diversity and Inclusion
• Policy due diligence: The Code of Conduct asks all colleagues to act in accordance with our guiding principles and the law in areas such as
senior management. The Speak Up service is available for reporting breaches and we aim to respond to all reporters within 48 hours
• Risks:
• Measurement:
ENVIRONMENTAL IMPACT
READ MORE: PAGES 24 TO 29
Informa’s direct impact on the environment is relatively low. Under the FasterForward programme, we have implemented a plan to improve our
carbon and waste footprint, our two most material environmental impacts, and to support customers to understand their own climate impacts.
• Supporting policies: Sustainability and Paper and Timber Sourcing
• Policy due diligence: The Sustainability Policy directs colleagues to factor economic, social and environmental impacts into decisions
The Sustainability team audits submissions and provides guidance on improvement opportunities. Over 200 events have taken part since
• Risks: We continue to track climate change as an emerging risk and to assess and manage its potential impacts (pages 80 to 82)
• Measurement:
SOCIAL AND COMMUNITY IMPACT
READ MORE: PAGES 24 TO 29
We engage with and consider the interests of the communities local to our events and workplaces, the customer communities we serve and the
broader societies we operate in. Under FasterForward, we aim to multiply the positive impact our business has on these communities.
• Supporting policies: Include Sustainability, Community, Business Partner Code of Conduct, Tax, Responsible Advertising, Health and Safety
• Policy due diligence: The Community Programme Policy encourages colleagues to form long-term partnerships with registered charities
conducted where charity partnerships are considered higher risk due to their scale, location or focus issue
• Risks:
• Measurement: We measure colleague volunteering and fundraising, Company donations and the economic value created for event host cities
RESPECT FOR HUMAN RIGHTS
READ MORE: PAGES 40 TO 42
We seek to understand and support the human rights matters most closely connected to our business: privacy, diversity and inclusion, health
and safety and labour rights, including modern slavery and child labour. We take steps to avoid modern slavery and child labour in the business
and supply chain and publish an annual Modern Slavery Statement.
• Supporting policies: Include Code of Conduct, Business Partner Code of Conduct, Data Privacy, Health and Safety, Editorial Code
• Policy due diligence: The Data Privacy Policy describes how personal data should be used and protected. Rights to privacy are managed
through robust processes aligned with local regulations and include privacy impact assessments for relevant suppliers and projects that
include a substantial use or change of purpose in data use. Audits take place at physical events to check for compliance with health, safety
and child labour policies, with any breaches recorded and addressed
• Risks:
• Measurement:
ANTI-CORRUPTION AND ANTI-BRIBERY MEASURES
READ MORE: PAGES 40 TO 42
We have a zero tolerance for any forms of bribery and corruption involving Informa or our business partners.
• Supporting policies: Anti-Bribery and Corruption, Gifts and Entertainment, Code of Conduct and Business Partner Code of Conduct
• Policy due diligence: All transactions recorded in the gifts and entertainment register are reviewed monthly. A sample of expense records
including sales agents, is carried out divisionally, with processes in place to address or mitigate identified risks and terminate relationships
where those cannot be managed or where policy breaches are identified. No such breaches were identified in 2021
• Risks:
• Measurement: Through audit checks and monitoring whistleblowing reports
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
49
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Non-Financial Information Statement
2021
2020
•
Taylor & Francis 31%
34%
•
Informa Markets 34%
32%
•
Informa Connect 7%
7%
•
Informa Tech 9%
9%
•
Informa Intelligence 19%
18%
A SNAPSHOT OF OUR FIVE DIVISIONS
INFORMA OPERATES
AS FIVE DIVISIONS.
INFORMATION ON EACH
DIVISION’S ACTIVITIES
AND OUTLOOK ARE ON
THE FOLLOWING PAGES.
THE FINANCIAL REVIEW
(PAGES 86 TO 99) AND
FINANCIAL STATEMENTS
(PAGES 170 TO 254)
CONTAIN FURTHER
PERFORMANCE DETAILS,
WITH A GLOSSARY
OF ALTERNATIVE
PERFORMANCE
MEASURES AVAILABLE ON
PAGES 255 AND 256.
B2B MARKETS & DIGITAL SERVICES
Providing businesses and
professionals with connections
and commercial edge, through
specialist content and content-led
live and on-demand experiences.
REVENUE BY DIVISION
REVENUE:
£609m
2020: £524m
REVENUE GROWTH:
UNDERLYING/REPORTED
7.7%/16. 2 %
2020: (62.7%)/(63.6%)
OPERATING
PROFIT/(LOSS):
ADJUSTED/STATUTORY
£67m/£(90m)
2020: £(25m)/£(596m)
Enabling businesses to access
specialist markets, through
smart events, specialist brands
and data-driven digital demand
generation services.
REVENUE:
£131m
2020: £124m
REVENUE GROWTH:
UNDERLYING/REPORTED
3.8%/5.2%
2020: (55.1%)/(56.6%)
OPERATING
PROFIT/(LOSS):
ADJUSTED/STATUTORY
£(4m)/£(19m)
2020: £(24m)/£(176m)
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
50
Divisional Snapshot
ACADEMIC MARKETS & KNOWLEDGE SERVICES
Delivering specialist content,
industry communities,
REVENUE:
£166m
(2020: £152m)
REVENUE GROWTH:
UNDERLYING/REPORTED
13.9%/9.3%
2020: (45.9%)/(40.7%)
OPERATING
PROFIT/(LOSS):
ADJUSTED/STATUTORY
£11m/£(20m)
2020: £(3m)/£(318m)
REVENUE:
£545m
2020: £556m
REVENUE GROWTH:
UNDERLYING/REPORTED
2.4%/(1.9%)
2020: (0.2%)/(0.6%)
OPERATING
PROFIT/(LOSS):
ADJUSTED/STATUTORY
£204m/£153m
2020: £214m/ £144m
Providing academic knowledge
services, including open research
Delivering high value data and intelligence in
income flows.
REVENUES:
£348m
2020: £305m
REVENUE GROWTH:
UNDERLYING/
REPORTED
6.5%/
14.1%
2020: (1.8%)/(12.9%)
OPERATING PROFIT/(LOSS):
ADJUSTED/
STATUTORY
£110m/
£70m
2020: £104m/£64m
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
51
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
TAYLOR & FRANCIS
Taylor & Francis’ role is to create,
The Division curates high quality peer-
reviewed research from leading professionals
in specialisms across both Science,
Technology & Medicine and Humanities &
Social Sciences.
In addition to Taylor & Francis, our well-
known brands include Routledge, CRC Press,
F1000 and Dove Medical Press.
Research is published across pay-to-publish
and pay-to-read formats with the customer
determining their preference. Researchers
pay fees upfront for publishing content
through pay-to-publish services, whereas
curates and publishes content and earns
revenue when access to this content
TAYLOR & FRANCIS
IS ONE OF THE
WORLD’S LEADING
PUBLISHERS
OF ADVANCED,
EMERGENT,
APPLIED ACADEMIC
RESEARCH AND
KNOWLEDGE.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
52
Divisional Review: Academic Markets & Knowledge Services
CONTINUED OVER
Knowledge services support experts
throughout their careers – from the earlier
stages of their development at an academic
institution, as they start to publish research
to the later stages, as they become experts in
their field, with book authorship, teaching
and learning materials, as well as publishing
further advanced research.
By placing experts at the centre of its business,
Taylor & Francis has built trusted relationships
that often span decades and the Division’s
specialist brands are relied upon by these
experts – and others in turn – to foster human
progress through knowledge.
BUSINESS PERFORMANCE IN 2021
Since the beginning of GAP in 2014, Taylor &
Francis has been on a modernisation journey
that has seen the business continually invest
in technology and data infrastructure.
2021 marked the culmination of the
foundation period of this journey. As the
Company moves into 2022 and the
period, further investment will focus on
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
53
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Taylor & Francis returned to strong
underlying growth in 2021 at 2.4% (2020:
research, better than expected subscription
renewals and continued growth of advanced
learning digital products. Revenue was
slightly lower year-on-year at £545m
(2020: £556m) reflecting the weaker average
US dollar rate through the year, which has an
impact given almost half of revenue is
generated in North America.
In 2021, we continued to increase our
print-on-demand systems globally for all our
products, supporting greater efficiency and
lower waste, and mitigating the risk of any
supply chain disruption.
The Taylor & Francis product offering has
been expanded to include publishing
platforms, curation services and digital
learning materials, as well as an extensive
and growing range of open research services.
Taylor & Francis’ market continues to evolve
from predominantly pay-to-read products to
a blend of pay-to-read and a pay-to-publish
services. Open research submissions grew
25% during the year. This includes a number
of multi-year read-and-publish deals with
consortia and universities, which combine
subscription access with open research
submission volumes.
A key focus for Taylor & Francis is to support
Informa’s FasterForward commitments and
continually find ways to become a more
sustainable business, with the goal to
become a zero waste, net zero carbon
business by 2030 or earlier. An important
milestone in 2021 was all print books
@
Publication status. In 2022, the target is to
extend carbon neutral certification across all
platforms, with the ambition for all remaining
products to reach this status by 2024.
GROWTH OPPORTUNITIES
Specialisation remains a key trend across
In Academic Markets this leads to the
subdivision of key disciplines thereby
The diversity of subjects published – 237 of
255 tracked by Web of Science – is key for
solving global challenges, and Taylor &
Francis is well placed to provide the
F1000 joined Taylor & Francis in January 2020, adding to the Division’s
capabilities in open research. It has continued to expand since then.
In 2021 it extended its previous contract with the European Commission
to set up and manage an open research platform that supports its key
research and innovation programme, Horizon Europe.
With a budget of over €95bn running from 2021-2027, Horizon Europe
builds on its predecessor Horizon 2020, which ran from 2014-2020 with
Under the programme, funding is available across 15 components within
4 main pillars, ranging from the European Research Council and Marie
Sklodowska-Curie Actions under Excellent Science to Culture, Creativity
and Inclusive Society within Global Challenges. Funding is provided
directly to researchers, innovators and research institutions, with
selection based on open calls for proposals.
Open research is a key element of the Horizon Europe programme,
across academic subject areas, from methods to peer reviews. The aim
improve transparency and reproducibility of research, while supporting
research integrity.
To help Horizon Europe beneficiaries meet the open research
requirements of their grants, the European Commission launched Open
Research Europe in March 2021. F1000 was asked to set up and manage
the publishing platform.
Open Research Europe champions open research principles by
publishing articles immediately, followed by transparent, invited and
open peer review with the inclusion of all supporting data and materials.
The names of the reviewers are openly disclosed, as are their reviews,
which are also available for citation. Beneficiaries can publish their
research outputs on Open Research Europe at no cost, with the fees
covered centrally by the European Commission.
Rebecca Lawrence, Managing Director of F1000, said, ‘The importance
support the much-needed shift towards open research practices cannot
be underestimated. This, combined with their active work in driving
change towards responsible research assessment practices in the
Horizon Europe model grant agreement, has the potential to not only
drive forward open research in the Horizon framework programmes
OPEN RESEARCH: EXPANDING
THE HORIZON
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
54
Divisional Review: Academic Markets & Knowledge Services
continued
c£450m
Revenue generated digitally
in 2021
4.5m+
Content assets
$240bn
Global R&D spend targeted at
higher education
28%
2021 growth in open
research revenue
Combining this specialisation with the broad
and diverse corpus of knowledge, Taylor &
Francis remains agile and purposeful in
curating knowledge on a global scale,
regardless of its country of origin.
Taylor & Francis is fully a digital business,
practitioners also seek out multimedia
formats through digital platforms, from
video, graphical and audio formats to
podcasts and interactive interfaces, and
As pay-to-publish and pay-to-read capabilities
are extended through
on further expanding open research offerings,
providing additional services to existing
markets as well as targeting new customer
groups and segments.
Through increasingly data-driven models
priority areas for research will be identified,
as will researchers and research groups
receiving funding. This tracking ensures the
ability to fully support those promoting and
disseminating their research findings.
As Taylor & Francis further extends its open
research offering, the focus will be guided by
funding flows to ensure efforts are targeted
where there is the greatest need and
opportunity to support customers.
ACCELERATING GROWTH IN 2022
The 2022 focus for Taylor & Francis will be
enhance existing products or present new
market opportunities.
As Taylor & Francis moves into the next phase
of its modernisation journey, support and
services will be extended to the broadening
group of experts and knowledge makers,
while maintaining support for libraries
dissemination of knowledge.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
55
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
0
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1 0 1 0 1 0 1 0 1 0 1 0 1
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1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
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1 0 1 0 1 0 1 0 1 0 1 0 1
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1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
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1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
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1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
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1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
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1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
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1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
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0
01010101010101010101010101010101010101010101010101010101010
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
B2B MARKETS &
DIGITAL SERVICES
INFORMA
HAS THREE
BUSINESSES
SERVING B2B
CUSTOMERS
IN SPECIALIST
MARKETS.
Informa Markets connects, curates and
creates access to B2B markets live and on
demand, whether through B2B trade shows
We bring together a range of specialist B2B
industries to meet and transact, including
Informa Connect creates content-led live
professionals to meet, network and learn,
communities throughout the year. We work
deeply in a number of specialist markets
including Fintech & Investment and Life
Sciences & Biotech.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
56
Divisional Review: B2B Markets & Digital Services
0
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1 0 1 0 1 0 1 0 1 0 1 0 1
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1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
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1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
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1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
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0
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
01010101010101010101010101010101010101010101010101010101010
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1
1 0 1 0 1 0 1 0 1 0 1 0 1
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Informa Tech is our market-focused business,
informing, educating, connecting and
inspiring the Tech community by providing
specialist intelligence, in-person and online
industry forums and a growing range of
marketing services, audience development
and digital demand products. Our brands are
and Enterprise IT.
Revenues are generated through various
products and services centred around
specialist brands. At events, exhibitors
purchase stand space to showcase products,
attendees may pay to attend and sponsors
pay to access their target audiences.
In some of our markets we provide a growing
range of specialist digital lead generation
services. Through we are investing in
our capabilities in this area, expanding our
ability to deliver audience development and
digital demand generation services. At the
heart of this lies our investment in IIRIS, our
B2B customer data and analytics engine.
CONTINUED OVER
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Our expansion in these areas increases our
addressable audiences and the range of
revenue opportunities, with customers
typically spending several times more on
digital service activities than they do on
BUSINESS PERFORMANCE IN 2021
2021 was a year of transition and progressive
return. Despite continuing disruption from
the pandemic we ran over 350 physical
events through the year. During the first half,
these were predominantly in Mainland China,
with North America, the Middle East and
Europe largely coming on stream from
The B2B Markets businesses continued
through virtual and hybrid events and,
embedding digital technology deeper within
our events, from digital registration to
In addition, we extended our capabilities in
audience development and built out our
data-driven lead generation platforms with
digital demand generation services in several
specialist markets.
The Divisions continued to make good
progress on embedding FasterForward
throughout their operations and products.
This saw more than 120 brands complete the
Fundamentals sustainability programme,
designed to assess and score an event’s
sustainable practices and provide a
programmatic approach to improving in all
areas. Continuing this, in 2022 we expect
several events to gain carbon neutral
certification for the first time.
Informa Markets delivered revenue of
£609m in 2021 (2020: £524m), with an
underlying revenue growth of 7.7% (2020:
(62.7%)) supported by the gradual return of
in-person events across major markets.
Mainland China led the way, having restarted
physical events in the second half of 2020.
It had a full schedule for 2021 and while these
events were almost exclusively domestically
focused, with international participation
limited by quarantine restrictions, the
performance of our major brands was strong,
with some markets like Beauty (China Beauty)
exceeding 2019 participation rates.
The second half of the year saw temporary
restrictions return in some regions of China,
leading to the postponement of several
brands and some cancellations. Overall the
performance through the year was very
encouraging, with revenue over 95% of
underlining the enduring demand for B2B
trade shows in the region.
In the rest of the world, the return to physical
events was later than in Mainland China,
reflecting ongoing COVID-19 restrictions, with
brands in North America and the Middle East
running from June and in Europe post the
summer period. The extension of our
Postponement Programme to June meant
that many brands ran off-cycle, at a different
time of year to normal. This impacted
participation, with new dates often out of
sync with the buying cycle of the industry.
Participation rates improved through the
second half of the year reflecting increased
customers’ confidence to travel and
participate in large-scale events.
In total we ran over 60 events in North
America and over 15 events in the Middle
East in 2021, with revenues averaging around
45% of 2019 performance levels.
£294m
Revenue from virtual events,
digital marketing services,
digital media and data research
350+
In-person events run in 2021
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
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Divisional Review: B2B Markets & Digital Services
continued
CONTINUED OVER
CURATING CONTENT FOR EXPERTS
FROM EXPERTS
For Informa Connect’s customers attending its specialist events,
The experience of the pandemic allowed us to experiment with
delivering this via video through a dedicated platform.
Customer feedback and research indicated that there is a lack of high
quality available online content from expert speakers in many of the
specialist markets we serve. This led to the creation of Streamly, a
platform that seeks to provide just that, focusing on video content
Streamly provides customers with the opportunity to create a
personalised, curated library of business videos, delivered by experts.
It allows fellow experts to deepen their knowledge of a specialist area
The Streamly platform complements the live experiences and face-to-
face events provided by Informa Connect, expanding the reach and
accessibility of event content via on-demand experiences. Many of
Informa Connect’s brands have strong relationships with specialists in
their communities, where experts speak at live events. By recording and
repurposing this content, as well as enriching it with other relevant
third-party content, Streamly provides a wealth of knowledge. Initially,
this is focused on the Fintech and Insights & Innovation markets, with a
plan to expand into our other specialist markets over time.
High quality content drives engaged audiences and an ability to tailor
and personalise content further. The first-party data captured through
audiences engaging via Streamly not only provides a new revenue
stream in itself, but also valuable customer and data insights that feed
our IIRIS data and analytics engine.
Having taken the decision to shutter a
number of smaller and less profitable brands
through 2020 to focus the portfolio and
manage costs, as physical events momentum
returned, we started to look for opportunities
to deepen our position in certain specialist
markets. In November we added three
Beauty brands to our portfolio, extending our
strong international position in this market to
North America for the first time.
Following the successful rollout of virtual
events in 2020, Informa Connect continued
to build its smart events capabilities through
2021. Around 45% of the £131m revenue
reported (2020: £124m) was derived through
digital services, underlining the value of
digital revenue alongside physical events for
content-led brands. Underlying revenue
growth was 3.8% (2020: (55.1%)).
Informa Connect ran over 160 live events
Europe and North America. The vast majority
of these brands offered some form of
on-demand digital option for attendees who
did not want to travel, or who saw greater
value in pure content access over in-person
networking. As we developed our on-demand
approach with customers, we further
deepened our partnership with virtual events
platform Totem, allowing us to input into the
platform developments that best support our
brands, markets and customers.
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ACCELERATING AN AVIATION AUDIENCE
Airplanes need ongoing maintenance and repair over their lifetimes,
which average around 30 years. The global market for maintaining,
repairing and overhauling aircraft was estimated to be around $83bn in
2019 and expected to grow to $108bn by 2026. That makes finding the
people who make decisions on managing expenditure big business.
The ability to do this more quickly and effectively and to better target
individuals can be of huge value and is where our content and data-
driven services come in.
A leading industrial conglomerate and supplier to the Aviation industry
approached our Aviation Week Network (AWN) team, seeking a solution
that would connect its business development leaders with aerospace
programme leaders. Our team developed a multi-year, multi-channel
lead generation solution built on specialist content and data, to drive
targeted engagement. Using AWN’s first-party audience database
professionals, the team generated over 1,400 sales qualified leads.
In addition, the team provided valuable face-to-face engagement
through an awards ceremony and executive roundtable discussion,
giving access to over 100 aerospace programme leaders.
The return on investment for the customer was substantial and led to
numbers. The benefits include full contact leads, clicks and touch
decision makers.’
Our Aviation brands were used as a pilot for IIRIS through 2021, with the
first email campaign using IIRIS’ customer data platform tested with
sample audiences in October. This led to a significant improvement in
returns, an increase in click-through rates of 125% and an improvement
in conversion rates to a paid subscription of 350%.
Informa Tech has historically had a broader
mix of revenues than our other two B2B
Markets businesses, with physical events
revenue supported by a range of research,
media subscriptions and marketing services
revenues and growing offerings in audience
development and digital demand generation.
revenue from Omdia, its subscription
research business. The business delivered
£166m of revenue in 2021 (2020: £152m) with
underlying revenue growth of 13.9% (2020:
(45.9%)) boosted by a strong return of live
events in the second half and strong growth
of digital revenue.
Through , we are focused on expanding
our reach and range of services in audience
development and in broadening our data-
driven digital demand generation platform.
Given the Tech market is quite advanced in
the provision of these services, we see
attractive opportunities for Informa Tech
announced the addition of NetLine, an
established player in intent data and B2B lead
generation services. This has been combined
with Informa Tech, providing new capabilities
and additional digital capacity to help
accelerate its ambition in this area.
GROWTH OPPORTUNITIES
The experience of the pandemic over the last
two years and the pace of return to in-person
events through 2021 have underlined the
power and unique proposition of face-to-
Forward forecasts for the industry support
this, with AMR International’s annual report
estimating that the global exhibition
organising market will recover to 95% of its
pre-COVID size by 2023, with Mainland China
expected to exceed 2019’s pre-COVID level by
11% during the same timeframe, and North
America expected to be at 98% of the
previous level. The international scale and
breadth of our portfolio places us well to
benefit from this recovery, providing a strong
growth underpin for Informa over the next
few years.
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Divisional Review: B2B Markets & Digital Services
continued
At the same time, we see attractive
opportunities to further expand in B2B Digital
Services. Digital events, whether purely virtual
or hybrid in nature, have an ongoing role to
play alongside live events. While the quality of
networking and overall experience might not
be the same, virtual and hybrid options
provide access for customers that cannot
travel or those who seek pure content,
enhancing our service offering and expanding
our addressable audiences.
In addition, we see significant opportunities
from further expanding our range of digital
lead generation services. This is a key focus
for , building on our existing activities
Medtech to offer these services more
traditional digital marketing activities like
content marketing, digital advertising,
targeted list generation and specialist media,
but also newer areas like digital demand
generation, which leverages data to provide
highly targeted, intent-based leads. We call
this broader market of digital lead generation
activities B2B Digital Market Access, and LEK
Consulting estimates that today it is worth in
the region of $100bn per year, some two and
a half times the size of that of B2B Events.
CONTINUED OVER
95%
Forecast size of exhibition
market in 2023 compared
with 2019
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2022 GROWTH ACCELERATION
Following two years of disruption and
uncertainty, there is optimism that 2022
backdrop to support customers with our full
range of live event brands, alongside our
growing range of B2B Digital Services.
We believe there is pent-up demand for these
opportunities and while it will take time for
customer confidence to fully recover and, in
particular, for international travel to return,
we are planning a full schedule of events
around the world, with strong momentum
expected through 2022.
As live events return, there will be increasing
focus on the efficiency they provide for
participants by bringing together industries
to a single location at the same time.
This saves significant time, cost and carbon
for those attending, acting as a consolidator
of business travel, with significant volumes of
business activity and interactions able to take
place over the course of a few days. As events
return, we are engaging customers to
understand the extent of this efficiency and
capture a greater spread of data across
markets and customer types.
Under and the acceleration of our
digital and data activities in particular, a key
focus for all our B2B Markets businesses
through 2022 will be the continued transition
of all our in-person event brands to smart
events, using digital solutions to enhance the
value our customers gain from participating,
including pre-show discovery and planning,
onsite access and interactions, data capture
and post-show analytics. In addition, we will
continue to develop our on-demand events
options alongside our live brands.
We will also continue to expand our position
in broader B2B Market Access, extending
development across more verticals and
further developing our digital demand
generation proposition, building on the
To deliver on this will require significant
investment to deepen our talent pool in areas
such as digital product management, data
science, audience engagement and digital
marketing. A key facet within this will be the
continued expansion of IIRIS, our B2B
customer data and analytics engine, which
lies at the heart of all our digital services
ambitions over the next few years.
The combination of progressive return in
physical events with continued expansion
outlook for our B2B Markets businesses and
a strong backdrop for growth acceleration in
2022 and beyond.
300+
Informa events currently
implementing Better Stands
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Divisional Review: B2B Markets & Digital Services
continued
CONVERTING CONTENT CONSUMPTION
TO AUDIENCE SOLUTIONS
At Informa Tech, audiences and data sit
specialist brands and content we have
been developing marketing services
capabilities, building on the engaged
audiences we have from our brands.
In 2021 we took a further step forward in
capabilities through the acquisition of the
NetLine business.
NetLine generates first-party B2B leads
long-form professional content syndicated
from clients and publishers. It provides
campaigns. While its primary focus is
finance and healthcare sectors. At the
marketable audience of 1.2m and growing.
Leading enterprise application software
firm SAP has been a NetLine client since
2007. The firm came to NetLine looking
drive growth by strategically winning
Rather than fine-tuning an existing account
list, SAP identified a list of 4,000 potential
accounts. This was combined with
NetLine’s comprehensive audience
database of first-party buyer engagement
insights and led to a 50% increase in SAP’s
sales pipeline.
As SAP’s Director of Digital Marketing
database has a lot of different signals
people. We’ve done some experiments
where we’ve tried to apply propensity
modelling and our own scoring, and we
found it’s counterproductive because
NetLine has such a large network of
websites and they have a lot of data
In combination with IIRIS and through
investments, our plan is to build
technology to expand our audience
solutions offerings, based upon high value,
content consumption-based intent data.
While Tech is the primary focus, we see
specialist markets over time.
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INFORMA
INTELLIGENCE
INFORMA
INTELLIGENCE
DELIVERS DATA
AND INSIGHTS TO
PROFESSIONALS
IN SEVERAL
HIGHLY SPECIALIST
MARKETS, HELPING
INFORM DECISION
MAKING, IDENTIFY
OPPORTUNITIES
AND GAIN A
COMPETITIVE EDGE.
In Financial Intelligence, our Curinos brand
provides competitive product and pricing
intelligence to retail banking customers
focused on mortgage and consumer credit,
while EPFR provides real-time fund flow
analytics to help investment professionals
understand money flows, identify trends
Maritime Intelligence is at the heart of global
sea trade and transportation. Through the
Lloyd’s List brand, it provides analysis,
intelligence and data that tracks freight
movements and vessels, critical information
for shipping companies, manufacturers
enforcement bodies.
While each of these businesses serves a
different specialist market, they all have
common characteristics: helping customers
identify new opportunities and plan future
investments, making better decisions, faster.
BUSINESS PERFORMANCE IN 2021
Informa Intelligence was a key beneficiary
, enhancing its
digital platforms and product management
capabilities to support the development of
more sophisticated digital products.
In 2021, the business continued to build on
these strong foundations, delivering revenue
of £348m (2020: £305m) and another year
At 6.5% (2020: 1.8%) it recorded its highest
underlying revenue growth to date, a
significant improvement since the
GAP in 2014, when its
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
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Divisional Review: Informa Intelligence
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1
0
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1
0
1
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1
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1
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0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
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0 1 0 1 0 1 0 1 0 1 0 1 0
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1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
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0 1 0 1 0 1 0 1 0 1 0 1 0
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1 0 1 0 1 0 1 0 1 0 1 0 1
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01010101010101010101010101010101010101010101010101010101010
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1
Key to this improving trend has been the
strength of our subscription revenues, which
accounted for close to 90% of the Division’s
total revenue in 2021. Subscription renewals
remained consistently over 90% and as the
quality and utility of our products have
improved, so too has the level of new
business activity. Together, this is delivering
improving annualised contract values (ACV),
indicator of forward growth.
In addition to strong organic growth, in 2021
we completed a number of transactions to
further enhance our market positions in
In Pharma Intelligence we expanded our
capabilities in clinical trials through the
addition of Clinerion, a technology-driven
business that specialises in real-world,
real-time patient data. This helps pharma,
biotech and research customers evaluate and
better understand patient populations and
site selection for their clinical trials, thus
improving the potential for trial success.
In Financial Intelligence, we combined our
existing FBX business with Novantas to
banking market, Curinos. The combined
business offers retail and commercial banks
benchmarking and ebanking services
consumer credit.
At the same time, we continued to focus the
Intelligence portfolio on brands and markets
where we have strong positions and the best
opportunities for future growth. This saw us
divest some of our smaller brands: Barbour
EHS, Barbour ABI and Asset Intelligence.
While smaller in scale, these businesses are
all growing, with established positions in their
markets, and this was reflected in the value
achieved for them, which equated to an
average EV/EBITDA multiple of 16x.
Towards the end of the year, as part of
we announced our intention to divest our
remaining Intelligence businesses and to
markets where we have scale leadership
positions: B2B Markets and Academic
Markets. Having transformed Informa
Intelligence from a shrinking collection
subscription business over the last seven
years, we believe for the next stage of its
growth it will be better served as part of
2022 GROWTH ACCELERATION
In early February, we announced the first of
these divestments, agreeing to sell Pharma
Intelligence to Warburg Pincus for £1.9bn.
Our confidence in the future prospects of the
business led us to retain a 15% shareholding,
which, along with Board representation,
The divestment is expected to complete
While we will seek to maximise the value for
all our Intelligence brands, we will also be
focused on finding the right home for them,
to support the next phase of their growth
We will also be focused on maintaining
operating discipline throughout the process
and are supporting colleagues on this basis.
The continuing growth in ACV provides a
supportive backdrop for investment, ensuring
forward momentum remains strong.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
65
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
BUSINESS
GROWTH AND
PERFORMANCE
REVENUES (£M)
We track the achievement of Informa’s growth
strategy and ongoing operating performance
through revenues, underlying revenue growth
and adjusted operating profit.
As GAP II progresses, we will also track
As described in the Group CEO’s Review and
Financial Review, 2021 saw an improved
operating performance after the disruption
caused by the pandemic in 2020, with growth
line with targets for the year.
1,798.7 1,660.8 2,890.3
2021 2020 2019
UNDERLYING REVENUE GROWTH (%)
6.1 (41.0) 3.5
2021 2020 2019
ADJUSTED OPERATING PROFIT (£M)
388.4 266.6* 933.1
2021 2020 2019
FINANCIAL
STRENGTH
AND STABILITY
FREE CASH FLOW (£M)
We track free cash flow generation and monitor
leverage as indicators of the Group’s financial
strength and factors in our ability to invest
Informa does not currently have financial
covenants on any main Group borrowings.
As detailed in the Financial Review, after
Group successfully returned to a positive free
cash flow position and reduced our leverage
438.7 (153.9) 722.1
2021 2020 2019
INFORMA LEVERAGE (TIMES)
2.8 5.6 2.5
2021 2020 2019
SHAREHOLDER
RETURNS
ADJUSTED DILUTED EARNINGS PER SHARE
(PENCE)
We aim to deliver sustainable long-term returns
to Shareholders, a key stakeholder group.
Earnings per share and dividend per share
performance and the value created.
After suspending dividends through the
pandemic, we are targeting a resumption of
ordinary dividends from 2022 and commenced
16.7 9.8* 51.0
2021 2020 2019
DIVIDEND PER SHARE (PENCE)
0.0 0.0 7. 5 0
2021 2020 2019
We use 10 Company-wide key performance indicators to measure progress against
strategy, the strength of the business and the creation of benefits for our stakeholders.
Free cash flow generation, revenues and colleague engagement were also among the
categories considered within incentive plans for the Group’s Executive Directors and senior
management in 2021. Definitions for financial performance indicators can be found in the
alternative performance measures glossary on pages 255 and 256. For calculations and how
these indicators reconcile to statutory measures, see pages 86 to 99.
READ MORE:
Pages 6-13: Group CEO’s Review
Pages 20-21: Business Model
Pages 22-23: Group Strategy
Pages 86-99: Financial Review
Pages 132-155: Directors’
Remuneration Report
MEASURING PROGRESS
* Restated for impact of Software-as-a-Service accounting changes
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
66
Key Performance Indicators
COLLEAGUE
ENGAGEMENT
ENGAGEMENT INDEX (%)
The contribution colleagues make is critical to
Informa’s success. We track engagement levels
through the regular Inside Informa Pulse
connection to the Company and satisfaction.
The index is the average favourable response
to five questions and we aim to ensure at least
60% participation. In 2021 70% of colleagues
took part and engagement levels remained
strong, returning to a high but more
normalised level after a peak at the height
80 86 80
2021 2020 2019
SUSTAINABILITY
PERFORMANCE
We have a range of sustainability targets under the FasterForward programme, as described on page 24 to 29.
independently calculated and we receive limited assurance from Bureau Veritas over our GHG emissions.
DOW JONES SUSTAINABILITY INDEX (DJSI)
(PERCENTILE AND ABSOLUTE SCORE)
DJSI is a leading indicator of sustainability
among listed companies and aggregates
performance against 23 economic, social and
environmental criteria. Many of these criteria
align with our FasterForward programme.
We seek to maintain a strong absolute score
and relative position to our peers and were
ranked top of our global sector for the first time
in 2021.
100th
78
99th
74
92nd
65
2021 2020 2019
GREENHOUSE GAS EMISSIONS (GHG)
2021 2020
UK ROW UK ROW
Energy consumption (kWh) 5,126,204 18,908,296 5,254,684 19,356,624
Scope 1 emissions (tCO
2
e) 565 2,127 669 2,153
Scope 2 location-based emissions (tCO
2
e) 506 4,310 574 4,731
Scope 2 market-based emissions (tCO
2
e) 0 231 0 233
Scope 3 emissions from office waste, electricity
2
e) 50 399 67 632
Scope 3 emissions from home working (tCO
2
e) 2,028 5,782 1,663 5,073
Scope 3 emissions from business travel (tCO
2
e) 3,805 (global) 18,638 (global)
Total Scope 1 and 2 location-based emissions (tCO
2
e) 1,071 6,437 1,243 6,884
Intensity ratio total location-based Scope 1 and 2
emissions (tCO
2
e/colleague) 0.35 0.92 0.35 0.93
Total Scope 1 and 2 market-based emissions (tCO
2
e) 565 2,358 669 2,386
Carbon offsets used to compensate for remaining
emissions in scope for CarbonNeutral
®
Company
certification (tCO
2
e) 14,987 (global) 22,392 (global)
Residual carbon emissions post renewable energy and
offsets (tCO
2
e) 0 0 0 0
Levels of carbon dioxide (CO
2
) or GHG emissions measure our use of natural resources, part of our business model,
and are one indicator of the Group’s progress towards becoming a net zero carbon business by 2030. Informa has
held CarbonNeutral
®
Company certification, in accordance with the CarbonNeutral Protocol, since 2020. We seek
to reduce emissions and our use of carbon over time, through initiatives described on pages 24 to 29.
Calculations are based on GHG Protocol and Defra guidelines. Scope 1 emissions arise from natural gas heating,
refrigerant gases and vehicle and generator fuel use. Scope 2 emissions are from electricity consumption.
Location-based emissions are calculated as the average emissions intensity of electricity grids where we have
offices, and market-based emissions take into account renewable energy purchasing. Scope 3 emissions arise
indirectly from our business activities in the supply chain, within boundaries defined by the GHG Protocol and
Science Based Targets initiative.
Under our CarbonNeutral
®
Company certification, we purchase carbon offsets to compensate for unavoidable
emissions. Emissions from home working were not included in this scope for 2020 but have been included for 2021,
in accordance with changes to certification protocol. Bureau Veritas provides limited assurance over our energy
and water consumption data and Scope 1, 2 and 3 data; full details can be found in Informa’s Sustainability Report.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
67
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
OUR APPROACH TO RISK
For all companies, risks arise as a natural
consequence of doing business. Informa
aims to take a balanced approach to risk: to
consciously identify, understand and take
strategy, aligns with our overall appetite
opportunity to deliver benefits for the Group
and our stakeholders, and to manage that
risk effectively.
The assessment, management and oversight
of risk is a continuous activity. We seek to
enhance what we do year-on-year as well as
to adapt to changes in the broader market
and economy, to updates in business strategy
and to regulatory developments.
Most recently, this has included assessing
GAP II.
This programme is consistent with Informa’s
historical strategy of market specialisation,
with an accelerated ambition regarding the
growth of digital services and capabilities.
We have reassessed the status of relevant
risks to ensure they are still appropriately
rated, monitored and managed. This has
resulted in reconfirming the status of risks
including reliance on key counterparties and
adjusting other risks, including the risks of
technology failure, and data loss and
Regulatory developments include reporting
our assessment of the impact of climate
change against the recommendations of
Disclosures (TCFD). This can be found in full
on pages 80 to 82.
Key business partners and counterparties,
specifically customers, strategic partners,
providers of key services and financing
partners, were also a focus for deeper risk
discussions in 2021, in recognition of their
continuing importance to Informa and the
changing business and economic backdrop
relating to the pandemic. We consider that
our management and monitoring of the risks
associated in these areas have strengthened
as a result.
HOW WE MANAGE RISK
Informa has an established risk management
framework. Through it, risks are identified,
assessed, mitigated and monitored in an
effective and consistent way, from wherever
in the Company’s operations they arise.
The aim of the framework is to minimise
delivering our strategy and ensure the
Company can respond in an agile way where
managed in advance. We continue to believe
this framework is robust and works well for
Informa, and report publicly on risk twice
The framework comprises:
• Risk profile and appetite: The nature of
consistent articulation of our appetite to
take and manage risk where it creates
business opportunity
• Governance: The structures, expertise
management of risk and ensure
opportunities and risks align with strategy
• Policies, processes and controls:
Consistent and rigorous identification,
assessment, management, monitoring
• Culture: The wider business culture that
supports the right behaviours
• Tools and infrastructure: Capabilities and
systems that enable risk management
Risk Governance
Our governance of risk and risk management
is based on a common three lines of defence
model, as shown opposite. There are defined
roles and responsibilities for the Board, its
Committees, Informa’s senior management
and certain specialist functions.
The Board and its Committees are
particularly integral to how, and how
effectively, risk is managed.
READ MORE:
Pages 20-21: Business Model
Pages 22-23: Group Strategy
Pages 124-131: Audit Committee Report
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
68
Risk Management
RISK MANAGEMENT GOVERNANCE FRAMEWORK
• Identify and manage risks
• Design and implement controls
• Receive guidance
• Report to Risk Committee
• Supported by operational teams
• Provides advice and guidance to the
• Designs, sets and implements risk,
compliance and control frameworks
• Sets policies
• Accountable to Audit Committee
• Supported by Risk and Compliance
functions
• Independently checks and
challenges 1st and 2nd lines
• Provides assurance to the Board
• Supported by Internal Audit
• Sets tone from the top
• Positions risk appetite and tolerance
• Challenges lines of defence
• Accountable to Shareholders
Governance Role Outputs
Guidance
and direction
Audit and
Board reports
Group risk register
Principal risk reviews
Audit and Board reports
Divisions and functions
risk registers
BOARD
OVERSIGHT
AUDIT COMMITTEE
(NON-EXECUTIVE)
3RD LINE
OF DEFENCE
RISK COMMITTEE
(EXECUTIVE)
2ND LINE
OF DEFENCE
DIVISIONS
(EXECUTIVE)
1ST LINE
OF DEFENCE
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
69
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
The Board formally sets and articulates the
Company’s appetite and tolerance for risk
and ensures it is considered in Board decision
making. It maintains oversight of principal
risks, discusses and appropriately challenges
the business’s risk management strategies
and ensures that each Committee is fulfilling
its responsibilities. This is in line with its
broader responsibilities towards Shareholders
and other stakeholders, and takes into
account the need to maintain a high standard
of business conduct.
The Risk Committee is responsible for
conducting initial reviews of risks identified
and for overseeing the controls in place
Each principal risk is assigned to a member
responsible for supporting the Board in
aligning the risk to business strategy, setting
individual risk appetites and overseeing the
management of that risk. Any risks deemed
to be potentially significant but not a principal
risk are also assigned to a member of the
Executive Management Team in this way.
BOARD RISK APPETITE
STATEMENT
• Risks should be managed
consistently and in line with the
Group’s strategy, financial objectives
and guiding principles
• Opportunities should only be
pursued where the scope for
appropriate reward is supported by
an informed assessment of risk
• Risks should be actively managed
and monitored through the
appropriate allocation of
management and other resources
Risk Process and Controls
The Risk Committee follows a clear, simple
and robust process to identify the Group’s
most significant risks, incorporating top-
down and bottom-up assessments.
• We maintain risk registers at all levels of
the Company: Group, Divisional, functional
and for key projects. A risk hierarchy is
applied to the registers, and the most
significant risks are then assessed
according to their potential impact on
execution of strategy
1. Economic instability
2. Market risk
3. Acquisition and integration risk
4. Ineffective change management
5. Reliance on key counterparties
6. Technology failure
7. Data loss and cyber breach
8. Inability to attract and retain key talent
9. Health and safety incidents
10. Inadequate response to
11. Inadequate regulatory compliance
12. Privacy regulation
13. Pandemic risk
RISK RATINGS: PRINCIPAL RISKS
Impact
Likelihood
2 1
3
5
12
11
9
10
8
4
7
6
13
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
70
Risk Management
continued
• At Risk Committee meetings, which are
held quarterly, each Operating Division
CFO or functional leader
• Any new or emerging risks that could
impact either the Company or one or
Additional reviews and workshops are
as part of Risk Committee meetings, to
assess emerging risks and identify which
risk registers
• The Group Risk team undertakes deep
where relevant, with additional subject
matter experts. Their results are presented
to the Risk Committee. The Chair of the
Risk Committee and the General Counsel
hold a dedicated review meeting on the
Group’s principal risks at least once a year
In 2021, we took the opportunity to conduct
breaking each risk down into component
subrisks and their associated root causes,
looking at the controls in place and actions
being taken as well as confirming how each
aligns with strategy and risk appetite.
This has improved our understanding and
enhanced our ability to prioritise risk
management resources more effectively,
Specific controls in place for each principal
risk are described on the following pages.
Risk and Culture
In a company where colleagues, their
business’s operations, culture is an important
contributor to risk management. On a
day-to-day basis, culture influences how we
engage with partners, the behaviours that
ensure we are compliant with laws and good
ethical practice, how well certain controls
function and how business decisions
Informa’s guiding principles support good
risk management practices, when taken
together with an understanding of the
Company’s strategy, and tolerance and
appetite for risk. Particularly relevant are
think big and act with freedom, to pursue
opportunities in their roles and markets
specialist customers, as well as principles that
emphasise the importance of building trust
and long-term partnerships.
Culture and expected behaviours are
supported by Informa’s Code of Conduct and
suite of global policies, regular training and
communication on those policies, as well as
our system of controls.
PRINCIPAL RISKS
We monitor and manage a range of risks on
an ongoing basis. Thirteen are currently
recognised as principal risks, which is
consistent with 2020 when pandemic risk
risk. They include risks relating to growth
are detailed on pages 73 to 79 along with
Risks are rated for their potential financial
and non-financial impacts and the likelihood
that they will crystallise, using a consistent
rating methodology to compare and
Each risk has two ratings. The gross risk
rating assesses the maximum potential
exposure if nothing is done to manage or
mitigate the risk, and the net risk rating takes
into account the controls and mitigations in
place to reduce the likelihood or impact of the
risk, along with their implementation status
and effectiveness.
Gross and net risk ratings are regularly
available to manage the risk. The relative net
risk ratings of our principal risks are mapped
on the page opposite.
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71
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Each principal risk is assessed to see
commercial impact on its own or as part of
material commercial impacts form part of
viability modelling and testing. As outlined
been used as inputs to viability modelling
There have been adjustments to the
likelihood and impact of seven principal
environment and actions taken to strengthen
our processes. Changes in assessment and
the reasons for adjustments are indicated on
the following pages.
EMERGING AND WATCHLIST RISKS
We also monitor emerging risks and hold
dedicated horizon-scanning reviews to
identify any that are new and relevant.
These risks are, by their nature, more
uncertain, either because they are at an
specific risk or are difficult to quantify.
Emerging risks are also those that exist but
are not currently of a scale or materiality to
make them principal risks.
We aim to identify the triggers that could
require further attention and action. In 2021,
we incorporated emerging risks into our
principal risk assessment and monitoring
programme for the first time, broadening
Examples of emerging risk include climate
change, which is discussed in more detail on
pages 80 to 82, and the developing demand
for open access in research publishing, which
is discussed in the Taylor & Francis Divisional
Review on pages 52 to 55. Both present
opportunities as well as risks, which we are
actively addressing and responding to.
There are also watchlist risks, which are fully
considered but tend to be particular to a
function or sector and managed in those
functions. Examples include risks from:
• Tax disputes: the Group takes an ethical
and low risk approach to tax, which limits
the likelihood of disputes with tax
• Currency fluctuations: these are managed
by the Group Treasury team, with a
particular focus on the relative value of
sterling and the US dollar
• Fraud: Informa recently implemented
manage and monitor risks to which the
business could potentially be exposed
We confirm that, through the processes
performed a robust assessment of the
Company’s emerging and principal risks.
The Group’s principal risks are presented
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
72
Risk Management
continued
1.
2.
ECONOMIC
INSTABILITY
MARKET RISK
General economic instability, or a downturn in a particular market or region, can
affect customers and change their demand for products and services. Economic
instability can also present opportunities to acquire businesses at a lower cost and
enter or expand in different markets, and we have a moderate appetite to seek
growth by extending into new markets. Fluctuations in currencies due to the relative
positions of economies can positively or negatively affect financial results.
HOW WE MANAGE AND MITIGATE RISK
• Our three-year business planning process formally incorporates a consideration of
economic risk and opportunity
• The macro-economic environment is discussed as part of our regular schedule of
Executive Management Team meetings and Board meetings, making it a continuous
management focus
• Trading results are monitored against budgets and projected forecasts through the
monthly reporting process, which captures the impact of any broader economic trends
and informs commercial decision making
• Informa has a balanced portfolio of businesses and products. We operate in multiple
countries and multiple specialist markets, delivering a range of both digital and physical
products with a mix of revenue sources. This creates a level of resilience and helps us
manage any more localised market or country-specific downturns or recoveries
• Revenue is received in advance for our events products and subscription products,
providing visibility
• We align the currency of the Group’s borrowing with the currency of the Group’s largest
sources of cash generation to manage currency fluctuations
Informa works in a range of specialist markets that can experience growth, decline,
change or disruption. This can alter customer behaviour, needs and preferences and
change the competitive environment for our products and services, impacting
revenues and margins. We are comfortable with taking market risk and maximising
the opportunity it presents for growth, such as through developing new products and
acquiring capabilities.
HOW WE MANAGE AND MITIGATE RISK
• Market risk, the dynamics of different markets and the strength of our market positions
and product portfolios are considered in strategy and investment decision making.
They are also regularly considered by the Board, addressed as part of Informa’s three-year
planning cycle and monitored through the financial reporting process
• Our culture of staying close to customers and building depth and specialism in our
markets gives us good insight into trends in feedback, product use and behaviour, using
these inputs to ensure our products remain valuable and relevant
• Under GAP II, we are accelerating our digital and data services and capabilities throughout
the business, helping to ensure we continue to meet evolving customer needs, minimise
market risk and maximise business opportunities
• The breadth of our portfolio and reach across multiple markets provides some
Owner:
Group Finance Directors
Risk appetite:
Moderate
Latest movement:
Owner:
Divisional CEOs
Risk appetite:
Reasonable/High
Latest movement:
Increase No change DecreaseKey
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73
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Principal Risks and Uncertainties
3.
4.
ACQUISITION
AND
INTEGRATION
RISK
INEFFECTIVE
CHANGE
MANAGEMENT
To deepen our position in specialist markets and add new capabilities, Informa
undertakes focused acquisitions. The financial performance of acquired businesses
process. We are prepared to take reasonable risk to add talent, capabilities, products
HOW WE MANAGE AND MITIGATE RISK
• We allocate capital to the markets and Divisions with the best long-term value creation
opportunity and make investment decisions according to set financial parameters
• We actively monitor the market to identify suitable acquisitions. Targets are analysed by
the Group Corporate Development team and assessed according to strategic and cultural
fit. A central investment committee oversees all proposed activity. Functional experts,
supported by external partners where needed, are involved throughout due diligence,
acquisition and integration
• A value creation register is used for each proposed acquisition, assigning individual
ownership for all aspects of execution. All acquisitions have formal governance, leadership
and project management to ensure successful integration, with significant acquisitions
receiving heightened governance
• Divisional integration plans receive ongoing integration monitoring and oversight from the
Group for at least two years post close, with additional spot check and assurance reviews
longer term
• Post-acquisition performance is reported annually to the Board, including an assessment
of any variation to the expected return on investment
Seizing customer and market opportunities, expanding our portfolio and
implementing new strategies involve change. We have a high appetite for change
however, it can create operational challenges and impact the ability to achieve
implementing a new change management framework for key transformation
HOW WE MANAGE AND MITIGATE RISK
• Informa has a track record of successfully assimilating change, such as following
significant acquisitions and investment programmes and as a result of new strategies
• The Executive Management Team oversees and sponsors key change initiatives.
Specific governance structures are set up for significant projects and all large-scale
strategic changes
• Funding and investment programmes or acquisitions include change management
disciplines and have defined governance and reporting structures. All large-scale
investments are approved through an investment committee
• The interests of and impacts on colleagues, customers and Shareholders from change
• Over the GAP II period, we will be closely monitoring and managing the requirements and
impacts of increasing our focus on digital and data capabilities
Owner:
Director of Strategy and
Business Planning
Risk appetite:
Reasonable
Latest movement:
Owner:
Group Chief
Risk appetite:
High
Latest movement:
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
74
Principal Risks and Uncertainties
continued
5.
6.
RELIANCE
ON KEY
COUNTERPARTIES
TECHNOLOGY
FAILURE
We work with key strategic partners, some of which are specialists or leaders in their
counterparty relationships or services could affect the delivery of certain products or
disrupt business activities and trading, impacting customer satisfaction and colleague
engagement. Periods of extreme economic instability and disruption can impact
business partners’ stability.
HOW WE MANAGE AND MITIGATE RISK
• We consider key counterparties within four groups: customers, providers of services,
strategic partners and providers of financing
• As part of formal reviews and reporting to the Risk Committee, each Division and function
is responsible for identifying key strategic counterparties, articulating the nature and
extent of their risk exposure and confirming the mitigations and continuity processes
• Each Division and support function conducts spot testing and checks across a sample
relationships and services
• Key counterparties are subject to additional due diligence, including assessments of the
robustness of their business plans, financial stability, cyber and information security
practices and business continuity plans. Contracts and service level agreements are put
• Our Treasury Policy ensures the Company is not over-reliant on any single
loss of critical systems, networks or similar services could inhibit the delivery
reputation. Serious disruption could impact day-to-day operations and potentially
GAP II, the
resilience of our technology platforms is even more important to business
performance. In recognition, the potential impact of this risk has increased.
HOW WE MANAGE AND MITIGATE RISK
• We seek to minimise the likelihood and impact of any business-critical technology failure,
and have put in place many specific governance standards, maturity targets and controls
to manage technology risk and operational IT resilience
• Our Group-wide strategy is to deploy cloud computing where appropriate, which provides
resilience for our products and services and scale capacity
• We continuously work to reduce complexity in our technology landscape by streamlining
legacy systems and those from acquired businesses
• Technology service providers are assessed and selected on their capability to deliver the
required service, reducing the risk of downtime
• We provide remote access services so that colleagues can work securely and productively
from anywhere should one of our hubs be impacted by a technology outage
Owner:
Group Finance Director
Risk appetite:
Reasonable
Latest movement:
Owner:
Chief Commercial Officer
Risk appetite:
Low
Latest movement:
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75
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
7.
8.
DATA LOSS AND
CYBER BREACH
INABILITY TO
ATTRACT AND
RETAIN KEY
TALENT
stakeholders, fines and business interruption. Managing such impacts could divert
focus from delivering strategy and create reputational damage if not adequately
handled. The greater and more consistent capture and use of customer data is part of
several GAP II initiatives and, to recognise this expanded focus on data, the likelihood
of this risk has been increased.
HOW WE MANAGE AND MITIGATE RISK
• We seek to protect our data robustly and in line with privacy regulations and
• We aim to protect the confidentiality, availability and integrity of key systems by
employing a layered defence-in-depth approach, comprising administrative, technical
developing threats
• Performance, progress and the continued maturity of our cyber security controls are
monitored by the Risk Committee
• Internal and external assurance programmes assess compliance with Company security
policies, standards and controls and provide reports to the Audit Committee and
Executive Management Team
• There is a well-defined incident management response to cyber breaches
• We run simulated events to test security controls and response tactics and operate
colleague awareness programmes, including training, communications and simulated
phishing exercises, to support a security-aware culture
People are at the heart of Informa’s business model and operations. We aim to attract
great talent and retain key talent by creating an engaging, inclusive and rewarding
working environment where colleagues can make the most of their skills. The loss
managers could impact our ability to serve customers and deliver strategy.
Expanding the Group’s digital services will mean more new hiring is focused on digital
roles. In recognition of the competition for talent in this area, the likelihood of this
risk has been increased.
HOW WE MANAGE AND MITIGATE RISK
• We aim to manage this risk to a sustainable level through a range of methods
• The Executive Management Team and Board review talent trends and put in place short
and long-term succession plans for critical roles, including appropriate incentive packages
• HR leadership and the Risk Committee monitor colleague engagement and retention.
Where attrition rates are considered high, management teams are required to report on
the measures being taken to reduce the loss of key talent
• Where it is not possible to retain key talent in commercially critical roles, we manage
potential impacts through the appropriate use of post-termination restrictions
• We invest in learning and development programmes and have performance management
processes and systems in place to support the development, management and retention
of talent
• Under GAP II, we are placing specific focus on investing in digital skills training as well as
attracting and retaining key digital talent, including through incentive programmes
Owner:
Chief Commercial Officer
Risk appetite:
Low
Latest movement:
Owner:
Group HR Director
Risk appetite:
Reasonable
Latest movement:
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
76
Principal Risks and Uncertainties
continued
9.
10.
HEALTH
AND SAFETY
INCIDENTS
INADEQUATE
RESPONSE
TO MAJOR
INCIDENTS
When delivering live events, engaging with venues and contractors and managing
damages. The likelihood of this risk temporarily reduced in 2020 when many live
events were postponed or became virtual, and reverted to its previous level in 2021.
HOW WE MANAGE AND MITIGATE RISK
• Our priority is the safety and wellbeing of colleagues, customers and business partners
and we take a proactive approach to managing health and safety risks
• We focus on prevention through establishing good health and safety operating standards.
This is led by a central Health, Safety and Security team with regional experts who help
embed consistent approaches, validate standards and provide targeted support.
We continue to improve and document our standards and framework
• The Risk Committee monitors progress on health and safety and holds regular reviews
• We assess events and Informa facilities to ensure they comply with Company standards,
and monitor any required actions until complete
• We operate a Company-wide travel management system to ensure accommodation and
travel are booked to acceptable safety standards and enable colleagues to access
emergency support where necessary
• Colleagues receive mandatory online health and safety training, with enhanced training
for senior management and those in specifically relevant roles
action, terrorism or disease outbreaks, have the potential to impact our operations
and events. These can cause harm to people, venues and facilities and severely
reputational damage and potentially criminal and civil investigations. Due to
improvements in the governance and management of this risk, we consider that
HOW WE MANAGE AND MITIGATE RISK
• While it is rare that a business can control the cause of a major incident, we proactively
manage our response, aiming to ensure it is effective and any impacts are minimised
• Informa has a central Health, Safety and Security team that provides expertise on incident
management and supports teams in the event of an emergency. In severe circumstances,
a specific crisis council convenes to direct the Company response and crisis plans exist for
specific risks
• Enhancements to governance and management of this risk have included additional
training for key functions in incident response and co-ordination
• Each Informa event, physical or virtual, has an incident response plan specific to its
location, format and operational team
• Each Division considers known extreme weather patterns when planning event
Owner:
Group Chief
Risk appetite:
Low
Latest movement:
Owner:
Group Chief
Risk appetite:
Low
Latest movement:
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
77
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
11.
12.
INADEQUATE
REGULATORY
COMPLIANCE
PRI VACY
REGULATION
The Group’s licence to operate is partly determined by compliance with national and
international regulation and the support of stakeholders, who increasingly favour
companies that work in an ethical way. We are committed to ethical and lawful
behaviour in everything we do. Failure to comply with applicable regulations could
lead to fines or imprisonment, damage reputation and impact the ability to trade
oversight and preventative measures, we believe that the impact of this risk
HOW WE MANAGE AND MITIGATE RISK
• Colleagues and business partners who support us or act on our behalf are expected to
take appropriate steps to comply with applicable laws and regulations
• Our commitments and expectations are clearly articulated in the Company’s Code of
Conduct, Business Partner Code of Conduct and policies, and through our guiding
principles. All colleagues undertake training on the Code and key policies, with a
requirement to accept role-relevant policies. Training completion is required within
• Our compliance programme is designed to ensure we meet our obligations under material
legislation and includes training and communications. This is monitored to ensure
continuous improvement. It incorporates a sanctions programme that includes internal
controls, risk-based screening and monitoring of vendors, sales agents and customers
• We maintain a Speak Up whistleblowing facility for anyone to raise a concern
confidentially. Retaliation for raising genuine concerns is not tolerated. All reports of
breaches of our Code of Conduct and policies are investigated promptly and actions
We use data on current and prospective customers to market brands, deliver products
and create new digital services, which are a focus for growth under GAP II. The use
HOW WE MANAGE AND MITIGATE RISK
• We understand the importance of good privacy practices to winning and maintaining
colleague and customer trust. Informa respects and values personal information and
privacy and seeks to comply with regulatory requirements
• Our governance of data privacy is led by the Group Data Protection Officer. Each Division
has privacy managers embedded into business operations to ensure compliance and
guide product and commercial teams on best practice as they develop new platforms and
digital services. We use privacy-by-design principles when embarking on new projects
• Our data privacy programme includes Company-wide policies, guidance on specific
matters and training. All colleagues receive mandatory training on their data privacy
responsibilities, and certain roles also receive targeted topic-specific training
• The programme is re-evaluated each year to ensure that any changes to business
We continuously monitor external factors and changes in data protection laws, with
Owner:
Group General Counsel and
Company Secretary
Risk appetite:
Low
Latest movement:
Owner:
Group General Counsel and
Company Secretary
Risk appetite:
Low
Latest movement:
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
78
Principal Risks and Uncertainties
continued
13.
PANDEMIC RISK
Pandemics have a significant and widespread impact on public health, including the
safety of Informa colleagues and customers, as well as impacting global economies.
HOW WE MANAGE AND MITIGATE RISK
• We recognise the need to ensure the Company’s resilience and ability to tolerate the
impacts of a pandemic
• We responded quickly to the outbreak of the COVID-19 pandemic in 2020.
The management of the pandemic has become more established over time, with
continuity and resilience plans put into action and adapted as needed. Specific health
wellbeing and the ability to work remotely
• We continually monitor the geopolitical and economic environment surrounding the
pandemic and it remains a standing agenda item in management committees.
The pandemic’s impacts have stabilised and, in some instances, decreased
• Some of the subrisks associated with COVID-19 have emerged and been managed through
other principal risk controls, such as the risks associated with economic instability, market
risk, health and safety incidents and major incidents
Owner:
Group Chief
Risk appetite:
Low
Latest movement:
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
79
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
CLIMATE CHANGE RISKS AND OPPORTUNITIES
Like many companies, Informa has been
tracking climate change as an emerging
understanding in this area, aligning our work
with the Task Force on Climate-related
Financial Disclosures (TCFD). Informa is
compliant with TCFD’s 11 disclosure
recommendations. To avoid duplication with
existing reports and provide greater context,
certain aspects are disclosed within separate
Sustainability and Climate Impact reports.
Disclosure locations are summarised below.
The nature of the Knowledge and Information
Economy in which we operate, combined with
the strong foundations in sustainability we
have established over the last decade, mean
that the risks of climate change to our
business and products are low relative
Work conducted in 2021 confirmed this view
and that our efforts to mitigate risks and
identify opportunities position us well.
We remain focused and committed to
achieving our FasterForward climate change
targets. These form an important part of how
well we are placed to respond to climate
change risks and to create opportunities as
Governance
The management of climate change impacts
is part of our broader approach to
Identifying climate impacts and acting on
them is embedded in the Company’s broader
planning and operational activity and
involves a range of specialist functions.
In 2020, we created a dedicated Climate
Impact Steering Committee chaired by the
Group Finance Director to provide additional
focus and co-ordination and lead reporting.
READ MORE:
Pages 24-29: FasterForward
Climate Impacts Report on the
Informa website
Sustainability Report on the
Informa website
Climate Impacts
Our current assessment has identified
Informa. These include physical impacts
and transition impacts that consider the
Physical Impacts:
• Potential workplace and community
disruption
• Potential event and supply chain
disruption
Transition Impacts:
• Evolving customer markets
• Potential change to business
• Potential changes to carbon costs in
the value chain
• Potential changes to carbon costs in
direct operations
• Attracting talent
• Market association
• Climate-related legislation
• Investor focus on climate change
• Other stakeholder expectations
Full details about each impact, our
resilience and the activities in place to
mitigate them, along with additional
information about our governance and
risk management, can be found in the
standalone Climate Impacts report on
the Informa website.
Recommended TCFD disclosures Full details
Governance: Board oversight of climate-related risks
and opportunities
Page 6, Climate Impacts Report
(CI Report) 2021
1
Governance: Management’s role in assessing and
managing climate-related risks and opportunities
Page 6, CI Report
1
Strategy: Short, medium and long-term climate-
related risks and opportunities
Pages 7 to 15, CI Report
1
Strategy: Their impact on business, strategy and
financial planning
Pages 7 to 15, CI Report
1
Page 82 in this report
Strategy: The potential impact of different scenarios
on business, strategy and financial planning
Page 82 in this report
Risk management: Processes for identifying and
assessing climate-related risks
Page 16, CI Report
1
Pages 70 and 71 in this report
Risk management: Processes for managing
climate-related risks
Page 16, CI Report
1
Risk management: How these processes are
integrated into overall risk management
Page 16, CI Report
1
Metrics and targets: Metrics used to assess
climate-related strategy, risks and opportunities
3
Pages 17 and 18, CI Report
1
Metrics and targets: Scope 1, Scope 2 and Scope 3
greenhouse gas emissions and related risks
Page 67 in this report
Pages 8 and 9, 2021 Sustainability
Report
2
Metrics and targets:
related risks and opportunities and performance
Pages 17 and 18, CI Report
1
Pages 6 to 13, 16 to 17 and 33,
2021 Sustainability Report
2
1. www.informa.com/climateimpacts/
2. www.informa.com/sustainability/sustainability-reports/
3. As the 11 climate risks identified are viewed as immaterial, metrics are not tracked at a
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
80
Climate Impacts
Strategy
We believe there are ongoing opportunities
from supporting customers to understand
and manage the impact of climate change in
As discussed on page 26, our larger branded
events also present a way that customers
businesses and participants to fulfil their
knowledge, networking and sales goals in one
location, events can create a net saving of
flights and save customers time, money and
carbon, an increasingly valuable proposition
in a carbon constrained world.
Based on our work to date, we do not believe
there are material strategic or financial risks
to Informa resulting from climate change over
the time horizon. The analysis shows that the
Group’s strategy and financial performance
remain resilient in each scenario considered.
Our business model has a level of built-in
resilience and flexibility should physical or
transition impacts occur from climate change.
This includes factors such as:
• The number, location and diversity of
specialist customer markets we work in,
and our continued strategic focus on
market specialisation
• The decentralised nature of our products,
markets and operations
• A limited exposure to the markets at most
risk of severe disruption from the transition
to a lower carbon economy
• A relatively low intensity of energy use
• Proven capabilities to relocate work and
operations at short notice if needed
• The range of measures and activities
already in place to manage identified
climate change impacts
• Ongoing progress in the implementation
Risk Management
The process for identifying, assessing and
managing climate-related impacts is
integrated into Informa’s wider risk
management process. Climate change has
been reported as an emerging risk since 2018
and is recognised as a contributor to several
principal risks.
QUANTIFYING CLIMATE IMPACTS
We worked with Risilience and its academic partner, the Centre for Risk
Studies at the University of Cambridge Judge Business School, during 2021
value at risk from four of the most relevant and material climate impacts to
Informa, across four climate scenarios.
This involved a series of desktop studies, research and workshops with
internal and external subject matter experts. These have been built into a
dynamic financial model of Informa’s commercial and physical footprint to
allow us to test our material climate impacts within a series of scenarios that
draw on publicly available data and internal datasets.
The four scenarios used are based on the UN’s Climate Action Pathways,
which set out the conditions needed to maintain global temperature rises
within certain thresholds. Blue World reflects a scenario where significant
technology advances take place and successfully support minimising
temperature rises. The two Green World scenarios reflect different potential
behaviour changes as a result of wide-scale decarbonisation efforts.
We have focused our initial analysis on our B2B Markets businesses, which
generate a large proportion of the Group’s revenue and have the most direct
relationship with the Group level climate impacts identified.
This analysis does not currently incorporate the potential opportunities
demand for sustainability knowledge delivered through products and
services. We have not currently modelled the introduction of new products
beyond a business-as-usual level, such as the launch of additional digital
knowledge sharing platforms, which we would expect to be relevant
opportunities and focuses in the Blue World and Green World scenarios.
The analysis presented shows the impact if the risk is not mitigated.
This provides a baseline, against which the actions we take to manage risk
and improve any impacts can be measured. Impacts have been discounted
using the Group’s weighted average cost of capital to show a present value.
CONTINUED OVER
Metrics and Targets
We have a range of targets including four
FasterForward commitments: by 2025, to
become carbon neutral as a business and
across our products, embed sustainability
inside 100% of brands and save customers
more carbon than we emit, and by 2030 or
earlier, to be net zero carbon.
The metrics used to assess climate-related
impacts are included on page 17 of Informa’s
Climate Impacts Report and align with the
Group’s strategy and risk management process.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
81
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Business as usual Blue World Green World A Green World B
GLOBAL
TEMPERATURE
RISE BY 2100
>3°C 2°C 1.5°C 1.5°C
ASSUMED POLICY
DEVELOPMENTS
No change Significant promotion of
investment in low carbon
technology
Radical push to decarbonise by governments,
business and society
ASSUMED
TECHNOLOGICAL
DEVELOPMENTS
Follows historical
pattern
Rapid development and scaling
of new technology
Low carbon air transport
remains unviable for next
Technology advances alone are not sufficient to
decarbonise to 1.5°C but rapid development and
scaling of new technologies are assumed, along
ASSUMED
MACRO-ECONOMIC
CONDITIONS
High market
uncertainty
Potential for individual
market collapse
Some market uncertainty
Big gaps between winning and
losing companies
High market certainty
Sector financial performance is highly aligned to
carbon performance
CUSTOMER
SENTIMENT
CHANGES
Follows historical
pattern
Major demand for knowledge
and trade in certain sectors
Significant behaviour
change, including blanket
reduction in travel
resulting in decreasing
attendance at physical
events
Significant behaviour
change combined with
effectiveness protects
and supports role of
exhibitions as a travel
consolidator, making
them the destination
travellers
Business as usual Blue World Green World A Green World B
OFFICE AND
HOMEWORKER
DISRUPTION
Immaterial in all scenarios due to colleague and business flexibility, demonstrated during the pandemic
EVENT AND
SUPPLY CHAIN
DISRUPTION
£15m in all scenarios
EVOLVI NG
CUSTOMER
MARKETS
£nil £12m £1m in both Green World scenarios
CUSTOMER
WILLINGNESS
TO TRAVEL
£(1m) £4m £25m £(10m)
* Unmitigated single year net income at risk for the year ended December 2026 on a discounted basis
CLIMATE SCENARIOS
ESTIMATED FINANCIAL IMPACTS OF CLIMATE SCENARIOS
Unmitigated annual discounted value at risk in five years’ time*
NEXT STEPS
Our Climate Impacts Steering Committee is determining whether there is a need to deepen our understanding of the
modelled impacts, according to the Group’s risk appetite and the materiality of potential risks. Calculations are likely to
expand to incorporate our Academic Markets business and measure the impacts of other climate risks such as carbon pricing.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
82
Climate Impacts
continued
The Directors assess both Informa’s viability
over a three-year period and its longer-term
prospects in a structured way, based on the
Company’s current position, strategy and
business model, principal risks and trends in
the markets in which the Group works, and
continue to have confidence in the Group’s
business model and its long-term prospects.
HOW LONG-TERM PROSPECTS
ARE ASSESSED
The Group’s prospects are assessed
This begins with a clear articulation of
business ambition. Each Division then
ambition, through assessing external factors
such as peer activity, market trends and
broad and specific risks, and internal factors
including talent trends, product positions and
technology platforms.
From this process, business objectives are set
with consideration for what is known about
customer trends and demand, emerging risks
and opportunities, plus an analysis of what
the business needs to do to achieve those
objectives, whether that is launching new
activities, adapting its technological
capabilities, securing additional capabilities
or continuing existing programmes.
From this comes a set of objectives and
initiatives, with each Division creating a three-
year business plan including detailed financial
forecasts and a clear explanation of key
assumptions and risks. Plans are updated at
key dates and for significant events.
The plans are reviewed in detail by the Group
Chief Executive, Group Finance Director,
Group Chief Operating Officer and the
Director of Strategy and Business Planning,
constructive challenge and input at the
annual Board strategy meeting.
ASSESSING LONG-TERM PROSPECTS
AND VIABILITY
The detailed financial forecasts within those plans are also used to evaluate
the Group’s funding requirements and assess the resources and liquidity
available for reinvestment and for returning to Shareholders. They are also
FACTORS USED TO ASSESS LONG-TERM PROSPECTS
Informa’s current position
• A broad and international business, with deep positions in a range of
specialist markets and a diversified customer base
• A broad product portfolio encompassing B2B services, academic market
services and an expanding range of digital products
• Brands that have strong positions in their specialist markets
• Customer led and focused on serving customers in flexible ways
• Flexible cost structure
Strategy and business model
• The Group’s long-term focus on sustainable growth through market
specialisation
• The 2021-2024 Growth Acceleration Plan II, through which Informa is focused
on delivering further specialisation and accelerated digitisation
• The importance of talent and culture, strong brands, robust technology,
• Enhanced commitments and accelerated progress on sustainability
Principal risks
• The principal risks directly related to Informa’s business model plus
emerging risks being monitored
• Principal risks relate to growth, including broader global economic instability
and market disruption; to people, including attracting and retaining key
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
83
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Viability Statement
HOW VIABILITY AND GOING CONCERN
ARE ASSESSED
In assessing Informa’s viability and ability
Directors have considered the future trading
prospects of the Group’s businesses and
available liquidity and debt maturities.
Viability and going concern testing is carried
out against Informa’s existing debt facilities,
with an assumption that maturities fall when
due, no new debt is issued and there is no
refinancing of current facilities during the
forecast period.
The Directors have assessed that the
28 February 2022 with £1,900m of cash
£1,050m and no financial covenants on
position has been achieved over the last two
years through the oversubscribed equity and
debt issues, restructure of our debt profile
and focus on cash conversion. The Group is
the Directors with additional confidence that
liquidity could be further increased by raising
additional debt finance should it be required
or desired.
VIABILITY STATEMENT
The Directors have assessed Informa’s
viability over the three-year period to
31 December 2024. We believe this is
consistent with the near-term visibility of
market trends, the nature of Informa’s
business and the previous time horizons we
have planned for and assessed performance
against. We recognise future assessments are
subject to a level of uncertainty that increases
further out in time and, therefore, future
outcomes cannot be guaranteed or predicted
with certainty.
The viability assessment starts by taking each
of the Group’s principal risks and considering
a severe but plausible scenario where the
but plausible scenario creates a potential
financial impact of over 5% of average EBITDA
over the forecast period, the principal risk is
modelled against the Group’s financial plan
The threshold set best reflects the resilience
of the Group’s financial position at
31 December 2021.
In this year’s assessment, we have modelled the Group’s financial plan against
four severe but plausible scenarios: a considerably worsened economic
backdrop, a weaker performance in certain key markets, the continued impact
of the pandemic impacting the extent of the return of physical events, and the
impact of a significant external event on our business. The potential financial
impact of these risks is also modelled together as a single scenario, to
understand their combined financial impact.
Specific scenarios tested against include:
• That there is a slower return to fuller activity in the physical event-related
businesses from 2022 than anticipated
• That growth in new and existing digital products does not accelerate as fast
as forecast
• That our academic and publishing business revenues in 2022 are affected
revenues and profit margins
The Group is considered viable if, after this assessment, the Group’s
committed financing facilities allow for sufficient cash liquidity to fund
Principal risk
Risk
assessed
Risk above 5%
of average
EBITDA
Impact on
viability
modelled
Multi-
scenario
test
Economic instability
Market risk
Acquisition and integration risk x x x
Ineffective change
management x x x
Reliance on key counterparties x x x
Technology failure x x x
Data loss and cyber breach x x x
Inability to attract and retain
x x x
Health and safety incidents x x x
Inadequate response to
Privacy regulation x x x
Inadequate regulatory
compliance x x x
Pandemic risk
DIRECTORS’ VIABILITY STATEMENT
Having completed the viability assessment, the Directors have concluded that
it is unlikely, but not impossible, that a single risk could test the future viability
of the Group.
Subject to these risks and on the basis of the analysis undertaken, however,
the Directors have a reasonable expectation that the Group will be able to
continue in operation and meet its liabilities as they fall due over a period of
three years to 31 December 2024.
GOING CONCERN
The pandemic’s ongoing impact has created a degree of uncertainty around
forecasting face-to-face events revenues. In response, the Directors have
considered the Company’s ability to be a going concern over the assessment
period to June 2023 based on the Group’s financial plan, a downside scenario
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
84
Viability Statement
continued
Outcomes assessed against liquidity headroom
Multi-risk Group strategy plan
Three-year business plan
Tested against economic instability, market risk, inadequate response to major incidents and
pandemic risk simultaneously
Tested against
economic instability
Tested against
market risk
Tested against
inadequate response
to major incidents
Tested against
pandemic risk
Market
trends, peers,
customers
MULTI-YEAR
DIVISIONAL
STRATEGIC PLANS
CREATED
FROM WHICH
THREE-YEAR
BUSINESS PLANS
ARE FORMED
BY DIVISIONS
PLAN TESTED
AGAINST THE FOUR
PRINCIPAL RISKS
WHERE, IN A SEVERE
BUT PLAUSIBLE
SCENARIO, IMPACT
OF THE RISK
VALUED AT OVER 5%
AVER AG E EBITDA
GROUP VIABLE
IF SUFFICIENT
LIQUIDITY
HEADROOM
MAINTAINED
Capabilities, people,
products, platforms
Risk and
sustainability
Current
portfolio
Ambition
VIABILITY MODELLING
Under the Group’s financial plan, the Group
maintains liquidity headroom of more than
£1,800m. For the downside case, the
Directors took the Group’s financial plan and
applied the same scenarios used in viability
modelling. In all cases, the Group maintains
liquidity headroom of more than £1,700m.
For the reverse stress test, the Directors
assessed the Group’s liquidity position if it
had no gross profit between April 2022 and
June 2023 and all physical event-related cash
collected as at 31 December 2021 was
refunded to customers.
The Directors believe the assumptions
applied in this reverse stress test are
extremely remote. However, in this test, the
Group still maintains a minimum liquidity
headroom of £1,700m after cash proceeds
from the sale of Pharma Intelligence.
See Note 42 to the Consolidated Financial
Based on these results, the Directors
manage its financing and other business
for at least 12 months from the signing date
of this Annual Report and Accounts, and
therefore consider it appropriate to adopt
The Group has no commercial entities or
activities in Russia and Belarus and less than
0.1% of 2021 revenues were generated
around the world from entities based in
Russia or Belarus. Therefore, as of the date
developments in Ukraine and the broader
region are not likely to give rise to a material
financial impact, and so this does not alter
the going concern conclusion presented.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
85
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Gareth Wright
Group Finance Director
THROUGH THE 2021
TRANSITION YEAR, AS THE
WORLD PROGRESSIVELY
BEGAN TO START LIVING
ALONGSIDE COVID-19,
THE GROUP’S FOCUS
GRADUALLY SHIFTED
FROM STABILITY
AND SECURITY TO
REVITALISATION
AND GROWTH.
Across our international portfolio of
specialist businesses and brands, this
helped to deliver improving revenues,
profits and cash flow, in line with the
guidance provided at our half-year
Our subscription-led businesses grew on
resilience. Across our B2B Markets
INFORMA PLC
86
Financial Review
£439m
2021 free cash flow
6.1%
2021 underlying
revenue growth
IMPROVING REVENUE, PROFIT AND
CASH FLOW IN 2021
PORTFOLIO FOCUS
CONTINUED OVER
INFORMA PLC
87
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
ENDURING STABILITY AND STRENGTH IN FINANCING
CAPITAL ALLOCATION
•
•
grade credit rating
•
•
GAP II
GAP II.
GAP II
ACCELERATING GROWTH IN 2022
GAP II
GAP II commitments.
Gareth Wright
Group Finance Director
INFORMA PLC
88
Financial Review
continued
INCOME STATEMENT
Adjusted
results
2021
£m
Adjusting
items
2021
£m
Statutory
results
2021
£m
results
1
items
results
1
– –
266.6
– –
–
Profit/(loss) before tax
Profit/(loss) for the year
STATUTORY INCOME STATEMENT RESULTS
INFORMA PLC
89
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
MEASUREMENT AND ADJUSTMENTS
Underlying
growth/
Phasing and
other items
Acquisitions
and disposals
Currency
change
Reported
growth/
2021
Revenue
Adjusted operating profit
ADJUSTING ITEMS
2021
£m
–
–
Restructuring and reorganisation costs
–
–
Adjusting items in operating profit/loss
–
–
Adjusting items in profit/loss before tax
Adjusting items in profit/loss for the year
INFORMA PLC
90
Financial Review
continued
Informa
Markets
£m
Informa
Connect
£m
Informa
Tech
£m
Informa
Intelligence
£m
Taylor &
Francis
£m
Group
£m
Revenue
1
– – –
Restructuring and reorganisation costs – –
– – – –
– –
–
– – – –
Adjusted operating profit/(loss)
INFORMA PLC
91
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
ADJUSTED NET FINANCE COSTS
2021
£m
266.2
Adjusted net finance costs
TAXATION
Approach to Tax
2021
£m
1
Effective Tax Rate on Adjusted Profits %
INFORMA PLC
92
Financial Review
continued
Tax Payments
2021
£m
Total
2021
£m
1
Taxes paid per statutory cash flow
Tax Contribution
UK
£m
US
£m
Other
£m
Total
£m
Total
INFORMA PLC
93
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
EARNINGS PER SHARE
2021
£m
1
Statutory profit/(loss) for the year
Adjusted earnings
Adjusted diluted EPS (p)
2021
£m
1
Statutory profit/(loss) for the year
Non-controlling interests
Statutory earnings
Statutory diluted EPS (p)
DIVIDENDS
INFORMA PLC
94
Financial Review
continued
CURRENCY MOVEMENTS
2021
Closing rate Average rate
Renminbi
Euro
FREE CASH FLOW
2021
£m
1
Adjusted operating profit
1
266.6
Adjusted EBITDA
2
1
3
Operating cash flow
Restructuring and reorganisation
Net interest
4
Free cash flow
INFORMA PLC
95
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Operating cash flow
conversion
Free cash flow
conversion
2021
£m
2021
£m
1
1
266.6 266.6
Operating cash flow conversion/Free cash flow conversion
1
2021
£m
Net cash inflow/(outflow) from operating activities per statutory cash flow
1
–
1
1
Free cash flow
2021
£m
Cash generated by operations per statutory cash flow
1
1
Operating cash flow
INFORMA PLC
96
Financial Review
continued
2021
£m
Free cash flow
–
–
Net funds flow
1
–
Net debt
FINANCING AND INFORMA LEVERAGE
Net debt and committed facilities
2021
£m
Bond borrowings
Bank borrowings –
Net debt before leases
Lease liabilities
Net debt
–
Total committed facilities
INFORMA PLC
97
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
2021
£m
Net debt
Adjusted leverage
1
1
Informa leverage ratio
2021
£m
Adjusted interest cover
1
Informa Interest cover
CORPORATE DEVELOPMENT
ACQUISITIONS
INFORMA PLC
98
Financial Review
continued
PENSIONS
SOFTWARE-AS-A-SERVICE (SAAS) RESTATEMENT
DIVESTMENT AND SHARE BUYBACK
INFORMA PLC
99
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
John Rishton
Chair
MY THANKS TO
BOARD COLLEAGUES,
MANAGEMENT
AND COLLEAGUES
ACROSS THE GROUP
FOR ANOTHER YEAR
OF SIGNIFICANT
COMMITMENT AND
ACHIEVEMENT.
I am pleased to be presenting my first
report to Informa Shareholders, having
served as a Non-Executive Director on the
Board since 2016 and taken up the position
of Chair at the June 2021 AGM.
Following the last six months as Chair, I am
the 2021-2024 Growth Acceleration Plan II.
INFORMA PLC
100
Chair’s Introduction to Governance
AN ACTIVE AND ENGAGED BOARD
statement.
BOARD DEVELOPMENT
CONTINUED OVER
THE LAST TWO
YEARS HAVE ABLY
DEMONSTRATED
THE STRENGTH AND
RESILIENCE OF ALL
OUR TEAMS
INFORMA PLC
101
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
A DIVERSE AND INCLUSIVE
ENVIRONMENT
INFORMA PLC
102
Chair’s Introduction to Governance
continued
GOVERNANCE AND
STAKEHOLDER INTERESTS
GAP II
BOARD EVALUATION REVIEW
LOOKING AHEAD
GAP II
John Rishton
Chair
INFORMA PLC
103
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
John Rishton
N
Chair
Appointed:
Skills and experience:
Appointed:
Skills and experience:
Appointed:
Skills and experience:
Stephen A. Carter CBE
Group Chief Executive
Gareth Wright
Chief Financial Officer
INFORMA PLC
104
Board of Directors
CONTINUED OVER
Key
N
A
R
Appointed:
Skills and experience:
Appointed:
Skills and experience:
Appointed:
Skills and experience:
Gill Whitehead
A
N
Non-Executive Director
Patrick Martell
Chief Operations Officer
Mary McDowell
N
Senior Independent Director
INFORMA PLC
105
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Helen Owers
N
R
Non-Executive Director
Appointed
Skills and experience:
Appointed:
Skills and experience:
Appointed:
Skills and experience:
Stephen Davidson
A
N
R
Non-Executive Director
Louise Smalley
N
R
Non-Executive Director
INFORMA PLC
106
Board of Directors
continued
Key
N
A
R
Appointed:
Skills and experience:
Appointed:
Skills and experience:
Appointed:
Skills and experience:
Joanne Wilson
A
N
Non-Executive Director
Zheng Yin
N
R
Non-Executive Director
David Flaschen
A
N
Non-Executive Director
INFORMA PLC
107
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
•
1 Chairman
•
3 Executive Directors
•
8 Non-Executive directors
•
42% Female
•
58% Male
•
9 British
•
2 American
•
1 Chinese
•
1 Asian
•
11 White
•
3 44–49
•
6 50–59
•
3 60+
•
4 0–3 years
•
1 3–6 years
•
4 6–9 years
BOARD GENDER BALANCE
DOCUMENTS
AVAILABLE AT
INFORMA.COM
BOARD AGE
BOARD COMPOSITION
BOARD NATIONALITY
NON-EXECUTIVE DIRECTOR
TENURE
BOARD ETHNICITY
•
•
•
•
•
•
•
•
•
INFORMA PLC
108
Governance at a Glance
Sustainability
6/12
Media and publishing
8/12
Business to business operations
9/12
Digital and technology
9/12
UK listed company governance
11/12
Risk management
9/12
Financial expertise
6/12
Regulatory affairs
5/12
Leadership experience in international business
12/12
Remuneration and talent
7/12
Business transformation and integration
10/12
BOARD ATTENDANCE
BOARD EVALUATION
• Boa
•
•
•
EXPERIENCE AND SKILLS
INFORMA PLC
109
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
The Company has an established governance structure that facilitates the effective management of the Group, focusing
on the key areas affecting the sustainable, long-term success of the business.
BOARD OF
DIRECTORS
CHAIR
The Chair
NON-EXECUTIVE DIRECTORS
The Non-Executive Directors
The Senior Independent Director
EXECUTIVE DIRECTORS
Group Chief Executive:
Group Finance Director:
Group Chief Operating Officer:
INFORMA PLC
110
Corporate Governance Report
Corporate Governance Framework
AUDIT COMMITTEE
COMMITTEE REPORT ON PAGES 124 TO 131
NOMINATION COMMITTEE
COMMITTEE REPORT ON PAGES 120 TO 123
REMUNERATION COMMITTEE
COMMITTEE REPORT ON PAGES 132 TO 155
RISK COMMITTEE
TREASURY COMMITTEE
EXECUTIVE MANAGEMENT TEAM
COMPLIANCE WITH THE UK CORPORATE
GOVERNANCE CODE 2018 (THE CODE)
INFORMA PLC
111
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
BOARD AND COMMITTEE MEETINGS
1
Committee
2
Committee
3
Committee
4
4
4
4
5
5
INFORMA PLC
112
Board Leadership and Purpose
KEY ACTIVITIES OF THE BOARD IN 2021
• GAP II
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
STRATEGY
BUSINESS AND
FINANCIAL
PERFORMANCE
AND REPORTING
RISK MANAGEMENT
PEOPLE, CULTURE,
DIVERSITY AND
INCLUSION
GOVERNANCE AND
COMPLIANCE
KNOWLEDGE AND
LEARNING
SUSTAINABILITY,
HEALTH & SAFETY
INFORMA PLC
113
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
MONITORING CULTURE
At the heart of Informa is our
Constitution and our four guiding
principles, designed to create a
culture that is inclusive, enabling
Board Engagement
•
•
•
Colleague Surveys
•
•
•
Compliance
•
•
Health and Safety
•
•
INFORMA PLC
114
Board Leadership and Purpose
continued
RELATIONS WITH STAKEHOLDERS
Relationships with Colleagues
•
•
•
•
Relationships with Shareholders
•
•
•
•
•
INFORMA PLC
115
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Relations with Customers
•
other senior management
•
•
Relations with Business Partners
•
•
•
INFORMA PLC
116
Board Leadership and Purpose
continued
INDEPENDENCE
COMMITMENT
GAP II
DIRECTORS’ CONFLICTS OF INTEREST
•
•
•
•
INFORMA PLC
117
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Division of Responsibilities
BOARD COMPOSITION
BOARD APPOINTMENTS
BOARD INDUCTION
INDUCTION PROCESS
Louise Smalley and Joanne Wilson were appointed as
Non-Executive Directors on 1 October 2021.
Pre-appointment
Strategy days
•
•
•
•
•
•
• Talent
Post appointment
•
•
•
•
1.
2.
3.
INFORMA PLC
118
Composition, Succession and Evaluation
DIRECTOR DEVELOPMENT AND TRAINING
•
•
•
BOARD EVALUATION
INFORMA PLC
119
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
DEAR SHAREHOLDER
2021 was another busy and productive year for the
Nomination Committee (the Committee), and I am
The Committee’s key responsibility is to ensure that the
keeping the Board and Committees’ structure under review,
With the planned retirement of two Board colleagues at
deepening of capabilities in important areas and a greater
The Board appointed three new Non-Executive Directors
the Committee recommended the appointment of Patrick
Following these appointments, as at 31 December 2021 and
the date of this report, female representation on the Board
stands at 42%, a continuation of our commitment to meet the
comply with the three recommendations set out in the Parker
The Committee’s programme of activities in 2021 also included:
•
•
Non-Executive Director, and their other external
appointments, before recommending the appointment
During the year, the Committee also considered Informa’s
Nurturing and developing talent already in the business was
invited the Executive Directors and key members of senior
In 2022 we will continue this emphasis on senior management
talent and succession, including oversight of a succession
pipeline that supports colleagues from diverse backgrounds
John Rishton
Chair, Nomination Committee
John Rishton
Committee Chair
COMMITTEE MEMBERS AT 31 DECEMBER 2021
John Rishton
Committee Chair
Mary McDowell
Stephen Davidson
Independent Non-Executive Director
David Flaschen
Independent Non-Executive Director
Helen Owers
Independent Non-Executive Director
Louise Smalley (from October 2021)
Independent Non-Executive Director
Gill Whitehead
Independent Non-Executive Director
Joanne Wilson (from October 2021)
Independent Non-Executive Director
Zheng Yin (from December 2021)
Independent Non-Executive Director
Changes during the Year
Derek Mapp (Committee Chair) and Gareth Bullock
Independent Director) retired from the Board and stepped down
INFORMA PLC
120
Nomination Committee Report
COMMITTEE GOVERNANCE
•
the Committee
•
attends all meetings and other members of senior
management may be invited to attend where appropriate
• The Committee is authorised to seek external legal or other
advice was sought during 2021
•
updated in December 2021 and are available on our website
COMMITTEE DUTIES AND RESPONSIBILITIES
Board and Committees: To review the size,
structure and composition of the Board,
evaluating the balance of skills, knowledge,
independence, experience and diversity
recommending suitable candidates for
appointment to the Board and to the
Induction and training: To ensure that
induction programme and that all Board
members receive ongoing training to
Succession planning: To develop and
maintain appropriate succession plans
Evaluation: To assist the Board Chair with
the annual evaluation of the Board, its
Committees and its individual members,
ensuring that an externally facilitated
evaluation takes place at least every
Diversity and inclusion: To set and report
on the Company’s diversity objectives and
strategies and to monitor diversity and
ensuring that critical people reporting
BOARD CHANGES
We welcomed three new Non-Executive Directors to the
joining on 1 October 2021 and Zheng Yin joining on
The appointments were conducted in accordance with our
search firm with no other relationship to the Company or any
has adopted the Voluntary Code of Conduct for Executive
The Directors were chosen for their skills, knowledge,
talent development and management, remuneration and
Committee on appointment and became Chair of that
experience to the Board, and is currently Chief Financial
Zheng brings significant senior executive experience
on-the-ground insights into the economic and commercial
commercial experience, in addition to his oversight of
technology platforms and digital strategies, will further
support the Board as Informa implements GAP II and its
•
Committee at that time
INFORMA PLC
121
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
•
42% Female
•
58% Male
•
44.5% 0–3 years
•
11% 3–6 years
•
44.5% 6–9 years
•
•
Director in November 2021 and stepped down from the
•
The Committee confirmed that all Directors standing for
the overall balance of knowledge, skills, experience and
diversity ensures that each makes a valuable contribution
commitment to Informa can be seen by their willingness to
participate in ad hoc Board meetings, informal calls and other
Board communication, to consider matters which cannot be
SUCCESSION PLANNING
The Committee regularly reviews succession plans for the
Executive Directors are prepared on an immediate, medium
and long-term basis, reflecting the significance of their
The Committee also monitors the talent and performance
GAP II
programme, the Committee invited all Board members, plus
ensure the Company continues to have the right skills and
BOARD APPOINTMENT PROCESS
Composition review: The Committee reviewed
appointees, including their experience, knowledge and
the benefits of a diversity of perspectives, in light of
environment and the need to allow for progressive
Role brief: The Committee, with the support of
with external search agencies that have adopted the
Longlist and shortlist:
the Committee received a balanced longlist of high
Where possible, shortlisted candidates were interviewed
with other Committee members speaking to them via
Preferred candidates were invited to speak to all other
members of the Board before any final decision was
Review and recommendation: Potential conflicts of
interests and significant time commitments of the
proposed candidates were reviewed prior to the
BOARD BALANCE NON-EXECUTIVE
TENURE
DIVERSITY AND INCLUSION
Informa continues to recognise and encourage diversity in its
environment based on respect and inclusion, ensuring
The Board continues to be guided by the targets set by
increase the representation of women and diverse talent
Female representation on the Board currently stands at 42%
and we aspire to continue to improve the gender balance of
INFORMA PLC
122
Nomination Committee Report
continued
Sustainability
6/12
Media and publishing
8/12
Business to business operations
9/12
Digital and technology
9/12
UK listed company governance
11/12
Risk management
9/12
Financial expertise
6/12
Regulatory affairs
5/12
Leadership experience in international business
12/12
Remuneration and talent
7/12
Business transformation and integration
10/12
recommendations: namely, to increase the ethnic diversity on
Board Ethnic Diversity
supporting Informa’s international operations, we sought to
In this, we were supported by our executive search partner who
appointed Zheng Yin, a Chinese national with deep and current
knowledge of operating in China, along with international
Colleague Development
Colleagues continue to be one of Informa’s most important
The Committee and the Board continue to actively sponsor the
and support colleagues from different backgrounds and ensure
network and regularly engages with its leaders to gather their
Board Policy on Diversity & Inclusion
and updated to reflect best practice and the Board’s
that in order to be effective, it must reflect the environment
It articulates that appointments must be made on merit
against a set of objective criteria, developed with
consideration of the skills, experience, independence and
currently stands at 42% and there is one Director from
UK Colleagues and Gender Pay
report, setting out any difference between the average pay of
gap continues to be driven by a greater number of men than
women in senior roles that tend to attract a higher salary and
international exposure, as additional ways of attracting early-
Board and colleague balance by gender:
At 31 December 2021
F 5,969
M 4,030
F 60%
M 40%
F 63
M 141
F 31%
M 69%
F 60
Directors F 5
M 7
F 42%
M 58%
F 3
F 30%
EXPERIENCE AND SKILLS
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
DEAR SHAREHOLDER
This is my first report as Committee Chair following my
The report describes how the Committee has discharged its
These duties and responsibilities remain unchanged from
During 2021 the Committee continued to monitor the impact
The Committee also considered the implications of the
Restoring Trust in Audit and
Corporate Governance
The triennial valuations of our defined benefit pension
Informa’s financial position and ongoing ability to contribute
to the schemes resulted in a balanced and pragmatic
During the first half of 2022, the Committee’s focus will be on
I would like to thank current and former members of the
Committee, the management team and our external providers
for their continued commitment, support and contribution to
Gill Whitehead
Chair, Audit Committee
Gill Whitehead
Chair
DURING 2021
THE COMMITTEE
CONTINU E D TO
MONITOR THE
IMPACT OF THE
COVID-19 PANDEMIC
ON THE GROUP’S
BUSINESS STRATEGY
AND INTERNAL
CONTROLS AND
RISK MANAGEMENT
FRAMEWORK
COMMITTEE MEMBERS AT 31 DECEMBER 2021
Gill Whitehead
David Flaschen
Independent Non-Executive Director
Stephen Davidson (from July 2021)
Independent Non-Executive Director
Joanne Wilson (from October 2021)
Independent Non-Executive Director
Changes during the year
John Rishton stood down as Committee Chair and as a member
of the Committee following his appointment as Board Chair in
Gareth Bullock retired from the Committee and the Board at the
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Audit Committee Report
COMMITTEE GOVERNANCE
•
has significant financial experience in a number of sectors
•
Executive Directors and the Board is satisfied that the
Committee as a whole has knowledge and competence
of financial and business experience of members allows for
effective discussion, challenge where appropriate and
oversight of critical financial matters
•
•
encouraged to attend those that consider the full-year
• Other regular attendees at Committee meetings include the
these attendees are members of the Committee
•
the external auditor, or both, without members of senior
management being present
• The Committee Chair holds regular meetings with the
members of senior management and the external auditor
meetings are identified
• The Committee is authorised to seek external legal or other
advice was sought during the year
•
reviewed and updated in December 2021 and are available
COMMITTEE DUTIES AND RESPONSIBILITIES
Financial reporting: To monitor the
integrity of the Company’s, and the
formal announcement relating to the
financial performance, review significant
financial reporting judgements, issues and
estimates, and confirm whether, taken as a
External audit: To assess the effectiveness
of the external audit process, review
independence and objectivity, develop
non-audit services by the external auditor
and make recommendations to the Board
about the appointment, reappointment
and removal of the external auditor, its
Internal audit: To monitor and review the
Risk management and internal controls:
On behalf of the Board, to review and
internal financial controls, and risk
Compliance: Oversight of compliance,
whistleblowing and fraud programmes,
accounting, tax and treasury matters
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
•
32% Deep dives
•
25% Financial reporting
•
17% External audit
•
10% Internal controls and
risk management
•
9% Compliance
•
7% Internal audit
•
44% Divisional
•
37% Principal risks
•
19% Business operations
KEY ACTIVITIES DURING 2021
The Committee has an extensive annual agenda that focuses on the audit, assurance and risk management processes within the
Financial reporting •
• The appropriateness and disclosure of accounting policies and key judgements
•
Risk management and
•
• Divisional risks and risk management processes, including emerging risks and mitigating actions put
•
together with their effectiveness
•
• Information security capabilities, particularly with regard to cyber security risks
Compliance •
• Data Privacy framework and key workstreams
•
•
•
•
•
Internal audit • 2021 internal audit plan and performance against the plan
•
•
External audit •
• Non-audit services provided by the external auditor and related fees
• Effectiveness and independence of the external auditor
HOW THE COMMITTEE SPENT ITS
TIME IN 2021
2021 DEEP DIVES
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126
Audit Committee Report
continued
FINANCIAL REPORTING
The Board of Informa PLC has delegated authority to the Committee to review the content and tone of the preliminary results
Summary of the Committee’s Financial Reporting Cycle
February
2021
April 2021 June 2021 July 2021
December
2021
•
annual impairment
testing
• Consideration of 2020
full-year key accounting
issues and judgements
• External auditor update
on 2020 full-year audit
• Early view on whether
and financial statements
are fair, balanced and
understandable
• 2020 full-year key
accounting issues and
judgements approved
• Final report from the
external auditor
•
concern and viability
statements
•
Board that the 2020
financial statements,
being fair, balanced and
understandable, be
adopted and the
external auditor
•
accounting matters
• External auditor interim
review plan approved
• 2021 H1 key accounting
matters approved
•
going concern statement
• 2021 H1 report from the
external auditor
•
2021 H1 financial results
to the Board
•
key accounting matters
•
auditor’s 2021 full-year
audit plan and
Fair, Balanced and Understandable Reporting
Company’s position and performance, business model
In order to make this recommendation to the Board, the
Committee Chair and the Committee as a whole at various
Committee considered:
• Whether the overall message of the narrative reporting was
consistent with the financial statements and the wider
economic environment
•
previously communicated to investors, analysts and other
stakeholders
•
and the financial statements
• The linkage between the Company’s performance, business
model and its strategy
• Whether suitable accounting policies had been adopted by
Before reaching its conclusion, and making a recommendation
to the Board, the Committee also considers a detailed analysis
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Other Significant Matters
The key matters considered by the Committee during the year ended 31 December 2021 are set out below:
Impairment review
of goodwill and intangible assets shown on the balance sheet, with a review at half year if trigger testing shows that
relating to the depth of the economic impact from the pandemic and the slower than forecast speed of recovery,
Information security
Pensions
RISK MANAGEMENT AND INTERNAL CONTROLS
and ensuring that there is an effective risk management
framework and has delegated responsibility to the Committee
Informa’s internal control and financial risk management
systems and procedures include:
• Business planning: each Division produces and agrees an
annual business plan against which the performance of the
business is regularly monitored
• Financial analysis: each Division’s operating profitability and
incentives are tied to annual and longer-term financial
between forecast and budgeted performance and are
reviewed in detail by senior management on a monthly
•
•
the Board
• Compliance: compliance policies and procedures are based
provided to the Board and senior management
The Board continues to recognise that risks must be taken
ensures that a sound system of internal controls is maintained
and regularly reviewed to confirm their effectiveness,
including consideration of financial, operational and
compliance controls, risk management and the high level
is designed to manage material risks by addressing their cause
and mitigating their potential impact and can only provide
reasonable, rather than absolute, assurance against material
misstatement or loss, recognising that the cost of the control
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128
Audit Committee Report
continued
INTERNAL AUDIT
The co-sourcing partnership between the in-house Internal
work during 2021 was undertaken by the in-house team
discussions with a view to appointing a small number of
co-source internal audit providers to support the execution
audit plan focusing on key risk areas and certain key financial
for 2020, the majority of audits were undertaken remotely
It is hoped that travel restrictions will ease during 2022,
thereby allowing a greater proportion of internal audit work
tabling reports on:
•
processes and control activities during the course of
• The implementation of management action plans to
address any identified control weaknesses
•
COMPLIANCE
The Committee is responsible for overseeing the work of the
Whistleblowing
Informa has established procedures that enable any colleague
through line managers, senior management or through
been actively promoted over the last couple of years to
remind colleagues of its availability while they have been
and financial performance, material risks and mitigating
actions, with each Division given operational autonomy within
framework, the process to identify, evaluate and manage the
Risk Committee
The Committee has established and has oversight of an
risk is managed effectively, monitoring business risks and
•
appetite, tolerance and strategy
•
recommending which risks should be recognised as the
• Ensuring that a regular robust assessment of the principal
•
mitigating actions
•
and risk management systems, including all material
operational and compliance controls
•
•
response, to varying data privacy regulations globally
•
whistleblowing arrangements for colleagues and
contractors to raise concerns in confidence about possible
wrongdoing in financial reporting or other matters
•
reporting to the Committee
•
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
themes and the actions being taken to strengthen processes
During 2021, the investigation processes of each Division
Towards the end of the year, 100 colleagues were surveyed via
The survey’s key finding was that colleagues would
overwhelmingly report any concerns to their line manager in
the first instance, reinforcing the work undertaken during the
year to ensure that line managers had the appropriate
Fraud
Twice a year, the Committee receives a report on instances
the actions taken to mitigate or eliminate the fraud risks
Cyber fraud continues to be an area of increased attention
although there was no impact on the business from phishing
tests are undertaken and additional training implemented
regularly published on Informa’s internal colleague social
Bribery
Committee with information on the key areas of activity for
changes to policies and procedures, including the Code of
Data Privacy
Informa is subject to an increasingly varied number of privacy
and Brazil, and the Personal Information Protection Law (PIPL)
transformation as a business, the Committee is regularly
dive report provides the Committee with information on
emerging risks, training developments, response to
EXTERNAL AUDITOR
with significant expertise in the areas of audit, due diligence,
external auditor in 2004 and reappointed in 2016 following
however, the external audit tender process has been
The Committee takes its responsibility for the development,
responsibility for monitoring independence, objectivity and
responsible to the Board and the Committee, with the
which categories of non-audit services the external auditor
Informa confirms that it was in compliance with the provisions
External Audit Tender Timeframe
February 2022
Request for Proposal issued
April 2022
Written proposals received
May 2022
Presentations to Selection Panel
June 2022
Recommendation to Informa PLC Board
Appointment effective from
1 January 2023
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130
Audit Committee Report
continued
External Auditor Effectiveness
In accordance with best practice, the Committee reviews the
performance of the external auditor annually, to assess the
delivery of the external audit service and identify areas for
of planning, delivery and execution of the audit (including the
audit of subsidiary companies), the technical competence and
strategic knowledge of the audit team and the effectiveness of
reporting and communication between the audit team and
the audit exceeds, meets or is below expectations against a
The Committee specifically considers the following items
during its assessment:
• Level of auditing skills and technical accounting knowledge
demonstrated by the audit team
• Integrity, independence and objectivity of the audit team
•
briefings on significant and emerging issues
•
•
•
• Whether there was an appropriate focus on the material
• Communications
• Value of insights
execution of external audit services continued to be of a
COMMITTEE EFFECTIVENESS
In early 2021 an externally facilitated Board effectiveness
evaluation took place which concluded that the Committee
The Committee Chair also spoke to each of the Committee
senior management and the external auditor in early 2022 to
obtain feedback on the workings of the Committee and to
• Committee meetings were well organised with a
•
summary, allowing engaged and discussions with
appropriate challenge
• Presentations from members of senior management
provided insight into the business
• The diverse backgrounds of Committee colleagues brought
an additional dimension to discussions, as did the
attendance of other Board members
Non-Audit Services
The Committee approves all audit and non-audit services
provided by Deloitte and believes that certain non-audit
services should continue to be undertaken by the external
Policy, and the resulting fees accrued, in order to safeguard
the ongoing independence of the external auditor and ensure
The policy allows the external auditor to provide the following
•
•
•
connection with any prospectus that Informa may issue
•
• Expatriate tax work
• Other non-audit services not covered in the list of
prohibited and permitted services, where the threat to the
auditor’s independence and objectivity is considered trivial
and safeguards are applied to reduce any threat to an
acceptable level
obtained and information provided:
•
non-prohibited proposed non-audit engagements where
engagements in aggregate in a year exceed £100k
•
proposed non-audit engagements which would take the
ratio of current financial year non-audit fees compared to
the average of audit fees for the previous three financial
•
auditor is presented to each Committee meeting by the
Details of all fees charged by the external auditor during
The non-audit fees incurred were disclosed and approved in
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DEAR SHAREHOLDER
As I hope is clear from my annual letter to Shareholders, the
Group Chief Executive’s Strategic Report and the Group
Finance Director’s Review, as well as the reports from our
three B2B Markets businesses (Informa Markets, Informa
Connect, Informa Tech), the impact of the pandemic has been
predicted in early 2020, or early 2021.
Across the Group, including in relation to remuneration, the
Company made decisions to secure the long-term value of the
business by determining early that it was possible that the
impacts of the virus would not pass quickly, and we would be
living with them for some time.
In remuneration, this approach saw the Group switch to a
restricted share plan (2021-2023 Equity Revitalisation Plan
(ERP)) for the 100+ senior leaders of the Group. Additionally,
priorities at hand, namely cash preservation, cash conversion
and cash generation.
After consultation, a majority of Shareholders supported the
introduction of our three-year restricted stock plan, albeit
with some constructive debate around design. However,
circumstances meant that we did not receive the necessary
support for our 2020 Remuneration Report.
I became Chair of your Company after the results of
consultation with Shareholders, we have chosen to respond
as outlined below.
John Rishton
Board Chair
POST-ADVISORY VOTE SHAREHOLDER
ENGAGEMENT PROGRAMME
1. Shareholder communication: The Company wrote to
key Shareholders immediately after last year’s advisory
vote, acknowledging the differing opinions and outlining
our approach to our new and next Remuneration Policy.
2. Chair roadshow: As Chair, I undertook a roadshow
with investors immediately to discuss the backdrop to the
advisory vote and outline our approach to the new and
next Remuneration Policy, meeting with around 25
Shareholders, covering circa 50% of our equity.
3. Chair Shareholder Forum: To engage more
Shareholders who might not normally participate in a
one-to-one meeting.
4. Investor Forum: We engaged with a group of
individual Shareholders formally through the Investor
Forum on our forward plans for Board replenishment
5. Board replenishment: Following my appointment as
Board Chair, replenishment was prioritised to add fresh
perspective around the Board table, leading to the
appointment of three new Non-Executive Directors over
the following months, as detailed in two Board Updates
published via RNS on 1 October and 17 November.
6. Senior Independent Director appointment: We were
able to bring a further fresh perspective to senior Board
responsibilities through the appointment of Mary
McDowell as Senior Independent Director in November.
7. Remuneration Committee Chair appointment:
next Remuneration Policy.
8. Remuneration Committee Chair engagement:
Committee engaged with Shareholders to introduce
herself and detail a forward approach to remuneration.
This included an introductory roadshow in Q4 2021, prior
to formal consultation, meeting with 15 Shareholders
covering around one third of our equity. This was
followed by formal consultation in 2022 on the new and
next Remuneration Policy, with more than 30 meetings
having taken place at the date of this report, covering
around 50% of our equity.
INTRODUCTION FROM THE BOARD CHAIR
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
132
Directors’ Remuneration Report
We have almost completely replenished the Board following
the appointment of three new Non-Executive Directors and
refreshed Remuneration Committee with new leadership,
As a result of this Post-Advisory Vote Shareholder Engagement
Programme, this year’s Directors’ Remuneration Report is laid
out differently.
There is a dedicated letter from Stephen Davidson detailing
previously committed remuneration agreements. This is
followed by a letter from Louise Smalley that lays out the
forward proposals for our new and next Remuneration Policy
following the initial engagement detailed above.
I would like to put on record mine and the Board’s thanks to
Stephen Davidson, who was Chair of the Remuneration
Committee through a challenging operational period for the
Group. While we acknowledge that there were Shareholders
with differing views at the time, we believe the shift to a
restricted stock plan and the move to focus on cash measures
and cash generation targets for both short and long-term
incentives have been meaningful and effective in protecting
value in the Group for Shareholders.
Stephen Davidson stood down as Chair of Remuneration
Committee at the end of 2021 and I have asked him to remain
on the Board to see out his term as a Non-Executive Director.
His extensive experience and deep knowledge of Informa are
highly valuable and provide continuity that is particularly
important given the level of change to the Board that we have
implemented over the last six months.
The Board fully supports both the 2021 and 2022 sections of
this report. We have found the engagement with Shareholders
confidence that our new and next Remuneration Policy will
garner strong support. In December, we launched the
2021-2024 Growth Acceleration Plan II, the Group’s four-year
proposals have been designed to align with these
We look forward to finalising these proposals and bringing
them to Shareholders for approval later this year, allowing
everyone to focus on the many growth opportunities ahead
John Rishton
Board Chair
14 March 2022
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
DEAR SHAREHOLDER
On behalf of the Remuneration Committee (the Committee),
term incentives for the 2021 financial year, including the 2021
Short-Term Incentive Plan (STIP), the 2019-2021 LTIP and the
2019-2021 Accelerated Integration Plan (AIP).
The year was, like 2020, once more dominated by the
extraordinary situation created by the COVID-19 pandemic,
which continued to disrupt our businesses and create
uncertainty for customers and colleagues.
The severity and longevity of the pandemic has put a real
strain on all colleagues for what is now an extended period
UK employer and a UK listed company, the Group took a
conscious decision not to access any government furlough or
other support schemes, instead focusing on our own actions
and initiatives. This put even greater emphasis on the
creativity and commitment of Informa colleagues and, on
behalf of the Board, I would like to express our deep gratitude
for the strength and perseverance shown by all our teams
around the world and their dedication to the Company in the
face of what remain extremely challenging circumstances.
Against this backdrop of continuing uncertainty, the Board’s
approach to remuneration through the period was to continue
to align closely with the priorities for the Group, with the focus
the balance sheet, while supporting continuing performance
in our subscription-led businesses and the gradual return of
live and on-demand B2B events where possible.
2021-2023 EQUITY REVITALISATION PLAN (ERP)
In hindsight, the Board’s decision to switch to a restricted
share plan for long-term incentives was both timely and
effective. Given the level of ongoing COVID-19 disruption and
uncertainty, setting financial targets under a more traditional
multi-metric LTIP approach would have been challenging for
the Committee and demotivating for colleagues, inevitably
requiring the extensive use of discretion.
Stephen Davidson
Non-Executive Director
By contrast, the ERP has aligned colleagues directly with
Shareholders around a common, long-term singular focus
clarity on what it means for them individually and have
visibility over the value that can be created, individually and
collectively. The simplicity of this structure has proved to
undoubtedly, been a powerful tool for retaining and
motivating the 100+ senior leaders across the Group,
Following Shareholder approval of the ERP in December 2020,
the full ERP grant covering each year through to 2024 was
made to all the 100+ nominated and approved participants.
incentivised and focused on the rewards from driving the
Group’s equity value through the 2021-2023 ERP programme
period and relevant vesting dates up to 2026. Each tranche of
the ERP awards becomes available to participants following
including the requirements of the performance underpins,
which include a minimum threshold share price.
SHORT-TERM INCENTIVES
2020 Short-Term Incentive Plan (STIP)
As detailed in last year’s Annual Report, in 2020 our
targets for teams that focused colleagues on the immediate
priorities in their businesses. As I outlined last year, the final
determination of the 2020 STIP performance outcomes was
completed alongside a full assessment of trading, and three
additional Control Conditions, in the summer of 2021 and is
therefore being reported this year.
In our two high performing subscription-led businesses, we
maintained investment in our people and products and set
appropriate financial targets, paying incentives up to 100%
By contrast, in our three B2B Markets businesses and across
Global Support, we took an adapted approach, using a
Balanced Scorecard of financial and non-financial measures,
including financial targets and other metrics that were
particularly relevant to these businesses through the period.
This approach was mirrored at a Group level for the Senior
Management Team and Executive Directors, with an
assessment made against performance targets in four key
categories, each representing 25% of the overall incentive
opportunity, with five key objectives within each category,
each worth 5% of the total:
2021 REMUNERATION OUTCOMES
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
13 4
Directors’ Remuneration Report
2020 STIP – Balanced Scorecard
1. Cost and Cash Management – 25%
2. Corporate Financial Security and Financing – 25%
3. Colleague and Customer Communication &
Engagement – 25%
4. Colleague and Customer Leadership – 25%
1. Cost and Cash Management: The effective
implementation of a stepped cost programme, minimising
involuntary redundancies and meeting indirect cost
tolerance targets for the year. In addition, the
measures specific to the challenges created by the
pandemic, including a customer management programme
to manage customer impacts.
The Group delivered £600m of savings to operating profit
without accessing government support schemes.
Cash preservation was strong, with additional controls
introduced, although upgraded cash reporting was not
concluded 80% of the opportunity had been achieved.
2. Corporate Financial Security and Financing: The
implementation of a flexible financing programme that
builds stability and security into the Group’s balance sheet.
This includes the addition of bank credit lines, the extension
of debt maturities and effective management of the Group’s
credit rating, as well as the assessment and effective
delivery of other appropriate forms of equity and debt
financing to further secure the balance sheet
The Group performed well against the objectives, securing
additional short-term credit and completing a £1bn equity
raise, as well as refinancing long-term debt and maintaining
investment grade status. The planned entry into the US
Bond market did not meet timelines, hence, the Committee
determined that 80% of the opportunity had been achieved.
3. Colleague and Customer Communication &
Engagement: The delivery of an effective, innovative
the development of a mechanism to identify and support
colleagues experiencing particular challenges due to
The Committee determined that the significant volume and
variety of communications activities and direct engagement
with colleagues through the year, combined with the launch
of a highly effective COVID colleague support programme,
resulted in 80% of the opportunity being achieved.
4. Colleague and Customer Leadership: Effective
leadership through the crisis, with an emphasis on
protecting long-term value for colleagues, customers and
other stakeholders. This includes the implementation of a
major events Postponement Programme, the development
of safety protocols for events to ensure customer safety and
the effective management of colleague morale, including
the protection of Group culture.
Management performed well against these objectives,
effectively deploying a Group-wide events postponement
programme and launching AllSecure, a new health and
safety standard for our events that was adopted industry
wide. Regular Pulse surveys confirmed high colleague
engagement with strong support for management actions
through the pandemic, leading to 80% of the overall
opportunity being achieved.
2020 STIP – Outcome
In determining the outcomes for each of the five objectives
within each of the four categories, the Committee referred
Management targets. In addition, for non-financial measures,
it carefully considered the outcomes against each specific
objective, seeking relevant input and views, as well as
validation from other connected data sources, e.g. customer
feedback and colleague surveys.
Combining the outcomes of all four performance categories
outlined above, each of which was appropriately audited,
resulted in an aggregate annual incentive award of 80% of
For the 2020 STIP, the maximum potential opportunity was
175% for the Group Chief Executive and 150% for the Group
Finance Director, as this was the last year of the historical
Remuneration Policy ahead of the introduction of the ERP.
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However, the Executive Directors and the Senior Management
Team, who had previously voluntarily proposed and accepted
a 33% and 25% respective salary sacrifice for the full COVID-19
lockdown period, also voluntarily proposed to apply this same
discount to any incentives earned through the year 2020.
This reduced the 80% outcome to 53.6%.In addition, the
Committee decided that the final determination of
alongside an assessment of trading with three additional
Control Conditions having to be met prior to any incentives
being earned:
2020 STIP – Control Conditions
1. The events Postponement Programme
2. The Group’s cash position was secure
All three of these Control Conditions were met and so, for
outcome of the 2020 STIP was 53.6% of the potential reward
becoming available.
2021 STIP
Across the Group, we adopted a similar Balanced Scorecard
approach to 2021 annual incentives as for 2020, reflecting the
ongoing disruption and uncertainty created by the pandemic,
the differing impacts of COVID-19 on our various businesses
and the breadth of important priorities this generated.
Within our two subscription-led businesses, Taylor & Francis
and Informa Intelligence, appropriate 2021 financial targets
were set to ensure both continued to contribute as fully as
possible to the Group outcome. Both businesses performed
exceptionally well through the year, delivering improving
levels of underlying revenue growth and profits, and this led
to appropriate incentive awards of up to 100% of potential
being paid to eligible colleagues.
Recognising the continuing impact of the pandemic on our
three B2B Markets businesses (Informa Markets, Informa
Connect and Informa Tech), a broader range of measures
were applied, including financial targets and other priorities
such as the continued management of costs, cash conversion,
further effective events rescheduling where necessary and
the continued expansion of our digital service offering.
A consistent approach was also applied to the Senior
Management Team for 2021 annual incentives and the 2021
STIP for Executive Directors, using a balanced scorecard of
performance activities to align with the priorities for the
Group through the year.
For 2021 this was again based around four key categories,
each representing 25% of the overall incentive opportunity,
with five key objectives within each category, each worth 5%
of the total.
2021 STIP – Outcome
In determining the outcomes for each of the five objectives
within each of the four categories, the Committee again
referred to specific financial targets where relevant, e.g.
the free cash flow delivered in 2021. In addition, for non-
financial measures, it carefully considered the outcomes
against each specific objective, seeking relevant input and
views as well as validation from other connected data sources,
e.g. colleague engagement Indices.
For the 2021 STIP, the maximum potential opportunity was
reduced to 100% of salary for each of the Executive Directors
as this was the first year of the new ERP.
Combining the outcomes of all four performance categories
outlined above, each of which was appropriately audited,
resulted in an aggregate annual incentive award of 89% of the
LONG-TERM INCENTIVES
2019-2021 Long-Term Incentive Plan (LTIP)
The 2019-2021 LTIP completed on 31 December 2021. As for
the 2018-2020 LTIP, when the severity of the pandemic and its
likely impact on our business became apparent in early 2020,
the Committee exercised its discretion on the earnings per
share (EPS) performance element of the 2019-2021 LTIP, in
order to align this specific measure with the Group’s
immediate priorities, that of cash management and cash
preservation, for the two remaining future facing periods
shareholder return (TSR) compared to the FTSE 51–150 peer
group, excluding financial services and natural resources
companies, over the full performance period from 2019 to
2021 (50%); the annual growth rate in adjusted diluted EPS for
2019 (16.7%); and a cash measure for 2020 and 2021 equally
weighted across operating cash flow generation and operating
cash flow conversion (33.3%).
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136
Directors’ Remuneration Report
2021 Remuneration Outcomes continued
Despite the strength of Taylor & Francis and Informa
Intelligence, the severity and extended longevity of the
pandemic’s impact on the rest of the business meant the
second consecutive vesting award. While the Committee
acknowledged these exogenous circumstances continued to
be out of the control of the Executive and senior management
teams, it determined that no discretion should be used to
change the TSR outcome.
On the Group’s cash performance, 2021 operating cash flow of
£570.2m and operating cash conversion of 146.8% exceeded
the targets set, which ranged up to £430m for the former and
110% for the latter. This reflected the significant operation
focus on cash preservation and cash management through the
COVID-19 period, including the introduction of enhanced cash
control measures, upgraded credit management processes and
extensive engagement with finance teams on maximising the
retention of cash. This strong cash performance helped
maintain stability and security through the extended period
implement further cost management measures, thus
protecting colleague roles and further strengthening the
balance sheet, to the benefit of all stakeholders.
2021 STIP – Balanced Scorecard
1. Cash Preservation and Cash Generation – 25%
2. Digital and Data Services – 25%
3. Subscriptions Revenues and Cost Control – 25%
4. Colleague Communications and Engagement – 25%
1. Cash Preservation and Cash Generation: A clear focus
on cash preservation and cash management, enhancing
cash controls, upgrading customer/supplier management
processes, implementing control reviews, higher frequency
cash reporting, enhanced daily cash visibility, targeted
positive month-by-month cash outcomes and quarter-by-
quarter cash generation.
The Group performed extremely well, with a significantly
stronger cash performance than anticipated and well
Free cash flow for 2021 was £439m, reducing leverage to
less than circa 3 times net debt / EBITDA and building
further confidence in the Group’s financial stability. As a
had been achieved.
2. Digital and Data Services: Continued focus on
expanding Informa’s digital services offering, including the
standardised data taxonomies, partnership, investment and
organic development in virtual event platforms, the creation
of a common media content platform across our B2B
businesses and the development of an on-demand
The Group made good progress against all these measures
in 2021, laying strong foundations for the GAP II programme.
In particular, the creation of IIRIS and identification of a 10m
known, engaged and marketable audience (KEMA) was a
major achievement through the year. On this basis, the
Committee determined that 80% of the maximum 25%
opportunity had been achieved.
3. Subscriptions Revenue and Cost Control: Maximising
the contribution from subscriptions, media and marketing
services while maintaining a tight control of costs, including
minimum threshold revenue targets and indirect cost
tolerance targets.
As the Group’s financial results highlight, both subscription-
led businesses delivered strong performances and our three
B2B Markets businesses restarted physical events, while
further expanding in digital services. The Committee
determined that 86% of the maximum 25% opportunity
4. Colleague Communications and Engagement:
Colleague support measures to protect culture and
community, including a Group-wide Wellbeing programme,
balanced working for colleagues, the upgrade and
expansion of the EAP colleague assistance programme and
the availability of a COVID-19 Colleague Support Fund.
In addition, a major new Diversity and Inclusion programme
was launched through the year, including the creation of
four colleague-led networks focused on racial equality and
justice, gender equality, visible and invisible disabilities and
early talent.
The Committee determined that the wide range of initiatives
and activities delivered resulted in 90% of the maximum
25% opportunity being achieved.
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
This operational cash performance against target and the zero
outcome on the 50% TSR measure, combined with the EPS
outcome in 2019, resulted in 40.175% of the overall 2019-2021
LTIP award vesting.
2018-2020 Accelerated Integration Plan (AIP)
Shareholders will recall that in 2018, alongside the acquisition
of UBM plc, a separate and stand-alone incentive programme
was introduced focused on the effective delivery of the
integration programme, specifically an over-delivery in
operating synergies (60% of the award) and post-tax return
Because of the measurement dates for the first and second
grant, all outcomes were determined through independent
of the acquisition. As a result, we are now reporting outcomes
for the 2018-2020 AIP.
In relation to ROIC, the impact of the pandemic on the UBM
physical events portfolio through 2020 led to a zero outcome
on this element of the AIP. The Committee determined that no
discretion should be used to alter the outcome.
The synergy element of the AIP was delivered in full. The
target was for £60m of cost savings across the AIP period
appropriately audited. This led to an incentive award of 60%
2018-2020 AIP.
2019-2021 AIP
The three-year 2019-2021 AIP completed on 31 December
2021 and was also awarded in relation to the effective delivery
of the same two measures for the integration plan: the
achievement of operating synergy targets (60%) and a
post-tax ROIC above Informa’s weighted average cost of
capital (40%).
The results were similar in that the severe and continuing
impact of the pandemic on physical events through 2021 led
to a zero outcome on the ROIC measure. However, the full
delivery of operating synergies meant that 60% of the
maximum incentive opportunity for the 2019-2021 AIP
All Colleague Share Plans
Your management and Board continue to be a strong
advocate of broad equity ownership among colleagues,
connecting them more closely to the strategy and
performance of the Group and aligning Informa ever closer
The Group’s main share plan is ShareMatch, which offers
colleagues free shares for each share purchased, subject to a
holding period. Since ShareMatch was launched in 2014, the
offer has steadily improved, moving from one share for every
two shares purchased to a one-for-one offer.
As part of the ERP, the offer was improved further. Since April
2021, colleagues who participate in the plan now receive two
free matching shares for every one purchased, up to the
£1,800 annual investment limit. This has helped support
continued enrolment in ShareMatch. Eligibility to participate
requires colleagues to be through their probation period
31.5% of eligible colleagues are members of ShareMatch.
This compares with less than 2% equity ownership before
ShareMatch was launched.
In addition, we also have a US Employee Stock Purchase Plan,
an equity ownership programme better suited to local US
regulations. Participation has also steadily grown since
On a personal level, I would like to thank Shareholders for
their engagement and support over my time as Chair of the
Remuneration Committee and I look forward to continuing to
be of service to Informa.
Stephen Davidson
Non-Executive Director
14 March 2022
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
138
Directors’ Remuneration Report
2021 Remuneration Outcomes continued
DEAR SHAREHOLDER
I am delighted to join the Board of Informa and take over as
like to take the opportunity to thank Stephen Davidson for all his
work as Chair over the past six years and the many Shareholders
who have taken the time to meet with me.
The uncertainty and disruption caused by the pandemic has
lasted considerably longer than many, or indeed any, anticipated
and this has clearly had a significant direct impact on the
business and its colleagues. From my relatively fresh perspective,
the Company has navigated through this very effectively.
Difficult decisions have had to be made quickly and decisively
situations always elicit different views and perspectives, it is clear
that Informa has both preserved the strength of its brands and
market positions and retained the strength of culture within the
Group. This puts Informa in a strong position as it embarks on
the 2021-2024 Growth Acceleration Plan II.
REMUNERATION POLICY (2022-2024)
As the new Chair of the Remuneration Committee, my role is to
look ahead and to consult and engage with Shareholders to find
To this end, following the outcomes of last year’s vote on the
Remuneration Report, we have been consulting with Shareholders
through 2022 on the new and next Remuneration Policy.
Stability and Security through COVID-19
Over the last two years, Informa has had to adapt rapidly to the
impact of the pandemic across the world. It has proved to be
more severe and long-lasting than anyone predicted, creating
uncertainties for many companies, including Informa.
This uncertainty and the necessary focus on building stability
and security across the Group, its brands and colleagues, led to
the decision to launch a restricted share plan for the 2021-2023
2020 and all three tranches of the plan were granted to the
Executive Directors and over 100 senior managers in the Group
participants in each respective year of the plan.
Louise Smalley
Chair of the Remuneration Committee
LOOKING FORWARD
The ERP was designed to:
• Align the remuneration of our senior management in one
simplified equity-based plan and put more emphasis on
long-term incentives
• Support the retention of key leadership colleagues
• Focus the long-term incentive exclusively on revitalising
Informa’s equity value
Over the course of the last few months, the Committee has
considered the alternative remuneration structures which
could be used for the new and next Remuneration Policy,
particularly taking into account two key factors:
• The evolution of COVID-19 and the emerging view that it
may move from being a pandemic to an endemic disease
• The launch of the Growth Acceleration Plan II (GAP II) at our
Capital Markets Day on 7 December 2021, which is focused on
revitalising growth and significantly expanding the Group’s
digital services revenues over the period 2021-2024.
Moving from Pandemic to Growth Acceleration
With these factors in mind the Committee concluded that
2021-2023 period but, from 2024 when the Company’s focus is
firmly back on growth and acceleration, it should move back to
Informa, combined with an appropriately targeted STIP. As a
formal consultation on the proposals outlined below is now
underway, the final terms and full details of the new and next
Remuneration Policy will be published with the Notice of the
2022 AGM.
For the existing Executive Directors, LTIP awards within the
2022-2024 Policy would first be granted in 2024, following
By 2024, we believe that the world will have adapted to mitigating
the impacts of COVID-19 and we will have made significant
progress with our GAP II
effectively implement an LTIP focused on incentivising and
rewarding directly against specified performance targets.
Proposed Structure of the 2022-2024 Remuneration Policy
1. Proposed Approach to LTIP
Having worked with external advisers to review market best
practice and compare the approach of a selection of peers,
including undertaking a benchmarking exercise, comparing
across the FTSE 100, from within the media sector and across
following features:
• Award structure: An annual grant of shares with three-
year performance and vesting provisions and a two-year
post-vest hold period for Executive Directors
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Directors’ Remuneration Report
• Quantum: A proposed award value ranging from 225% for
the Group Finance Director/Group Chief Operating Officer
to 325% of salary for the Group Chief Executive
• Performance measurement: A basket of three performance
measures in the following categories:
– TSR: A total shareholder returns measure
– A cash returns measure focused on free cash
flow generation
– ESG: An ESG measure based on specific Group objectives
Given that the first LTIP grant will be made in 2024, the exact LTIP
measures and target ranges will be specified in mid-2023, when
full details will be disclosed.
1. Proposed Approach to STIP
The Remuneration Committee believes that the STIP will
continue to be an important tool for driving in-year performance
over the period of the Remuneration Policy and beyond.
The effective delivery of GAP II through the coming years is
achieved each year will be increasingly valuable.
Having commissioned a benchmarking review by external
advisers of current base compensation and STIP awards across
sector peers and companies of similar market capitalisation, the
Committee believes an STIP award value of 150% of salary for
the Group Finance Director/Group Chief Operating Officer is
appropriate. For the Group Chief Executive, it believes the Policy
should have a maximum STIP award value of 200% of salary.
This is still below the median of the media sector peer group
executive with long tenure, such as the current Group Chief
Executive, an award at the Policy maximum would be appropriate.
In line with historical commitments, any STIP award above 100%
of base salary will be deferred into Informa shares. However,
appropriate to these award levels, the Committee is proposing to
reduce payout levels for on-target performance to 50% of the
maximum, down from 66% historically.
The Committee believes the new Remuneration Policy needs to
have these features built into it, striking the right balance of
alignment to relevant peers and appropriate incentive and
stretch for management. It would be our intention to align to this
STIP structure and award levels by the time the proposed LTIP
structure and award levels would be granted in 2024.
As is the market norm, the targets for the STIP will be set at the
start of each performance year and will be focused on relevant
targets and measures for that period, which will be disclosed to
Shareholders at the relevant time.
2. Stakeholder Consultation
Over the last few months, I have been meeting Shareholders to
discuss these proposals for the new and next Remuneration
Policy. To date, we have held more than 30 meetings, with
further discussions planned. These are providing rich input and
perspective and will help shape the final Remuneration Policy.
I am also attending a number of meetings with our Divisional HR
leadership teams, where discussions on compensation form part
of the agenda.
As I outlined above, since these consultations remain ongoing,
the new and next Remuneration Policy is not set out in full in this
Annual Report but will instead be published in the Notice of 2022
AGM and sent to Shareholders in May.
Committee Membership
As outlined earlier in this Annual Report, following the retirement
of the previous Chair and Senior Independent Director, there
have been a number of changes to the Board over the last year.
This also led to some changes in Board Committee membership,
including to this Committee. Details of current membership and
the changes during the year are set out on the following page
and I would like to formerly welcome all these Board colleagues
to the Remuneration Committee.
We look forward to continuing to support the progress of the
Informa Group, particularly through the GAP II period. The ERP
has been and remains an important component of this and we
will ensure that the new and next Remuneration Policy provides
similar clarity and motivation for senior leaders, while aligning
closely with the drivers of value creation for Shareholders.
Louise Smalley
Chair of the Remuneration Committee
14 March 2022
Remuneration Policy Timetable
2021
2021-2023 Equity Revitalisation Plan
2022-2024 Remuneration Policy
2025-2027 Remuneration Policy
2021 ERP Tranche (3-year vesting period)
2022 ERP Tranche (3-year vesting period)
2023 ERP Tranche (3-year vesting period)
2024 LTIP Award (3-year vesting period)
2025 LTIP Award (3-year vesting period)
2-year holding period post vesting
2-year holding period post vesting
2-year holding period post vesting
2-year holding period post vesting
2-year holding period post vesting
2022 2023 2024 2025 2026 2027 2028 2029
2021-2023 ERP
All ERP awards for 2021,
2022 and 2023 granted
upfront in Jan 2021
2022-2024 Remuneration
Policy
First LTIP award to be
made in 2024
{
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
140
Directors’ Remuneration Report
continued
ANNUAL REPORT ON REMUNERATION
COMMITTEE MEMBERS AT 31 DECEMBER 2021
Stephen Davidson
Committee Chair
Louise Smalley
Committee Chair-Elect from October 2021
Mary McDowell
Independent Non-Executive Director
Helen Owers
Independent Non-Executive Director
Changed during the year and to the date of this report
Louise Smalley
Zheng Yin
Mary McDowell
Gareth Bullock
Retired from the Committee at the conclusion of the 2021 AGM
Full biographies for the Committee members and their
attendance at meetings during the year are shown on
pages 104 to 107, and 112 respectively.
COMMITTEE GOVERNANCE
• Louise Smalley was appointed as Committee Chair-Elect
2022. Louise has been a member of the Remuneration
Committee of DS Smith plc since 2014 and therefore meets
the Code’s requirement for the Committee Chair to have
served on a remuneration committee for at least 12 months
• All members of the Committee are independent
Non-Executive Directors
• All Non-Executive Directors have an open invitation to
attend Committee meetings
• Other regular attendees at Committee meetings include the
Board Chair, Group Chief Executive, Group Finance Director,
Company Secretary, Group HR Director and the Director of
Investor Relations. None of these attendees are members
of the Committee and they are not present when matters
relating to their own fees or remuneration are discussed
• The Committee has appointed Ellason LLP as its
independent remuneration consultant. Ellason does not
have any other association with the Company
• The Committee is authorised to seek external legal or other
independent professional advice as necessary. No such
advice was sought during the year
• The Committee has written terms of reference. These were
reviewed and updated in December 2021 and are available
on our website www.informa.com
This section of the Report gives details of the composition of
the Remuneration Committee and the activities undertaken
during the year ended 31 December 2021.
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
KEY ACTIVITIES DURING 2021
The Committee met seven times in the year ended
31 December 2021 during which the following activities
• Reviewed the base salaries of the Executive Directors and
other members of senior management
• Assessed the level of achievement of targets for the 2020
STIP and set targets for the 2021 STIP
• Assessed the achievement of targets for the 2018 LTIP
• Granted ERP awards to the Executive Directors and
leadership team
• Approved the 2020 Directors’ Remuneration Report
• Considered Shareholder feedback following the 2021 AGM
and planned the timeline, structure and process for the new
and next Remuneration Policy to be put to Shareholders at
the 2022 AGM
• Received updates on remuneration and corporate governance
matters from the independent remuneration consultant
REMUNERATION CONSULTANT
Ellason LLP was appointed as the Committee’s independent
2020 Annual Report, the Committee’s lead adviser moved
from Mercer Kepler to Ellason LLP at the start of 2021 and
continuity. During 2021, the Committee Chair, Committee
Chair-Elect and Group HR Director each had direct access to
the adviser as and when required. The recommendations and
advice received from the external adviser are used as a guide
by Committee members but do not substitute thorough
consideration by each member of the matters being
addressed. The external adviser attends Committee
Ellason is a member of the Remuneration Consultants
This is based upon principles of transparency, integrity,
objectivity, competence, due care and confidentiality.
Ellason has confirmed that it adhered to that Code of Conduct
throughout the year for all remuneration services provided to
Informa and therefore the Committee is satisfied that it is
independent and objective.
Fees paid to Ellason during the year ended 31 December 2021,
charged on a time basis, amount to £36,033 (2020: Mercer
Kepler £41,610) and relate to advice given to the Committee
and attendance at Committee meetings. The Committee has
not requested advice from any other external remuneration
advisory firm during the year ended 31 December 2021.
This Annual Report on Remuneration was approved by the
Board and signed on its behalf by
Louise Smalley
Chair, Remuneration Committee
14 March 2022
COMMITTEE DUTIES AND RESPONSIBILITIES
Policy: To set the Remuneration Policy for
Executive Directors and the Board Chair,
and to review the Remuneration Policy
management, having regard to pay and
employment conditions across the Group.
Implementation: To determine the total
remuneration package of the Executive
Directors and senior management.
Incentive schemes: To approve the design
and implementation of all-colleague share
plans and pension arrangements; to
design, set targets and monitor the
performance of all annual and long-term
incentive awards awarded to Executive
Directors and senior management; and
outcomes of these arrangements.
Advisers: To select, appoint and set the
terms of reference of any independent
remuneration advisers.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
142
Directors’ Remuneration Report
continued
DIRECTORS’ REMUNERATION FOR THE YEAR ENDED 31 DECEMBER 2021
The section sets out details of the remuneration outcomes for 2021 across Informa and specifically for the Executive and
Non-Executive Directors, with comparison to remuneration outcomes for 2020. Directors’ remuneration in 2021 was operated in
line with the Remuneration Policy approved by Shareholders at the General Meeting in December 2020 and which is available on
our website.
Any information contained in this section of the Report that is subject to audit has been highlighted.
Single total figure of remuneration for Executive Directors (audited)
(£) Salary
2
Benefits and
allowances
Payment in
lieu of
pension
Total fixed
pay
Short-term
incentive
awards
3
Long-term
incentive
awards
4,5
Total variable
pay
Total fixed
and variable
pay
Stephen A. Carter 2021 841,860 36,416 210,465 1,088,741 749,255 852,441 1,601,696 2,690,437
2020 772,407 51,536 210,465 1,034,408 789,665 896,099 1,685,764 2,720,172
Gareth Wright 2021 480,018 17,425 120,005 617,448 427,216 364,530 791,746 1,409,194
2020 440,416 17,344 120,005 577,765 385,934 383,203 769,137 1,346,902
Patrick Martell
1
2021 350,000 20,464 35,000 405,464 327,813 591,974 919,787 1,325,251
1. Patrick Martell was appointed as an Executive Director on 1 March 2021 and his remuneration disclosures only cover the period from appointment
2. The 2020 salaries of both Stephen A. Carter and Gareth Wright reflect the voluntary salary sacrifice of 33% made during the COVID-19 lockdown period of
3. Patrick Martell’s 2021 STIP award is split evenly between his roles as Group Chief Operating Officer and as Chief Executive of Informa Intelligence and has
been pro-rated to reflect his period on the Board
The 2021 STIP award for Stephen A. Carter and Gareth Wright was granted under the 2021-2023 ERP, with a maximum opportunity of 100% of salary for
both Directors and an outcome at 89%. The 2020 STIP award for Stephen A. Carter and Gareth Wright was granted under the previous Remuneration
Policy, with a maximum opportunity of 175% and 150% of contracted salary respectively. Management voluntarily applied a 33% discount to the outcome
of this award, reducing it from 80% to 53.6%
In addition, the final determination of 2020 performance outcomes was made in mid-2021, alongside an assessment of trading, with three additional
Control Conditions having to be met by the Group prior to any incentive being paid out, namely: 1. that the events Postponement Programme was
successful; 2. to secure the Group’s cash position; and 3. to reinstate market guidance for improved performance in 2021. Details of the Committee’s
determination are set out on pages 134 to 138 and summarised on pages 144 and 145. The 2020 comparative figures have been restated to include the
determined outcome
4. The LTIP award granted to Stephen A. Carter and Gareth Wright in 2019 is expected to vest and become exercisable at 40.175% on 21 March 2022.
The estimated value of the LTIP award (including accrued dividend shares) has been calculated using the average share price over the three-month period
to 31 December 2021, being 519.5625p. Pages 145 and 146 set out more information on the performance achieved, how vesting was determined and how
The share price at grant was 733.29p
The LTIP award granted to Patrick Martell in 2019 was awarded while he was a member of senior management in his role as Chief Executive of the Informa
Intelligence Division, rather than an Executive Director. It is therefore subject to performance conditions relevant to his role at the time, and which are not
disclosed due to ongoing commercial sensitivity, and will vest at 66.72%
The value of the 2018 LTIP awards included in the single total figure of remuneration for 2020 has been updated to reflect the actual share price on vesting
(being 588p on 22 March 2021) rather than the average for the three months to 31 December 2020 which was used in the 2020 Annual Report. The share
price at grant was 721.24p
5. The AIP award granted in 2019 is expected to vest and become exercisable on 21 March 2022. The estimated value of the AIP award (including accrued
dividend shares) has been calculated using the average share price over the three-month period to 31 December 2021, being 519.5625p. Page 146 sets out
more information on the performance achieved, how vesting was determined and how the value shown above was calculated, including how much of the
value is attributable to share price growth during the period from grant to vesting. The share price at grant was 733.29p
included in the single total figure of remuneration for 2020, calculated using the actual share price on the date of vesting (being 545.8p). The share price
Notes to the single total figure of remuneration table (audited)
Fixed Pay
Salary
The Executive Directors did not receive an increase in salary in 2021. In addition, as disclosed in the 2020 Annual Report and
reflected in the single total figure of remuneration table above, Stephen A. Carter and Gareth Wright, as incumbent Directors,
voluntarily took a 33% reduction in salary through the full period of the initial COVID-19 lockdown in 2020.
2021
Base
salary
2020
Base
salary
2020
Received
salary
Stephen A. Carter £841,860 £841,860 £772,407
Gareth Wright £480,018 £480,018 £440,416
Patrick Martell £420,000 n/a n/a
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Benefits and Allowances
The benefits received by the Executive Directors include one or more of: private healthcare, car allowance or driver costs in
accompanied attendance at corporate events.
Pension
The 2021-2023 Directors’ Remuneration Policy approved by Shareholders in December 2020 sets out that pension contributions
for any new Executive Director would be aligned with the relevant colleague community on appointment, while the pension
contributions for incumbent Executive Directors would be aligned by the end of 2022. The cash payment in lieu of pension
contributions made to Patrick Martell following his appointment to the Board in March 2021 was set at 10% of basic salary, in line
with the pension contributions made to global senior colleagues. During 2021, the Company continued to make a cash payment
of 25% of basic salary to the Group Chief Executive and the Group Finance Director in lieu of pension contributions. This will
reduce to 10% of base salary at the end of 2022.
None of the Executive Directors is a member of the Group’s defined benefit pension schemes and accordingly no entitlements
have accrued to the Executive Directors under these schemes.
Variable Pay
2021 STIP
The maximum annual bonus opportunity for each Executive Director in 2021 was 100% of salary, in line with the provisions of
the 2021-2023 ERP.
The continued impact of the pandemic on the business of the Group, and management’s continued focus on supporting
colleagues and customers, managing costs, preserving cash and protecting the long-term value of our brands and businesses
led the Committee to conclude that for 2021, as for 2020, it was appropriate for the Executive Directors to be measured against a
Balanced Scorecard of targets. Performance targets were set in four key areas, with five individual objectives per category, each
representing 5% of the total maximum payout of the annual bonus. Details of the objectives and the Committee’s conclusion are
set out in Stephen Davidson’s letter on pages 134 to 138 and summarised below:
Balanced Scorecard performance categories Outcome
Cash Preservation and Cash Generation The Committee determined that 100% of the maximum opportunity had been achieved
Digital and Data Services The Committee determined that 80% of the maximum opportunity had been achieved
Subscription Revenues and Cost Control The Committee determined that 86% of the maximum opportunity had been achieved
Colleague Communications and Engagement The Committee determined that 90% of the maximum opportunity had been achieved
The Committee considered each of the individual objectives in turn to determine the aggregate outcome of the annual bonus.
Where specific financial targets were part of the objectives, such as with free cash flow, there was a direct assessment of
performance. For non-financial objectives, outputs were more subjectively judged against the specific purpose of the objective,
with input from all members of the Committee, other Board members and, where applicable, third parties.
Combining the outcomes of all 20 objectives across the four performance categories resulted in an aggregate annual incentive
award of 89% of the maximum opportunity being earned by the Executive Directors in 2021.
2020 STIP
The maximum bonus opportunity for 2020 was 175% of salary for the Group Chief Executive and 150% of salary for the Group
Finance Director.
As set out in the 2020 Annual Report, the Committee’s approach to 2020 short-term incentives was to set a Balance Scorecard
annual bonus. Details of the objectives and the Committee’s conclusion are set out on pages 134 to 138 and summarised below:
Balanced Scorecard performance categories Outcome
Cost and Cash Management The Committee determined that 80% of the maximum opportunity had been achieved
Corporate Financial Security and Financing The Committee determined that 80% of the maximum opportunity had been achieved
Colleague and Customer Communication
The Committee determined that 80% of the maximum opportunity had been achieved
Colleague and Customer Leadership The Committee determined that 80% of the maximum opportunity had been achieved
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
14 4
Directors’ Remuneration Report
continued
The Committee considered each of the individual objectives in turn to determine the aggregate outcome of the short-term
incentive award. Where specific financial targets were part of the objectives, such as with free cash flow, there was a direct
assessment of performance. For non-financial objectives, outputs were more subjectively judged against the specific purpose
The outcomes of all 20 objectives across the four performance categories resulted in an aggregate annual incentive award of
80% of the maximum opportunity being earned by the Executive Directors in 2021.
However, the Executive Directors and the Senior Management team, who had previously voluntarily proposed and accepted
discount to any incentives earned through the year 2020. As a result, the annual incentive award of 80% was reduced to 53.6%
In addition, the final determination of performance outcomes was not made until mid-2021, alongside an assessment of trading,
with three additional Control Conditions having to be met prior to any incentives being earned: 1. that the events Postponement
Programme was successful; 2. to secure the Group’s cash position; and 3. to reinstate market guidance for improved
performance in 2021.
The Committee concluded that all three Control Conditions had been met and so the award of 53.6% of the maximum
opportunity was made to Stephen A. Carter and Gareth Wright.
2019 LTIP
The performance period for the 2019-2021 LTIP ended on 31 December 2021. As explained in Stephen Davidson’s letter on pages
remaining performance period of all long-term incentives to focus management on the immediate priorities at hand, namely
cash preservation, cash management and cash generation. For the 2019-2021 LTIP, this meant that for the last two years of the
award, the relevant measures for the Executive Directors were: total shareholder return (TSR) compared to the FTSE 51–150 peer
group over the period, excluding financial services and natural resources companies (50%) and a cash measure (50%), equally
weighted across operating cash flow generation and operating cash flow conversion. For the first year of the 2019 award, the
50% TSR measure was combined with 50% focused on the compound annual growth rate in adjusted EPS.
In relation to the 50% of the award focused on TSR, 20% of this element of the award would vest if Informa is ranked at median,
increasing on a straight line basis to full vesting if Informa ranks at or above the 80th percentile, while a ranking below median
would result in the lapsing of the TSR element of the LTIP. The TSR measurement is completed on the final day of the three-year
period and so is a cliff-edge judgement. The pandemic continued to have a significant impact on the physical events market
during 2021 and, the Company’s remuneration consultant has confirmed that Informa’s TSR over the period was below the
threshold and that therefore there was 0% vesting for this element of the award for the second consecutive LTIP award.
Despite the outcome being wholly driven by the exogenous circumstances of the pandemic rather than the actions of
management, as in the previous year, the Committee determined that it would not exercise its discretion to adjust the
In relation to the remaining 50% of the award, one third of the outcome was contributed by the CAGR in adjusted EPS, with 3.5%
EPS growth resulting in 25% of this element of the award vesting, 67% vesting at 5.5% growth and full vesting at 8.5% or higher
growth (with straight line vesting between these points). In 2019, EPS growth was 4.27%. The remaining two thirds of this
element of the award was determined by operating cash flow and operating cash flow conversion as detailed in the table below.
Combining the outcome of this element of the award with the 0% outcome for the TSR measure resulted in just over 40% of the
overall 2019 LTIP awards granted to Stephen A. Carter and Gareth Wright vesting.
Performance targets
Measure
Weighting (% of
maximum) Threshold Maximum
Actual
outcome
Payout (% of
maximum)
TSR against comparator group 50% Median 80th
percentile
23rd
percentile vs.
peer group
0%
EPS CAGR 16.7% 3.5% 8.5% 4.27% 6.875%
Cash returns 33.3%
2020 operating cash flow £80m £190m £230.8m 8.325%
2020 operating cash flow conversion 35% 55% 86.6% 8.325%
2021 operating cash flow £230m £430m £570.2m 8.325%
2021 operating cash flow conversion 85% 110% 146.8% 8.325%
Total LTIP expected to become exercisable 40.175%
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
145
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
The LTIP award granted to Patrick Martell on 22 March 2019 was awarded while he was a member of senior management in
performance conditions relevant to his role at the time, and which are not disclosed due to ongoing commercial sensitivity,
The performance outcomes above have resulted in the following LTIP vesting levels:
Director
Face value of
award on date
of grant
Number of
LTIP options
granted
Proportion
expected
Value of shares expected to vest (£000s)
Number
exercisable
2
Face value of
vested options
on date
Impact of
share price
appreciation/
(depreciation)
since grant
1
Value of
dividend
shares on
vesting
Total value
awards
Stephen A. Carter £1,667,046 227,341 40.175% £669,734 (£195,197) £13,483 £488,020 93,929
Gareth Wright £712,895 97,220 40.175% £286,405 (£83,474) £5,762 £208,693 40,167
Patrick Martell £392,994 53,594 66.72% £262,199 (£76,419) £5,279 £191,059 36,773
1. Calculated by subtracting the face value at grant of the vesting awards from the value on the date of vesting. For the purposes of this table, and the single
total figure table on page 143, the LTIP award has been valued using the average share price for the three months ended 31 December 2021, being
519.5625p. The share price at grant was 733.28p
2. Including accrued dividends to 31 December 2021
2018-2021 AIP
In 2018, alongside the acquisition of UBM plc, a separate and stand-alone incentive programme was introduced focused on
Carter and Gareth Wright, or 70% for other key senior managers, including Patrick Martell); and (ii) to achieve a post-tax ROIC
or 30% for all other participants).
2021, following the third anniversary of the acquisition of UBM. In relation to ROIC, the severe and continuing impact of the
pandemic led to a zero outcome on this element of the AIP for both the 2018 and 2019 awards. The Committee determined that
It was confirmed that the synergies element had been achieved in full and that therefore that element of the 2018 grant would
determining that vesting was appropriate in light of the performance of the Group.
Measure
Performance targets
Actual
outcome
Payout (% of
maximum)Threshold Maximum
Synergies £60m £70m £77.5m 100%
ROIC 7.2% 7.95% 3.0% 0%
These outcomes have resulted in the following AIP vesting levels:
Value of shares expected to vest (£000s)
Director
Face value of
award on date
of grant
Number of AIP
options
granted
Proportion
vested or
expected
Face value of
vested options
on date
Impact of
share price
appreciation/
(depreciation)
since grant
1
Value of
dividend
shares on
vesting
Total value
awards
Number
exercisable
2
2019-2021 awards
Stephen A. Carter £833,519 113,670 60% £500,112 (£145,760) £10,069 £364,421 70,140
Gareth Wright £356,447 48,610 60% £213,868 (£62,333) £4,302 £155,838 29,994
Patrick Martell £785,995 107,189 70% £550,195 (£160,357) £11,077 £400,915 77,164
2018-2020 awards
Stephen A. Carter £825,266 108,502 60% £495,158 (£139,837) £19,998 £375,319 68,765
Gareth Wright £352,918 46,400 60% £211,751 (£59,800) £8,547 £160,498 29,406
1. For the 2019-2021 AIP awards, this has been calculated by subtracting the face value at grant of the vesting awards from the value on the date of vesting.
The 2019-2021 AIP awards have been valued using the average share price for the three months ended 31 December 2021, being 519.5625p. The share
price at grant was 733.28p. For the 2018-2020 AIP awards, this has been calculated by subtracting the face value at grant of the vested award from the
2. Including accrued dividends to 31 December 2021
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
146
Directors’ Remuneration Report
continued
Share Scheme Interests Awarded During the Year (Audited)
2021 Equity Revitalisation Plan
Type of award
Number of
options
awarded
1
Value as a
percentage of
base salary
2
Face value at
date of
award
3
(£000)
Stephen A. Carter RSP (option) 926,138 200% £5,051
Gareth Wright RSP (option) 356,449 135% £1,944
Patrick Martell RSP (option) 288,777 125% £1,575
1. As detailed in the 2021-2023 Directors’ Remuneration Policy, the Committee awarded the full 2021-2023 ERP award to Executive Directors, and the
awards to Executive Directors are also subject to a two-year post-vesting hold period. During the two-year holding period, Executive Directors are only
allowed to dispose of shares to meet income tax, National Insurance or other regulatory obligations. No further long-term incentive awards will be
granted to the Executive Directors until 2024
The performance conditions attached to these award are: (i) the Informa share price must be above 545.40p per share on the date of vesting. If the share
price is not above this price, the awards will not vest until the share price moves above this level for at least three months. If this has not been achieved
within two years from the original vesting date, no shares will vest and the awards will lapse; (ii) the Executive Directors must hold shares or exercisable
options over shares equal to or greater than 400% of base salary for the Group Chief Executive and 275% of base salary for other Executive Directors
2. The Executive Directors were granted an award equal to the percentages set out for each year of the 2021-2023 ERP period
Executive Directors’ shareholdings and share interests (audited)
Shareholding Requirements
The Committee believes that equity ownership by the Executive Directors, wider leadership team and the colleague base is an
important and effective way to align their interests with those of the Company’s Shareholders. Under the terms of the 2021-2023
Remuneration Policy, Executive Directors are required to hold a percentage of their salary in shares, or in exercisable options
over shares, equivalent to 400% of base salary for the Group Chief Executive and 275% of base salary for all other Executive
Directors. Executive Directors are expected to meet the guideline within five years of 23 December 2020 or their date of
appointment, whichever is the later, and to maintain this holding throughout their term of office.
Shareholding interests
The beneficial interests of each Executive Director in the Company’s shares (including those held by connected persons) as at
31 December 2021 and their anticipated beneficial interests as at 21 March 2022 are set out below:
Beneficial
holding
1
Vested but
unexercised
options
Share
Match
2
DSBP
awards
3
Total
interests
December
2021
4
Shareholding
as % of
December
2021
5
total
interests
December
2021
2019 LTIP
awards
6
Total
interests at
21 March
2022
Shareholding
as % of salary
at 21 March
2022
5
total
interests
at 21
March
2022
5
Stephen A.
Carter 167,349 619,018 4,910 134,674 925,951 571.5% £4,810,894 164,069 1,090,020 672.7% £5,663,335
Gareth
Wright 43,595 530,995 6,545 51,271 632,406 684.5% £3,285,744 70,161 702,567 760.5% £3,650,275
Patrick
Martell 11,400 178,721 3,558 – 193,679 239.6% £1,006,283 113,937 307,616 380.5% £1,598,257
1. Stephen A. Carter’s beneficial shareholding receives share dividends through the Dividend Reinvestment Plan
2. Shares held under ShareMatch are made up of shares purchased by the Executive Director, shares matched by the Group and dividend shares
3. Includes DSBP awards granted in 2016, 2018, 2019 and 2020 and accrued dividends to 31 December 2021
4. Total interests are shares held legally or beneficially, including those held by connected persons, exercisable options held in the LTIP and shares held
5. The average share price for the three months to 31 December 2021 (being 519.5625p) has been used to calculate the shareholding as a percentage
6. The 2019 LTIP will vest and become exercisable on or shortly after 21 March 2022. The 2019 AIP will vest and become exercisable on or shortly after
15 March 2022. Full details are set out on pages 145 and 146
Stephen A. Carter
673%400%
Gareth Wright
760%275%
Patrick Martell
381%275%
Shareholding requirement %
Shareholding % as at 21 March 2022
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
147
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Scheme interests
The table below shows details of outstanding awards held by Executive Directors as at 31 December 2021, and includes awards
granted in 2021. LTIP and ERP awards are subject to the achievement of performance conditions set at grant and DSBP awards
are based on the prior achievement of annual performance conditions and become exercisable on the third anniversary
Director/Scheme Date of grant
Shares
awarded
1
Exercised
during 2020
Granted
during 2021
Lapsed
during 2021
Awards unexercised
or unvested at
2
Date options
exercisable
Option
expiry date
Stephen A. Carter
LTIP 17/03/2016 255,400 – – – 268,526 17/03/2019 16/03/2026
15/03/2017 253,345 – – – 193,159 15/03/2020 14/03/2027
22/03/2018 228,848 – – 144,999 88,568 22/04/2021 21/03/2028
30/05/2018 65,101 – – – 68,765 30/05/2021 29/05/2028
30/05/2018 43,401 – – – 43,401
3
01/03/2022 29/05/2028
21/03/2019 227,341 – – – 227,341 21/03/2022 20/03/2029
21/03/2019 68,202 – – – 68,202 21/03/2022 20/03/2029
21/03/2019 45,468 – – – 45,468
3
21/03/2022 20/03/2029
24/03/2020 649,917 – – – 649,917 24/03/2023 23/03/2030
DSBP 02/03/2018 28,039 – – – 29,617 02/03/2021 01/03/2028
21/03/2019 45,468 – – – 45,468 21/03/2022 20/03/2029
24/03/2020 58,297 – – – 58,297 24/03/2023 23/03/2030
ERP 12/01/2021 – – 308,712 – 308,712 12/01/2024 11/01/2031
12/01/2021 – – 308,712 – 308,712 12/01/2025 11/01/2031
12/01/2021 – – 308,714 – 308,714 16/03/2026 11/01/2031
Gareth Wright
LTIP 08/09/2014 141,537 – – – 130,243 08/09/2017 07/09/2024
12/02/2015 141,634 – – – 136,038 12/02/2018 11/02/2025
17/03/2016 109,218 – – – 114,830 17/03/2019 16/03/2026
15/03/2017 108,341 – – – 82,603 15/03/2020 14/03/2027
22/03/2018 97,865 – – 62,008 37,875 22/04/2021 21/03/2028
30/05/2018 27,840 – – – 29,406 30/05/2021 29/05/2028
30/05/2018 18,560 – – – 18,560
3
01/03/2022 29/05/2028
21/03/2019 97,220 – – – 97,200 21/03/2022 20/03/2029
21/03/2019 29,166 – – – 29,166 21/03/2022 20/03/2029
21/03/2019 19,444 – – – 19,444
3
21/03/2022 20/03/2029
24/03/2020 277,931 – – – 277,931 24/03/2023 23/03/2030
DSBP 17/03/2016 3,413 – – – 3,821 17/03/2019 16/03/2026
02/03/2018 15,987 – – – 16,886 02/03/2021 01/03/2028
21/03/2019 25,925 – – – 25,925 21/03/2022 20/03/2029
24/03/2020 3,903 – – – 3,903 24/03/2023 23/03/2030
ERP 12/01/2021 – – 118,816 – 118,816 12/01/2024 11/01/2031
12/01/2021 – – 118,816 – 118,816 12/01/2025 11/01/2031
12/01/2021 – – 118,817 – 118,817 16/03/2026 11/01/2031
Patrick Martell
LTIP 15/03/2017 59,000 – – – 53,255 15/03/2020 14/03/2027
22/03/2018 53,935 – – 11,570 44,749 22/04/2021 21/03/2028
17/04/2018 76,416 – – – 80,717 30/05/2021 16/04/2028
17/04/2018 32,750 – – – 32,750
3
01/03/2022 29/05/2028
21/03/2019 53,594 – – – 53,594 21/03/2022 20/03/2029
21/03/2019 75,032 – – – 75,032 21/03/2022 20/03/2029
21/03/2019 32,157 – – – 32,157
3
21/03/2022 20/03/2029
24/03/2020 229,823 – – – 229,823 24/03/2023 23/03/2030
ERP 12/01/2021 – – 96,259 – 96,259 12/01/2024 11/01/2031
12/01/2021 – – 96,259 – 96,259 12/01/2025 11/01/2031
12/01/2021 – – 96,259 – 96,259 16/03/2026 11/01/2031
1. Excludes accrued dividends
2. Includes accrued dividends for vested but unexercised awards only
3. These awards have not met the relevant performance condition and will lapse in full. Further details are set out on pages 145 and 146
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
14 8
Directors’ Remuneration Report
continued
Payments to past Directors (audited)
No payments were made to past Directors during the year ended 31 December 2021.
Payments for loss of office (audited)
No payments for loss of office were made during the year ended 31 December 2021.
Total shareholder return and Group Chief Executive pay
The graphs below illustrate the Group’s TSR performance compared with the performance of the FTSE All-Share Media Index,
the FTSE 350 Index excluding Investment Trusts and the FTSE 51–150 peer group (excluding financial services and natural
resources), in the 10-year period ended 31 December 2021. These indices and peer group have been selected for this
comparison because the Group is a constituent company of all three.
Historical TSR Performance
Growth in the value of a hypothetical £100 holding invested in Informa over 10 years:
Dec 11
Dec 12
Dec 13
Dec 14
Dec 15
Dec 16
Dec 17
Dec 18
Dec 19
Dec 21
Dec 20
£500
£300
£400
£100
£200
£0
Dec 11
Dec 12
Dec 13
Dec 14
Dec 15
Dec 16
Dec 17
Dec 18
Dec 19
Dec 21
Dec 20
£500
£300
£400
£100
£200
£0
Dec 11
Dec 12
Dec 13
Dec 14
Dec 15
Dec 16
Dec 17
Dec 18
Dec 19
Dec 21
Dec 20
£500
£300
£400
£100
£200
£0
Informa
FTSE 350 excluding Investment Trusts
Informa
FTSE 51–150 peer group median
FTSE 51–150 peer group average
Informa
FTSE All-Share Media
Over the same period, the total remuneration of the individual holding the role of Group Chief Executive has been as follows:
Year 2012 2013 2013
1
2014 2015
2
2016 2017 2018 2019 2020 2021
CEO Peter
Rigby
Peter
Rigby
Stephen A.
Carter
Stephen A.
Carter
Stephen A.
Carter
Stephen A.
Carter
Stephen A.
Carter
Stephen A.
Carter
Stephen A.
Carter
Stephen A.
Carter
Stephen A.
Carter
CEO single figure
of remuneration
CHF CHF
£588,365 £1,794,152 £2,083,275 £3,407,650 £4,132,219 £4,125,262 £2,720,172 £2,690,4373,987,897 3,718,566
STIP payout
65.90% n/a 59.00% 66.70% 69.80% 40.00% 82.40% 93.33% 53.6% 89.0%
LTIP vesting
42.50% – n/a n/a 34.60% 79.30% 83.00% 93.90% 50.67% 41.50%
1. Group Chief Executive remuneration for Stephen A. Carter for 2013 covers the period from 1 September 2013 to 31 December 2013
2. The LTIP award made in 2013 and which vested in 2015 was pro-rated to reflect Stephen A. Carter’s time as CEO-Designate during that year
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
149
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Relative importance of spend on pay
Informa is a people business, dependent on the contributions and expertise of its colleagues around the world. The Group
believes in the importance of investing in colleagues and offering market competitive salaries, as well as flexible benefits
31 December 2020:
2021 2020
Percentage
change
Average total number of colleagues¹ 10,044 10,945 (8.2)%
Aggregate colleague remuneration
1
(£m) £558.9m £553.8m 1.0%
Remuneration per colleague (£) £55,645 £50,598 10.0%
Dividends paid in the year
2
(£m) £nil £nil 0%
1. Figures taken from Note 9 to the Consolidated Financial Statements
2. Figures taken from Note 14 to the Consolidated Financial Statements
Pay ratios
The table below sets out the ratios of the Group Chief Executive to the equivalent pay for the lower quartile, median and upper
quartile UK employees (calculated on a full-time basis).
While the Group Chief Executive is based in the UK, his role and remit are international and the pay ratios required by the
Companies (Miscellaneous Reporting) Requirements 2018 take no account of those colleagues based outside the UK (68% of
total colleagues). The ratios are calculated using total pay and benefits for UK colleagues and the disclosure will build up over
time to cover a rolling 10-year period.
Year Method
1
25th percentile ratio Median ratio 75th percentile ratio
2021 Option A 79.6:1 57.9:1 38.1:1
2020
2
Option A 88.3:1 65.0:1 42.7:1
2019 Option A 100.5:1 74.6:1 47.9:1
1. Calculated as total pay and benefits for all UK colleagues, using the same methodology that is used to calculate those of the Group Chief Executive and on
a full-year and full-time basis
2. The 2020 ratio figures have been restated to reflect the full contractual salary of the Group Chief Executive and UK colleagues together with total pay and
benefits for the year
Year
25th percentile
colleague
Median
colleague
75th percentile
colleague
2021 Salary £30,843 £41,200 £6 0,117
Total pay and benefits £31,130 £44,965 £69,218
The Committee selected Option A as the most appropriate for the Company on the basis that it provides the most robust and
statistically accurate means of identifying the lower quartile, median and upper quartile colleagues and is consistent with the
Group’s pay, reward and progression policies. Base salaries of all colleagues, including the Executive Directors, are set with
reference to a range of factors including market comparators, individual experience and performance in role.
The total compensation calculations for UK colleagues include salary, bonus payments and benefits package, and, where
appropriate, LTIP earnings. The Group Chief Executive comparator figure is that of contractual base pay, benefits, STIP and
long-term incentive awards.
A significant proportion of the Group Chief Executive’s annual remuneration is made up of variable pay linked to performance
and share price growth and so varies year-on-year. The ratios for 2021 have decreased from the previous two years largely
remuneration, reflecting a lower STIP maximum following the introduction of the ERP and elements of the 2019-2021 LTIP and
AIP awards not meeting their performance targets and lapsing in full.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
150
Directors’ Remuneration Report
continued
Single total figure of remuneration for Non-Executive Directors (audited)
The remuneration of the Chair is determined by the Committee in consultation with the Group Chief Executive.
The remuneration of the Non-Executive Directors is determined by the Chair and the Executive Directors within
The fees for the Board Chair and the Non-Executive Directors for 2021 were as follows:
2021 fee (£)
Chair 378,750
Non-Executive Directors 65,295
Additional fees: Audit Committee Chair 13,965
Remuneration Committee Chair 10,525
Senior Independent Director 10,525
The table below shows the actual fees paid to the Non-Executive Directors for the years ended 31 December 2021 and 2020:
Director
2021 2020
(£)
7
(£)
Total fees
8
(£)
Benefits
7
(£)
1
252,144 1,079 74,306 619
Mary McDowell
2
66,621 – 61,214 1,270
Stephen Davidson 75,820 1,299 71,081 950
David Flaschen 65,295 6,165 61,214 6,863
Helen Owers 65,295 1,489 61,214 3,805
Louise Smalley
3
16,324 – – –
Gill Whitehead
4
73,382 383 61,214 191
3
16,324 – – –
Zheng Yin
5
2,721 – – –
Derek Mapp
6
162,183 2,713 355,078 5,209
Gareth Bullock
6
32,467 – 71,081 127
2. Mary McDowell was appointed as Senior Independent Director from 17 November 2021
5. Zheng Yin was appointed to the Board on 20 December 2021
7. Taxable benefits disclosed relate to the reimbursement of taxable relevant travel and accommodation expenses for attending Board meetings and
professional advice and include tax which is settled by the Company. Non-Executive Directors are not eligible to participate in any of the Company’s share
plans or join any Group pension scheme
that period were paid in the form of newly issued shares
Non-Executive Directors’ shareholdings (audited)
Details of the Non-Executive Directors’ interests in shares (including those held by connected persons) at 31 December 2021 and
2020 are set out below:
Non-Executive Director
Shareholding
31 December
2021
Shareholding
31 December
2020
19,716 19,716
Stephen Davidson 7,647 7,647
David Flaschen
1
30,651 10,651
Mary McDowell 9,714 9,714
Helen Owers 8,049 8,049
Louise Smalley 8,000 n/a
Gill Whitehead 4,184 4,184
5,400 n/a
Zheng Yin – n/a
1. David Flaschen holds 23,651 ordinary shares and 3,500 American Depository Receipts (ADRs). One ADR is equivalent to two ordinary shares
There have been no changes to these holdings between 31 December 2021 and the date of this report.
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151
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
OTHER REMUNERATION DISCLOSURES
Directors’ Service Contracts and Letters of Appointment
Details of the service contracts of the Executive Directors and the letters of appointment of the Non-Executive Directors in place
at 31 December 2021 are as follows:
Date of appointment
Date of current service
contract or letter of
appointment
Stephen A. Carter
1
11 May 2010 30 May 2014
Gareth Wright
Patrick Martell 1 March 2021 1 March 2021
1 September 2016
Helen Owers 5 March 2019
Stephen Davidson 1 September 2015 5 March 2019
David Flaschen 1 September 2015 5 March 2019
Mary McDowell
Gill Whitehead 1 August 2019
Louise Smalley 1 October 2021 30 September 2021
1 October 2021 30 September 2021
Zheng Yin 20 December 2021 16 December 2021
1. Stephen A. Carter was appointed as a Non-Executive Director on 11 May 2010, CEO-Designate on 1 September 2013 and became Group Chief Executive on
1 December 2013
The Executive Directors have rolling service contracts with the Company which have notice periods of 12 months on either side.
The Company may terminate an Executive Director’s appointment with immediate effect without notice or payment in lieu of
notice under certain circumstances, prescribed within the Executive Director’s service contract.
The letters of appointment for the Non-Executive Directors do not contain fixed term periods. The Non-Executive Directors are
appointed in the expectation that they will serve for a maximum of nine years subject to re-election at AGMs. In accordance with
the Code, all continuing Directors stand for election or re-election by the Company’s Shareholders on an annual basis.
The service contracts of the Executive Directors and letters of appointment of the Non-Executive Directors are available for
inspection at the registered office during normal business hours and at the AGM.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
152
Directors’ Remuneration Report
continued
Change in Directors’ pay in comparison to that of Informa Colleagues
The following table shows the percentage change in salary, benefits and bonus from 2020 to 2021 and from 2019 to 2020 for the
Directors compared to the average earnings of UK colleagues:
2020-2021 change 2019-2020 change
Salary
1
% Benefits % Bonus % Salary
1
% Benefits % Bonus %
Stephen A. Carter (Group Chief Executive) 0.0 (29.3) (5.1) 0.0 (24.8) (26.1)
Gareth Wright (Group Finance Director) 0.0 0.5 10.7 0.0 8.9 (22.1)
Patrick Martell (Group Chief Operating Officer) n/a n/a n/a n/a n/a n/a
2
239.3 74.4 n/a 0.0 (82.5) n/a
Mary McDowell
3
2.1 (100) n/a 0.0 (70.0) n/a
Stephen Davidson 0.0 36.7 n/a 0.0 (69.5) n/a
David Flashen 0.0 (10.2) n/a 0.0 (43.2) n/a
Helen Owers 0.0 (60.9) n/a 0.0 (39.4) n/a
Louise Smalley n/a n/a n/a n/a n/a n/a
Gill Whitehead
4
19.9 100.6 n/a 0.0 (41.6) n/a
n/a n/a n/a n/a n/a n/a
Zheng Yin n/a n/a n/a n/a n/a n/a
All UK colleagues 6.7 (8.3) 30.5 1.8 (3.2) (37.4)
1. These calculations have been made using the contractual base pay of the Executive Directors and fees for the Non-Executive Directors and do not take
into account the voluntary salary sacrifice of 33% made by Stephen A. Carter and Gareth Wright for the first full COVID-19 lockdown period in 2020 or the
25% voluntary reduction in fees taken by the Non-Executive Directors over the same period. UK colleague data includes increases for promotions and
market adjustment made during the periods
3. Mary McDowell was appointed as Senior Independent Director from 17 November 2021
Statement of Shareholder Voting at General Meetings
The table below provides details of the votes of Shareholders in respect of the Directors’ Remuneration Policy at a General
Votes for
Number %
Votes against
Number %
Total votes
cast
Votes withheld
(abstentions)
2021-2023 Directors’ Remuneration Policy 694,307,564 59.43 473,876,836 40.57 1,168,184,400 18,893,941
Annual Report on Remuneration 468,963,296 38.26 756,720,147 61.74 1,225,683,443 10,642,276
Since the 2021 AGM, the Company has initiated a period of intensive engagement to better understand the range of different
views among our Shareholders and an outline of that engagement is set out on pages 139 and 140.
Dilution limits
Informa complies with the Investment Association’s Principles of Remuneration which provide that overall dilution under all of
the Company’s share incentive schemes must not exceed 10% of the issued share capital in any rolling 10-year period, with a
further limitation of 5% in any 10-year period for executive plans.
These limits are monitored regularly. Any awards satisfied by market purchased shares are excluded from such calculations.
Share awards under all current incentive plans are within the relevant dilution limits.
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
How we intend to implement the Directors’ Remuneration Policy in 2022
A summary of how the Committee intends to apply the Directors’ Remuneration Policy (the Policy) for the year ending
31 December 2022 is set out below.
Base Salary and Fees
In December 2021 the Committee reviewed the remuneration arrangements for the Board Chair and Executive Directors against
the following comparator groups:
• FTSE 100 companies (excluding financial services and resources companies
• Media peer group (companies within the FTSE 100 or just below)
• FTSE companies with a similar market capital (excluding financial services and resources companies)
increases for the previous few years have been at 1% or below. The Committee acknowledged that existing base salaries were
below market median for the Group Chief Executive, and closer to the lower quartile for the Group Finance Director, and did
remuneration arrangements remaining fair and competitive. As a result, the Committee determined that the base salaries of the
salary of the Group Finance Director would increase by 6%, effective the same date. The base salaries payable during 2022
Stephen A. Carter £875,800
Gareth Wright £509,000
Patrick Martell £436,800
The annual budgeted salary increase for UK colleagues for 2022 is expected to be around 4%–4.5% with variations depending on
Operating Division and/or businesses area. Individual increases will typically range between 3.5% and 7%, excluding additional
salary increases for promotions.
Similarly, the Board determined that the fees payable to the Board Chair and the Non-Executive Directors also increase by 4% to
Chair £394,000
Non-Executive Directors £68,000
Additional fees:
£14,550
£10,950
£10,950
Retirement Benefits
Executive Directors appointed prior to 23 December 2020 will continue to receive a cash payment of 25% of basic salary towards
retirement plan contributions during 2022. As detailed in the Policy approved in December 2020, the retirement benefits for
these incumbent Executive Directors will be reduced to the level of the relevant colleague community by the end of 2022.
The retirement benefit for any new Executive Director appointed after 23 December 2020, including Patrick Martell, will be
aligned with the relevant colleague community from appointment.
Annual Bonus
As in 2021, the maximum annual bonus opportunity for all Executive Directors in 2022 will be 100% of base salary, payable in
cash, in line with the Policy approved in December 2020.
Given the continuing disruption and uncertainty from the pandemic on the business, the Committee determined that a similar
approach to annual bonus measures should be adopted for 2022 as was effectively used in 2021, i.e. a Balanced Scorecard, with
five objectives in each of four categories appropriate for the year ahead; where each objective is worth 5% and each category
worth a maximum of 25% of the award.
The specific categories for 2022 will be as follows:
• Financial Performance – 25%
• Digital Growth and Transformation – 25%
• Shareholder Returns and Shareholder Value – 25%
• Sustainability and Culture – 25%
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
15 4
Directors’ Remuneration Report
continued
As they relate to the 2022 financial year, the targets themselves are commercially sensitive. Retrospective disclosure of the
targets and performance against them will be provided in the 2022 Annual Report, unless they remain commercially sensitive
There will be no payment of an annual bonus if performance falls below expected standards. Further details on individual
objectives and outcomes will be provided at the end of the performance period in the 2022 Annual Report.
2021-2023 ERP
the Executive Directors, an upfront ERP award for all three years of the plan: 2021, 2022 and 2023. The ERP awards were equal to
200% of base salary per annum for the Group Chief Executive, 135% of base salary per annum for the Group Finance Director
and 125% of base salary per annum for the Group Chief Operating Officer.
Participants in the ERP gain a beneficial interest in the ERP award in three tranches, the first tranche in 2021, the second in 2022
and the third in 2023. Each tranche has a three-year vesting period, followed by a two-year holding period, with the first tranche
following underpinning conditions:
Shareholder value underpin: If, on the date when an award is due to vest, the Informa share price is not above 545.40p, the
award will not vest until the share price exceeds that price for a period of at least three months. If this has not been achieved
within two years from the original vesting date, no shares will vest and the award will lapse.
Shareholding commitment: The Group Chief Executive is required to hold shares or exercisable options equal to 400% of base
salary and the Group Finance Director and any new Executive Directors are required to hold shares or exercisable options equal
to 275% of base salary. Incumbent Executive Directors are expected to meet this shareholding requirement within five years
Post-employment holding commitment: Executive Directors are required to retain a shareholding of 150% of their final base
salary for two years after resignation.
Malus and clawback: Existing malus and clawback provisions continue to apply to awards under the ERP, as do all good/bad
leaver provisions.
No further ERP awards will be granted to the Executive Directors until 2024.
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Information Pages
Future business developments 4 to 99
Risk factors and principal risks 68 to 79
Colleague policies and engagement 32 to 36
Stakeholder engagement – suppliers, customers and others 37 to 45
Greenhouse gas emissions and climate change 67 and 80 to 82
Viability and going concern statements 83 to 85
Section 172 statement 46 to 48
Governance arrangements 100 to 158
Long-term incentive arrangements 132 to 155
Financial instruments, financial risk management objectives
and policies 219 to 228
Post balance sheet events 246
Dividends 201
Name Role
Effective date of
appointment/departure
Appointments
Patrick Martell Executive Director 1 March 2021
Louise Smalley Non-Executive Director 1 October 2021
Joanne Wilson Non-Executive Director 1 October 2021
Zheng Yin Non-Executive Director 20 December 2021
Departures
Derek Mapp Board Chair 3 June 2021
Gareth Bullock Senior Independent Director 3 June 2021
ARTICLES OF ASSOCIATION
The Company’s Articles of Association (the Articles) were amended at the AGM in June 2020 and contain, among others,
provisions on the rights and obligations attached to the Company’s shares. The Articles may only be amended by special
resolution at a general meeting of Shareholders and are available on the Company’s website at www.informa.com
DIRECTORS
The names and biographical details of Informa’s Directors and details of their Board Committee memberships are on pages 104
to 107. All Directors will offer themselves for election or re-election at the 2022 AGM.
Changes to the Directors during the year and up to the date of this Annual Report are set out below:
This section contains the remaining
matters that the Directors are required
Appointment and Replacement of Directors
The rules for appointing and replacing Directors are set out in
the Articles. Directors can be appointed by ordinary resolution
of the Company or by the Board. The Company can remove a
Director from office by passing an ordinary resolution or by
notice being given by all other Directors.
Directors’ Interests
The Directors’ Remuneration Report on pages 132 to 155
contains details of the remuneration paid to the Directors,
their interests in the shares of the Company and any awards
granted to the Executive Directors under any of the
Company’s all-colleague or executive share schemes.
The Directors’ Remuneration Report also summarises the
Executive Directors’ service agreements and the Non-
Executive Directors’ letters of appointment. These are also
available for inspection at the Company’s registered office.
No Director had a material interest in any contract in relation
to the Company’s business at any time during the year.
Powers of the Directors
The powers of the Directors are set out in the Articles and
allow the Board to exercise all the powers of the Company.
The Company may by ordinary resolution authorise the Board
to issue shares and increase, consolidate, subdivide and
cancel shares in accordance with its Articles and English law.
Directors’ Indemnities
To the extent permitted by English law and the Articles, the
Company has agreed to indemnify the Directors in respect of
any liability arising from or in connection with the execution
occupational pension scheme for colleagues. The indemnity
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
156
Other Statutory Information
would not provide coverage where the Director is proved
purchases and maintains Directors’ and Officers’ insurance
cover against certain legal liabilities and the costs of claims
officers in the execution of their duties.
SHARE CAPITAL
Informa PLC is a public company limited by shares and
incorporated in England and Wales. It has a premium listing
The Company has one class of shares being ordinary shares of
0.1p each, all of which are fully paid. As at 31 December 2021,
the Company’s issued share capital comprised 1,503,112,804
ordinary shares of 0.1p each. During the year, the Company
issued 975,000 ordinary shares to satisfy long-term incentive
Financial Statements.
At the 2021 AGM, the Directors were granted authority to
make market purchases of up to 10% of issued share capital
during 2021; however between 14 February 2022 and the date
of this report the Company repurchased 17,030,288 shares for
cancellation. The authority to buy back shares will expire at
the conclusion of the 2022 AGM, when the Directors intend to
propose that it is renewed.
Rights and Obligations Attaching to Shares
The rights attaching to the Company’s ordinary shares are
Subject to relevant legislation, any share may be issued with
or have attached to it such preferred, deferred or other
special rights and restrictions as the Company may decide by
ordinary resolution, or, if no such resolution is in effect, as the
Board may decide so far as the resolution does not make
specific provision. No such resolution is currently in effect.
The Company may pass an ordinary resolution to declare
to the recommendation of the Board as to the amount.
On liquidation, holders of ordinary shares may share in the
assets of the Company. Holders of ordinary shares are also
entitled to receive the Company’s Annual Report and, subject
to certain thresholds being met, may requisition the Board to
convene a general meeting or propose resolutions at AGMs.
None of the ordinary shares carry any special rights with
regard to control of the Company.
Voting Rights
Holders of ordinary shares are entitled to attend and speak at
general meetings of the Company and to appoint one or more
proxies or, if the holder of shares is a corporation, to appoint a
corporate representative.
On a show of hands, each holder of ordinary shares who is
present in person, or if a corporation is present by a duly
appointed corporate representative who is not themselves a
member, has one vote. On a poll, every holder of ordinary
shares present in person or by proxy has one vote for every
share of which they are the holder.
Electronic and paper proxy appointments and voting
instructions must be received no later than 48 hours before
entitlement to vote at general meetings where that holder has
been served with a disclosure notice and has failed to provide
the Company with information concerning interests held in
those shares.
Except as set out above and as permitted under applicable
statutes, there are no limitations on voting rights of holders
exercising voting rights.
Restrictions on Transfer of Securities in the Company
There are no restrictions on the transfer of securities in the
Company, except that:
• The Directors may from time to time refuse to register
provided it meets the requirements given under the Articles
• Transfers of uncertificated shares must be carried out using
CREST, and the Directors can refuse to register a transfer of
an uncertificated share, in accordance with the regulations
governing the operation of CREST
• Legal and regulatory restrictions may be put in place from
time to time, for example, insider-trading laws
• In accordance with the Listing Rules of the Financial
Conduct Authority (FCA), the Directors and certain
Company’s shares
• Where a Shareholder with at least a 0.25% interest in the
Company’s certificated shares has been served with a
disclosure notice and has failed to provide the Company
with information concerning interests in those shares
• The Directors may decide to suspend the registration of
transfers for up to 30 days a year by closing the register
registration of transfers of any uncertificated shares
without obtaining consent from CREST
There are no agreements between holders of ordinary
restrictions on the transfer of securities or on voting rights.
Shares Held on Trust
From time to time, shares are held by a trustee in order to
satisfy entitlements of colleagues to shares under the Group’s
share schemes. The shares held by the trusts do not have
While these shares are held on trust, their rights are not
exercisable directly by the relevant colleagues. The current
arrangements concerning trusts and their shareholdings in
the Company are set out in Note 36 to the Consolidated
Financial Statements.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
157
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
SUBSTANTIAL SHAREHOLDINGS
At 31 December 2021, the Company had received notice of
share capital, in accordance with the FCA’s Disclosure and
Transparency Rules (DTR 5). All notifications made to the
Company under DTR 5 are published on a Regulatory
Information Service and made available on the
Shareholder % shareholding
BlackRock, Inc. 5.92%
Bank of America Corporation 5.65%
Newton Investment Management Limited 4.93%
Generation Investment Management 4.89%
APG Asset Management N.V. 4.55%
Lazard Asset Management LLC 4.30%
Artemis Investment Manager LLP 3.59%
Invesco Ltd 3.55%
Between 31 December 2021 and the date of this Annual
Report the Company has been notified of the following
change in substantial shareholdings:
Shareholder % shareholding
Bank of America Corporation 6.62%
CHANGE OF CONTROL
There are no significant agreements to which the Company is
a party that take effect, alter or terminate upon a change of
control following a takeover bid, except for the Group’s
principal borrowings described in Note 29 to the Consolidated
Financial Statements.
The Company does not have agreements with any Director
office or employment resulting from a change of control
schemes and plans may cause options and awards granted
POLITICAL DONATIONS
Neither the Company nor the Group made any political
donations during 2021 or 2020.
OVERSEAS BRANCHES
The Company operates branches in Australia, China,
Switzerland, Taiwan, the UAE, the US and Vietnam.
AUDIT AND AUDITOR
Each of the Directors at the date of approval of this report
confirms that:
• To the best of their knowledge there is no relevant audit
information that has not been brought to the attention of
the auditor
• They have taken all steps required of them to make
themselves aware of any relevant audit information and
This confirmation is given and should be interpreted in
accordance with the provisions of section 418 of the
Companies Act 2006.
Deloitte LLP has indicated its willingness to continue in
Committee, a resolution to reappoint Deloitte as the
Company’s auditor will be proposed at the 2022 AGM.
The Directors’ Report was approved by the Board on
Rupert Hopley
General Counsel and Company Secretary
Informa PLC
Company Number: 08860726
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
158
Other Statutory Information
continued
The Directors are responsible for preparing the Annual
Report, the Directors’ Remuneration Report and the financial
statements in accordance with applicable law and regulations.
Company law requires the Directors to prepare financial
statements for each financial year. Under that law the
Directors are required to prepare the Group financial
statements in accordance with International Accounting
Standards in conformity with the requirement of the
Companies Act 2006. The Directors have also elected to
prepare the Parent Company financial statements in
accordance with Financial Reporting Standard 101 Reduced
Disclosure Framework.
Under company law the Directors must not approve the
financial statements unless they are satisfied that they give a
true and fair view of the state of affairs of the Group and the
Company and of the profit or loss of the Group and the
Company for that period.
In preparing the Parent Company financial statements, the
Directors are required to:
• Select suitable accounting policies and then apply
• Make judgements and accounting estimates that are
reasonable and prudent
• State whether Financial Reporting Standard 101 Reduced
Disclosure Framework has been followed, subject to any
material departures disclosed and explained in the
• Prepare the financial statements on the going concern basis
unless it is inappropriate to presume that the Company will
continue in business
In preparing the Group financial statements, International
Accounting Standard 1 requires that Directors:
• Properly select and apply accounting policies
• Present information, including accounting policies, in a
manner that provides relevant, reliable, comparable and
understandable information
• Provide additional disclosures when compliance with the
specific requirements in IFRS Standards are insufficient
transactions, other events and conditions on the entity’s
financial position and financial performance
• Make an assessment of the Company’s ability to continue as
a going concern
The Directors are responsible for keeping adequate
accounting records that are sufficient to show and explain
accuracy at any time the financial position of the Company
and the Group. This will enable them to ensure that the
financial statements and the Directors’ Remuneration
responsible for safeguarding the assets of the Company and
the Group and hence for taking reasonable steps for the
The Directors are responsible for the maintenance and
integrity of the corporate and financial information included
preparation and dissemination of financial statements may
differ from legislation in other jurisdictions.
In accordance with DTR 4.1.12R, each of the Directors, whose
names and roles appear on pages 104 to 107, confirm that, to
the best of their knowledge:
• The Consolidated Financial Statements, which have been
prepared in accordance with the relevant financial reporting
framework, give a true and fair view of the assets, liabilities,
financial position and profit of the Parent Company and the
Group, taken as a whole
• The Management Report (which includes the Strategic
Report and the Directors’ Report) includes a fair review of
the development and performance of the business and the
position of the Parent Company and the Group, together
with a description of the principal risks and uncertainties
that it faces
• The Annual Report and financial statements, taken as a
whole, is fair, balanced and understandable and provides
the information necessary for Shareholders to assess the
Company and the Group’s position, performance, business
model and strategy
Approved by the Board on 14 March 2022 and signed on its
behalf by
Gareth Wright
Group Finance Director
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
159
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Statement of Directors’ Responsibilities
REPORT ON THE AUDIT OF THE FINANCIAL STATEMENTS
1. Opinion
In our opinion:
• The financial statements of Informa PLC (the Parent Company) and its subsidiaries (the Group) give a true and fair view of
then ended
• The Group financial statements have been properly prepared in accordance with United Kingdom adopted international
accounting standards
• The Parent Company financial statements have been properly prepared in accordance with United Kingdom Generally
•
We have audited the financial statements which comprise:
• the Consolidated Income Statement
• the Consolidated Statement of Comprehensive Income
• the Consolidated and Parent Company Statements of Changes in Equity
• the Consolidated and Parent Company balance sheets
• the Consolidated Cash Flow Statement
•
•
The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law
and United Kingdom adopted international accounting standards. The financial reporting framework that has been applied in
the preparation of the Parent Company financial statements is applicable law and United Kingdom Accounting Standards,
Accepted Accounting Practice).
2. Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
We are independent of the Group and the Parent Company in accordance with the ethical requirements that are relevant to our
listed public interest entities, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
The non-audit services provided to the Group and Parent Company for the year are disclosed in Note 7 to the Consolidated
the Group or the Parent Company.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
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INFORMA PLC
Independent Auditor’s Report to the Members of Informa PLC
3. Summary of our audit approach
Key audit matters We have identified the recoverability of the carrying value of goodwill in Informa Markets, Informa Connect and
Informa Tech as a key audit matter. The risk level ascribed to this key audit matter is consistent with the prior year.
Materiality
Scoping We performed full scope audits or an audit of specified balances and transactions at the principal business units,
cases loss making nature, of individual business units.
Significant changes in
We have noted a key audit matter in the prior year in relation to the timing and recognition of subscriptions revenue.
recognition of subscriptions revenue and the history of error associated with the balance. On the basis of these
considerations, we have not identified the timing and recognition of subscriptions revenue as a key audit matter.
4. Conclusions relating to going concern
preparation of the financial statements is appropriate.
basis of accounting included:
•
• An assessment of the historical accuracy of forecasts prepared by management
•
• Consideration of the financing facilities available, including the nature of these facilities and associated terms, the availability
of future financing and repayment terms of financing already in place
•
• Consideration of the appropriateness of the disclosures included within the Consolidated Financial Statements in respect of
going concern
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that,
In relation to the reporting on how the Group has applied the UK Corporate Governance Code, we have nothing material to add
appropriate to adopt the going concern basis of accounting.
of this report.
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
5. Key audit matters
statements of the current period and include the most significant assessed risks of material misstatement (whether or not due
to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the
allocation of resources in the audit; and directing the efforts of the engagement team.
thereon, and we do not provide a separate opinion on this matter.
5.1 Recoverability of Carrying Value of Goodwill in Informa Markets, Informa Connect and Informa Tech
Key audit matter
description
Management perform its impairment assessment in respect of goodwill on a divisional basis by aggregating the cash
valuation date.
The Informa Markets, Informa Tech and Informa Connect CGUs have been most affected by the economic disruption
continued uncertainty in the markets in which they operate. Informa Markets, Informa Tech and Informa Connect will be
applied beyond the final year of the forecast using growth factors and discount rates applicable for each CGU.
growth rates and discount rates.
We considered the recoverability of the carrying value of goodwill in the Relevant CGUs as a key audit matter due to the
Consolidated Financial Statements.
How the scope of our
audit responded to the
key audit matter
audit procedures, including:
• Obtaining an understanding of the basis of preparation of the cash flow forecasts used in the impairment review,
including the associated governance process for their compilation and approval, and obtaining an understanding of
relevant controls within the impairment review process
• Assessing the inherent control risk associated with management estimations, including the reliability of its data sources,
assumptions, cash flow forecasts and impairment models
• Assessing recent forecasting accuracy against actual performance and challenging the basis on which management was
• Further challenging the cash flow forecasts used within the impairment model based on our understanding of the
performance of physical events that have run in that year
•
• Working with our internal valuation specialists to assess the appropriateness of the key assumptions including the
principles of accounting standards
•
within the impairment model for the CGU, and assessing whether the breakeven scenarios represented reasonably
possible changes in the key assumptions
•
Key observations Based on the audit procedures performed we concluded that the assumptions management had applied in its impairment
reviews and the overall conclusions from its reviews were reasonable.
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Independent Auditor’s report to the members of Informa PLC
continued
6. Our application of materiality
6.1 Materiality
We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic
decisions of a reasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope
of our audit work and in evaluating the results of our work.
Group financial statements Parent Company financial statements
Materiality
Basis for determining
materiality
one-off finance costs.
Given the quantum of the net assets on the Parent
Company balance sheet we have capped materiality to
Rationale for the
benchmark applied
one-off finance costs to use a profit measure also used by
analysts and other users of the financial statements, and
with current cash flows.
In both years, to reflect the continued impact of the
event portfolio during the year, we continue to apply the
the items above as our benchmark.
Net assets is typically considered an appropriate
benchmark for materiality as the Parent Company
•
£345m Adjusted PBT (3 year average)
•
£20m Group materiality
••
£8.9m to £4.2m Component materiality range
•
£1.0m Audit Committee reporting threshold
6.2 Performance Materiality
We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and
Group financial statements Parent Company financial statements
Performance
materiality
Basis and rationale
performance
materiality
In determining performance materiality, we considered the outcome of our risk assessment and our assessment of the
6.3 Error Reporting Threshold
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
7. An overview of the scope of our audit
7.1 Identification and Scoping of Components
Our Group audit was scoped by obtaining an understanding of the Group and its environment, including Group-wide controls,
Based on our assessment, we performed either a full scope audit or an audit of specified balances and transactions at the
principal business units within the shared services centres in Colchester (UK), Sarasota, Florida (US), Cleveland, Ohio (US),
The business units in scope for the current year audit were selected based on the relative contributions of individual business
individual business unit. Accordingly, there have been changes to the business units in scope compared with the prior year.
Significant changes include the specified audit procedures performed on Novantas, Inc. as part of the business acquisition
considered financially significant.
The Parent Company is located in the UK and audited directly by the Group audit team.
The in-scope locations (those at which a full scope audit or an audit of specified balances and transactions were performed
operating profit. This is detailed further in the graphs below:
Revenue Adjusted operating profit
•
59% Full audit scope
•
17%
•
24%
•
51% Full audit scope
•
18%
•
31%
the profitability, and in some cases loss making nature, of individual business units.
16 4
INFORMA PLC
Independent Auditor’s report to the members of Informa PLC
continued
7.2 Our Consideration of the Control Environment
Where IT access controls were found not to be operating effectively throughout the year, additional procedures were performed
to mitigate the risk that access could have been gained to the financial reporting systems. As such, we were able to rely upon the
IT controls associated with both ERP systems.
number of other ERP systems are used by the Group, including by certain business units within the scope of our audit in both
China and the US.
Through our walkthroughs and understanding of the entity and the controls at the business cycle and account balance levels, we
tested the controls within the order-to-cash cycle for certain revenue streams, and the controls within the record to report and
7.3 Our Consideration of Climate-Related Risks
financial statements. The Group continues to develop its assessment of the potential impacts of climate change which is
currently modelled upon four scenarios: a business-as-usual scenario, a Blue World, a Green World A scenario and a Green
to understand the process of identifying climate-related risks and opportunities, the determination of mitigating actions and the
and classes of transaction. Our procedures were performed with the involvement of our climate change and sustainability
specialists and included reading disclosures included in the Strategic Report to consider whether they are materially consistent
with the financial statements and our knowledge obtained in the audit.
7.4 Working with Other Auditors
outside the UK. Through the use of video conferencing and other digital platforms we were, however, able to maintain regular
communications with all component teams and have therefore continued to maintain appropriate direction and oversight.
For each component, we included the component audit team in our team briefings, to discuss the audit instructions and our
Group risk assessment including our assessment of the risk of fraud, to confirm their understanding of the business, and to
discuss their local risk assessment. Throughout the audit, we maintained regular contact in order to support and direct their
audit approach. We also attended (via video conference) local audit close meetings with local management, performed remote
reviews of audit working papers where considered necessary, and reviewed component auditor reporting to us detailing the
findings from their work.
At the Group level, we also tested the consolidation process and carried out analytical procedures to confirm our conclusion that
there were no significant risks of material misstatement in the aggregated financial information of the remaining components
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
8. Other information
The other information comprises the information included in the Annual Report, other than the financial statements and our
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially
inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to
If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this
gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we
conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
9. Responsibilities of directors
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether
realistic alternative but to do so.
10. Auditor’s responsibilities for the audit of the financial statements
financial statements.
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Independent Auditor’s report to the members of Informa PLC
continued
11. Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with
11.1 Identifying and Assessing Potential Risks Related to Irregularities
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with
laws and regulations, we considered the following:
•
• Results of our enquiries of management, Internal Audit and the Audit Committee about their own identification and
assessment of the risks of irregularities
•
– identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of
non-compliance
– detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud
– the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations
• The matters discussed among the audit engagement team including significant component audit teams and relevant internal
might occur in the financial statements and any potential indicators of fraud.
and identified the greatest potential for fraud in the recoverability of the carrying value of goodwill in Informa Markets, Informa
under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.
We also obtained an understanding of the legal and regulatory frameworks that the Group operates in, focusing on provisions of
those laws and regulations that:
• had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and
legislation
•
167
INFORMA PLC
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
11.2 Audit Response to Risks Identified
As a result of performing the above, we identified the recoverability of the carrying value of goodwill in Informa Markets,
Informa Tech and Informa Connect as a key audit matter related to the potential risk of fraud. The key audit matter section of our
In addition to the above, our procedures to respond to risks identified included the following:
• Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions
of relevant laws and regulations described as having a direct effect on the financial statements
• Enquiring of management, the Audit Committee and in-house legal counsel concerning actual and potential litigation and claims
•
misstatement due to fraud
• Reading minutes of meetings of those charged with governance and reviewing Internal Audit reports
•
•
and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members
including internal specialists and significant component audit teams, and remained alert to any indications of fraud or non-
compliance with laws and regulations throughout the audit.
REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS
12. Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
•
are prepared is consistent with the financial statements
•
In the light of the knowledge and understanding of the Group and the Parent Company and their environment obtained in the
13. Corporate Governance Statement
Code specified for our review.
Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate
Governance Statement is materially consistent with the financial statements and our knowledge obtained during the audit:
•
•
•
•
• the section of the Annual Report that describes the review of effectiveness of risk management and internal control systems
•
168
INFORMA PLC
Independent Auditor’s report to the members of Informa PLC
continued
14. Matters on which we are required to report by exception
14.1 Adequacy of Explanations Received and Accounting Records
•
• Adequate accounting records have not been kept by the Parent Company, or returns adequate for our audit have not been
received from branches not visited by us; or
• The Parent Company financial statements are not in agreement with the accounting records and returns
We have nothing to report in respect of these matters.
14.2 Directors’ Remuneration
records and returns.
We have nothing to report in respect of these matters.
15. Other matters which we are required to address
15.1 Auditor Tenure
15.2 Consistency of the Audit Report with the Additional Report to the Audit Committee
Our audit opinion is consistent with the additional report to the Audit Committee we are required to provide in accordance
16. Use of our report
for the opinions we have formed.
statements form part of the European Single Electronic Format (ESEF) prepared Annual Financial Report filed on the National
provides no assurance over whether the annual financial report has been prepared using the single electronic format specified
in the ESEF RTS.
Anna Marks FCA (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London
169
INFORMA PLC
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
FINANCIAL
STATEMENTS
171
Consolidated Income Statement
172
Consolidated Statement of Comprehensive Income
173
Consolidated Statement of Changes in Equity
174
Consolidated Balance Sheet
175
Consolidated Cash Flow Statement
176
Notes to the Consolidated Financial Statements
247
Parent Company Balance Sheet
248
Parent Company Statement of Changes in Equity
249
Notes to the Parent Company Financial Statements
255
Glossary of Terms: Alternative Performance Measures
257
Five-Year Summary
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
170
Notes
Adjusted
results
2021
£m
Adjusting
items
2021
£m
Statutory
results
2021
£m
Adjusted
results
2020
1
£m
Adjusting
items
2020
£m
Statutory
results
2020
1
£m
Revenue 5 1,798.7 – 1,798.7 1,660.8 – 1,660.8
Net operating expenses 7 (1,413.3 ) (294.6 ) (1,707.9 ) (1,395.0 ) (1,148.2 ) (2,543.2 )
Operating profit/(loss) before joint ventures
and associates 385.4 (294.6 ) 90.8 265.8 (1,148.2 ) (882.4 )
Share of results of joint ventures and associates 20 3.0 – 3.0 0.8 – 0.8
Operating profit/(loss) 388.4 (294.6 ) 93.8 266.6 (1,148.2 ) (881.6 )
Profit/(loss) on disposal of subsidiaries
21 – 111.1 111.1 – (8.4 ) (8.4 )
Finance income 11 5.7 – 5.7 7.0 8.3 15.3
Finance costs 12 (73.5 ) – (73.5 ) (104.4 ) (161.8 ) (266.2 )
Profit/(loss) before tax 320.6 (183.5 ) 137.1 169.2 (1,310.1 ) (1,140.9 )
Tax (charge)/credit 13 (54.5 ) 5.6 (48.9 ) (25.4 ) 127.7 102.3
Profit/(loss) for the year 266.1 (177.9 ) 88.2 143.8 (1,182.4 ) (1,038.6 )
Attributable to:
15 251.8 (173.9 ) 77.9 139.9 (1,182.4 ) (1,042.5 )
37 14.3 (4.0 ) 10.3 3.9 – 3.9
Earnings per share
15 16.8 5.2 9.9 (73.4 )
15 16.7 5.2 9.8 (73.4 )
All amounts in 2021 and 2020 relate to continuing operations.
171
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Consolidated Income Statement for the year ended 31 December 2021
Notes
2021
£m
2020
1
£m
Profit/(loss) for the year 88.2 (1,038.6 )
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of the net retirement benefit pension obligation 34 69.2 (47.6 )
Tax (charge)/credit relating to items that will not be reclassified to profit or loss (10.3 ) 8.3
Total items that will not be reclassified subsequently to profit or loss 58.9 (39.3 )
Items that may be reclassified subsequently to profit or loss:
Exchange gain/(loss) on translation of foreign operations 1.2 (46.2 )
Exchange gain/(loss) on net investment hedge 48.2 (13.0 )
Loss on derivatives in net investment hedging relationships (42.4 ) (42.0 )
Cash flow hedges:
Fair value (loss)/gain arising on hedging instruments (37.0 ) 11.9
Less: gain/(loss) reclassified to profit or loss 91.5 (13.0 )
Movement in cost of hedging reserve (2.4 ) 1.3
(1.9 ) 11.9
Total items that may be reclassified subsequently to profit or loss 57.2 (89.1 )
Other comprehensive income/(expense) for the year 116.1 (128.4 )
Total comprehensive income/(expense) for the year 204.3 (1,167.0 )
Total comprehensive income/(expense) attributable to:
191.3 (1,170.8 )
13.0 3.8
172
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Consolidated Statement of Comprehensive Income for the year ended 31 December 2021
Share
capital
£m
Share
premium
account
£m
Translation
reserve
£m
Other
reserves
1,4
£m
Retained
earnings
2
£m
Total
£m
controlling
interests
£m
Total
2
£m
At 1 January 2020 (restated) 1.3 905.3 (121.2 ) 1,968.6 2,874.9 5,628.9 196.1 5,825.0
Loss for the year – – – – (1,042.5 ) (1,042.5 ) 3.9 (1,038.6 )
Exchange gain on translation of
foreign operations – – (46.1 ) – – (46.1 ) (0.1 ) (46.2 )
Exchange loss on net investment
hedge – – (13.0 ) – – (13.0 ) – (13.0 )
Loss arising on derivative hedges – – (42.0 ) 0.2 – (41.8 ) – (41.8 )
Actuarial loss on defined benefit
pension schemes – – – – (47.6 ) (47.6 ) – (47.6 )
Tax relating to components of other
comprehensive income – – 11.9 – 8.3 20.2 – 20.2
Total comprehensive (expense)/
income for the year – – (89.2 ) 0.2 (1,081.8 ) (1,170.8 ) 3.8 (1,167.0 )
interests – – – – – – (13.6 ) (13.6 )
Share award expense – – – 11.2 – 11.2 – 11.2
Issue of share capital 0.2 973.5 – – – 973.7 – 973.7
Own shares purchased – – – (1.3 ) – (1.3 ) – (1.3 )
Transfer of vested LTIPs – – – (4.9 ) 4.9 – – –
– – – – 9.3 9.3 (9.3 ) –
At 31 December 2020 (restated) 1.5 1,878.8 (210.4 ) 1,973.8 1,807.3 5,451.0 177.0 5,628.0
Profit for the year – – – – 77.9 77.9 10.3 88.2
Exchange gain on translation of
foreign operations – – (1.5 ) – – (1.5 ) 2.7 1.2
Exchange loss on net investment
hedge – – 48.2 – – 48.2 – 48.2
Gain arising on derivative hedges – – (42.4 ) 52.1 – 9.7 – 9.7
Actuarial gain on defined benefit
pension schemes – – – – 69.2 69.2 – 69.2
Tax relating to components of other
comprehensive income – – (1.9 ) – (10.3 ) (12.2 ) – (12.2 )
Total comprehensive income/
(expense) for the year – – 2.4 52.1 136.8 191.3 13.0 204.3
interests – – – – – – (8.6 ) (8.6 )
Share award expense – – – 15.0 – 15.0 – 15.0
Transaction costs associated with
share issuances – (0.2 ) – – – (0.2 ) – (0.2 )
Own shares purchased – – – (2.5 ) – (2.5 ) – (2.5 )
Transfer of vested LTIPs – – – (10.4 ) 10.4 – – –
– – – – 1.5 1.5 (1.5 )
3
interest – – – – 101.7 101.7 108.2
3
At 31 December 2021 1.5 1,878.6 (208.0 ) 2,028.0 2,057.7 5,757.8 288.1 6,045.9
1. Restated for reclassification of hedging reserves (see Note 4)
relates to Novantas, Inc. (see Note 18)
4. See Note 36
173
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Consolidated Changes in Equity for the year ended 31 December 2021
Notes
At 31
December
2021
£m
At 31
December
2020
1
£m
At 1
January
2020
1
£m
Non-current assets
Goodwill 16 5,717.0 5,576.6 6,144.4
Other intangible assets 17 2,883.6 3,077.3 3,421.4
19 41.5 49.1 69.0
Right of use assets 38 199.3 209.9 264.4
Investments in joint ventures and associates 20 29.1 20.0 19.8
Other investments 20 6.1 7.3 10.1
Deferred tax assets 22 0.7 11.2 9.4
Retirement benefit surplus 34 15.5 – 4.9
Finance lease receivables 38 4.5 6.4 13.0
Other receivables 23 23.7 20.2 27.8
Derivative financial instruments 24 3.4 44.6 3.9
Current assets
Inventory 25 27.4 31.3 38.5
Trade and other receivables 23 358.8 358.1 476.1
Current tax asset 0.3 4.9 8.9
28 884.8 299.4 195.1
Finance lease receivables 38 1.9 1.5 2.3
Derivative financial instruments – – 1.0
Total assets 10,197.6 9,717.8 10,710.0
Current liabilities
– – (152.2 )
Lease liabilities 38 (30.0 ) (33.4 ) (34.2 )
Derivative financial instruments 24 (0.4 ) (0.2 ) (36.4 )
Current tax liabilities (73.6 ) (78.0 ) (97.5 )
Provisions 30 (23.2 ) (44.7 ) (35.0 )
Trade and other payables 31 (497.3 ) (343.7 ) (482.8 )
Deferred income 31 (725.5 ) (700.6 ) (746.5 )
(1,350.0 ) (1,200.6 ) (1,584.6 )
Non-current liabilities
29 (2,022.6 ) (2,093.2 ) (2,380.7 )
Lease liabilities 38 (235.9 ) (247.4 ) (282.4 )
Derivative financial instruments 24 (40.7 ) (7.5 ) (22.4 )
Deferred tax liabilities 22 (422.5 ) (406.0 ) (540.1 )
Retirement benefit obligation 34 (13.9 ) (71.4 ) (35.0 )
Provisions 30 (43.2 ) (44.8 ) (19.1 )
Trade and other payables 31 (17.5 ) (16.2 ) (17.4 )
Deferred income 31 (5.4 ) (2.7 ) (3.3 )
(2,801.7 ) (2,889.2 ) (3,300.4 )
Total liabilities (4,151.7 ) (4,089.8 ) (4,885.0 )
Net assets 6,045.9 5,628.0 5,825.0
Share capital 35 1.5 1.5 1.3
Share premium account 35 1,878.6 1,878.8 905.3
Translation reserve (208.0 ) (210.4 ) (121.2 )
Other reserves 36 2,028.0 1,973.8 1,968.6
Retained earnings 2,057.7 1,807.3 2,874.9
5,757.8 5,451.0 5,628.9
288.1 177.0 196.1
Total equity 6,045.9 5,628.0 5,825.0
its behalf by
Stephen A. Carter
Group Chief Executive
Gareth Wright
Group Finance Director
174
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Consolidated Balance Sheet as at 31 December 2021
Notes
2021
£m
2020
1
£m
Operating activities
Cash generated by operations 33 593.2 146.6
Income taxes paid (41.6 ) (32.9 )
Interest paid (80.0 ) (259.7 )
Net cash inflow/(outflow) from operating activities 471.6 (146.0 )
Investing activities
Interest received 5.6 5.7
Dividends received from investments 2.8 –
19 (6.9 ) (10.7 )
Purchase of intangible software assets 17 (27.3 ) (19.8 )
Product development costs additions 17 (14.6 ) (11.4 )
Purchase of intangibles related to titles, brands and customer relationships 17 (3.3 ) (7.3 )
18 (68.2 ) (77.3 )
20 (7.6 ) (0.9 )
Proceeds from disposal of subsidiaries and operations 280.9 10.4
Net cash inflow/(outflow) from investing activities 161.4 (111.3 )
Financing activities
Dividends paid to Shareholders 14 – (0.2 )
14 (8.6 ) (13.6 )
Proceeds from EMTN bond issuance 27 – 788.3
Repayment of loans 27 (0.1 ) (61.3 )
Repayment of private placement borrowings 27 – (1,227.8 )
(0.5 ) (17.6 )
Repayment of the principal lease liabilities 38 (35.6 ) (37.1 )
Finance lease receipts 38 1.9 2.3
18 (1.5 ) (44.9 )
Cash outflow from purchase of shares (2.5 ) (1.3 )
Cash inflow from issue of shares 35 (0.2 ) 973.7
Net cash (outflow)/inflow from financing activities (47.1 ) 360.5
Net increase in cash and cash equivalents 585.9 103.2
Effect of foreign exchange rate changes (0.5 ) 1.1
28 299.4 195.1
Cash and cash equivalents at end of the year 28 884.8 299.4
175
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Consolidated Cash Flow Statement for the year ended 31 December 2021
1. GENERAL INFORMATION
Group’s operations and its principal activities are set out in the Strategic Report on pages 2 to 99.
The Consolidated Financial Statements as at 31 December 2021 and for the year then ended comprise those of the Company and
its subsidiaries and its interests in joint ventures and associates (together referred to as the Group).
in which the Group operates and the functional currency of the Parent Company, Informa PLC. Foreign operations are included
in accordance with the policies set out in Note 2.
2. SIGNIFICANT ACCOUNTING POLICIES
Basis of Accounting
The Consolidated Financial Statements have been prepared in accordance with the Companies Act 2006 and with United
Kingdom adopted International Accounting Standards.
In response, the Directors have considered the Company’s ability to be a going concern over the assessment period to June 2023
based on the Group’s financial plan, a downside scenario and a reverse stress test case.
For the downside case, the Directors took the Group’s financial plan and applied the same three scenarios used in viability
believe the assumptions applied in this reverse stress test are extremely remote. However, in this test, the Group still maintains
in operation for at least 12 months from the signing date of the Annual Report and Accounts, and therefore consider it
appropriate to adopt the going concern basis of accounting in preparing the financial statements. Further detail is contained in
the Strategic Report on pages 83 to 85.
Ukraine and the broader region are not likely to give rise to a material financial impact, and so this does not alter the going
concern conclusion presented.
The Consolidated Financial Statements have been prepared on the historical cost basis, except for certain financial instruments,
pension assets, and investments which are measured at fair value. The principal accounting policies adopted are set out below,
all of which have been consistently applied to all periods presented in the Consolidated Financial Statements.
The Group has taken advantage of the audit exemption set out within section 479A of the Companies Act 2006 for the year
ended 31 December 2021 for UK subsidiaries listed on page 254.
176
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
Basis of Consolidation
The Consolidated Financial Statements incorporate the accounts of the Company and all its subsidiaries. Control is achieved
where the Company has the power to govern the financial and operating policies of an investee entity, has the rights to variable
returns from its involvement with the investee and has the ability to use its power to affect its returns. The results of subsidiaries
bring their accounting policies into line with those used by other members of the Group.
Joint ventures are joint arrangements in which the Group has the rights to the net assets through joint control with a third party.
Joint operations arise where there is the contractually agreed sharing of control of an arrangement, which exists only when
operators have rights to the assets and obligations for the liabilities relating to the arrangement. Associates are undertakings
and operating policies and is neither a subsidiary nor an interest in a joint venture.
investment in the joint venture or associate is initially measured at cost. The carrying amount is adjusted to recognise changes in
Group’s share of the results of operations of the entity. The Statement of Comprehensive Income includes the Group’s share of
any other comprehensive income recognised by the joint venture or associate. Dividend income is recognised when the right to
share of liabilities where there is a constructive or legal obligation to provide additional funding to the associate or joint venture.
Foreign Currencies
Transactions in currencies other than the entity’s functional currency are recorded at the rates of exchange prevailing on
retranslated at the rates ruling at that date. These translation differences are included in net operating expenses in the
Consolidated Income Statement.
currency are not retranslated.
The balance sheet of a foreign subsidiary is translated into pounds sterling at the closing rates of exchange. The Income
Statement results are translated at an average exchange rate, recalculated for each month at that month’s closing rate from
Foreign exchange differences arising from the translation of opening net investments in foreign subsidiaries at the closing rate
are taken directly to the translation reserve. In addition, foreign exchange differences arising from retranslation of the foreign
subsidiaries’ results from monthly average rate to closing rate are also taken directly to the Group’s translation reserve.
in the financial year that the disposal occurs.
as hedging instruments under IFRS 9 Financial Instruments, are also taken to the translation reserve, to the extent the hedge is
effective. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss and is included in the
finance costs line item.
difference taken directly to the translation reserve.
17 7
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Business Combinations
Consolidated Income Statement.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount
Disposals
At the date of a disposal, or loss of control, joint control or significant influence over a subsidiary, joint venture or associate, the
in profit and loss within ‘profit or loss on disposal of subsidiaries and operations’.
Revenue
selling prices do not exist.
Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods
Payments received in advance of the satisfaction of a performance obligation are held as deferred income until the point at
which the performance obligation is satisfied. Aside from an immaterial amount which is separately disclosed on the face of the
exhibitions, deferred income balances included in current liabilities at the year end reporting date will be recognised as revenue
within 12 months. Therefore, the aggregate amount of the transaction price in respect of performance obligations that are
unsatisfied at the year end reporting date is the deferred income balance which will be satisfied within one year.
178
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
Revenue type Performance obligations Revenue recognition accounting policy Timing of customer payments
Exhibitor and
related services
Provision of services
associated with exhibition
including virtual events.
Performance obligations are satisfied at
the point of time that services are provided
to the customer with revenue recognised
when the event has taken place. In light of
postponements due to the pandemic the
performance obligations and revenue
recognition will align with the revised
Payments for events are normally
received in advance of the event dates,
which are typically up to 12 months in
advance of the event date and are held
as deferred income until the event date.
Subscriptions Provision of journals and online
information services that are
provided on a periodic basis or
Performance obligations are satisfied over
time, with revenue recognised straight line
over the period of the subscription.
Subscription payments are
commencement of the subscription
period and are held as deferred income.
Transactional sales Provision of books and
Revenue is recognised at the point of time
when control of the product is passed to
the customer or the information service
has been provided. Control is passed to
delivered to them.
Transactional sales to customers are
typically on credit terms and customers
pay accordingly to these terms.
Attendee revenue Provision of exhibition or
conference events.
Performance obligations are satisfied at
the point of time that the event is held, with
attendee revenue recognised at this date.
Payments by attendees are normally
received either in advance of the event
date or at the event.
Marketing, advertising
services and sponsorship
Provision of advertising,
marketing services and
Performance obligations are satisfied over
the period of the advertising subscription
or over the period when the marketing
service is provided. Revenue relating to
advertising or sponsorship at events is
recognised on a point of time basis at the
event date.
Payment for such services is normally
received in advance of the marketing,
advertising or sponsorship period.
Revenue relating to barter transactions is recorded at the fair value of the goods or services received from the customer, and
services provided at events or media advertising.
incremental costs of obtaining a contract, the Company has elected to apply the practical expedient in IFRS 15 which permits
those costs to be expensed when incurred. See Notes 5 and 6 for further details of revenue by type, business segment and
geographic location.
Pension Costs and Pension Scheme Arrangements
Certain Group companies operate defined contribution pension schemes for colleagues. The assets of the schemes are held
separately from the individual companies. The pension cost charge associated with these schemes represents contributions
payable and is charged as an expense when incurred.
The Group also operates funded defined benefit schemes for colleagues. The cost of providing these benefits is determined
using the Projected Unit Credit Method, with actuarial valuations being carried out at regular intervals. There is no service cost
due to the fact that these schemes are closed to future accrual. Net interest is calculated by applying a discount rate to the
opening net defined benefit liability or asset and is shown in finance costs, and the administration costs are shown as a
component of operating expenses. Actuarial gains and losses are recognised in full in the period in which they occur, outside
Group’s defined benefit plans under IAS 19. Any surplus resulting from this calculation is limited to the present value of any
economic benefits available in the form of refunds from the plans or reductions in future contributions to the plans.
179
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Share-Based Payments
allowing for an estimate of awards that will not vest. At each balance sheet date, the Group revises its estimate of the number
by adjusting the number of awards expected to vest at each reporting date so that the cumulative amount recognised over the
vesting period uses the number of awards that eventually vest. Market vesting conditions are factored into the fair value of
awards at grant date. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether the market
vesting conditions are satisfied and there is not an adjustment for failure to achieve a market vesting condition.
Employee Share Trust (EST) and ShareMatch in connection with certain of the Group’s colleague share schemes.
Interest Income
Interest income is recognised on an accruals basis, by reference to the principal outstanding and at the effective interest rate
applicable. Cash flows from interest income are included as part of investing activities in the Consolidated Cash Flow Statement.
Taxation
The tax expense represents the sum of the current tax payable and deferred tax. Current tax is based on taxable profit for the
year. Taxable profit differs from net profit as reported in the Consolidated Income Statement because it excludes items of
income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or
deductible. The Group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted
A current tax provision is recognised when the Group has a present obligation as a result of a past event and it is probable that
present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.
Deferred tax is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and
liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is
accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary
differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against
which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary difference
arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets
and liabilities in a transaction that affects neither the tax nor accounting profit. To the extent that goodwill is tax deductible,
is recognised.
Deferred tax is calculated for all business combinations in respect of intangible assets and properties. A deferred tax liability
temporary differences arising on investments in subsidiaries and associates except where the Group is able to control the
reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer
probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated
at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised.
Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current
tax liabilities and when they relate to income taxes levied by the same taxation authority and the Group intends to settle its
current tax assets and liabilities on a net basis.
Current and deferred tax are recognised in the Consolidated Income Statement, except when they relate to items that are
accounting for a business combination, the tax effect is included in the accounting for the business combination.
180
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
The Group is a multinational group with tax liabilities arising in many geographic locations. This inherently leads to complexity in
the Group’s tax structure. Therefore, the calculation of the Group’s current tax liabilities and tax expense necessarily involves a
degree of estimation and judgement in respect of items whose tax treatment cannot be finally determined until resolution has
been reached with the relevant tax authority or, as appropriate, through a formal legal process. The resolution of issues is not
always within the control of the Group and issues can, and often do, take many years to resolve.
Payments in respect of tax liabilities for an accounting period result from payments on account and on the final resolution of
open items. As a result, there can be substantial differences between the tax charge in the Income Statement and tax payments.
The final resolution of certain of these items may give rise to material profit and loss and/or cash flow variances. Any difference
between expectations and the actual future liability is accounted for in the period identified.
Goodwill
of a subsidiary or business, the attributable goodwill is included in the determination of the profit or loss on disposal. Fair value
segment level. This represents an aggregation of the CGUs and reflects the level at which goodwill is monitored in the business.
At each reporting date, the Group reviews the composition of its CGUs to reflect the impact of changes to cash inflows
associated with reorganisations of its management and reporting structure.
discounted cash flow analysis based on the cash flows of the CGU compared with the carrying value of that CGU, including
amount of the CGU or group of CGUs is less than the carrying amount of the unit, the impairment loss is allocated first to reduce
carrying amount of each asset in the unit.
In undertaking the impairment testing at 31 December 2021 management considered its view on the likely outcome from
potential climate change scenarios, and after taking account of the materiality of the expected impact, did not view there to be
Intangible Assets
on the Group’s valuation methodologies. These assets are amortised over their estimated useful lives on a straight line basis,
20 years
1
Journal titles 20 years
1
5–30 years
Customer relationship databases and intellectual property 5–30 years
Software 3–10 years
Product development 3–5 years
1. Or licence period if shorter
costs include external direct costs of materials and services consumed in developing or obtaining the software, and payroll and
other direct costs for employees who devote substantial time to the project. Capitalisation of these costs ceases when the
project is substantially complete and available for use. These costs are amortised on a straight line basis over their expected
useful lives.
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2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Product development expenditure is capitalised as an intangible asset only if all of the certain conditions are met, with all
research costs and other development expenditure being expensed when incurred. The capitalisation criteria are as follows:
• An asset is created that can be separately identified, and which the Group intends to use or sell
• It is technically feasible to complete the development of the asset for use or sale
• It is probable that the asset will generate future economic benefit
• The development cost of the asset can be measured reliably
Group only the right to receive access to the supplier’s application software in the future is a service contract and is not shown as
an intangible asset. Similarly, the costs of configuring or customising the supplier’s application software in a SaaS arrangement
that is determined to be a service contract is not shown as an intangible asset with such costs being expensed as incurred; the
exception being if the spend resulted in an identifiable asset that meets the recognition criteria in IAS 38 Intangible Assets or
access to the supplier’s application software then the customer recognises the costs as an expense over the term of the SaaS
arrangement. Amounts paid to a supplier in advance of the commencement of the service period in a SaaS arrangement,
including for configuration or customisation, are treated as a prepayment.
The application of SaaS as an updated accounting policy in 2021 resulted in a restatement of 2020 results with details of the
restatement provided in Note 4.
The expected useful lives of intangible assets are reviewed annually. The Group does not have any intangible assets with
indefinite lives (excluding goodwill).
Property and Equipment
estimated useful lives of the assets.
Freehold land is not depreciated. The rates of depreciation on other assets are as follows:
Freehold buildings 50 years
Leasehold land and buildings including right of use assets Shorter of useful economic life or life of the lease
3–5 years
The gain or loss arising on the disposal or retirement of an asset is determined as the difference between the net sale proceeds
and the carrying amount of the asset and is recognised in the Consolidated Income Statement.
Leases
The Group as Lessee
The Group assesses whether a contract is or contains a lease at inception of the contract. The Group recognises a right of use
leases (defined as leases with a lease term of 12 months or less) and leases of low value assets (such as tablets and personal
computers, small items of office furniture and telephones). For these leases, the Group recognises the lease payments as
operating leases expensed directly to the Income Statement.
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date,
borrowing rate reflecting the risk profile of the underlying asset and the term of the lease length. The lease liability is presented
amount to reflect interest on the lease liability (using the discount rate used at commencement) and by reducing the carrying
amount to reflect the lease payments made.
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Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
The Group remeasures the lease liability (and makes a corresponding adjustment to the related right of use asset) whenever:
• A lease contract is modified and the lease modification is not accounted for as a separate lease, in which case the lease liability
is remeasured based on the lease term of the modified lease by discounting the revised lease payments using a revised
discount rate at the effective date of the modification
• The lease payments change due to changes in an index or rate or a change in expected payments, in which cases the lease
liability is remeasured by discounting the revised lease payments using a changed discount rate at the effective date of
Right of use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
less accumulated depreciation and impairment losses. Right of use assets are depreciated over the expected lease term of the
underlying asset. The depreciation starts at the commencement date of the lease. Right of use assets are presented as a
Discount rates are calculated on a lease by lease basis. For the majority of leases, the rate used is a portfolio rate, based on
estimates of incremental borrowing costs. The portfolio of rates depends on the territory of the relevant lease, hence the
currency used, and the weighted average lease term. As a result, reflecting the breadth of the Group’s lease portfolio, the
number of leases, the standard permits the adoption of a portfolio approach whereby a single group guarantee discount rate
can be used for leases of a similar nature; therefore this practical expedient has been used where appropriate.
term, the Group makes a judgement as to whether it is reasonably certain that the option will be taken and an assumed expiry
changed, the lease term is reassessed. This reassessment of the remaining life of the lease could result in a recalculation of the
lease liability and the right of use asset and potentially result in a material adjustment to the associated balances of depreciation
and lease interest.
The Group as Lessor
substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases
Rental income from operating leases is recognised directly in the Consolidated Income Statement. The Group acts as lessor
Amounts due from lessees under finance leases are recognised as finance lease receivables at the amount of the Group’s
reflect interest on the finance lease receivable (using the discount rate used at commencement) and by reducing the carrying
amount to reflect the lease payments received.
Impairment of Tangible and Intangible Assets
At each reporting date, the Group reviews the carrying amounts of its tangible and intangible assets to determine whether there
is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the
that are independent from other assets, the Group estimates the recoverable amount of the CGU to which the asset belongs.
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2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
The recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated
the time value of money and the risks specific to the asset, for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset
(or CGU) is reduced to its recoverable amount. An impairment loss is recognised as an expense immediately, unless the relevant
asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Other Investments
Other investments are entities over which the Group does not have significant influence (typically where the Group holds less
and loss under IFRS 9, with changes in fair value reported in the Income Statement.
Inventory
Inventory is stated at the lower of cost and net realisable value. Cost comprises direct materials and expenses incurred in
bringing the inventory to its present location and condition. Net realisable value represents the estimated selling price less
incurred in the origination of content prior to publication. These are expensed systematically, reflecting the expected sales
profile over the estimated economic lives of the related products (typically over four years).
Financial Assets
provisions of the instrument.
Trade and other Receivables
Trade and other receivables without a significant financing component are initially measured at the transaction price, and are
Group’s loss allowance considerations can be found in Note 32(f).
Cash and Cash Equivalents
bank deposits and money market funds, which are readily convertible to known amounts of cash and have a maturity of three
months or less and are subject to an insignificant risk of changes in value.
Impairment of Financial Assets
The Group recognises lifetime expected credit losses (ECL) for trade receivables and lease receivables. The ECLs on these
financial assets are estimated based on the Group’s historical credit loss experience, adjusted for factors that are specific to the
debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at
the reporting date, including time value of money where appropriate. The carrying amount is reduced by the ECL through the
amount of the provision are recognised in the Consolidated Income Statement.
For all other financial instruments, the Group recognises lifetime ECL when there has been a significant increase in credit risk
since initial recognition. However, if the credit risk on the financial instrument has not increased significantly since initial
Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument.
instrument that are possible within 12 months after the reporting date.
Financial Liabilities and Equity Instruments issued by the Group
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INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
Borrowings
effective interest rate method. The amortised cost calculation is revised when necessary to reflect changes in the expected cash
flows and the expected life of the borrowings including the effects of the exercise of any prepayment, call or similar options.
Any resulting adjustment to the carrying amount of the borrowings is recognised as finance costs in the Income Statement.
Cash flows relating to finance costs are included in operating activities in the Consolidated Cash Flow Statement.
Net Debt
instruments, finance leases, lease liabilities, deferred borrowing fees and other loan receivables or loan payables where these
Debt Issue Costs
Debt issue costs, including premia payable on settlement or redemption, are accounted for on an accrual basis in the
Consolidated Income Statement using the effective interest rate method and are added to the carrying amount of the
instrument to the extent that they are not settled in the period in which they arise.
Trade and Other Payables
the effective interest rate method.
Other Financial Liabilities
measured at amortised cost using the effective interest rate method, as set out above, with interest expense recognised on an
effective yield basis.
Derivative Financial Instruments and Hedge Accounting
The Group’s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates.
The derivative instruments utilised by the Group to hedge these exposures are interest rate swaps and cross currency swaps.
The Group does not use derivative contracts for speculative purposes.
to their fair value at each reporting date. The resulting gain or loss is recognised in profit or loss immediately unless the
derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss
depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset whereas
a derivative with a negative fair value is recognised as a financial liability. Derivatives are not offset in the financial statements
unless the Group has both a legally enforceable right and intention to offset.
The Group designates certain derivatives as either:
• Hedges of a change of fair value of recognised assets and liabilities or firm commitments (fair value hedge)
• Hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction
• Hedges of a net investment in a foreign operation (net investment hedge)
The Group designates and documents at the inception of the transaction the relationship between hedging instruments
Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is
highly effective in offsetting changes in fair values or cash flows of the hedged item attributable to the hedged risk, which is
• There is an economic relationship between the hedged item and the hedging instrument
• The effect of credit risk does not dominate the value changes that result from that economic relationship
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2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
•
management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio
The Group elects to exclude foreign currency basis from the designation of the financial instrument, applying the cost of hedging
approach. The amounts accumulated in the cost of hedging reserve is reclassified to profit or loss in line with the aligned
Cash Flow Hedge
Changes in fair value of derivative financial instruments that are designated, and effective, cash flow hedges of forecast
transactions are recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve,
limited to the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the
ineffective portion is recognised immediately in profit or loss.
Consolidated Income Statement out of other comprehensive income in the same period when the hedged item is recognised
Hedges of Net Investment in Foreign Operations
Hedges of net investment in foreign operations are accounted for similarly to cash flow hedges. Any gain or loss on the hedging
instrument in relation to the effective portion of the hedge is recognised in other comprehensive income and accumulated in
Consolidated Income Statement. Gains and losses on the hedging instrument relating to the effective portion of the hedge
accumulated in the foreign currency translation reserve are reclassified to profit or loss when the hedged item is disposed of.
Discontinuation of Hedge Accounting
for hedge accounting; the discontinuation is accounted for prospectively. At that time, any cumulative gain or loss on the hedging
the period.
than 12 months and it is not expected to be realised or settled within 12 months. Other derivatives are presented as current
assets or current liabilities. Further details of derivative financial instruments are disclosed in Notes 24 and 32.
Provisions
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, and it is
material. Any difference between the amounts previously recognised and the current estimates is recognised immediately in
Restructuring provisions are recognised when the Group has a detailed formal plan for the restructuring that has been
fulfil the contract is higher than the economic benefit to be obtained from it.
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INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
Alternative Performance Measures
In addition to the statutory results, adjusted results are prepared for the Income Statement, including adjusted operating profit
measures to be a useful and alternative way to measure the Group’s performance in a way that is comparable to the prior year.
Notes 8 and 15.
Adoption of new and revised International Financial Reporting Standards (IFRSs)
Standards and Interpretations adopted in the current year
The following amendments have been adopted in the current year:
•
• Two IFRS Interpretations Committee (IFRIC) agenda decisions from March and April 2021 clarifying how arrangements in
New accounting standards and interpretations that are in issue but not yet effective are:
• IFRS 17: Insurance Contracts
•
Amendments to IFRS 3: Reference to the Conceptual Framework
• Amendments to IAS 16: Proceeds before Intended Use
• Amendments to IAS 8: Definition of Accounting Estimates
• Amendments to IAS 37: Cost of Fulfilling a Contract
• Amendments to IAS 12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction
•
The adoption of the above standards and interpretations is not expected to lead to any changes to the Group’s accounting
policies or have any material impact on the financial position or performance of the Group.
The Group has changed its accounting policy in 2021 related to the capitalisation of certain software costs following the
arrangements. The Group’s accounting policy has historically been to capitalise costs directly attributable to the configuration
and customisation of SaaS arrangements as intangible assets on the balance sheet. Following the adoption of the above IFRIC
agenda guidance, current SaaS arrangements were identified and assessed to determine if the Group has control of the
software. For those arrangements where we do not have control of the software the Group derecognised the intangible asset
previously capitalised.
have been restated in accordance with IAS 8, and IAS 1 (revised). The impact of the change in accounting policy on previously
reported financial results is shown in Note 4.
All other amendments of IFRSs have not led to any changes to the Group’s accounting policies or had any material impact on the
financial position or performance of the Group. Other amendments and interpretations to IFRSs effective for the period ended
31 December 2021 have had no impact on the Group.
3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY
judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent
considered to be relevant. Actual results may differ from these estimates.
Critical Accounting Judgements
In addition to the judgement taken by the Group in selecting and applying the accounting policies set out above, the Directors
have made the following judgements concerning the amounts recognised in the Consolidated Financial Statements.
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3. CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY CONTINUED
Identification of Adjusting Items
The Group provides adjusted results and underlying measures in addition to statutory measures, in order to provide additional
appropriate way to measure the Group’s performance because it aids comparability to the prior year and is also in line with the
similarly adjusted measures used by peers and therefore facilitates comparison.
The Financial Review provides reconciliations of alternative performance measures (APMs) to statutory measures and also
provides the basis of calculation for certain APM metrics. These APMs are provided on a consistent basis with the prior year.
Identification of CGUs
For impairment testing purposes, judgement is used to allocate goodwill to the specific groups of CGUs that have benefited and
changes to the CGU groups, taking account of the lowest level of independent cash inflows being generated, among other
factors. CGU groups are based on business segments as defined in Note 6.
Estimation Uncertainty
As at the year ended 31 December 2020, the Group noted two key sources of estimation uncertainty in relation to the cash flow
forecasts for the impairment assessment of goodwill, and measurement of retirement obligations. Measurement of retirement
benefit obligations remained a key source of estimation uncertainty at 31 December 2021. As set out in Note 16, no reasonably
possible change in assumptions for the goodwill impairment assessment would give rise to an impairment, and therefore the
cash flow forecasts are no longer assessed to be a key source of estimation uncertainty at 31 December 2021. Details of both
areas are given below.
Measurement of Retirement Benefit Obligations
The measurement of the retirement benefit obligation and surplus involves the use of a number of assumptions. The most
independent actuaries and also provides sensitivity analysis with regard to changes to these assumptions.
Judgements and other Estimates Associated with the Impairment Assessment
For the impairment review, management has estimated the future cash flows of the Group. This is based on projected operating
future operating profits, with uncertainty relating to the speed of recovery from the pandemic, alongside variability in the
recovery across the markets in which the Group operates. Management’s approach for establishing these assumptions,
establishing these assumptions is detailed in Note 16.
policies, such as travel restrictions or limitations on physical events, and the variability in these factors across the various
markets the Group operates within. In our impairment assessment, management has considered these uncertainties while
making the above forecast assumptions.
4. RESTATEMENT
Restatement Related to Software-as-a-Service Arrangements
The Group has changed its accounting policy in 2021 related to the capitalisation of certain software costs following the
arrangements. The updated accounting policy can be found in Note 2.
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Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
The Group’s accounting policy has historically been to capitalise costs directly attributable to the configuration and
customisation of SaaS arrangements as intangible assets in the balance sheet, irrespective of whether the services were
performed by the SaaS supplier or a third party. Following the adoption of the IFRIC guidance, SaaS arrangements were
identified and assessed to determine if the Group has control of the software with ongoing rights to access the cloud provider’s
application software beyond the contract period. For those arrangements where we do not have control of the software the
Group derecognised the intangible asset previously capitalised and recognised the costs to configure or customise and the
ongoing fees to obtain access to the cloud provider’s application software as operating expenses when the services
The implementation of the updated accounting policy gave rise to a restatement in accordance with IAS 8, and IAS 1 (revised)
£17.2m reduction in intangible assets recognised in the 31 December 2020 balance sheet and a £1.2m reduction in profit before
tax in the year ended 31 December 2020.
Consolidated Income Statement for the year ended 31 December 2020
Previously
Reported
£m
Impact of
restatement
due to SaaS
£m
Restated
£m
Revenue 1,660.8 – 1,660.8
Net operating expenses before adjusting items (1,393.8) (1.2) (1,395.0)
Share of results of joint ventures and associates 0.8 – 0.8
Adjusted operating profit 267.8 (1.2) 266.6
Adjusting item expenses in operating loss (1,148.2) – (1,148.2)
Operating loss (880.4) (1.2) (881.6)
Loss on disposal of subsidiaries and operations (8.4) – (8.4)
Finance income 15.3 – 15.3
Finance costs (266.2) – (266.2)
Loss before tax (1,139.7) (1.2) (1,140.9)
Tax 102.1 0.2 102.3
Loss for the year (1,037.6) (1.0) (1,038.6)
(1,041.5) (1.0) (1,042.5)
140.9 (1.0) 139.9
(73.4p) – (73.4p)
Diluted earnings per share (73.4p) – (73.4p)
Adjusted diluted earnings per share 9.9p (0.1p) 9.8p
Consolidated Changes in Equity for the year ended 31 December 2020
Previously
reported total
£m
Impact of
restatement
due to SaaS
£m
Restated
£m
At 1 January 2020 5,838.0 (13.0) 5,825.0
Loss for the year (1,037.6) (1.0) (1,038.6)
Exchange gain on translation of foreign operations (46.2) – (46.2)
Exchange loss on net investment hedge (13.0) – (13.0)
Loss arising on derivative hedges (41.8) – (41.8)
Actuarial loss on defined benefit pension schemes (47.6) – (47.6)
Tax relating to components of other comprehensive income 20.2 – 20.2
Total comprehensive expense for the year (1,166.0) (1.0) (1,167.0)
(13.6) – (13.6)
Share award expense 11.2 – 11.2
Issue of share capital 973.7 – 973.7
Own shares purchased (1.3) – (1.3)
At 31 December 2020 5,642.0 (14.0) 5,628.0
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4. RESTATEMENT CONTINUED
Consolidated Balance Sheet as at 31 December 2020
Previously
reported
£m
Impact of
restatement
due to SaaS
£m
Restatement
of hedging
reserve
£m
Restated
£m
Other intangible assets 3,094.5 (17.2) – 3,077.3
Deferred tax assets 8.4 2.8 – 11.2
5,934.1 – – 5,934.1
9,037.0 (14.4) – 9,022.6
Current assets 695.2 – – 695.2
Total assets 9,732.2 (14.4) – 9,717.8
Current liabilities (1,200.6) – – (1,200.6)
(406.4) 0.4 – (406.0)
(2,483.2) – – (2,483.2)
Total liabilities (4,090.2) 0.4 – (4,089.8)
Net assets 5,642.0 (14.0) – 5,628.0
Share capital 1.5 – – 1.5
Share premium 1,878.8 – – 1,878.8
Translation reserve (206.2) – (4.2) (210.4)
Other reserve 1,969.6 – 4.2 1,973.8
Retained earnings 1,821.3 (14.0) – 1,807.3
5,465.0 (14.0) – 5,451.0
177.0 – – 177.0
5,642.0 (14.0) 5,628.0
Following a review of amounts relating to the Group’s cash flow and cost of hedging an amount of £4.0m has been
Consolidated Cash Flow Statement for the year ended 31 December 2020
Previously
reported
£m
Impact of
restatement
due to SaaS
£m
Restated
£m
Operating activities
Cash generated by operations 153.1 (6.5) 146.6
Income taxes paid (32.9) – (32.9)
Interest paid (259.7) – (259.7)
Net cash outflow from operating activities (139.5) (6.5) (146.0)
Purchase of intangible software assets (23.8) 4.0 (19.8)
Product development cost additions (13.9) 2.5 (11.4)
Net cash outflow from other investing activities (80.1) – (80.1)
Net cash inflow from financing activities 360.5 – 360.5
103.2 – 103.2
Effect of foreign exchange rate changes 1.1 – 1.1
195.1 – 195.1
299.4 – 299.4
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INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
Consolidated Balance Sheet as at 1 January 2020
Previously
reported
1
£m
Impact of
restatement
due to SaaS
£m
Restatement
of hedging
reserve
£m
Restated
£m
Other intangible assets (16.0) – 3,421.4
Deferred tax assets 6.7 2.7 – 9.4
6,557.3 – – 6,557.3
10,001.4 (13.3) – 9,988.1
Current assets 721.9 – – 721.9
Total assets 10,723.3 – 10,710.0
Current liabilities (1,584.6) – – (1,584.6)
(540.4) 0.3 – (540.1)
(2,760.3) – – (2,760.3)
Total liabilities (4,885.3) 0.3 – (4,885.0)
Net assets 5,838.0 (13.0) – 5,825.0
Share capital 1.3 – – 1.3
Share premium 905.3 – – 905.3
Translation reserve (117.2) – (4.0) (121.2)
Other reserve 1,964.6 – 4.0 1,968.6
Retained earnings 2,887.9 (13.0) – 2,874.9
5,641.9 (13.0) – 5,628.9
196.1 – – 196.1
5,838.0 (13.0) – 5,825.0
comparator amounts in the Informa financial statements for the year ended 31 December 2020
Restatement of 2020 Operating Segments and Revenue by type
The operating segments results for the year ended 31 December 2020 were restated to reflect the impact of SaaS and also
restated to reflect the organisational moves of certain businesses between operating segments.
2020 revenue by type disclosure has been restated to align revenue types with 2021 following the refinement to the
classification.
Revenue by type previously reported year ended 31 December 2020
Informa
Markets
£m
Informa
Connect
£m
Informa
Tech
£m
Informa
Intelligence
£m
Taylor &
Francis
£m
Total
£m
Exhibitor 359.1 21.6 12.2 – – 392.9
Subscriptions 26.1 1.6 59.3 279.4 316.2 682.6
Transactional sales 12.9 4.1 30.5 13.1 239.2 299.8
Attendee 26.7 54.7 17.3 0.2 – 98.9
Marketing and advertising services 77.1 14.7 21.0 11.7 0.6 125.1
Sponsorship 22.5 27.5 10.6 0.9 – 61.5
Total 524.4 124.2 150.9 305.3 556.0 1,660.8
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5. REVENUE
An analysis of the Group’s revenue by type is set out below; refer to accounting policy in Note 2 on revenue for an explanation of
the nature of revenue types, their timing and related expected cash flows and any uncertainties and significant payment terms.
Year ended 31 December 2021
Informa
Markets
£m
Informa
Connect
£m
Informa
Tech
£m
Informa
Intelligence
£m
Taylor &
Francis
£m
Total
£m
Exhibitor 435.8 14.1 18.7 – – 468.6
Subscriptions 24.8 0.9 51.6 304.1 307.1 688.5
Transactional sales 10.7 6.3 28.6 26.1 237.6 309.3
Attendee 30.7 57.4 19.7 0.3 – 108.1
Marketing and advertising services 64.9 15.7 25.6 17.2 0.7 124.1
Sponsorship 41.6 36.2 21.7 0.6 – 100.1
Total 608.5 130.6 165.9 348.3 545.4 1,798.7
Year ended 31 December 2020
1
Informa
Markets
£m
Informa
Connect
£m
Informa
Tech
£m
Informa
Intelligence
£m
Taylor &
Francis
£m
Total
£m
Exhibitor 358.2 21.6 13.1 – – 392.9
Subscriptions 26.1 1.6 59.3 279.4 316.2 682.6
Transactional sales 12.9 4.1 30.5 13.1 239.2 299.8
Attendee 26.7 54.7 17.3 0.2 – 98.9
Marketing and advertising services 77.1 14.7 21.0 11.7 0.6 125.1
Sponsorship 22.5 27.5 10.6 0.9 – 61.5
Total 523.5 124.2 151.8 305.3 556.0 1,660.8
1. Restated for restructure of operating segments and alignment of revenue types across the Group (see Note 4). Previously reported revenue is
6. BUSINESS SEGMENTS
The Group has identified reportable segments based on financial information used by the Directors in allocating resources and
The Group’s five identified reportable segments under IFRS 8 Operating Segments are as described in the Strategic Report.
There is no difference between the Group’s operating segments and the Group’s reportable segments.
Segment Revenue and Results
The Group’s primary internal Income Statement performance measures for business segments are revenue and adjusted
operating profit. A reconciliation of adjusted operating profit to statutory operating profit and profit before tax is
192
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
Year Ended 31 December 2021
Informa
Markets
£m
Informa
Connect
£m
Informa
Tech
£m
Informa
Intelligence
£m
Taylor &
Francis
£m
Total
£m
Revenue 608.5 130.6 165.9 348.3 545.4 1,798.7
Adjusted operating profit/(loss) before joint ventures
1
64.4 (4.1) 11.2 109.8 204.1 385.4
Share of adjusted results of joint ventures and associates
(Note 20) 3.0 – – – – 3.0
Adjusted operating profit/(loss) 67.4 (4.1) 11.2 109.8 204.1 388.4
Intangible asset amortisation (Note 17)
2
(167.4) (13.7) (18.6) (18.5) (50.2) (268.4)
(7.8) (0.1) – – – (7.9)
Impairment – IFRS 16 right of use assets (1.6) (0.1) (3.3) (5.5) (1.3) (11.8)
(0.4) (0.1) (1.7) (2.0) (0.2) (4.4)
(4.9) (0.7) (1.9) (4.2) (0.2) (11.9)
Restructuring and reorganisation costs (Note 8) 1.9 1.1 (4.5) (5.3) 0.6 (6.2)
23.6 – – – – 23.6
(7.8) (1.5) (0.4) – – (9.7)
(Note 8) 0.8 – (0.6) (4.4) (4.2)
6.3 – – – – 6.3
Operating profit/(loss) (89.9) (19.2) (19.8) 69.9 152.8 93.8
Profit on disposal of businesses (Note 21) 111.1
Finance income (Note 11) 5.7
Finance costs (Note 12) (73.5)
Profit before tax 137.1
1. Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation: £32.0m for
Informa Markets, £6.5m for Informa Connect, £3.0m for Informa Tech, £19.8m for Informa Intelligence and £16.3m for Taylor & Francis
Year ended 31 December 2020 (Restated)
3
Informa
Markets
£m
Informa
Connect
£m
Informa
Tech
£m
Informa
Intelligence
£m
Taylor &
Francis
£m
Total
£m
Revenue 523.5 124.2 151.8 305.3 556.0 1,660.8
1
(25.0) (24.2) (2.8) 103.6 214.2 265.8
Share of adjusted results of joint ventures and associates (Note 20) 0.4 0.4 – – – 0.8
Adjusted operating (loss)/profit (24.6) (23.8) (2.8) 103.6 214.2 266.6
Intangible asset amortisation (Note 17)
2
(185.7) (16.8) (20.7) (16.6) (52.0) (291.8)
Impairment – goodwill (Note 16) (231.1) (105.9) (255.9) – – (592.9)
(24.1) (4.5) (6.2) (2.7) (1.0) (38.5)
Impairment – IFRS 16 right of use assets (15.0) (5.3) (2.5) (7.0) (6.3) (36.1)
(4.2) (1.3) (0.8) (1.0) (1.5) (8.8)
Impairment – external investments – (2.5) – (1.4) – (3.9)
(24.9) (1.6) (17.3) (4.3) (1.0) (49.1)
Restructuring and reorganisation costs (Note 8) (39.5) (11.7) (11.8) (6.5) (8.1) (77.6)
(Note 8) (46.3) (3.3) (2.9) (0.1) – (52.6)
(0.9) 0.7 3.3 – – 3.1
Operating (loss)/profit (596.3) (176.0) (317.6) 64.0 144.3 (881.6)
Loss on disposal of businesses (Note 21) (8.4)
Finance income (Note 11) 15.3
Finance costs (Note 12) (266.2)
Loss before tax (1,140.9)
1. Adjusted operating profit before joint ventures and associates included the following amounts for depreciation and other amortisation: £37.3m for
Informa Markets, £8.0m for Informa Connect, £3.5m for Informa Tech, £17.6m for Informa Intelligence and £16.5m for Taylor & Francis
3. Restated for restructure of operating segments and for SaaS (see Note 4)
193
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
6. BUSINESS SEGMENTS CONTINUED
The accounting policies of the reportable segments are the same as the Group’s accounting policies described in Note 2.
Adjusted operating results by operating segment is the measure reported to the Directors for the purpose of resource allocation
and assessment of segment performance. Finance costs and finance 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
31 December
2021
£m
31 December
2020
1
£m
Informa Markets 5,992.3 6,144.8
Informa Connect 463.4 484.6
Informa Tech 827.5 765.1
Informa Intelligence 1,090.4 989.3
Taylor & Francis 911.5 964.5
Total segment assets 9,285.1 9,348.3
Unallocated assets 912.5 369.5
Total assets 10,197.6 9,717.8
1. Restated for SaaS (see Note 4)
For the purpose of monitoring segment performance and allocating resources between segments, the Group monitors the
segments except for certain centrally held balances, including cash, some intangible software assets relating to Group
infrastructure, balances receivable from businesses sold and taxation (current and deferred). Assets used jointly by reportable
segments are allocated on the basis of the revenues earned by individual reportable segments.
Geographic Information
The Group’s revenue by location of customer and information about its segment assets by geographic location are detailed below:
Revenue
Segment non-current
assets
1
2021
£m
2020
£m
2021
£m
2020
2
£m
UK 135.7 138.9 2,121.8 2,262.8
Continental Europe 272.3 174.3 946.6 1,019.2
North America 905.4 846.3 3,931.1 3,765.5
China 225.2 213.6 1,740.4 1,740.4
Rest of world 260.1 287.7 164.9 178.9
1,798.7 1,660.8 8,904.8 8,966.8
2. Restated for SaaS (see Note 4)
194
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
7. OPERATING PROFIT
Operating profit has been arrived at after charging/(crediting):
Notes
Adjusted
results
2021
£m
Adjusting
items
2021
£m
Statutory
results
2021
£m
Adjusted
results
1
2020
£m
Adjusting
items
2020
£m
Statutory
results
1
2020
£m
Cost of sales (excluding staff costs, depreciation and
564.6 – 564.6 527.3 – 527.3
Staff costs (excluding adjusting items) 9 646.7 – 646.7 634.8 – 634.8
Amortisation of other intangible assets 17 40.6 268.4 309.0 35.8 291.8 327.6
Impairment – goodwill 8 – – – – 592.9 592.9
8 – 7.9 7.9 – 38.5 38.5
Impairment – IFRS 16 right of use assets 8 – 11.8 11.8 – 36.1 36.1
19 – 4.4 4.4 – 8.8 8.8
Impairment – investments 8 – – – – 3.9 3.9
19 12.7 – 12.7 16.8 – 16.8
Depreciation – IFRS 16 right of use assets 38 24.2 – 24.2 30.3 – 30.3
8 – 3.3 3.3 – 2.8 2.8
8 – 8.6 8.6 – 46.3 46.3
Restructuring and reorganisation costs 8 – 6.2 6.2 – 77.6 77.6
– (23.6) (23.6) – – –
8 – 9.7 9.7 – 52.6 52.6
consideration 8 – 4.2 4.2 – (3.1) (3.1)
8 – (6.3) (6.3) – – –
Net foreign exchange gain (0.4) – (0.4) (3.1) – (3.1)
Auditor’s remuneration for audit services 3.8 – 3.8 3.2 – 3.2
Other operating expenses 121.1 – 121.1 149.9 – 149.9
Total net operating expenses before share of joint
ventures and associates 1,413.3 294.6 1,707.9 1,395.0 1,148.2 2,543.2
1. Restated for SaaS (see Note 4)
Amounts payable to the auditor, Deloitte LLP, and its associates by the Company and its subsidiary undertakings are
2021
£m
2020
£m
Fees payable to the Company’s auditor for the audit of the Company’s annual financial statements 2.9 2.3
Fees payable to the Company’s auditor and its associates for other services to the Group:
0.9 0.9
Total audit fees 3.8 3.2
0.2 0.3
0.1 0.2
Total non-audit fees 0.3 0.5
disclosures above.
195
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
7. OPERATING PROFIT CONTINUED
A description of the work of the Audit Committee is set out in the Corporate Governance Statement on pages 124 to 131 and
8. ADJUSTING ITEMS
the Group’s underlying trading and are adjusted from the Group’s adjusted operating profit measure. The items do not relate to the
Group’s underlying trading for the reasons outlined below the table. The following charges/(credits) are presented as adjusting items:
Notes
2021
£m
2020
£m
Intangible amortisation and impairment
1
17 268.4 291.8
16 – 592.9
17 7.9 38.5
38 11.8 36.1
4.4 8.8
– 3.9
3.3 2.8
Integration costs 8.6 46.3
Restructuring and reorganisation costs
4.5 47.6
1.7 30.0
(23.6) –
9.7 52.6
4.2 (3.1)
(6.3) –
Adjusting items in operating profit/loss 294.6 1,148.2
(Profit)/loss on disposal of subsidiaries and operations 21 (111.1) 8.4
Finance income 11 – (8.3)
Finance costs 12 – 161.8
Adjusting items in profit/loss before tax 183.5 1,310.1
Tax related to adjusting items 13 (127.7)
Adjusting items in profit/loss for the year 1,182.4
The principal adjusting items are in respect of the following:
•
The charge is therefore treated as an adjusting item due to its nature in order to provide comparability of underlying results
•
Impairment charges are separately disclosed and are excluded from adjusted results. Impairment charges have been
• Impairment of right of use assets relate to the permanent closure of a number of office properties in 2021. Impairments of
being considered to be part of the usual underlying costs of the Group and in order to provide comparability of underlying
results with prior periods
•
as these costs relate to M&A activity which is not considered to be part of the underlying operations of the business, and
therefore they are adjusted to provide comparability to prior periods
196
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
•
adjusting items as these costs relate to M&A activity which is not considered to be part of the underlying operations of the
business. They are part of a planned programme that is monitored and with a finite life, and therefore they are adjusted to
provide comparability to prior periods
• Restructuring and reorganisation costs are incurred by the Group in business restructuring and operating model changes as
part of an approved plan and include vacant property and lease modification costs which arose from the permanent closure
of office properties in 2021. Restructuring and reorganisation costs are reported as adjusting items when they relate to
specific initiatives following reviews of our organisational operations during the period, and therefore they are adjusted to
provide comparability to prior periods
•
prior periods
•
pandemic. These credits relate to costs recorded as adjusting items in previous periods and therefore they are adjusted to
provide comparability to prior periods
•
underlying operations of the business, and therefore they are adjusted to provide comparability to prior periods
•
•
considered to be part of the underlying operations of the business, and therefore they are adjusted to provide comparability
to prior periods
• The tax items relate to the tax effect on the items above and adjusting tax items which are analysed in Note 13. These are
treated as adjusting items in alignment with classification of the items above
9. STAFF NUMBERS AND COSTS
The monthly average number of persons employed by the Group (including Directors) during the year, analysed by segment, was
as follows:
Average number of
employees
2021 2020
Informa Markets 4,088 4,730
Informa Connect 941 1,189
Informa Tech 1,129
Informa Intelligence 1,579
Taylor & Francis 2,318
Total 10,945
Their aggregate remuneration comprised:
2021
£m
2020
£m
558.9 553.8
Social security costs 52.1 47.6
Pension costs associated with staff charged to operating profit (Note 34) 20.1 21.6
15.6 11.8
Staff costs (excluding adjusting items) 646.7 634.8
Redundancy costs 2.6 45.7
649.3 680.5
The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each
of the categories specified in IAS 24 Related Party Disclosures (Note 39). Further information about the remuneration of
individual Directors is provided in the audited part of the Remuneration Report on pages 141 to 155.
197
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
9. STAFF NUMBERS AND COSTS CONTINUED
2021
£m
2020
£m
2.6 2.1
0.4 0.3
2.9 1.7
5.9 4.1
10. SHARE-BASED PAYMENTS
(2020: £0.6m) relating to Employee Share Purchase Plan (ESPP) awards.
Long-Term Incentive Plan
when an award vests the Informa share price is not above £5.454 for the ERP award, the award will not vest until the share price
exceeds that price for a period of at least three months. If this has not been achieved within two years from the original vesting
date, no shares will vest and the award will lapse. The grant price used in the valuation of the awards is the closing share price
before a grant is exercisable, unless the employee meets certain eligibility criteria.
The movement in number of awards during the year is as follows:
2021
Number of
options
2020
Number of
options
Outstanding as at 1 January 7,661,531 5,500,523
LTIPs granted in the year 2,543,896 3,291,347
LTIPs exercised in the year (560,339) (272,026)
LTIPs lapsed and modification adjustment in the 2020 year (295,362) (858,313)
Outstanding as at 31 December 9,349,726 7,661,531
Exercisable awards included in outstanding number of options as at 31 December 2,411,690 1,442,713
In order to satisfy outstanding share awards granted under the LTIP, the share capital would need to be increased at
31 December 2021 by 8,233,221 shares (2020: 6,963,887 shares) taking account of the 1,116,505 shares (2020: 697,644 shares)
held in the Employee Share Trust (Note 36). The Company will satisfy the awards either through the issue of additional share
capital or the purchase of shares as needed on the open market. The average exercise price for LTIPs exercised during the year
was £5.71 (2020: £4.49). The exercise price for the majority of LTIP awards is 0.1p per share award and the average period to
exercise was 5.1 years (2020: 5.3 years) for awards exercisable at 31 December 2021.
exercise restrictions and behavioural considerations.
Curinos Management Incentive Plan (MIP) Share Awards
MIP awards provide holders a payment following a performance event based on the increase in the value of the Curinos
Payment is subject to meeting these vesting conditions and follows a performance event, being a sale of the Curinos business or
a sale of the Inflexion ownership in Curinos. MIP awards have been valued for IFRS 2 purposes using a stochastic option pricing
modelling approach, using comparable companies to estimate volatility and assuming an expected life of three years.
198
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
MIP awards were granted to Curinos colleagues on 9 September 2021. There were no awards forfeited, expired or exercised
The awards have an expected weighted average remaining life of 2.3 years as at 31 December 2021.
ShareMatch (Share Incentive Plan)
colleagues can invest up to the limit of £1,800 per annum in the Company’s shares. The scheme includes a matching element
that was increased during 2021. For every one share purchased by the colleague, the Company now awards the participant two
Matching shares are subject to forfeiture if the purchased shares are withdrawn from the scheme within three years of purchase
or if the colleague leaves the Group, unless the reason for leaving is due to restructuring or retirement. In addition, both the
purchased and matching shares are eligible to receive any dividends payable by the Company, which are reinvested in more
2021
ShareMatch
Number of
share awards
2020
ShareMatch
Number of
share awards
Outstanding as at 1 January 710,697 474,878
Purchased in the year 556,780 299,466
Transferred to participants in the year (188,735) (63,647)
Outstanding as at 31 December 1,078,742 710,697
11. FINANCE INCOME
2021
£m
2020
£m
Interest income on bank deposits 5.3 5.5
Interest income finance lessor leases 0.2 0.1
Fair value gain on financial instruments through the Income Statement 0.2 1.4
Finance income before adjusting items 5.7 7.0
– 8.3
Total finance income 5.7 15.3
12. FINANCE COSTS
Notes
2021
£m
2020
£m
Interest expense on borrowings and loans
1
59.1 92.3
Interest on IFRS 16 leases 38 10.4 12.2
Interest cost on pension scheme net liabilities 34 1.5 0.7
Total interest expense 71.0 105.2
2.2 –
Fair value gain/(loss) on financial instruments through the Income Statement 0.3 (0.8)
Financing costs before adjusting items 73.5 104.4
Adjusting item: financing expense associated with early repayment of debt and associated termination of
put options
2
– 161.8
Total finance costs 73.5 266.2
1. Included in interest expense above is the amortisation of debt issue costs of £3.5m (2020: £12.4m)
2. The adjusting item for finance costs in 2020 primarily relates to the finance fees associated with the early repayment of debt
199
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
13. TAXATION
The tax charge/(credit) comprises:
2021
£m
2020
1
£m
Current tax:
UK 0.5 (1.1)
Continental Europe 7.3 (1.1)
US 19.6 4.2
China 12.7 11.8
Rest of world 2.1 11.6
Total current tax 42.2 25.4
Deferred tax:
Current year (1.9) (132.9)
Credit arising from tax rate changes 8.6 5.2
Total deferred tax 6.7 (127.7)
Total tax charge/(credit) on profit/(loss) on ordinary activities 48.9 (102.3)
1. Restated for SaaS (see Note 4)
The tax on adjusting items within the Consolidated Income Statement relates to the following:
Notes
Gross
2021
£m
Tax
2021
£m
Gross
2020
£m
Tax
2020
£m
Intangible assets amortisation 8 (268.4) 55.8 (291.8) 57.2
– (14.2) – (22.6)
Impairment of intangibles and goodwill 8 (7.9) 1.7 (631.4) 16.5
Impairment of IFRS 16 right of use assets 8 (11.8) 2.5 (36.1) 8.0
8 (4.4) 0.8 (8.8) 2.1
Impairment of investments 8 – – (3.9) –
8 (11.9) 2.9 (49.1) 8.2
Restructuring and reorganisation costs 8 (6.2) 0.8 (77.6) 17.4
23.6 (6.1)
8 (9.7) 2.0 (52.6) 10.9
8 (4.2) – 3.1 (0.1)
8 6.3 – – –
Profit/(loss) on disposal of subsidiaries and operations 21 111.1 (40.6) (8.4) 2.2
Finance income 8 – – 8.3 (1.6)
Finance costs 8 – – (161.8) 29.5
Total tax on adjusting items (183.5) 5.6 (1,310.1) 127.7
200
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
The current and deferred tax are calculated on the estimated assessable profit for the year. Taxation is calculated in each
jurisdiction based on the prevailing rates of that jurisdiction. A reconciliation of the actual tax expense to the expected tax
expense at the applicable statutory rate is shown below:
2021 2020
1
£m % £m
Profit/(loss) before tax 137.1 (1,140.9)
26.0 19.0 (216.8) 19.0
Different tax rates on overseas profits 25.3 18.5 (27.3) 2.4
10.6 7.7 (0.1) –
6.6 4.8 122.0 (10.7)
(1.3) (0.9) (2.1) 0.2
(6.7) (4.9) (5.5) 0.5
Tax incentives (2.4) (1.8) (1.7) 0.1
Adjustments for prior years (14.8) (10.8) 6.6 (0.6)
Net movement in provisions for uncertain tax positions (6.6) (4.8) 1.1 (0.1)
Impact of changes in tax rates 8.5 6.2 5.2 (0.4)
Movements in deferred tax not recognised 3.7 2.7 16.3 (1.4)
Tax charge/(credit) and effective rate for the year 48.9 35.7 (102.3) 9.0
1. Restated for SaaS (see Note 4)
In addition to the income tax charge to the Consolidated Income Statement, a tax charge of £12.2m (2020: credit of £20.2m) has
been recognised directly in the Consolidated Statement of Comprehensive Income during the year.
Current tax liabilities include £42.1m (2020: £54.2m) in respect of provisions for uncertain tax positions. In 2017, the European
Commission announced that it would be opening a State Aid investigation into the UK’s Controlled Foreign Company regime and
certain Group companies and periods and an amount of £5.5m was paid to HMRC, with the additional amount provided of
£2.5m being released in the year.
multinational groups pay a minimum level of corporate income tax in countries where they operate. In January 2022 the UK
Government reconfirmed its intention to introduce legislation to give effect to the OECD proposals. The new rules are expected
to take effect from 2023 onwards.
There remains a considerable amount of uncertainty with respect to the detailed operation of the rules and their impact.
Further details and guidance are due in the course of 2022. From an initial review of Informa’s business and tax profile, we do
not expect the rules to have a material impact on the Group’s tax rate or tax payments. There is no impact on the Group’s results
for 2021.
14. DIVIDENDS
In April 2020 the Group announced the temporary suspension of dividend payments, including the withdrawal of the proposed
2019 final dividend. There was no interim dividend for the six months ended 30 June 2021 or proposed final dividend for the year
ended 31 December 2021. As at 31 December 2021 £0.2m (2020: £0.2m) of dividends were still to be paid, and total dividend
payments in the year were £nil (2020: £0.2m).
The Group has announced that it intends to resume ordinary dividends with the 2022 interim dividend.
201
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
15. EARNINGS PER SHARE
Basic
divided by the weighted average number of shares in issue, less those shares held by the Employee Share Trust and ShareMatch.
Diluted
The diluted EPS calculation is based on the basic EPS 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. In 2021 there were nil (2020: 6,813,614) potential ordinary shares which
diluted EPS.
The table below sets out the adjustment in respect of dilutive potential ordinary shares for use in the calculation of diluted EPS:
2021 2020
Weighted average number of shares used in basic earnings per share 1,500,952,369 1,419,707,507
Effect of dilutive potential ordinary shares 9,266,841 –
Weighted average number of shares used in diluted earnings per share 1,510,219,210 1,419,707,507
The table below sets out the adjustment in respect of dilutive potential ordinary shares for use in the calculation of diluted
adjusted EPS:
2021 2020
1,500,952,369 1,419,707,507
Effect of dilutive potentially ordinary shares 9,266,841 6,813,614
Weighted average number of shares used in diluted adjusted earnings per share 1,510,219,210 1,426,521,121
Earnings Per Share
In addition to basic EPS, adjusted diluted EPS has been calculated to provide useful additional information on underlying
Earnings per share
Earnings
2021
£m
Per share
amount
2021
Pence
Earnings
1
2020
£m
Per share
amount
1
2020
Pence
Profit/(loss) for the year 88.2 (1,038.6)
(10.3) (3.9)
Earnings and EPS for the purpose of statutory basic EPS 77.9 5.2 (1,042.5) (73.4)
Effect of dilutive potential ordinary shares – – – –
Earnings and EPS for the purpose of statutory diluted EPS 77.9 5.2 (1,042.5) (73.4)
1. Restated for SaaS (see Note 4)
202
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
Adjusted earnings per share
Earnings
2021
£m
Per share
amount
2021
Pence
Earnings
2020
1
£m
Per share
amount
2020
1
Pence
Earnings for the purpose of statutory basic EPS/statutory basic EPS (p) 77.9 5.2 (1,042.5) (73.4)
Adjusting items (Note 8):
Intangible asset amortisation 268.4 17.9 291.8 20.5
Impairment – goodwill – – 592.9 41.8
7.9 0.5 38.5 2.7
Impairment – IFRS 16 right of use assets 11.8 0.8 36.1 2.5
4.4 0.3 8.8 0.6
Impairment – investments – – 3.9 0.3
11.9 0.8 49.1 3.5
Restructuring and reorganisation costs 6.2 0.4 77.6 5.5
(23.6) (1.6) – –
9.7 0.6 47.3 3.3
– – 5.3 0.4
(6.3) (0.4) – –
4.2 0.3 (3.1) (0.2)
(Profit)/loss on disposal of subsidiaries and operations (111.1) (7.4) 8.4 0.6
Finance income – – (8.3) (0.6)
Finance costs – – 161.8 11.4
Tax related to adjusting items (5.6) (0.4) (127.7) (9.0)
(4.0) (0.2) – –
Earnings and EPS for the purpose of adjusted basic EPS 251.8 16.8 139.9 9.9
Effect of dilutive potential ordinary shares (p) – (0.1) – (0.1)
Earnings and EPS for the purpose of adjusted diluted EPS 251.8 16.7 139.9 9.8
1. Restated for SaaS (see Note 4)
16. GOODWILL
£m
Cost
At 1 January 2020 6,261.1
Additions in the year 57.5
Disposals (0.8)
Exchange difference (79.9)
At 1 January 2021 6,237.9
Additions in the year (Note 18) 222.3
Disposals (103.4)
Exchange differences 21.9
At 31 December 2021 6,378.7
Accumulated impairment losses
At 1 January 2020 (116.7)
Disposals 0.8
Impairment loss for the year (592.9)
Exchange differences 47.5
At 1 January 2021 (661.3)
Disposals –
Exchange differences (0.4)
At 31 December 2021 (661.7)
Carrying amount
At 31 December 2021 5,717.0
At 31 December 2020 5,576.6
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INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
16. GOODWILL CONTINUED
The Group tests for impairment of goodwill at the business segment level (see Note 6 for business segments) representing an
aggregation of CGUs reflecting the level at which goodwill is monitored. The impairment testing of goodwill involved testing for
impairment at a segment level by aggregating the carrying value of assets across CGUs in each Division and comparing this to
value in use calculations derived from the latest Group cash flow projections.
There were five groups of CGUs for goodwill impairment testing in 2021 and these were identical to the business segment
reporting detailed in Note 6 (2020: five CGU groups).
CGU groups
Goodwill
carrying
amount
31 December
2021
£m
Goodwill
carrying
amount
31 December
2020
£m
Number of
CGUs
2021
Number of
CGUs
2020
Informa Markets 3,611.6 3,598.8 6 6
Informa Connect 330.3 328.3 3 3
Informa Tech 468.1 433.3 1 1
Informa Intelligence 769.3 678.6 3 4
Taylor & Francis 537.7 537.6 1 1
5,717.0 5,576.6 14 15
Impairment Review
impairment. During the year, an impairment indicator was identified in two of our groups of CGUs, Informa Markets and Informa
Tech. This was as a result of the slower than forecast reopening and recovery of the US physical events market. This review at
30 June 2021 found no impairment in the carrying value of goodwill in these Divisions.
In line with our accounting policy, an annual impairment review was performed as at 31 December 2021. Testing involved
comparing the carrying value of assets in each CGU group with value in use calculations, derived from the latest Group cash
The goodwill impairment review as at 31 December 2021 showed headroom in all CGU groups and there were no impairments as
a result of the review to any CGU groups (2020: £592.9m impairment):
Impairment of goodwill
Year ended
31 December
2021
£m
Year ended
31 December
2020
£m
Informa Markets – 231.1
Informa Connect – 105.9
Informa Tech – 255.9
Total – 592.9
204
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
Management has used the following assumptions in its impairment analysis as at 31 December 2021:
Key assumption How we have defined this
Projected cash flows
A review of all forecast revenue streams has been undertaken. Forecasts include a judgement as to the likely shape and
performance of these businesses.
In its forecasts management has considered recent trading performance, including in the US, and current market conditions
when determining these estimates.
For the Group’s value in use calculation, a perpetual growth rate has been applied to the 2024 operating cash flows.
these uncertainties are already reflected in the forecasts.
Discount rate applied
Discount rates have not been risk adjusted to reflect any of the uncertainties noted above, as these uncertainties are already
reflected in the forecasts.
Management has concluded that there was no impairment indicated in the impairment test conducted as at 31 December 2021,
noting headroom as follows:
Headroom on
CGU groups
Long-term market
Pre-tax
discount rates
Key assumptions and headroom
2021
£m
2020
£m 2021 2020 2021 2020
Informa Markets
Informa Connect
Informa Tech
Informa Intelligence
Taylor & Francis
The headroom shown above represents the excess of the recoverable amount over the carrying value.
Sensitivity Analysis
The sensitivities provided represent areas assessed by management to be a source of estimation uncertainty, as described in
Note 3.
Key uncertainties relate to the speed of recovery from the pandemic, and the variability in impact of the pandemic across the
scenarios considered changes to the key assumptions on the discount rate by increasing rates by 100 basis points (bps) and for
the LTGR by reducing rates by 50bps.
The above sensitivities indicate management’s assessment of reasonably plausible, material changes to assumptions.
The results of the sensitivity analysis showed there remained headroom in each CGU group under all three scenarios tested.
205
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STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
17. OTHER INTANGIBLE ASSETS
Publishing
book lists and
journal titles
£m
Database and
intellectual
property,
brand and
customer
relationships
£m
Exhibitions
and
conferences,
brand and
customer
relationships
£m
£m
Intangible
software
assets
2
£m
Product
development
2
£m
Total
2
£m
Cost
At 1 January 2020 880.7 545.7 3,605.8 5,032.2 249.5 55.8 5,337.5
Reclassification – 98.6 (96.3) 2.3 – – 2.3
3.9 19.1 0.4 23.4 1.3 1.0 25.7
Additions 1.5 – – 1.5 17.2 11.4 30.1
Disposals – (27.0) (22.4) (49.4) (12.9) (5.0) (67.3)
Exchange differences (16.9) (34.9) (25.7) (77.5) (2.5) (1.8) (81.8)
At 1 January 2021 869.2 601.5 3,461.8 4,932.5 252.6 61.4 5,246.5
Reclassification – – – – – – –
– 114.2 13.2 127.4 8.3 1.3 137.0
Additions
1
3.2 – 0.6 3.8 29.4 14.6 47.8
Disposals (0.2) (42.3) (110.3) (152.8) (9.8) (6.1) (168.7)
Exchange differences 5.0 8.8 7.5 21.3 1.7 0.7 23.7
At 31 December 2021 877.2 682.2 3,372.8 4,932.2 282.2 71.9 5,286.3
Amortisation
At 1 January 2020 (536.2) (536.4) (676.4) (1,749.0) (128.2) (38.9) (1,916.1)
Reclassification – 58.7 (58.7) – – – –
Charge for the year (51.9) (17.5) (222.4) (291.8) (29.0) (6.8) (327.6)
Impairment losses (0.1) (5.2) (33.2) (38.5) (5.0) – (43.5)
Disposals – 26.3 22.4 48.7 11.9 3.9 64.5
Exchange differences 12.2 18.1 20.0 50.3 2.2 1.0 53.5
At 1 January 2021 (576.0) (456.0) (948.3) (1,980.3) (148.1) (40.8) (2,169.2)
Reclassification – – – – – – –
Charge for the year (50.2) (19.8) (198.4) (268.4) (32.6) (8.0) (309.0)
Impairment losses – – (7.9) (7.9) – – (7.9)
Disposals 0.2 29.4 57.3 86.9 5.0 5.9 97.8
Exchange differences (4.0) (3.6) (4.7) (12.3) (1.2) (0.9) (14.4)
At 31 December 2021 (630.0) (450.0) (1,102.0) (2,182.0) (176.9) (43.8) (2,402.7)
Carrying amount
At 31 December 2021 247.2 232.2 2,270.8 2,750.2 105.3 28.1 2,883.6
At 31 December 2020 293.2 145.5 2,513.5 2,952.2 104.5 20.6 3,077.3
1. Additions includes business asset additions and product development. Of the £47.8m (2020: £30.1m) total additions, the Consolidated Cash Flow
Statement shows £45.2m (2020: £38.5m) for these items with £3.3m (2020: £7.3m) for titles, brands and customer relationships, £27.3m (2020: £19.8m)
for intangible software assets and £14.6m (2020: £11.4m) for product development
2. Restated for SaaS (see Note 4)
Intangible software assets include a gross carrying amount of £242.1m (2020
2
: £213.9m) and accumulated amortisation of
£148.0m (2020
2
: £127.0m) which relates to software that has been internally generated. The Group does not have any of its
intangible assets pledged as security over bank loans.
In addition to the impairment review of goodwill a review of intangible assets identified an impairment of £7.9m relating to
brands and customer relationships where the recoverable amount did not support the carrying amount, and this included
selected individual events which have been discontinued.
206
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
18. BUSINESS COMBINATIONS
2021
£m
2020
£m
Current year acquisitions
Novantas, Inc. (3.3) –
1.2 –
Clinerion AG 16.8 –
Premiere Shows 14.4 –
NetLine Corporation 41.2 –
Prior year acquisitions including deferred and contingent payments
TrialScope – 54.1
F1000 Research Limited – 14.9
IHS Markit Database and Research portfolio (3.8) (1.8)
Other 1.7 10.1
Total cash paid in year, net of cash acquired 68.2 77.3
Acquisitions
To determine the value of separately identifiable intangible assets of a business combination, and deferred tax on these
There are estimates involved in assessing what amounts are recognised as the estimated fair value of assets and liabilities
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INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
18. BUSINESS COMBINATIONS CONTINUED
The provisional amounts recognised in respect of the estimated fair value of identifiable assets and liabilities for 2021, and
Novantas,
Inc.
£m
Other
acquisitions
including
deferred
consideration
£m
Deferred
consideration
and
finalisation
of working
capital
£m
Total
£m
92.6 34.8 – 127.4
Other intangible assets 8.2 1.4 – 9.6
2.8 – – 2.8
Right of use assets 9.6 0.1 – 9.7
Deferred tax assets 6.3 0.1 – 6.4
Trade and other receivables 7.1 4.2 – 11.3
Other receivable relating to share option settlement 39.2 – – 39.2
4.3 2.5 – 6.8
Trade and other payables (3.8) (5.1) – (8.9)
Other payable relating to share option settlement (39.8) – – (39.8)
Tax liabilities (0.1) (0.6) – (0.7)
Deferred income (9.8) (4.7) – (14.5)
Provisions (0.1) – – (0.1)
(33.7) – – (33.7)
Lease liabilities (9.6) (0.1) – (9.7)
Deferred tax liabilities (23.8) (7.8) – (31.6)
49.4 24.8 74.2
Goodwill 161.5 60.8 – 222.3
(108.2) – – (108.2)
Total consideration 102.7 85.6 – 188.3
Satisfied by:
Cash consideration at closing – 76.1 – 76.1
Deferred and contingent cash consideration 1.0 9.5 (2.1) 8.4
101.7 – – 101.7
Total 102.7 85.6 (2.1) 186.2
Net cash outflow arising on acquisitions:
Initial cash consideration – 76.1 – 76.1
Deferred and contingent consideration paid/(received) 1.0 – (2.1) (1.1)
(4.3) (2.5) – (6.8)
Net cash outflow/(inflow) arising on acquisitions (3.3) 73.6 (2.1) 68.2
Provisional Valuation of 28 May 2021 Novantas, Inc. Acquisition
intelligence solutions for US retail banks, with particular strength in the deposits market. This combination seeks to create a
leading competitive intelligence and specialist data business serving the retail banking market.
Informa owns the majority of the common voting stock and has control of the board of this new business, and as such its results
management elects to make a distribution to the preference Shareholders.
208
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
plus deferred consideration of £1.0m ($1.4m) for the updated closing working capital. The fair value of consideration represents
attributable to Informa, with no cash contribution paid by Informa.
the proportional share of net assets and £86.8m for the NCI share of the fair value of additional rights held by Inflexion and the
fair value of preference shares held by Inflexion and the former Novantas management. NCI fair values have been calculated
using an option pricing model using an assumed estimated exit date. In addition, a further NCI of £4.5m is recognised in respect
The accounting has only been provisionally determined at 31 December 2021, with amounts recognised in respect of the
Fair value
£m
92.6
Other intangible assets 8.2
2.8
Right of use assets 9.6
Deferred tax assets 6.3
Trade and other receivables
1
7.1
Other receivable relating to share option settlement
1,2
39.2
4.3
Trade and other payables (3.8)
Other payable relating to share option settlement (39.8)
Tax liabilities (0.1)
Deferred income (9.8)
Provisions (0.1)
(33.7)
Lease liabilities (9.6)
Deferred tax liabilities (23.8)
49.4
Goodwill 161.5
(108.2)
Total consideration 102.7
1. Trade and other receivables include trade receivables, together with other receivables relating to the share option settlement, represent the gross
contractual amounts and the amounts that are expected to be collected
Satisfied by: £m
101.7
Deferred payment for update to working capital 1.0
Total consideration 102.7
Cash paid at closing –
Deferred payment for update to working capital (1.0)
4.3
3.3
The provisional value of consideration includes an estimate of the fair value of additional rights held by Inflexion over
distributions at an exit event.
209
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
18. BUSINESS COMBINATIONS CONTINUED
• Increased scale and specialisation in the financial intelligence retail banking market through access to new US, Canadian,
product offerings and customer base
•
• Access to an experienced and skilled workforce
drawn Curinos loan facility.
The business generated a statutory operating profit of £6.4m, profit after tax of £0.1m and £26.1m of revenue for the period
have generated a £5.2m loss after tax and £44.7m of revenue for the year ended 31 December 2021.
Acquisition of Netline Corporation
Informa Tech Division. Cash consideration was £43.0m ($59.2m), and is subject to the finalisation of working capital amounts.
• Access to NetLine’s business and capabilities which enhance Informa’s digital offerings and provide support to Informa’s
digital growth strategies
•
selling opportunities
• Access to NetLine’s experienced and skilled workforce
for tax purposes.
The business generated an adjusted and statutory operating profit of £0.6m, profit after tax of £0.5m and £1.8m of revenue for
year, it would have generated £5.3m of profit after tax and £18.2m of revenue for the year ended 31 December 2021.
Acquisition of Clinerion Ag
informatics used in accelerating the process of drug development. Clinerion forms part of Pharma Intelligence within the
Informa Intelligence Division. Cash consideration was £17.4m (CHF 21.9m), and is subject to the finalisation of working capital
amounts. Deferred consideration of £2.0m (CHF 2.5m) will be settled in September 2022.
•
• Expanding the footprint of Pharma Intelligence outside of US markets
for tax purposes.
The business generated an adjusted and statutory operating loss of £0.2m, loss after tax of £1.0m and £0.8m of revenue for the
210
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
Other Business Combinations made in 2021
£0.8m is deferred and £3.4m is contingent on the results of the 2023 events.
Deferred and Contingent Consideration paid in 2021 relating to Business Combinations completed in prior years
completed in prior years.
Equity Transactions
2021
£m
2020
£m
Cash paid (1.5) (44.9)
19. PROPERTY AND EQUIPMENT
Freehold land
and buildings
£m
Leasehold
land and
buildings
£m
fixtures and
fittings
£m
Total property
and
£m
Cost
At 1 January 2020 3.1 69.9 51.3 124.3
Additions
1
– 5.4 5.3 10.7
Disposals – (6.6) (7.7) (14.3)
Exchange differences – (1.7) (1.7) (3.4)
At 1 January 2021 3.1 67.0 47.2 117.3
Additions
1
– 1.1 5.9 7.0
– 0.7 2.1 2.8
Disposals – (13.7) (12.8) (26.5)
Exchange differences – 0.2 1.3 1.5
At 31 December 2021 3.1 55.3 43.7 102.1
Depreciation
At 1 January 2020 (0.7) (19.0) (35.6) (55.3)
Charge for the year – (7.4) (9.4) (16.8)
Disposals – 4.6 5.6 10.2
Impairment – (7.8) (1.0) (8.8)
Exchange differences – 0.9 1.6 2.5
At 1 January 2021 (0.7) (28.7) (38.8) (68.2)
Charge for the year – (5.4) (7.3) (12.7)
Disposals – 13.4 12.4 25.8
Impairment – (4.2) (0.2) (4.4)
Exchange differences – (0.3) (0.8) (1.1)
At 31 December 2021 (0.7) (25.2) (34.7) (60.6)
Carrying amount
At 31 December 2021 2.4 30.1 9.0 41.5
At 31 December 2020 2.4 38.3 8.4 49.1
1. Cash paid in relation to additions was £6.9m (2020: £10.7m)
211
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
20. OTHER INVESTMENTS AND INVESTMENTS IN JOINT VENTURES AND ASSOCIATES
Investments in Joint Ventures and Associates
The carrying value of investments in joint ventures and associates is set out below:
2021
£m
2020
£m
At 1 January 20.0 19.8
Arising on disposal of associates – (0.7)
7.0 –
Dividends received from associates (1.7) –
Addition in share of associates 0.6 –
Share of profit/(loss) of joint ventures 0.4 (0.5)
Share of profit of associates 2.6 1.3
Foreign exchange 0.2 0.1
At 31 December 29.1 20.0
There was no comprehensive income from joint ventures and associates. All amounts in 2021 and 2020 relate to
The Group’s investments in joint ventures at 31 December 2021 were as follows:
Company Division
Country of
incorporation
and operation
Class of
shares
held
Shareholding
or share of
operation
Independent Materials Handling Exhibitions Limited Informa Markets UK Ordinary
Guzhen Lighting Expo Co. Ltd Informa Markets China Ordinary
GML Exhibition (Thailand) Co. Ltd Informa Markets China Ordinary
Guangdong International Exhibitions Ltd Informa Markets China Ordinary
Lloyd’s Maritime Information Services Ltd Informa Intelligence UK Ordinary
No joint venture is considered individually material to the Group.
The Group’s investments in associates at 31 December 2021 were as follows:
Company Division
Country of
incorporation
and operation
Class of
shares
held
Shareholding
or share of
operation
Accounting
year end
Independent Television News Limited Informa Markets UK Ordinary 31 December
PA Media Group Ltd Informa Markets UK Ordinary 31 December
Informa Connect UK Ordinary 31 December
No associate is considered individually material to the Group.
Other Investments
The Group’s other investments at 31 December 2021 are as follows:
2021
£m
2020
£m
At 1 January 10.1
Additions in year 0.9
Fair value loss (1.0) (3.9)
Foreign exchange 0.2
At 31 December 7.3
212
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
21. DISPOSAL OF SUBSIDIARIES AND OPERATIONS
During the year, the Group generated the following profit/(loss) on disposal of subsidiaries and operations:
2021
£m
2020
£m
16.3 –
28.3 –
Asset Intelligence 71.0 –
Informa Markets Trust (3.5) –
Life Sciences media brands portfolio 0.2 (1.1)
Agribusiness Intelligence portfolio (0.2) (2.6)
Media assets portfolio – (5.0)
Other operations profit/(loss) on disposal (1.0) 0.3
Profit/(loss) for the year from disposal of subsidiaries and operations 111.1 (8.4)
which was received entirely in cash. The profit on disposal was £16.3m. The business was part of the Informa Intelligence
which was received entirely in cash. The business was part of the Informa Intelligence Division and the profit on disposal
The sale of Asset Intelligence completed on 30 November 2021. The consideration, including estimated working capital, was
£165.7m which was received entirely in cash. The business was part of the Informa Intelligence Division and the profit on
disposal was £71.0m.
The sale of Informa Markets Trust was completed on 9 December 2021 for £nil consideration. The business was part of the
Informa Markets Division and the loss on disposal was £3.5m.
22. DEFERRED TAX
31 December
Consolidated Income
Statement year ended
31 December
2021
£m
2020
1
£m
2021
£m
2020
1
£m
Accelerated capital allowances 1.7 – 1.4 0.1
Intangibles 613.7 622.9 (29.7) (36.3)
Pensions (3.6) (14.6) 0.8 0.9
Losses (157.0) (174.5) 25.3 (88.7)
Other (33.0) (39.0) 8.9 (3.7)
421.8 394.8 6.7 (127.7)
1. Restated for SaaS (see Note 4)
The movement in deferred tax balance during the year is:
2021
£m
2020
1
£m
Net deferred tax liability at 1 January 394.8 530.7
Charge/(credit) to other comprehensive income for the year 10.3 (16.2)
25.2 5.6
Disposals (15.5) (0.4)
Charge/(credit) to profit or loss for the year 6.7 (127.7)
Foreign exchange movements 0.3 2.8
Net deferred tax liability at 31 December 421.8 394.8
1. Restated for SaaS (see Note 4)
213
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
22. DEFERRED TAX CONTINUED
Sheet is set out below:
2021
£m
2020
1
£m
Deferred tax liability 422.5 406.0
Deferred tax asset (0.7) (11.2)
421.8 394.8
1. Restated for SaaS (see Note 4)
Deferred tax assets have been recognised because, based on the Group’s current forecasts, it is expected that there will be
taxable profits against which these assets can be utilised.
The Group has the following unused tax losses in respect of which no deferred tax assets have been recognised:
• £264.8m (2020: £279.5m) of UK tax losses
• £89.7m (2020: £103.6m) of US Federal tax losses which expire between 2024 and 2037. In addition, there are unrecognised
deferred tax assets in respect of US State tax losses of £8.6m (2020: £6.4m)
• £251.6m (2020: £251.6m) of UK capital losses which are only available for offset against future capital gains
• £5.5bn (2020: £5.5bn) of Luxembourg tax losses
•
• £64.0m (2020: £64.5m) of tax losses in other countries
No deferred tax has been recognised in respect of these tax losses as it is not considered probable that these losses will be utilised.
In addition, the Group has unrecognised deferred tax assets in relation to other deductible temporary differences of £0.4m
(2020: £4.3m). No deferred tax assets have been recognised in respect of these amounts as it is not considered probable that
they will be utilised.
been recognised was £3.6m (2020: £3.7m). No liability has been recognised because the Group, being in a position to control the
that would trigger withholding tax.
23. TRADE AND OTHER RECEIVABLES
2021
£m
2020
£m
Current
Trade receivables 275.0 264.2
Less: provision (49.1) (47.7)
Trade receivables net 225.9 216.5
Other receivables 20.5 39.7
Accrued income 37.7 26.3
Prepayments 74.7 75.6
Total current 358.8 358.1
Non-current
Other receivables 30.5 27.0
Less: provision (6.8) (6.8)
Other receivables net 23.7 20.2
382.5 378.3
The average credit period taken on sales of goods is 58 days (2020: 60 days). Under the normal course of business, the Group
does not charge interest on its overdue receivables.
The Group’s exposures to credit risk and impairment losses related to trade and other receivables are disclosed in Note 32.
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
214
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
24. DERIVATIVE FINANCIAL INSTRUMENTS
2021
£m
2020
£m
Financial assets – non-current
Cross currency swaps designated in a hedging relationship 3.4 44.6
3.4 44.6
Financial liabilities – current
Currency forwards – economic hedge (0.4) (0.2)
(0.4) (0.2)
Financial liabilities – non-current
Cross currency swaps designated in a hedging relationship (40.7) (7.5)
(40.7) (7.5)
Cross currency swaps that are associated with debt instruments are included within net debt (see Note 27). £3.4m
(2020: £44.6m) derivative financial assets and £40.7m (2020: £7.5m) derivative financial liabilities are in hedging
25. INVENTORY
2021
£m
2020
£m
7.9
Finished goods and goods for resale 23.4
31.3
sales expense during the year was £27.3m (2020: £32.0m).
26. RECONCILIATION OF MOVEMENT IN NET DEBT FOR THE YEAR ENDED 31 DECEMBER 2021
2021
£m
2020
£m
585.9 103.2
Cash flows from net drawdown of borrowings and derivatives associated with debt 34.3 535.6
Change in net debt resulting from cash flows 620.2 638.8
(6.4) 1.3
Movement in net debt in the period 613.8 640.1
Net debt at beginning of the year (2,029.6) (2,657.6)
Net lease additions in year (18.8) (12.1)
Net debt at end of the year (1,434.6) (2,029.6)
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INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
27. MOVEMENTS IN NET DEBT
associated with debt instruments, finance leases, lease liabilities, deferred borrowing fees and other loan note receivables
where these are interest bearing and do not relate to deferred contingent arrangements.
At
1 January
2021
£m
Non-cash
Movements
£m
Cash flow
£m
Exchange
movements
£m
At
31 December
2021
£m
Cash and cash equivalents 299.4 – 585.9 (0.5) 884.8
Other financing assets
Derivative assets associated with borrowings 44.6 (41.2) – – 3.4
Finance lease receivables 7.9 0.3 (1.9) 0.1 6.4
Total other financing assets 52.5 (40.9) (1.9) 0.1 9.8
Other financing liabilities
(2,111.1) – – 109.8 (2,001.3)
– (35.2) 0.1 (1.7) (36.8)
15.3 (3.6) 0.4 – 12.1
2.6 0.6 0.1 0.1 3.4
Derivative liabilities associated with borrowings (7.5) (33.2) – – (40.7)
Lease liabilities (280.8) (19.1) 35.6 (1.6) (265.9)
Total other financing liabilities (2,381.5) (90.5) 36.2 106.6 (2,329.2)
Total net financing liabilities (2,329.0) (131.4) 34.3 106.7 (2,319.4)
Net debt (2,029.6) (131.4) 620.2 106.2 (1,434.6)
Included within the net cash inflow of £620.2m (2020: inflow of £638.8m) is £0.1m (2020: £61.3m) of loan repayments, £nil
(2020: £nil) of facility loan drawdowns, £nil (2020: £788.3m) of proceeds from EMTN bond issuances and £nil (2020: £1,227.8m)
18) representing £36.8m ($50.0m) of a drawn loan facility less finance fees of £1.6m ($2.2m). There are total loan facilities
available relating to Curinos of up to $110.0m of which $60.0m has six year maturity from May 2021 and $50.0m has a maturity
date no later than 28 May 2027.
28. CASH AND CASH EQUIVALENTS
2021
£m
2020
£m
299.4
The Group’s exposure to interest rate risks and a sensitivity analysis for financial assets and liabilities is disclosed in Note 32.
29. BORROWINGS
Total borrowings, excluding derivative assets and liabilities associated with borrowings, are as follows:
Notes
2021
£m
2020
£m
Non-current
– –
36.8 –
(3.4) (2.6)
27 33.4 (2.6)
Euro Medium Term Note (€650.0m) – due July 2023 545.0 583.6
Euro Medium Term Note (€700m) – due October 2025 587.0 628.5
Euro Medium Term Note (£450.0m) – due July 2026 450.0 450.0
Euro Medium Term Note (€500.0m) – due April 2028 419.3 449.0
EMTN borrowings issue costs (12.1) (15.3)
27 1,989.2 2,095.8
Total borrowings 2,022.6 2,093.2
216
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
Following debt repayments in November 2020 there are no longer any financial covenants on any Group level borrowings.
The average debt maturity on our drawn borrowings is currently 3.9 years (2020: 4.8 years). The Group maintains the following
lines of credit:
• £1,050,0m (2020: £1,050.0m) revolving credit facility, of which £nil (2020: £nil) was drawn down at 31 December 2021.
Interest is payable at SONIA or SOFR plus a margin.
• £81.4m (2020: £nil) of Curinos bank borrowings, of which £36.8m (2020: £nil) was drawn at 31 December 2021. Interest Is
• £52.6m (2020: £109.7m) comprising a number of bilateral bank uncommitted facilities that can be drawn down to meet
(2020: £60.0m), USD 22.3m (2020: USD 22.3m), AUD 1.0m (2020: AUD 1.0m), CAD 2.0m (2020: CAD 2.0m) and SGD 2.3m
• Four bank guarantee facilities comprising in aggregate up to USD 10.0m (2020: USD 10.0m), €0.9m (2020: €7.0m), £14.1m
(2020: £16.0m) and AUD 1.5m (2020: AUD 1.5m)
to the Group as no borrowings have been drawn down.
30. PROVISIONS
Contingent
consideration
£m
integration
£m
Property
leases
£m
Restructuring
provision
£m
Onerous
contract
provision
£m
Other
provision
1
£m
Total
1
£m
At 1 January 2020
1
18.7 0.5 6.6 4.2 – 24.1 54.1
Increase in year 1.9 21.2 35.4 47.6 47.3 9.6 163.0
Utilisation (13.7) (20.8) (7.4) (29.8) (44.2) (6.2) (122.1)
Release (0.2) (0.1) (2.5) (1.0) – (1.7) (5.5)
At 1 January 2021 6.7 0.8 32.1 21.0 3.1 25.8 89.5
Increase in year 4.2 11.9 12.3 4.5 9.4 0.3 42.6
5.4 – (0.1) (0.2) – 1.5 6.6
Utilisation (1.6) (12.3) (8.9) (22.5) (10.9) (2.0) (58.2)
Release – (0.1) (4.9) (2.0) – (7.1) (14.1)
At 31 December 2021 14.7 0.3 30.5 0.8 1.6 18.5 66.4
2021
Current liabilities 7.1 0.3 6.1 0.8 1.6 7.3 23.2
7.6 – 24.4 – – 11.2 43.2
2020
Current liabilities 0.4 0.8 7.3 20.6 3.1 12.5 44.7
6.3 – 24.8 0.4 – 13.3 44.8
The contingent consideration is based on future business valuations and profit multiples (both Level 3 fair value measurements)
The higher the profit forecast, the higher the fair value of any contingent consideration (subject to any maximum payout
clauses), and if all future business valuations and profit multiples were achieved, the maximum undiscounted amounts payable
£3.4m in 2024.
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30. PROVISIONS CONTINUED
The £12.3m property lease increase in the year relates to provisions for the future costs of a number of office properties that
have been permanently vacated. These provisions will be utilised over the course of the remaining leases. The majority of the
provisions are expected to be utilised as follows: £4.2m within one year, £13.0m in two to five years and £2.8m after five years.
The remaining balance is attributable to a number of smaller provisions, with the last utilisation expected by 31 December 2030.
Restructuring provisions occur as a result of business restructuring and operating model changes within the Group. Of the
£22.5m utilisation in the year £20.4m related to the 2020 severance programme.
Onerous contract provisions relate to onerous contract for events which have been cancelled or postponed as a result of the
pandemic and for which the costs cannot be recovered.
Other provisions primarily consist of legal and various other claims. Of the £7.1m released in the year £6.3m relates to the
31. TRADE AND OTHER PAYABLES AND DEFERRED INCOME
Trade and other payables
2021
£m
2020
£m
Current
Deferred consideration 4.1 0.2
Trade payables
1
123.0 62.7
Accruals 320.7 248.9
Other payables 49.5 31.9
Total current 497.3 343.7
Non-current
Deferred consideration 0.4 –
Other payables 17.1 16.2
17.5 16.2
514.8 359.9
1. Included within trade payables is a £3.7m (2020: £7.9m) refund liability relating to amounts which may need to be repaid for cancelled or
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average
total balance of trade payables in either 2021 or 2020. The Group has financial risk management policies in place to ensure that
all payables are paid within the credit timeframe. Therefore, under the normal course of business, the Group is not charged
interest on overdue payables. The Directors consider that the carrying amount of trade payables is approximate to their
Deferred Income
2021
£m
2020
£m
Total current 725.5 700.6
5.4 2.7
Total 730.9 703.3
Deferred income relates to payments received or to be received in advance of the satisfaction of a performance obligation.
218
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
32. FINANCIAL INSTRUMENTS
(a) Financial Risk Management
The Group has exposure to the following risks from its use of financial instruments:
• Market risk
• Credit risk
•
This note presents information about the Group’s exposure to each of the above risks, the Group’s management of capital, and
the Group’s objectives, policies and procedures for measuring and managing risk.
financial markets, and monitors and manages the financial risks relating to the operations of the Group. These risks include
The Treasury Committee has put in place policies to identify and analyse the financial risks faced by the Group and has set
appropriate limits and controls. These policies provide written principles on funding investments, credit risk, foreign exchange
risk and interest rate risk. Compliance with policies and exposure limits is reviewed by the Treasury Committee. This Committee
is assisted in its oversight role by the Internal Audit function, which undertakes both regular and ad hoc reviews of risk
management controls and procedures, the results of which are reported to the Audit Committee.
Capital Risk Management
The Group manages its capital to ensure that the Group is able to continue as a going concern while maximising the return to
stakeholders and supporting the future development of the business. In order to maintain or adjust the capital structure, the
Group may suspend or adjust the amount of dividends paid to Shareholders, return capital to Shareholders, issue new shares
Cost of Capital
The Group’s Treasury Committee reviews the Group’s capital structure on a regular basis and, as part of this review, the
Committee considers the weighted average cost of capital and the risks associated with each class of capital.
Informa leverage ratio
Following the repayment of the private placement loan notes in 2020, there are no financial covenants on our Group level debt
facilities in issue at 31 December 2021. There are financial covenants over £36.8m ($49.8m) of drawn borrowings in the Curinos
business. The previous principal financial covenant ratios under the Group’s borrowing facilities were maximum net debt to
Under these previous financial covenant ratios at 31 December 2021, the ratio of net debt (using average exchange rates) to
year ended 31 December 2021 was 7.8 times (2020: 3.6 times). See the glossary of terms on page 255 and 256 for the definition
of these previous Informa leverage and interest cover ratios.
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32. FINANCIAL INSTRUMENTS CONTINUED
(b) Categories of Financial Instruments
Details of the significant accounting policies and methods adopted, including the criteria for recognition, the basis of
measurement and the basis on which income and expenses are recognised in respect of each class of financial asset,
Notes
2021
£m
2020
£m
Financial assets
Trade receivables 23 225.9 216.5
Other receivables 23 44.2 59.9
Finance lease receivables 38 6.4 7.9
28 884.8 299.4
Derivative assets 24 3.4 44.6
20 6.1 7.3
Total financial assets 1,170.8 635.6
Financial liabilities
29 33.4 (2.6)
29 1,989.2 2,095.8
Lease liabilities 38 265.9 280.8
Derivative liabilities 24 41.1 7.7
Trade payables 31 123.0 62.7
Accruals 31 320.7 248.9
Other payables 31 66.6 48.1
Deferred consideration 31 4.5 0.2
Contingent consideration 30 14.7 6.7
Total financial liabilities 2,859.1 2,748.3
(c) Market Risk
Market risk is the risk that changes in market prices, such as foreign exchange and interest rates, will affect the Group’s income
or the value of its holdings of financial instruments.
The Group manages these risks by maintaining a mix of fixed and floating rate debt and currency borrowings using derivatives
where necessary. The Group does not use derivative contracts for speculative purposes.
The Group’s overall risk management programme focuses on the unpredictability of financial markets and seeks to minimise
adverse effects on the Group’s financial performance. Risk management is carried out by a central Treasury function under
(d) Interest Rate Risk
The interest rate risk is managed by maintaining an appropriate mix of fixed and floating rate borrowings and by the use of
interest rate swap contracts. The Group’s exposures to interest rates on financial assets and financial liabilities are detailed
220
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
The following table details financial liabilities by interest category:
2021 2020
Fixed
rate
£m
Floating
rate
£m
Non-interest
bearing
£m
Total
£m
Fixed
rate
£m
Floating
rate
£m
bearing
£m
Total
£m
– 33.4 – 33.4 – (2.6) – (2.6)
1,989.2 – – 1,989.2 2,095.8 – – 2,095.8
Lease liabilities 265.9 – – 265.9 280.8 – – 280.8
Derivatives liabilities 41.1 – – 41.1 7.7 – – 7.7
Trade payables – – 123.0 123.0 – – 62.7 62.7
Accruals – – 320.7 320.7 – – 248.9 248.9
Other payables – – 66.6 66.6 – – 48.1 48.1
Deferred consideration – – 4.5 4.5 – – 0.2 0.2
Contingent consideration – – 14.7 14.7 – – 6.7 6.7
2,296.2 33.4 529.5 2,859.1 2,384.3 (2.6) 366.6 2,748.3
Interest Rate Sensitivity Analysis
affected by the exposure to variable rate debt.
If interest rates had been 100bps higher or lower and all other variables were held constant, the Group’s profit for the year
would have decreased or increased by £0.3m (2020: £nil).
(e) Foreign Currency Risk
The Group is a business with significant net USD or currencies pegged to USD transactions; hence exposures to exchange rate
fluctuations arise.
Allied to the Group’s policy on the hedging of surplus foreign currency cash inflows, the Group will usually seek to finance its
Assets Liabilities
2021
£m
2020
£m
2021
£m
2020
£m
USD 963.0 446.7 (650.1) (509.1)
EUR 41.3 46.9 (1,682.4) (1,798.7)
CNY 105.1 104.4 (119.8) (130.5)
Other 180.3 103.6 (927.4) (940.5)
1,290.3 701.6 (3,379.7) (3,378.8)
Foreign currency borrowings are used to hedge the Group’s net investments in foreign subsidiaries which resulted in a gain of
£44.0m (2020: loss of £13.0m) being recognised through OCI.
Average rate Closing rate
2021 2020 2021 2020
USD 1.29 1.37
EUR 1.16 1.13 1.19 1.11
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32. FINANCIAL INSTRUMENTS CONTINUED
Foreign Currency Sensitivity Analysis
Derivatives Designated in Hedge Relationships
2021
£m
2020
£m
Cross currency swaps – derivative financial assets 44.6
Cross currency swaps – derivative financial liabilities (7.5)
There are cross currency swaps over the EMTN borrowings where the Company receives the following:
• A fixed rate of interest for £450.0m of EMTN borrowings with a maturity of July 2026 and pays a fixed rate of interest
• A fixed rate of interest on €150.0m of EMTN borrowings with a maturity of July 2023 and pays a fixed rate of interest
• A fixed rate of interest on €500m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest
• A fixed rate of interest on €700.0m of EMTN borrowings with a maturity of October 2025 and pays a fixed rate of interest
At 31 December 2021, the fair value of these swaps was a net financial liability of £37.3m (2020: asset of £37.1m); of these
amounts a £19.5m (2020: £49.8m) asset was designated in a net investment hedge relationship and a £56.8m (2020: £12.7m)
liability was designated in a cash flow hedge relationship.
The cross currency swaps in place are used to hedge against foreign exchange movements in relation to translation of foreign
net Investments and for future cash flow repayments of EUR debt. As such, the cross currency swaps have been separated into
legs are hedging foreign currency risk relating to net investments.
The result of the synthetic cross currency swaps has been to swap €1,350.0m to £1,200.2m to hedge the cash flow risk at an
average foreign exchange rate of €1.12:£1 and additionally £1,200.2m to $1,547.3m to hedge the foreign currency risk at an
Of the amounts in hedging relationships, there was a £140.6m (2020: £98.2m) loss within the net investment hedging reserve,
reserve. All amounts relate to continuing hedge relationships.
The main source of ineffectiveness in the above hedging relationships is the effect of the Group’s own and counterparty credit
risk on the fair value of the cross currency swaps, which is not reflected in the fair value of the hedged item that is exposed to
change in foreign exchange rates, the change in value of the hedged item used as the basis for recognising hedge ineffectiveness
These hedges were assessed to be highly effective at 31 December 2021 with no amounts recognised in the Income Statement.
222
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
type and hedge designation type in the tables below:
Cash flow
hedge reserve
£m
Cost of
hedging
reserve
£m
Net
investment
hedging
reserve
£m
Opening balance 1 January 2020 2.5 1.5 (56.2)
Change in fair value of hedging instrument recognised in OCI 11.9 – 28.5
Change in value of hedged item recognised in OCI – – (70.5)
Costs of hedging recognised in OCI – 1.3 –
Amounts reclassified from OCI to profit or loss (13.0) – –
Deferred tax – – 11.9
Closing balance 31 December 2020 1.4 2.8 (86.3)
Change in fair value of hedging instrument recognised in OCI (37.0) – (59.6)
Change in value of hedged item recognised in OCI – – 17.2
Costs of hedging recognised in OCI – (2.4) –
Amounts reclassified from OCI to profit or loss 91.5 – –
Deferred tax – – (1.9)
Closing balance 31 December 2021 55.9 0.4 (130.6)
(f) Credit Risk
represent the Group’s maximum exposure to credit risk in relation to financial assets.
Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group.
The Group has adopted a policy of assessing creditworthiness of counterparties as a means of mitigating the risk of financial loss
from defaults.
The Group’s exposure and the creditworthiness of its counterparties are continuously monitored, and the aggregate value of
transactions concluded is spread among approved financial institutions. Credit exposure is controlled by counterparty limits that
are reviewed and approved as part of the Group’s treasury policies.
The carrying amount of financial assets recorded in the financial statements, which is net of impairment losses, represents the
Group’s maximum exposure to credit risk.
Trade Receivables
Sheet are net of the expected credit loss (ECL). Trade receivables consist of a large number of customers, spread across diverse
industries and geographic areas, and the Group’s exposure to credit risk is influenced mainly by the individual characteristics
All customers have credit limits set by credit managers and are subject to the standard terms of payment of each Division.
As Informa Markets, Informa Connect, Informa Intelligence, Omdia and the journals subscriptions part of the Taylor & Francis
Division operate predominantly on a prepaid basis and they have a low bad debt history. The Group is exposed to normal credit
risk and potential losses are mitigated as the Group does not have significant exposure to any single customer.
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32. FINANCIAL INSTRUMENTS CONTINUED
The Group recognises lifetime ECL for trade receivables using a provisioning matrix. The ECL is estimated based on the Group’s
historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an
assessment of both the current as well as the forecast direction of conditions at the reporting date, including time value of
money where appropriate. The carrying amount is reduced by the ECL through the use of a provision account. The Group writes
off a trade receivable against the provision account when the receivable is considered uncollectible. This occurs when the debtor
is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under
Changes in the carrying amount of the provision are recognised in the Consolidated Income Statement.
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
Ageing of trade receivables:
Gross
2021
£m
Provision
2021
£m
Gross
2020
£m
Provision
2020
£m
Not past due 123.1 – 123.6 –
Past due 0–30 days 59.8 – 54.8 –
Past due over 31 days 92.1 (30.3) 85.8 (32.5)
275.0 (3.03) 264.2 (32.5)
– (18.8) – (15.2)
Total 275.0 (49.1) 264.2 (47.7)
Trade receivables that are less than three months past the date due for payment are generally not considered impaired.
For trade receivables that are more than three months past the date due for payment, there are debtors with a carrying amount
and the amounts are considered recoverable. The Group does not hold any collateral over these balances.
A provision relating to returns on books which are yet to be paid for of £18.8m (2020: £15.2m) has been disclosed separately in
the table above. This is based on the Group’s best estimate of returns for future periods, taking account of returns trends, and
the amount is included as part of the overall provision balance of £49.1m (2020: £47.7m).
Movement in the provision:
2021
£m
2020
£m
1 January 47.7 34.4
Provision recognised 18.5 28.5
Receivables written off as uncollectible (7.1) (5.1)
Amounts recovered during the year (10.0) (10.1)
31 December 49.1 47.7
Non-Current Other Receivables
2021
£m
2020
£m
1 January 3.4
Provision recognised – 3.4
31 December 6.8
224
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
(g) Liquidity Risk
reserves and debt facilities, together with continuously monitoring forecast and actual cash flows and matching the maturity
profiles of financial assets and liabilities. Included in Note 29 is a summary of additional undrawn facilities that the Group has
Historically and for the foreseeable future the Group has been, and is expected to continue to be, in a net borrowing position.
(h) Liquidity and Interest Risk tables
The following tables detail the Group’s remaining contractual maturities for its financial assets and liabilities.
The table below presents the contractual maturities of the financial assets, including interest that will be earned on those assets
except where the Group anticipates that the cash flow will occur in a different period.
Carrying
amount
£m
Contractual
cash flows
1
£m
Less than
1 year
£m
1–2 years
£m
2–5 years
£m
Greater than
5 years
£m
31 December 2021
Non-derivative financial assets
Lease receivable 6.4 7.1 2.2 1.2 2.2 1.5
1,161.0 1,154.9 1,131.2 23.7 – –
1,167.4 1,162.0 1,133.4 24.9 2.2 1.5
Derivative financial assets
Cross currency swaps – receipts 3.4 171.2 4.7 4.7 161.8 –
Cross currency swaps – payments (168.8) (5.4) (5.4) (158.0) –
3.4 2.4 (0.7) (0.7) 3.8 –
Total financial assets 1,170.8 1,164.4 1,132.7 24.2 6.0 1.5
31 December 2020
Non-derivative financial assets
Lease receivable 7.9 8.4 1.7 1.7 2.7 2.3
583.1 575.8 555.6 20.2 – –
591.0 584.2 557.3 21.9 2.7 2.3
Derivative financial assets
Cross currency swaps – receipts 44.6 1,358.2 23.5 23.5 696.8 614.4
Cross currency swaps – payments (1,375.4) (39.7) (39.7) (715.6) (580.4)
44.6 (17.2) (16.2) (16.2) (18.8) 34.0
Total financial assets 635.6 567.0 541.1 5.7 (16.1) 36.3
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32. FINANCIAL INSTRUMENTS CONTINUED
The following tables present the earliest date on which the Group can settle its financial liabilities. The table includes both
interest and principal cash flows.
Carrying
amount
£m
Contractual
cash flows
1
£m
Less than
1 year
£m
1–2 years
£m
2–5 years
£m
Greater than
5 years
£m
31 December 2021
Non-derivative financial liabilities
(33.4) (53.1) (3.7) (3.6) (8.2) (37.6)
(1,989.2) (2,157.3) (40.0) (580.9) (1,110.3) (426.1)
Lease liabilities (265.9) (380.5) (39.7) (35.7) (79.5) (225.6)
Trade and other payables (510.3) (510.3) (493.2) (17.1) – –
Deferred consideration (4.5) (4.5) (4.1) – (0.4) –
Contingent consideration (14.7) (14.7) (7.1) (4.2) (3.4) –
(2,818.0) (3,120.4) (587.8) (641.5) (1,201.8) (689.3)
Derivative financial liabilities
Currency forwards (0.4) (0.4) (0.4) – – –
Cross currency swaps – receipts (40.7) 1,556.9 28.8 153.6 948.5 426.0
Cross currency swaps – payments (1,674.5) (54.3) (180.3) (1,013.4) (426.5)
(41.1) (118.0) (25.9) (26.7) (64.9) (0.5)
Total financial liabilities (2,859.1) (3,238.4) (613.7) (668.2) (1,266.7) (689.8)
31 December 2020
Non-derivative financial liabilities
2.6 (7.0) (1.7) (1.7) (3.5) (0.1)
(2,095.8) (2,315.6) (41.9) (41.9) (1,312.9) (918.9)
Lease liabilities (280.8) (419.0) (44.3) (37.0) (82.2) (255.5)
Trade and other payables (359.7) (359.7) (343.5) (16.2) – –
Deferred consideration (0.2) (0.2) (0.2) – – –
Contingent consideration (6.7) (6.7) (0.4) (6.3) – –
(2,740.6) (3,108.2) (432.0) (103.1) (1,398.6) (1,174.5)
Derivative financial liabilities
Currency forwards (0.2) (0.2) (0.2) – – –
Cross currency swaps – receipts (7.5) 491.3 11.4 11.4 163.8 304.7
Cross currency swaps – payments (505.1) (19.5) (19.5) (171.3) (294.8)
(7.7) (14.0) (8.3) (8.1) (7.5) 9.9
Total financial liabilities (2,748.3) (3,122.2) (440.3) (111.2) (1,406.1) (1,164.6)
226
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
(i) Fair Values and Fair Value Hierarchy
The fair values of interest rate swaps and forward exchange contracts are measured using discounted cash flows. Future cash
flows are based on forward interest/exchange rates (from observable yield curves/forward exchange rates at the end of the
reporting period) and contract interest/forward rates, discounted at a rate that reflects the credit risk of the counterparties.
estimate of these projections at each financial reporting date and regularly assesses a range of reasonably possible alternatives
for those inputs and determines their impact on the total fair value. The fair value of the contingent and deferred consideration
the degree to which the fair value is observable, as follows:
Level 1
Level 2
observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).
Level 3
are not based on observable market data (unobservable inputs), such as internal models or other valuation methods. Level 3
balances include investments where, in the absence of market data, these are held at cost, and adjusted for impairments which
are taken to approximate to fair value. Level 3 balances for contingent consideration use future cash flow forecasts to determine
the fair value, with the fair value of deferred consideration balances taken as the receivable amount adjusted for an impairment
each business.
hierarchy 31 December 2021 and 31 December 2020:
Level 1
2021
£m
Level 2
2021
£m
Level 3
2021
£m
Total
2021
£m
Financial assets
Derivative financial instruments in designated hedge accounting relationships
1
– 3.4 – 3.4
– – 6.1 6.1
– 3.4 6.1 9.5
Financial liabilities at fair value through profit or loss
Derivative financial instruments in designated hedge accounting relationships
1
– 40.7 – 40.7
Unhedged derivative financial instruments – 0.4 – 0.4
2
– – 4.5 4.5
– – 14.7 14.7
– 41.1 19.2 60.3
1. Amounts relates to interest rate swaps associated with Euro Medium Term Notes. Refer to Note 29
227
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
32. FINANCIAL INSTRUMENTS CONTINUED
Level 1
2020
£m
Level 2
2020
£m
Level 3
2020
£m
Total
2020
£m
Financial assets
Derivative financial instruments in designated hedge accounting relationships
1
– 44.6 – 44.6
– – 7.3 7.3
– 44.6 7.3 51.9
Financial liabilities at fair value through profit or loss
Derivative financial instruments in designated hedge accounting relationships
1
– 7.5 – 7.5
Unhedged derivative financial instruments – 0.2 – 0.2
– – 0.2 0.2
– – 6.7 6.7
– 7.7 6.9 14.6
1. Amounts relates to cross currency swaps associated with Euro Medium Term Notes. Refer to Note 29
Fair Value Of Other Financial Instruments (Unrecognised)
The Group also has a number of financial instruments which are not measured at fair value in the balance sheet. For the majority
of these instruments, the fair values are not materially different to their carrying amounts, since the interest receivable/payable
following instruments at 31 December 2021 and 31 December 2020:
Carrying
amount
31 December
2021
£m
Estimated
fair value
31 December
2021
£m
Carrying
amount
31 December
2020
£m
Estimated fair
value
31 December
2020
£m
Financial liabilities
2,095.8 2,186.7
Total 2,095.8 2,186.7
228
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
33. NOTES TO THE CASH FLOW STATEMENT
Notes
2021
£m
2020
1
£m
Profit/(loss) before tax 137.1 (1,140.9)
Adjustments for:
19 12.7 16.8
Depreciation of right of use asset 38 24.2 30.3
Amortisation of other intangible assets 17 309.0 327.6
Impairment – goodwill 8 – 592.9
Impairment – investments – 3.9
17 7.9 38.5
4.4 8.8
Impairment – IFRS 16 right of use assets 38 11.8 36.1
10 15.0 11.2
8 4.2 (3.1)
Lease modifications (5.0) (2.2)
(Profit)/loss on disposal of businesses 21 (111.1) 8.4
0.2 0.9
Finance income 11 (5.7) (15.3)
Finance costs 12 73.5 266.2
Share of adjusted results of joint ventures and associates 20 (3.0) (0.8)
Operating cash inflow before movements in working capital 475.2 179.3
4.1 7.2
24.7 114.8
95.5 (148.5)
Movements in working capital 124.3 (26.5)
Pension deficit recovery contributions 34 (6.3) (6.2)
Cash generated by operations 593.2 146.6
1. Restated for SaaS (see Note 4)
34. RETIREMENT BENEFIT SCHEMES
(a) Charge to Operating Profit
The charge to operating profit for the year in respect of pensions, including both defined benefit and defined contribution
schemes, was £20.1m (2020: £21.6m).
(b) Defined Benefit Schemes – Strategy
The Group operates four defined benefit pension schemes in the UK (the UK Schemes): the Informa Final Salary Scheme (FSS),
Supplemental Executive Retirement Plan (together, the US Schemes). All schemes (the Group Schemes) are closed to future
the Projected Unit Credit Method. Contributions to the US Schemes are assessed annually following valuations undertaken by a
For the UK Schemes, the defined benefit schemes are administered by separate funds that are legally separated from the
Company. The Trustees are responsible for running the UK Schemes in accordance with the Group Schemes’ Trust Deed and
The Trustees of the pension funds are responsible for the investment policy with regard to the assets of the fund. None of the
Schemes have any reimbursement rights.
229
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
34. RETIREMENT BENEFIT SCHEMES CONTINUED
The Group’s pension funding policy is to provide sufficient funding, as agreed with the Trustees, to ensure any pension deficit
will be addressed to ensure pension payments made to current and future pensioners will be met.
For the US Schemes, the defined benefit scheme is administered by Informa Media, Inc. and is subject to the provisions of the
Employee Retirement Income Security Act 1974 (ERISA). The Company is responsible for the investment policy with regard to the
assets of the fund. The defined benefit scheme has no reimbursement rights.
bonds. The investment objectives of the US Schemes are to maximise plan assets within designated risk and return profiles.
guidelines established by the Company.
(c) Defined Benefit Schemes – Risk
Through the Group Schemes the Company is exposed to a number of potential risks as described below:
• Asset volatility: The Group Schemes’ defined benefit obligation is calculated using a discount rate set with reference to
corporate bonds in the long term, but provide volatility and risk in the short term
• Changes in bond yields: A decrease in corporate bond yields would increase the Group Schemes’ defined benefit obligation;
however, this would be partially offset by an increase in the value of the Schemes’ bond holdings
• Inflation risk: A significant proportion of the Group Schemes’ defined benefit obligation is linked to inflation; therefore higher
inflation will result in a higher defined benefit obligation (subject to caps for the UK Schemes). The majority of the UK Schemes’
assets are either unaffected by inflation or only loosely correlated with inflation, therefore an increase in inflation would also
increase the deficit
• Life expectancy: If the Group Schemes’ members live longer than expected, the Group Schemes’ benefits will need to be paid
for longer, increasing the Group Schemes’ defined benefit obligations
The Trustees and the Company manage risks in the Group Schemes through the following strategies:
• Diversification: Investments are well diversified, such that the failure of any single investment would not have a material
impact on the overall level of assets
• Investment strategy:
There are three categories of pension scheme members:
• Employed deferred members: Currently employed by the Company
• Deferred members: Former colleagues of the Company
• Pensioner members: In receipt of pension
The defined benefit obligation is valued by projecting the best estimate of future benefit payments (allowing for future salary
increases for UK employed deferred members, revaluation to retirement for deferred members and annual pension increases
for UK members) and then discounting to the balance sheet date. UK members receive increases to their benefits linked to
inflation (subject to caps for the UK Schemes). There are no caps on benefits in the US Schemes as benefits are not linked to
inflation in these Schemes. The valuation method used for all Schemes is known as the Projected Unit Credit Method.
The approximate overall duration of the Group Schemes’ defined benefit obligation as at 31 December 2021 was as follows:
2021 2020
Informa FSS
and T&F
Schemes
UBMPS
and UNEPS
Schemes
US
Schemes
Informa FSS
and T&F
Schemes
and UNEPS
Schemes
US
Schemes
Overall duration (years) 14 14 20 14 15
230
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
The assumptions which have the most significant effect on the results of the IAS 19 valuation for the Group Schemes are those
relating to the discount rate, the rates of increase in price inflation, salaries, and pensions and life expectancy. The main
assumptions adopted are:
2021 2020
Informa FSS
and T&F
Schemes
UBMPS and
UNEPS
Schemes
US
Schemes
Informa FSS
and T&F
Schemes
UNEPS
Schemes
US
Schemes
Discount rate 1.90% 1.90% 2.50%
Rate of price inflation 2.65% (CPI) 2.65% (CPI) n/a n/a
3.35% (RPI) 3.35% (RPI) n/a n/a
Rate of increase for deferred pensions 2.30% 2.30% n/a n/a
Rate of increase for pensions in payment 2.30–3.25% 2.30–3.25% n/a n/a
Life expectancy:
For an individual aged 65 – male (years) 87 87 85 87 87 84
For an individual aged 65 – female (years) 89 89 87 89 89 86
For the UK Schemes, mortality assumptions used in the IAS 19 valuations are taken from tables published by Continuous
(d) Defined Benefit Schemes – Individual Defined Benefit Scheme Details
Informa
FSS
1
T&F
GPS
2
UBMPS
3
UNEPS
4
Latest valuation date 31.3.2020 30.9.2020 31.3.2020 5.4.2020
Funding (shortfall)/surplus at valuation date and agreed recovery plan
amounts for UK Schemes
5
£(24.6m) £(3.7m) £(56.0m) £3.8m
£2m per year to
30 June 2026
£0.25m per year
to 30 September
2026
£2.5m per year
to 30 September
2025 n/a
1. Informa Final Salary Scheme (Informa FSS)
2. Taylor & Francis Group Pension and Life Assurance Scheme (T&F GPS)
4. United Newspapers Executive Pension Scheme (UNEPS)
£11.2m) and at the point of signing for Informa FSS (16 June 2021) and T&F GPS (23 September 2021)
The sensitivities regarding the principal assumptions used to measure the IAS 19 pension scheme liabilities are set out below:
Impact on Scheme liabilities: Increase amounts
Informa
FSS
£m
T&F
GPS
£m
UBMPS
£m
UNEPS
£m
Penton
£m
Sensitivity analysis at 31 December 2021
6.0 1.5 17.9 0.2 0.9
4.7 1.0 7.3 0.3 n/a
Life expectancy – Increase by 1 year 4.0 1.2 23.9 1.6 0.7
Sensitivities have been prepared using the same approach as 2020. The above sensitivity analyses are based on a change in an
assumption while holding all other assumptions constant, although in practice this is unlikely to occur and changes in some
assumptions may be correlated.
231
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
34. RETIREMENT BENEFIT SCHEMES CONTINUED
(e) Defined Benefit Schemes – Individual Defined Benefit Scheme Details
Amounts recognised in respect of these defined benefit schemes are as follows:
2021
£m
2020
£m
Recognised in profit before tax
Past service credit and administrative expenses 0.4 (0.7)
Interest cost on net pension deficit (Note 12) 1.5 0.7
2021
£m
2020
£m
Recognised in the Consolidated Statement of Comprehensive Income
Actuarial gain on scheme assets 48.7 28.8
Experience (loss)/gain (0.6) 0.1
Change in demographic actuarial assumptions (7.1) 1.6
Change in financial actuarial assumptions 36.0 (78.1)
Actuarial gain/(loss) 77.0 (47.6)
2021
£m
2020
£m
Movement in net deficit during the year
Net deficit in schemes at beginning of the year (before irrecoverable element of pension surplus) (69.8) (27.7)
Past service credit and administrative expenses (0.4) 0.7
Net finance cost (1.5) (0.7)
Actuarial gain/(loss) 77.0 (47.6)
Cash payments from Scheme for Scheme costs – (1.4)
Contributions from the employer to fund Scheme costs – 0.8
Deficit recovery contributions from the employer to the Schemes 6.3 5.4
Effect of movement in foreign currencies (0.2) 0.7
Net surplus/(deficit) in Schemes at end of the year (before irrecoverable element of pension surplus) 11.4 (69.8)
Irrecoverable element of pension surplus (9.8) (1.6)
Net surplus/(deficit) in schemes at end of the year after irrecoverable element of pension surplus 1.6 (71.4)
The expected deficit recovery contributions from the employer to the UK Schemes for 2022 are expected to be £4.75m p.a.
with the amount increasing to £5.25m p.a. when the Group resumes the payment of Shareholder dividends.
2021
£m
2020
£m
Present value of defined benefit obligations (735.2) (786.8)
Fair value of Scheme assets 746.6 717.0
Irrecoverable element of pension surplus (9.8) (1.6)
Net deficit 1.6 (71.4)
Reported as:
15.5 –
(13.9) (71.4)
Net surplus/(deficit) 1.6 (71.4)
232
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
Changes in the present value of defined benefit obligations are as follows:
2021
£m
2020
£m
Opening present value of defined benefit obligation at 1 January (786.8) (730.8)
Past service credit – 0.7
Interest cost (10.3) (14.9)
34.2 32.9
Actuarial gain/(loss) 28.3 (76.4)
Effect of movement in foreign currencies (0.6) 1.7
Closing present value of defined benefit obligation at 31 December (735.2) (786.8)
Changes in the fair value of Scheme assets are as follows:
2021
£m
2020
£m
Opening fair value of Scheme assets at 1 January 717.0 703.1
Return on Scheme assets 8.8 14.2
Actuarial gain 48.7 28.8
(34.2) (32.9)
Other payments from Schemes (0.4) (1.4)
Contributions from the employer to the Schemes 6.3 6.2
Effect of movement in foreign currencies 0.4 (1.0)
Closing fair value of Scheme assets at 31 December 746.6 717.0
The assets of the Informa Final Salary Scheme and Taylor & Francis Group Pension and Life Assurance Scheme include assets
held in managed funds and cash funds operated by Legal & General Assurance (Pensions Management) Limited (L&G), Partners
Group (UK) Limited and Zurich Assurance Limited.
investment (LDI) funds with Legal & General Investment Management Limited (LGIM), diversified growth funds with Schroder
Investment Management Limited, real return funds with Newton Investment Management Limited, property funds with Aviva
cover a small number of pension members and cash.
The assets of the Informa Media, Inc. Retirement Plan are primarily invested in private commingled group trust funds operated by
The fair values of the assets held are as follows:
31 December 2021
Informa
FSS
£m
T&F
GPS
£m
UBMPS
£m
UNEPS
£m
Penton
£m
Total
£m
54.5 13.3 167.0 – 13.2 248.0
– – – – 11.6 11.6
Property 11.7 4.6 80.1 – 4.5 100.9
Diversified growth fund 29.1 8.1 140.4 – – 177.6
1.2 0.4 49.5 – – 51.1
Absolute return bond fund – – – – – –
12.8 4.3 105.2 – 2.2 124.5
Annuity contracts – – 5.5 13.7 – 19.2
Cash 7.2 2.1 2.4 1.4 0.6 13.7
Total 116.5 32.8 550.1 15.1 32.1 746.6
233
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
34. RETIREMENT BENEFIT SCHEMES CONTINUED
31 December 2020
Informa
FSS
£m
T&F
GPS
£m
£m
UNEPS
£m
Penton
£m
Total
£m
49.0 12.8 158.4 – 13.0 233.2
– – – – 11.1 11.1
Property 9.7 3.8 73.8 – 4.2 91.5
Diversified growth fund 26.2 7.7 130.8 – – 164.7
2.3 0.7 48.3 – – 51.3
Absolute return bond fund – – 1.4 – – 1.4
11.5 3.9 114.5 – 2.0 131.9
Annuity contracts – – 6.1 13.4 – 19.5
Cash 6.5 1.3 2.6 1.6 0.4 12.4
Total 105.2 30.2 535.9 15.0 30.7 717.0
Schemes’ assets do not include any of the Group’s own financial instruments, nor any property occupied by, or other assets used
by, the Group.
35. SHARE CAPITAL AND SHARE PREMIUM
Share Capital
Share capital as at 31 December 2021 amounted to £1.5m (2020: £1.5m). For details of options issued over the Company’s shares
see Note 10.
2021
£m
2020
£m
Issued, authorised and fully paid
1,503,112,804 (2020: 1,502,137,804) ordinary shares of 0.1p each 1.5 1.5
2021
Number of
shares
2020
Number of
shares
At 1 January 1,502,137,804 1,251,798,534
Issue of new shares in relation to share placements in 2020 – 250,318,000
Other issue of shares 21,270
At 31 December 1,502,137,804
Share Premium
Issued, authorised and fully paid
2021
£m
2020
£m
At 1 January 905.3
Issue in the year (0.2) 973.5
At 31 December 1,878.6 1,878.8
23 4
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
36. OTHER RESERVES
Reserves for
shares to be
Issued
£m
Merger
reserve
£m
Other reserve
£m
Employee
Share Trust
and
ShareMatch
shares
£m
Cash flow
hedging
reserve
£m
Cost of
hedging
reserve
£m
Total
1
£m
At 1 January 2020 17.7 4,125.4 (2,157.6) (20.9) 2.5 1.5 1,968.6
11.2 – – – – – 11.2
Own shares purchased (1.3) – – – – – (1.3)
Transfer of vested LTIPs (4.9) – – – – – (4.9)
Fair value movements on derivatives in
hedging relationships – – – – (1.1) 1.3 0.2
At 1 January 2021 22.7 4,125.4 (2,157.6) (20.9) 1.4 2.8 1,973.8
15.0 – – – – – 15.0
Own shares purchased (2.5) – – – – – (2.5)
Transfer of vested LTIPs (10.4) – – – – – (10.4)
Fair value movements on derivatives in
hedging relationships – – – – 54.5 (2.4) 52.1
At 31 December 2021 24.8 4,125.4 (2,157.6) (20.9) 55.9 0.4 2.028.0
1. Restated for reclassification of hedging reserves (see Note 4)
Reserve for Shares to be issued
This reserve relates to LTIP and Curinos share awards granted to colleagues and reduced by the transferred and vested awards.
Further information is set out in Note 10.
Merger Reserve
In 2004 the merger of Informa PLC and Taylor & Francis Group plc resulted in a merger reserve amount of £496.4m being
issued to the vendors was recorded as an increase in the merger reserve in accordance with the merger relief rules of the
to 13 December 2018 there were 256,689 shares issued in connection with the satisfaction of Save As You Earn (SAYE) awards in
Other Reserve
The other reserve includes the inversion accounting reserve of £2,189.9m which was created from an issue of shares under
Employee Share Trust and Sharematch Shares
As at 31 December 2021, the Informa Employee Share Trust (EST) held 1,116,505 (2020: 697,644) ordinary shares in the Company
at a market value of £5.8m (2020: £3.8m). As at 31 December 2021, the ShareMatch scheme held 1,078,742 (2020: 710,697)
Hedging Reserves
The cash flow hedging reserves and cost of hedging reserve arises from the Group’s hedging arrangements, as described In
235
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
37. NON-CONTROLLING INTERESTS
•
• China International Exhibitions Company Limited
•
•
•
•
•
•
•
• Guangzhou Sinobake International Exhibition Co. Limited
• Guangzhou Citiexpo Jianke Exhibition Co., Ltd
• Hong Kong Sinoexpo Informa Markets Limited
•
•
•
•
•
•
•
• Informa Tianyi Exhibitions (Chengdu) Co., Ltd
•
•
•
•
•
•
• Shanghai Informa Markets Showstar Exhibition Co. Limited
•
•
• Shenzhen Informa Markets Creativity Exhibition Co. Limited
•
•
•
•
•
•
236
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
38. LEASES AND FINANCE LEASE RECEIVABLES
(a) IFRS 16 Leases at 31 December
The Group’s right of use assets and lease liabilities at 31 December are as follows:
Right Of Use Assets
Property
leases
£m
Other
leases
1
£m
Total
£m
1 January 2020 160.9 103.5 264.4
Depreciation (26.8) (3.5) (30.3)
Additions 18.5 22.5 41.0
Impairment (Note 8) (36.1) – (36.1)
Disposals (27.0) – (27.0)
Foreign exchange movement 1.9 (4.0) (2.1)
1 January 2021 91.4 118.5 209.9
Depreciation (20.3) (3.9) (24.2)
Additions 27.7 – 27.7
Impairment (Note 8) (11.8) – (11.8)
Disposals (3.6) – (3.6)
Foreign exchange movement – 1.3 1.3
At 31 December 2021 83.4 115.9 199.3
Lease Liabilities
Property
leases
£m
Other
leases
1
£m
Total
£m
1 January 2020 (210.2) (106.4) (316.6)
Repayment of lease liabilities 42.1 7.2 49.3
Interest on lease liabilities (8.0) (4.2) (12.2)
Additions (13.9) (22.5) (36.4)
Disposals 29.6 – 29.6
Foreign exchange movement 0.8 4.7 5.5
1 January 2021 (159.6) (121.2) (280.8)
Repayment of lease liabilities 40.9 5.1 46.0
Interest on lease liabilities (5.9) (4.5) (10.4)
Additions (23.6) – (23.6)
Disposals 4.5 – 4.5
Foreign exchange movement 0.1 (1.7) (1.6)
At 31 December 2021 (143.6) (122.3) (265.9)
2020
Current lease liabilities (33.0) (0.4) (33.4)
(126.6) (120.8) (247.4)
At 31 December 2020 (159.6) (121.2) (280.8)
2021
Current lease liabilities (29.5) (0.5) (30.0)
(114.1) (121.8) (235.9)
At 31 December 2021 (143.6) (122.3) (265.9)
The Group’s average lease term under IFRS 16 is 4.7 years (2020: 4.5 years). The average incremental borrowing rate used for the
237
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
38. LEASES AND FINANCE LEASE RECEIVABLES CONTINUED
(b) IFRS 16 Finance Lease Receivable at 31 December
The Group’s finance lease receivable at 31 December is as follows:
Finance Lease Receivable
Property
leases
£m
1 January 2020 15.3
Rent receipt (2.4)
Interest income 0.1
Additions 0.4
Disposals (5.8)
Foreign exchange movement 0.3
1 January 2021 7.9
Rent receipt (2.1)
Interest income 0.2
Additions 1.0
Disposals (0.7)
Foreign exchange movement 0.1
At 31 December 2021 6.4
2020
Current finance lease receivable 1.5
6.4
At 31 December 2020 7.9
2021
Current finance lease receivable 1.9
4.5
At 31 December 2021 6.4
(c) Low Value and Short-Term Lease Income and Expense for the year ended 31 December
Total
£m
2020
2.5
1
(51.0)
2021
1.8
1
(59.2)
238
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
39. RELATED PARTY TRANSACTIONS
Transactions between the Company and its subsidiaries, which are related parties, have been eliminated on consolidation and
are not disclosed in this note. The transactions between the Group and its joint ventures and associates are disclosed below.
The following transactions and arrangements are those which are considered to have had a material effect on the financial
performance and position of the Group for the year.
Transactions with Directors
There were no material transactions with Directors of the Company during the year, except for those relating to remuneration
and shareholdings. For the purposes of IAS 24 Related Party Disclosures, executives below the level of the Company’s Board are
not regarded as related parties.
Further information about the remuneration of individual Directors is provided in the audited part of the Remuneration Report
on pages 141 to 155 and Note 9.
Other Related Party Disclosures
At 31 December 2021, Informa Group companies have guaranteed the UK pension scheme liabilities of the Taylor & Francis
Group Pension and Life Assurance Scheme, the Informa Final Salary Scheme and the UBM Pension Scheme.
Informa Markets Trust was sold to the owner of the non-controlling interest on 9 December 2021 for £nil consideration.
Transactions with related parties are made at arm’s length. Outstanding balances at year end are unsecured and settlement
occurs in cash. There are no bad debt provisions for related party balances as at 31 December 2021, and no debts due from
related parties have been written off during the year. During the period, Informa entered into related party transactions to the
value of £0.6m (2020: £0.5m) with a balance of £0.3m (2020: £0.2m) outstanding at 31 December 2021.
239
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Company Name Country Ownership
Registered
Office
Centre for Asia Pacific
Aviation Pty Limited
Australia 100.00% AU1
Centre for Aviation Pty
Limited
Australia 100.00% AU1
Curinos Australia Pty
Limited
Australia 56.24% AU3
Datamonitor Pty Limited Australia 100.00% AU2
Informa Australia Pty
Limited
Australia 100.00% AU2
Informa Holdings
(Australia) Pty Limited
Australia 100.00% AU1
Ovum Pty Limited Australia 100.00% AU2
International Exhibition
Holdings Limited
Bahamas 100.00% BH1
Arabian Exhibition
Management W.L.L.
Bahrain 100.00% BA1
Informa Middle East
Limited
Bermuda 100.00% BM1
Informa Markets Ltda Brazil 100.00% BR1
Curinos Inc Canada 56.24% CA3
iNet Interactive Canada Inc. Canada 100.00% CA1
Informa Canada Inc. Canada 100.00% CA2
Informa Tech Canada Inc. Canada 100.00% CA2
China International
Exhibitions Co., Ltd
China 70.00% CH1
Guangzhou CitiExpo Jianke
Exhibition Co., Ltd
China 60.00% CH2
Guangzhou Informa Yi Fan
Exhibitions Co., Ltd
China 100.00% CH3
Guangzhou Sinobake
International Exhibition
Co., Ltd
China 50.00% CH26
IBC Conferences and Event
Management Services
(Shanghai) Co., Ltd
China 100.00% CH4
Informa Data Service
(Shanghai) Co., Ltd
China 100.00% CH5
Informa Enterprise
Management (Shanghai)
Co., Ltd
China 100.00% CH6
Informa Exhibitions
(Beijing) Co., Ltd
China 100.00% CH7
Informa Information
Technology (Shanghai)
China 100.00% CH8
Informa Market China
e-Commerce (Shanghai)
Co., Ltd
China 100.00% CH9
Informa Markets China
(Chengdu) Co., Ltd
China 100.00% CH10
Informa Markets China
(Guangzhou) Co., Ltd
China 100.00% CH11
Informa Markets China
(Hangzhou) Co., Ltd
China 100.00% CH12
Informa Markets China
(Shanghai) Co., Ltd
China 100.00% CH13
Informa Markets China
(Shenzhen) Co., Ltd
China 100.00% CH14
Informa Tianyi Exhibitions
(Chengdu) Co., Ltd
China 60.00% CH15
Company Name Country Ownership
Registered
Office
Informa Weiner Exhibitions
(Chengdu) Co. Ltd
China 60.00% CH16
Shanghai Baiwen
Exhibitions Co., Ltd
China 85.00% CH17
Shanghai Informa Markets
ShowStar Exhibition
China 70.00% CH18
Shanghai Meisheng Culture
Broadcasting Co., Ltd
China 85.00% CH19
Shanghai SinoExpo
Informa Markets
International Exhibitions
Co., Ltd
China 70.00% CH20
Shanghai Yingye
Exhibitions Co., Ltd
China 60.00% CH21
Shenzhen Informa Markets
Creativity Exhibition
China 65.00% CH22
Shenzhen UBM Herong
Exhibition Co., Ltd
China 70.00% CH23
Sinoexpo Newco for
Ecommerce Business
China 70.00% CH24
UBM China (Beijing)
Exhibition Co., Ltd
China 100.00% CH25
Stormcliff Limited Cyprus 100.00% CY1
Informa Egypt LLC Egypt 100.00% EG1
Euromedicom SAS France 100.00% FR1
Eurovir SAS France 100.00% FR1
New AG International
S.à.r.l.
France 100.00% FR1
EBD Group GmbH Germany 100.00% DE1
Informa Holding Germany
GmbH
Germany 100.00% DE1
Informa Tech Germany
GmbH
Germany 100.00% DE1
UBM Canon Deutschland
GmbH
Germany 100.00% DE2
APLF Limited Hong Kong 60.00% HK1
Cosmoprof Asia Limited Hong Kong 50.00% HK1
Datamonitor Publications
(HK) Limited
Hong Kong 100.00% HK1
Great Tactic Limited Hong Kong 100.00% HK1
Hong Kong Sinoexpo
Informa Markets Limited
Hong Kong 70.00% HK1
Informa Global Markets
(Hong Kong) Limited
Hong Kong 100.00% HK1
Informa Limited Hong Kong 100.00% HK1
Informa Markets Asia
Group Limited
Hong Kong 100.00% HK1
Informa Markets Asia
Holdings (HK) Limited
Hong Kong 100.00% HK1
Informa Markets Asia
Limited
Hong Kong 100.00% HK1
Informa Markets Asia
Partnership
Hong Kong 100.00% HK1
Informa Markets South
China Limited
Hong Kong 100.00% HK1
MAI Brokers (Asia & Pacific)
Limited
Hong Kong 100.00% HK1
40. SUBSIDIARIES
240
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
Company Name Country Ownership
Registered
Office
Mills & Allen Holdings
Hong Kong 100.00% HK1
Penton Media Asia Limited Hong Kong 100.00% HK1
Informa Markets India
Private Limited
India 100.00% IN1
Taylor & Francis Books
India Private Limited
India 100.00% IN2
Taylor & Francis
Technology Services LLP
India 100.00% IN3
UBM Exhibitions India LLP India 100.00% IN1
PT Pamerindo Indonesia Indonesia 100.00% ID1
PT UBM Pameran Niaga
Indonesia
Indonesia 67.00% ID2
Chartbay Unlimited
Company (in strike off)
Ireland 100.00% IR1
Colwiz Limited Ireland 100.00% IR2
CX Properties Unlimited
Company (in strike off)
Ireland 100.00% IR1
Donytel Unlimited
Company
Ireland 100.00% IR1
F1000 Open Science
Platforms Limited
Ireland 100.00% IR1
Garragie Investments
Unlimited Company
Ireland 100.00% IR1
Hickdale Unlimited
Company
Ireland 100.00% IR1
Maypond Holdings Limited Ireland 100.00% IR1
Maypond Limited Ireland 100.00% IR1
Tanahol Unlimited
Company
Ireland 100.00% IR1
UBM Financial Services
Ireland Unlimited Company
Ireland 100.00% IR1
UBM IP Ireland Unlimited
Company (in strike off)
Ireland 100.00% IR1
UBM Ireland No 1
Unlimited Company
Ireland 100.00% IR1
UBM Ireland No 2
Unlimited Company
Ireland 100.00% IR1
UBM Ireland No 3
Unlimited Company
Ireland 100.00% IR1
UBM Ireland No 4
Unlimited Company
Ireland 100.00% IR1
UBM Ireland No 5
Unlimited Company
Ireland 100.00% IR1
UBM Ireland No 6
Unlimited Company
Ireland 100.00% IR1
UBM Ireland No 8
Unlimited Company
Ireland 100.00% IR1
UBM Ireland No 9
Unlimited Company
Ireland 100.00% IR1
UNM International
Holdings Limited
Isle of Man 100.00% IM1
UNM Overseas Holdings
Limited
Isle of Man 100.00% IM1
Informa Global Markets
(Japan) Limited
Japan 100.00% JP1
Informa Intelligence Godo
Kaisha
Japan 100.00% JP2
Informa Markets Japan
Japan 100.00% JP3
Taylor & Francis Japan G.K. Japan 100.00% JP4
Informa Jersey Limited Jersey 100.00% JE1
UBM (Jersey) Limited Jersey 100.00% JE2
Company Name Country Ownership
Registered
Office
UBM Limited Jersey 100.00% JE2
CMP Holdings S.à.r.l. Luxembourg 100.00% LX1
CMP Intermediate Holdings
S.à.r.l.
Luxembourg 100.00% LX1
UBM Finance S.à r.l. Luxembourg 100.00% LX1
UBM IP Luxembourg S.à r.l. Luxembourg 100.00% LX1
United Brazil Holdings
S.à.r.l.
Luxembourg 100.00% LX1
United Commonwealth
Holdings S.à.r.l.
Luxembourg 100.00% LX1
United Consumer Media
Holdings S.à.r.l.
Luxembourg 100.00% LX1
United CP Holdings S.à.r.l. Luxembourg 100.00% LX1
United News Distribution
S.à.r.l.
Luxembourg 100.00% LX1
United Professional Media
S.à.r.l.
Luxembourg 100.00% LX1
UNM Holdings S.à.r.l. Luxembourg 100.00% LX1
Vavasseur International
Holdings S.à.r.l.
Luxembourg 100.00% LX1
Informa Markets Malaysia
Sdn Bhd
Malaysia 100.00% MA1
Malaysian Exhibition
Services Sdn Bhd
Malaysia 100.00% MA1
UBMMG Holdings Sdn Bhd Malaysia 100.00% MA1
UBM Tech Research
Malaysia Sdn Bhd
Malaysia 100.00% MA1
UBM Mexico Exposiciones,
S. A. P.I .
Mexico 80.00% ME1
Informa Monaco S.A.M Monaco 100.00% MC1
Monaco Yacht Show S.A.M Monaco 90.00% MC1
Myanmar Trade Fair
Management Company
Limited
Myanmar 100.00% MY1
IIR South Africa B.V. Netherlands 100.00% NL1
Informa Europe B.V. Netherlands 100.00% NL1
Informa Finance B.V. Netherlands 100.00% NL1
Informa Markets B.V. Netherlands 100.00% NL2
UBM Asia B.V. Netherlands 100.00% NL1
Dove Medical Press (NZ)
Limited
New Zealand 100.00% NZ1
Informa Healthcare A.S. Norway 100.00% NO1
Colwiz Pakistan Private
Limited
Pakistan 99.98% PK1
UBM Exhibitions
Philippines Inc
Philippines 100.00% PH1
Informa Tharawat Limited Qatar 49.00% QA1
Informa Markets BN Co.,
Ltd
Republic of
Korea
60.00% RK2
Informa Markets Korea
Corporation
Republic of
Korea
100.00% RK2
Informa Tech Korea Co., Ltd Republic of
Korea
100.00% RK1
Informa Saudi Arabia
Limited
Saudi Arabia 100.00% SU1
Informa Saudi Arabia LLC
Saudi Arabia 100.00% SU2
IBC Asia (S) Pte Limited Singapore 100.00% SG1
Informa Exhibitions Pte
Limited
Singapore 100.00% SG1
Informa Global Markets
(Singapore) Pte Limited
Singapore 100.00% SG1
241
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Company Name Country Ownership
Registered
Office
Sea Asia Singapore Pte
Limited
Singapore 90.00% SG2
Singapore Exhibition
Services (Pte) Limited
Singapore 100.00% SG3
Taylor & Francis (S) Pte
Limited
Singapore 100.00% SG1
Marketworks Datamonitor
(Pty) Limited
South Africa 100.00% SA1
Institute for International
Research Espana S.L.
Spain 100.00% SP1
Co-Action Publishing AB Sweden 100.00% SE1
Taylor & Francis AB Sweden 100.00% SE1
Clinerion AG Switzerland 100.00% SW2
Informa IP GmbH Switzerland 100.00% SW1
Informa Tech Taiwan
Limited
Taiwan 100.00% TA1
Bangkok Exhibition
Services Ltd
Thailand 100.00% TH1
UBM Asia (Thailand) Co. Ltd Thailand 49.00% TH2
Clinerion Turkey Teknoloji
Arastirma Limited Sirketi
Turkey 100.00% TU3
Turkey 100.00% TU1
Turkey 100.00% TU2
Informa Middle East Media
FZ LLC
United Arab
Emirates
100.00% UAE1
ABI Building Data Limited UK 100.00% UK1
Afterhurst Limited UK 100.00% UK1
Blessmyth Limited UK 100.00% UK1
C&D Intelligence U.K.
Limited
UK 100.00% UK1
Canrak Books Limited UK 100.00% UK1
Colonygrove Limited UK 100.00% UK1
Colwiz UK Limited UK 100.00% UK1
Crosswall Nominees
Limited
UK 100.00% UK1
Curinos International
Limited
UK 56.24% UK1
Curinos Limited UK 56.24% UK1
Datamonitor Limited UK 100.00% UK1
Design Junction Limited UK 100.00% UK1
DIVX Express Limited UK 100.00% UK1
Dove Medical Press Limited UK 100.00% UK1
E-Health Media Limited UK 100.00% UK1
F1000 Research Limited UK 100.00% UK1
Futurum Media Limited UK 100.00% UK1
GNC Media Investments
Limited
UK 100.00% UK1
Green Thinking (Services)
Limited
UK 100.00% UK1
Hirecorp Limited UK 100.00% UK1
IBC (Ten) Limited UK 100.00% UK1
IBC (Twelve) Limited UK 100.00% UK1
IBC Fourteen Limited UK 100.00% UK1
IIR (U.K. Holdings) Limited UK 100.00% UK1
IIR Management Limited UK 100.00% UK1
Informa Connect Limited UK 100.00% UK1
Informa Cosec Limited UK 100.00% UK1
40. SUBSIDIARIES CONTINUED
Company Name Country Ownership
Registered
Office
Informa Exhibitions
Limited
UK 100.00% UK1
Informa Final Salary
Pension Trustee Company
Limited
UK 100.00% UK1
Informa Finance Australia
Limited
UK 100.00% UK1
Informa Finance Brazil
Limited
UK 100.00% UK1
Informa Finance Egypt
Limited
UK 100.00% UK1
Informa Finance Mexico
Limited
UK 100.00% UK1
Informa Finance UK
Limited
UK 100.00% UK1
Informa Finance USA
Limited
UK 100.00% UK1
Informa Global Markets
(Europe) Limited
UK 100.00% UK1
Informa Group Holdings
Limited
UK 100.00% UK1
Informa Group Limited UK 100.00% UK1
Informa Holdings Limited UK 100.00% UK1
Informa Investment Plan
Trustees Limited
UK 100.00% UK1
Informa Manufacturing
Europe Holdings Limited
UK 100.00% UK1
Informa Manufacturing
Europe Limited
UK 100.00% UK1
Informa Manufacturing
Holdings Limited (in strike
off)
UK 100.00% UK1
Informa Markets (Europe)
Limited
UK 100.00% UK1
Informa Markets (Maritime)
Limited
UK 100.00% UK1
Informa Markets (UK)
Limited
UK 100.00% UK1
Informa Markets Limited UK 100.00% UK1
Informa Overseas
Investments Limited
UK 100.00% UK1
Informa Property
(Colchester) Limited
UK 100.00% UK1
Informa Six Limited UK 100.00% UK1
Informa Tech Founders
Limited
UK 55.00% UK1
Informa Tech Research
Limited
UK 100.00% UK1
Informa Telecoms & Media
Limited
UK 100.00% UK1
Informa Three Limited UK 100.00% UK1
Informa UK Limited UK 100.00% UK1
Informa United Finance
Limited
UK 100.00% UK1
Informa US Holdings
Limited
UK 100.00% UK1
ITF2 Limited UK 55.00% UK1
James Dudley International
Limited
UK 100.00% UK1
Light Reading UK Limited UK 100.00% UK1
London On-Water Ltd UK 100.00% UK1
242
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
Company Name Country Ownership
Registered
Office
MAI Luxembourg UK
Societas
UK 100.00% UK1
Miller Freeman Worldwide
Limited
UK 100.00% UK1
MRO Exhibitions Limited UK 100.00% UK1
MRO Network Limited UK 100.00% UK1
MRO Publications Limited UK 100.00% UK1
Novantas Limited UK 56.24% UK2
OES Exhibitions Limited UK 100.00% UK1
OTC Publications Limited UK 100.00% UK1
Penton Communications
Europe Limited
UK 100.00% UK1
Pharma Intelligence U.K.
Limited
UK 100.00% UK1
Roamingtarget Limited UK 100.00% UK1
Routledge Books Limited UK 100.00% UK1
Taylor & Francis Books
Limited
UK 100.00% UK1
Taylor & Francis Group
Limited
UK 100.00% UK1
Taylor & Francis Limited UK 100.00% UK1
Taylor & Francis Publishing
Services Limited
UK 100.00% UK1
TU-Automotive Holdings
Limited
UK 100.00% UK1
TU-Automotive Limited UK 100.00% UK1
Turtle Diary Limited UK 100.00% UK1
UBM (GP) No1 Limited UK 100.00% UK1
UBM Aviation Worldwide
Limited
UK 100.00% UK1
UBM International
Holdings UK Societas
UK 100.00% UK1
UBM Property Limited UK 100.00% UK1
UBM Property Services
Limited
UK 100.00% UK1
UBM Shared Services
Limited
UK 100.00% UK1
UBM Trustees Limited UK 100.00% UK1
UBMG Holdings UK 100.00% UK1
UBMG Limited UK 100.00% UK1
UBMG Services Limited UK 100.00% UK1
United Consumer Media
UK Societas
UK 100.00% UK1
United Executive Trustees
Limited
UK 100.00% UK1
United Newspapers
Publications Limited
UK 100.00% UK1
United Trustees Limited UK 100.00% UK1
UNM Investments Limited UK 100.00% UK1
Vavasseur Overseas
Holdings Limited
UK 100.00% UK1
Advanstar
Communications, Inc.
USA 100.00% US6
Clinerion, Inc. USA 100.00% US1
CMP Child Care Center, Inc USA 100.00% US6
Curinos, Inc. USA 56.24% US1
Curinos LLC USA 56.24% US1
Duke Investments, Inc. USA 100.00% US3
Farm Progress Limited USA 100.00% US1
FBX Novantas Holdings Inc. USA 56.24% US1
Company Name Country Ownership
Registered
Office
Fort Lauderdale
Convention Services, Inc.
USA 90.00% US4
Ibis JV, LP USA 56.24% US1
Informa Business
Intelligence, Inc.
USA 100.00% US2
Informa Business Media
Holdings, Inc.
USA 100.00% US1
Informa Business Media,
Inc.
USA 100.00% US1
Informa Data Sources, Inc. USA 100.00% US1
Informa Exhibitions
Holding Corp.
USA 100.00% US1
Informa Exhibitions, LLC USA 100.00% US1
Informa Exhibitions U.S.
Construction & Real Estate,
Inc.
USA 100.00% US1
Informa Global Sales, Inc. USA 100.00% US1
Informa Ibis GP, LLC USA 100.00% US1
Informa Ibis Holdings Inc. USA 56.24% US1
Informa Ibis Inc. USA 56.24% US1
Informa Life Sciences
Exhibitions, Inc.
USA 100.00% US1
Informa Marine Holdings,
Inc.
USA 90.00% US1
Informa Markets Art, LLC USA 90.00% US1
Informa Markets Fashion
(East) LLC
USA 100.00% US1
Informa Markets France,
Inc.
USA 100.00% US1
Informa Markets Holdings,
Inc.
USA 100.00% US1
Informa Markets
Investments, Inc
USA 100.00% US1
Informa Markets
Manufacturing LLC
USA 100.00% US1
Informa Markets Medica
LLC
USA 100.00% US1
Informa Media, Inc. USA 100.00% US1
Informa Operating
Holdings, Inc.
USA 100.00% US1
Informa Pop Culture
Events, Inc.
USA 100.00% US1
Informa Princeton, LLC USA 100.00% US6
Informa Support Services,
Inc.
USA 100.00% US1
Informa Tech Holdings LLC USA 100.00% US1
Informa Tech LLC USA 100.00% US1
Informa USA, Inc. USA 100.00% US2
Internet World Media, Inc. USA 100.00% US1
Knect365 US, Inc. USA 100.00% US6
Ludgate USA LLC USA 100.00% US1
NetLine Corporation USA 100.00% US7
Ovum, Inc. USA 100.00% US2
Roast LLC USA 100.00% US1
Rocket Holdings, Inc. USA 100.00% US1
Southern Convention
Services. Inc.
USA 90.00% US4
Spectrum ABM Corp. USA 100.00% US1
Taylor & Francis Group, LLC USA 100.00% US1
UBM Community
Connection Foundation
USA 100.00% US5
UBM Delaware LLC USA 100.00% US1
243
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
40. SUBSIDIARIES CONTINUED
Company Name Country Ownership
Registered
Office
UBM Finance, Inc. USA 100.00% US1
UBM UK LLC USA 100.00% US1
Yachting Promotions, Inc. USA 90.00% US4
SES Vietnam Exhibition
Services Company Limited
Vietnam 100.00% VE1
Registered
Office Registered Office address
AU1 c/o LBW & Partners, Level 3, 845 Pacific Highway,
Chatswood, NSW 2067, Australia
AU2 Level 4, 24 York Street, Sydney, NSW 2000, Australia
AU3 c/o Kelly Partners (Northern Beaches) Pty Ltd, Unit 15,
BH1 M B & H Corporate Services Limited, Mareva House,
BA1 Building 1, Road 22, Block 414, Al-Daih, PO Box 20200,
Jidhafs, Bahrain
BM1 Victoria Place, 5th Floor, 31 Victoria Street, Hamilton, HM10,
Bermuda
BR1 Avenida Doutora Ruth Cardoso, 7221 22 Andar Conjunto
2301 e 23 Andar Conjunto 2401, Edificio Birmann 21, São
Paulo, SP, CEP 05425-902, Brazil
CA1 c/o McMillan LLP, 1500 Royal Centre, 1055 W. Georgia Street,
Vancouver, BC V6E 4N7, Canada
CA2 12th Floor, 20 Eglinton Avenue West, Yonge Eglinton Centre,
Toronto, ON M4R 1K8, Canada
CA3 181 University Avenue, Suite 1100, Toronto, ON M5H 3M7,
Canada
CH1 Floor 7/8, Urban Development International Tower, No. 355
Hong Qiao Road, Xu Hui District, Shanghai, 200030, China
CH2 Room 902, No. 996 East Xingang Road, Haizhu District,
Guangzhou, China
CH3 No. 1111, Building 11, 2433 Xingang East Road, Zuhai District,
Guangzhou, China
CH4 Room 2072, 2nd Floor, 124 Building, No. 960 Zhong Xing
Road, Jing’an District, Shanghai, China
CH5 Room 6396 No. 650 Dingxi Road, Changning District,
Shanghai, China
CH6 Room 2201 Hong Kong New Tower, No. 300 Huai Hai Middle
Road, Huang Pu District, Shanghai, China
CH7 Unit 802 Comfort Plaza, No. 4 of Worker’s Stadium North
Road, Chaoyang District, Beijing 100027, China
CH8 West-South Area Fl. 3, No. 2123 Pudong Avenue, Free Trade
Zone, Shanghai, China
CH9 Room 501-503, No.1556 West Yanan Road, Changning
District, Shanghai, China
CH10 China (Sichuan) Pilot Free Trade Zone, East Section of Ningbo
Road, Zhengxing Street, Tianfu New District, Chengdu, China
CH11 Room 1159-1164, China Hotel Office Tower, Liu Hua Road,
Guangzhou, China
CH12
Gongshu District, Hangzhou, China
CH13 Room 207, No. 453 Fahuazhen Road, Shanghai, China
CH14
Futian District, Shenzhen, China
CH15 No 502, 5th Floor, Building 4, 99 Guangfu Road, Wuhou
District, Chengdu, China
CH16 Room 1009, Western Tower No. 19, Way 4, South People
Road, Chengdu City, China
CH17 Room 1010, 10F, No. 993 West Nanjing Road, Jingan District,
Shanghai, China
CH18 9/F Ciro’s Plaza, 388 West Nanjing Road, Huangpu District,
Shanghai 200003, China
Registered
Office Registered Office address
CH19 Room 101-75, No. 15 Jia, No. 152 Alley, Yanchang Road,
Jing’an District, Shanghai, China
CH20 Room 608, Block A, No. 1 Building, No. 3000 Longdong
Avenue, Pilot Free Trade Zone, Shanghai, China
CH21 Room 234, 2nd Floor, M-Zone, 1st Building, No 3398
Shanghai, China
CH22 Unit 201, Building A, No. 1 Qianwan Road One, Qianhai
Shenzhen & Hong Kong Cooperation Zone, Shenzhen, China
CH23 Room 607, East Block, Coastal Building, Haide 3rd Road,
Nanshan District, Shenzhen, Guangdong 518054, China
CH24 8/F UDIT, 355 Hong Qiao Road, Shanghai 200030, China
CH25 Room 1557, Unit 01-06, 15th Floor, Block A, Building 9
Dongdagiao Road, Beijing, Chaoyang District, China
CH26 Room 2807, No. 1022 East Xingang Road, Haizhu District,
Guangzhou, China
CY1 2nd Floor, Sotiri Tofini 4, Agios Athanasios, Limassol,
EG1 7H Building, Street 263, New Maadj, Cairo, Egypt
FR1 37 avenue de Friedland, 75008, Paris, France
DE1 Westenriederstraße 19, 80331 Munich, Germany
DE2 Friedensplatz 13, 53721 Siegburg, Germany
HK1 Room 812, Silvercord, Tower 1, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong
IN1 Solitaire-XIV Building, B-Wing, 1st Floor, Unit No. 3 & 4, Guru
Hargovindji Marg, Chakala, Andheri (East), Mumbai 400093,
India
IN2 2nd & 3rd floor, The National Council of YMCAs of India,
IN3 No. 143, 144 Hosur Main Road, Industrial Layout,
Koramangala, Bangalore 560 095, Karnataka, India
ID1 Menara Utara Gedung Menara Jamsotek, Lt. 12 Unit TA
12-04, Jl. Jend., Gabot Subroto No. 38, Jakarta, Indonesia
ID2 Jalan Sultan Iskandar Muda, No 7 Arteri Pondok Indah,
Kebayoran Lama, Jakarta Selantan, 12240, Indonesia
IR1
IR2 70 Sir John Rogerson’s Quay, Dublin 2, Ireland
IM1 First Names House, Victoria Road, Douglas, Isle of Man,
JP1 4F, Shin-Kokusai Building, 3-4-1 Marunouchi, Chiyoda-Ku,
Tokyo, 100-0005, Japan
JP2 Otemachi Financial City, North Tower 21F, 1-9-5 Otemachi,
Chiyoda-ku, Tokyo, 100-0004, Japan
JP3 Kanda 91 Building, 1-8-3 Kajicho, Chiyoda-ku, Tokyo,
101-0044, Japan
JP4 1-54-4, Kanda, Jimbocho, Chiyoda-ku, Tokyo, Japan
JE1 22 Grenville Street, St Helier JE4 8PX, Jersey
JE2 44 The Esplanade, St Helier, JE4 9WG, Jersey
LX1 21–25 Allee Scheffer, L-2520, Luxembourg
MA1 Unit 30-01, Level 30, Tower A, Vertical Business Suite,
Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala
Lumpur, Malaysia
ME1 Av. Benjamin Franklin 235-4, Mexico, DF06100, Mexico
MC1 Le Suffren, 7 rue Suffren-Reymond, Monaco, 98000,
Monaco
MY1 No.42/A Pantra Street, Dagon Township, Yangon, Myanmar
NL1 Coengebouw, Suite 8.04, Kabelweg 37, 1014 BA Amsterdam,
Netherlands
NL2 de Entree 73, 1101 BH, Toren A, Amsterdam, Netherlands
NZ1 HPCA Limited, 1 ihumata Road, Milford, Auckland, 0620,
New Zealand
244
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
Registered
Office Registered Office address
NO1 c/o Advokat Merete Bardsen, Wahl-Larson Advokatfirma AS,
Fridtjof Nansens plass 5, Oslo, 0160, Norway
PK1 6th Floor, Citi View, Block 3, Bahadur Yar Jung Cooperative
Housing Society, Shaheed-e-Millat Road, Karachi Sindh,
Pakistan
PH1 Unit 1 Mezzanine Floor Fly Ace Corporate Center, 13 Coral
Way Barangay 76, Pasay City NCR, Fourth District
Philippines, 1300, Philippines
QA1 P.O. Box 545, Doha, Qatar
RK1 #801, 8/F Korea Design Center, 322 Yanghyeon-Ro,
Bundang-Gu, Seongnam-si, Gyeonggi-do, 13496, Republic
RK2 8F, Woodo Building, 214 Mangu-ro, Jungnang-gu, Seoul,
02121, Republic of Korea
SU1 Office 109, 1st Floor, Aban Center, King Abdulaziz Road,
AlGhadir District, Riyadh, 13311, Saudi Arabia
SU2 Marei bin Mahfouz Group Regional Office Building, Al aziziya
intersection of Tahlia & Siteen Str nearby Ikea, PO Box 4100,
Jeddah 21491, Saudi Arabia
SG1 #04-01, Visioncrest Commercial, 103 Penang Road, 238467,
Singapore
SG2 10 Kallang Avenue, #09-16 Aperia Tower 2, 339510,
Singapore
SG3 80 Robinson Road, #02-00, 068898, Singapore
SA1 Broadacres Business Centre, Corner Cedar, 3rd Avenue
Broadacres, Sandton Gauteng, Johannesburg, 2021,
SP1 Calle Azcona, 36, Bajo de Madrid, Madrid 28028, Spain
SE1 Box 3255, 103 65, Stockholm, Sweden
SW1 Suurstoffi 37, 6343 Rotkreuz, Switzerland
SW2 Elisabethenanlage 11, 4051 Basel, Switzerland
TA1 Floor 10, No. 66, Second 1, Neihu Rd, Neiting District,
TH1 252 SPE Tower, 9th Floor, Phaholyothin Road, Samsennai,
Phayathai, Bangkok, Thailand
TH2 428 Ari Hills Building, 18th Floor, Phahonyothin Road,
Samsen Nai, Phaya Thai, Bangkok 10400, Thailand
TU1
Kat: 8, 34805 Kavacik-Beykoz, Istanbul, Turkey
TU2 Molla Fenari Mah, Bab-i Ali Cad, No:9 K:3-4, Fatih 34120,
Istanbul, Turkey
TU3 Barbaros Mah. Ak Zambak Sok, Uphill Towers A Blok Daire
No: 87 Kat: 15, Atasehir-Istanbul, Turkey
UAE1 17th & 18th Floor, Creative Tower, PO Box 422, Fujairah,
United Arab Emirates
UK1 5 Howick Place, London SW1P 1WG, United Kingdom
UK2 c/o Wilkin Chapman LLP, The Maltings, 11–15 Brayford Wharf
East, Lincoln LN5 7AY, United Kingdom
US1 c/o Corporation Service Company, 251 Little Falls Drive,
Wilmington, DE 19808, USA
US2 c/o Corporation Service Company, 84 State Street, Boston,
MA 02109, USA
US3 c/o Corporation Service Company, 1900 W. Littleton
Boulevard, Littleton, CO 80120, USA
US4 c/o Corporation Service Company, 1201 Hays Street,
Tallahassee, FL 32301, USA
US5 c/o The Prentice-Hall Corporation System, Inc., 251 Little
Falls Drive, Wilmington, DE 19808, USA
US6 c/o Corporation Service Company, 80 State Street, Albany,
NY 12207-2543, USA
US7 c/o Corporation Service Company, 2710 Gateway Oaks
Drive, Suite 150N, Sacramento, CA 95833, USA
VE1 10th Floor, Ha Phan Building, 17-17A-19, Ton That Tung
Street, District 1, HCMC, Vietnam
245
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
41. CONTINGENT LIABILITIES AND ASSETS
At 31 December 2021 there were no contingent liabilities or contingent assets.
42. POST BALANCE SHEET EVENTS
On 10 February 2022 the Group announced the binding agreement to divest Pharma Intelligence to Warburg Pincus for £1.9bn.
Pharma Intelligence is the largest business within the Informa Intelligence Division and is a leading provider of specialist
intelligence and data for clinical trials, drug development and regulatory compliance. 85% of the equity value is to be realised at
closing, equating to circa £1.7bn in cash, with Informa retaining a circa 15% shareholding in the business going forward and
having board representation. The estimated profit on disposal before tax is £1.4bn, with this amount being subject to the net
assets at the completion date and the results of a valuation exercise on the non-cash consideration. Completion of the sale is
expected by early June 2022 subject to relevant regulatory clearances.
The Group also announced on 10 February 2022 that it was commencing a share buyback programme with the intention of
returning a proportion of the proceeds from the divestment to Shareholders. The first tranche of this programme committed
launched a second tranche of a further £200m, which will run through to the AGM in June.
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
continued
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
246
Notes
2021
£m
2020
£m
Fixed assets
Investment in subsidiary undertakings 3 7,886.7 7,316.8
Other debtors: amounts falling due after one year 4 1,859.3 1,913.0
9,746.0 9,229.8
Current assets
Debtors due within one year 5 4,550.4 1,239.9
Cash and cash equivalents 0.2 0.2
4,550.6 1,240.1
Creditors: amounts falling due within one year 6 (130.0) (34.6)
Net current assets 4,420.6 1,205.5
Creditors: amounts falling due after more than one year 7 (2,894.9) (2,967.8)
Net assets 11,271.7 7,467.5
Capital and reserves
Share capital 8 1.5 1.5
Share premium account 9 1,878.6 1,878.8
Reserve for shares to be issued 22.2 20.1
Merger reserve 9 4,501.9 4,501.9
Capital redemption reserve (17.4) (17.4)
Profit and loss account 9 4,884.9 1,082.6
Equity Shareholders’ funds 11,271.7 7,467.5
Profit/(loss) for the year ended 31 December 3,791.7 (807.8)
The financial statements of this Company, registration number 08860726, were approved by the Board of Directors and
authorised for issue on 14 March 2022 and were signed on its behalf by
Stephen A. Carter
Group Chief Executive
Gareth Wright
Group Finance Director
247
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Parent Company Balance Sheet as at 31 December 2021
Share
capital
£m
Share
premium
account
£m
Reserve for
shares to be
issued
£m
Merger
reserve
£m
Capital
redemption
reserve
£m
Profit
and loss
account
£m
Total
£m
At 1 January 2020 1.3 905.3 15.0 4,501.9 (17.4) 1,885.5 7,291.6
Loss for the year – – – – – (807.8) (807.8)
Total comprehensive expense for the year – – – – – (807.8) (807.8)
Issue of share capital 0.2 973.5 – – – – 973.7
Share award expense – – 10.0 – – – 10.0
Equity dividends – – – – – – –
Transfer of vested LTIPs – – (4.9) – – 4.9 –
At 1 January 2021 1.5 1,878.8 20.1 4,501.9 (17.4) 1,082.6 7,467.5
Profit for the year – – – – – 3,791.7 3,791.7
Total comprehensive income for the year – – – – – 3,791.7 3,791.7
Costs related to 2020 share issue – (0.2) – – – – (0.2)
Share award expense – – 12.7 – – – 12.7
Equity dividends – – – – – – –
Transfer of vested LTIPs – – (10.6) – – 10.6 –
At 31 December 2021 1.5 1,878.6 22.2 4,501.9 (17.4) 4,884.9 11,271.7
248
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Parent Company Statement of Changes in Equity for the year ended 31 December 2021
1. CORPORATE INFORMATION
Informa PLC (the Company) is a company incorporated in the United Kingdom under the Companies Act 2006 and is listed on
Principal Activity and Business Review
2. ACCOUNTING POLICIES
Basis of Accounting
The Company meets the definition of a qualifying entity under Financial Reporting Standard 100 (FRS 100) issued by the Financial
Reporting Council. The financial statements have therefore been prepared in accordance with FRS 102 The Financial Reporting
Standard applicable in the UK and Republic of Ireland as issued by the Financial Reporting Council.
As permitted by FRS 102, the Company has taken advantage of the disclosure exemptions available under that standard in
relation to share-based payments, financial instruments, presentation of a cash flow statement, standards not yet effective
disclosures are on pages 156 to 158, 100 to 131 and 132 to 155 respectively of this report. The financial statements have been
value at the end of each reporting period. Having assessed the principal risks and the other matters discussed in connection
The only critical accounting judgements that would have a significant effect on the amounts recognised in the Company financial
statements or key sources of estimation uncertainty at the balance sheet date that would have a significant risk of causing a
material adjustment to the carrying amounts of assets and liabilities within the next financial year were those associated with
the impairment assessment. These are set out in Note 3 to the Consolidated Financial Statements. The principal accounting
policies adopted are the same as those set out in Note 2 to the Consolidated Financial Statements, with the exception of the
Profit and Loss Account
As permitted by section 408 of the Companies Act 2006 the Company has elected not to present its own profit and loss account
for the year is £3,791.7m (2020: £807.8m loss).
Investments in Subsidiaries and Impairment Reviews
investment is less than the carrying amount, an impairment is recognised. Impairment reviews are undertaken at least annually,
or more frequently where there is an indication of impairment.
249
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Notes to the Parent Company Financial Statements for the year ended 31 December 2021
3. INVESTMENTS IN SUBSIDIARY UNDERTAKINGS
Cost
2021
£m
2020
£m
At 1 January 7,868.5
Additions – other
1
8.4
Impairment – (560.1)
Reversal of impairment loss 560.1 –
At 31 December 7,316.8
1. Additions – other includes £9.8m (2020: £8.4m) related to the fair value of share incentives issued to employees of subsidiary undertakings during
The COVID-19 pandemic has led to disruption of our physical events portfolio, and therefore a reduction in the revenue
generated by the investments in B2B Markets businesses. The short-term and potential longer-term impact were considered as
an indicator of impairment. Due to the ongoing restrictions, and in line with our accounting policy, an annual impairment review
was performed on 31 December 2021. The testing involved comparing the carrying value of investments with value in use
subsidiary undertakings (2020: £560.1m impairment).
investment in subsidiaries held in the Company stand-alone accounts, which was recognised in 2020, was fully reversed in line
with IAS 36. This reflects our improving long-term confidence in digital revenues, alongside the recovery of face-to-face events.
The listing below shows the direct subsidiary and other subsidiary undertakings as at 31 December 2021 which affected the
profit or net assets of the Company:
Company Country of registration Principal activity
Ordinary
shares held
Informa Switzerland Limited Jersey Holding company 100%
USA Domestic international sales corporation 100%
UBM Limited Jersey Holding company 100%
Details of subsidiaries controlled by the Company are disclosed in the Consolidated Financial Statements (Note 40).
4. DEBTORS FALLING DUE AFTER ONE YEAR
2021
£m
2020
£m
1,868.4
Derivative financial instruments 44.6
1,913.0
5. DEBTORS FALLING DUE WITHIN ONE YEAR
2021
£m
2020
£m
4,550.4 1,239.9
undertakings have been assessed for 12-month expected credit losses. Due to the low credit risk, the expected credit loss
250
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Parent Company Financial Statements for the year ended 31 December 2021
continued
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021
£m
2020
£m
95.2 –
Other creditors and accruals 34.8 34.6
34.6
7. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
2021
£m
2020
£m
Revolving credit facility (RCF)
1
(2.0) (2.6)
Euro Medium Term Notes
2
1,989.2 2,095.8
Derivative financial instruments 40.7 7.5
867.0 867.1
Other payables – –
2,894.9 2,967.8
1. Stated net of arrangement fees of £2.0m (2020: £2.6m)
2. Stated net of arrangement fees of £12.1m (2020: £15.3m)
The RCF was not drawn at 31 December 2021 and had a balance of £nil (2020: £nil) and is stated net of £2.0m (2020: £2.6m)
arrangement fees. Interest is payable at the rate of SONIA or SOFR plus a margin.
the RCF resulting in facilities of £30m maturing February 2023, £420m maturing February 2024, £60m maturing February 2025
and £540m maturing February 2026.
There are cross currency swaps over the EMTN borrowings where the Company receives the following:
• A fixed rate of interest for £450.0m of EMTN borrowings with a maturity of July 2026 and pays a fixed rate of interest
• A fixed rate of interest on €150.0m of EMTN borrowings with a maturity of July 2023 and pays a fixed rate of interest
• A fixed rate of interest on €500m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest
• A fixed rate of interest on €700.0m of EMTN borrowings with a maturity of October 2025 and pays a fixed rate of interest
• At 31 December 2021, the fair value of these swaps was a financial liability of £37.3m (2020: asset £37.1m)
8. SHARE CAPITAL
2021
£m
2020
£m
Issued, authorised and fully paid
1,503,112,804 (2020: 1,502,137,804) ordinary shares of 0.1p each 1.5 1.5
2021
Number of
shares
2020
Number of
shares
At 1 January 1,502,137,804 1,251,798,534
Issue of new shares in relation to share placements in 2020 – 250,318,000
Issue of new shares to Employee Share Trust 975,000 –
Other issue of shares – 21,270
At 31 December 1,503,112,804 1,502,137,804
251
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
9. CAPITAL AND RESERVES
Share Capital
On 30 May 2014, under a Scheme of Arrangement, 603,941,249 ordinary shares of 435p each in the Company were allotted to
Shareholders. On 4 June 2014, a capital reduction took place which resulted in a reduction in share capital of £2,626.5m and the
establishment of a distributable reserve of the same amount. This involved the nominal value per share of the issued share
capital of the Company of 603,941,249 shares being reduced from 435p per share to 0.1p per share. During 2014, the Company
also issued 45,000,000 ordinary shares of 0.1p for consideration of £207.0m.
On 11 October 2016, the Company issued 162,234,656 ordinary shares of 0.1p each through a 1-for-4 rights issue to part-fund
On 2 November 2016, the Company issued 12,829,146 ordinary shares to the sellers of the Penton business in part consideration
for the sale (consideration shares). The Company issued 427,536,794 shares on 18 June 2018 in connection with the acquisition
satisfy UBM SAYE scheme awards maturing in the post-acquisition period.
On 15 April 2020, the Company announced a share placement of 250,318,000 new ordinary shares of 0.1p. 125,159,000 new
ordinary shares were issued on 20 April 2020 and a further 125,159,000 on 5 May 2020. The shares were issued at 400p per share
resulting in gross proceeds of £1,001.3m and an increase in share capital of £0.2m. In 2020 the Company also issued 21,270
ordinary shares of 0.1p to Non-Executive Directors of the Company.
On 5 March 2021, the Company issued 975,000 new ordinary shares at the nominal value of 0.1p to the Informa Employee
Share Premium
In 2014, the Company issued 45,000,000 ordinary shares of 0.1p with the share premium (net of transaction costs) being
£204.0m. Share premium as at 31 December 2014 and 2015 amounted to £204.0m. On 11 October 2016, the Company issued
162,234,656 ordinary shares of 0.1p each through a 1-for-4 rights issue. The shares were issued at 441p each and resulted in
share premium (net of transaction costs) of £701.3m. On 20 April 2020 and 5 May 2020, the Company issued 125,159,000
ordinary shares totalling 250,318,000 of 0.1p each. The shares were issued at 400p each and resulted in share premium (net
Company was £0.1m. Net transactions costs of £0.1m were incurred from the 2021 issue of 975,000 shares to the Informa
Employee Share Trust.
Merger Reserve
On 30 May 2014, under a Scheme of Arrangement, the Company subscribed to shares in Informa Switzerland Limited, formerly
Old Informa, a subsidiary undertaking, which were valued at £3,500.0m. This resulted in new share capital of £2,627.1m from the
issue of 603,941,249 shares at a nominal value of 435p and the creation of a merger reserve of £872.9m.
the vendors, with the £82.2m share premium on the shares issued recorded against the merger reserve in accordance with the
merger relief rules of the Companies Act 2006.
The Company acquired UBM plc on 15 June 2018 and issued 427,536,794 shares resulting in an increase in the merger reserve of
£3,544.6m. The Company also issued 256,689 shares in 2018 to satisfy UBM SAYE scheme awards maturing in the post-acquisition
period and there was an increase in the merger reserve of £2.2m in relation to the issue of these shares.
252
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Notes to the Parent Company Financial Statements for the year ended 31 December 2021
continued
Profit and Loss Account
On 4 June 2014, a capital reduction took place which resulted in a reduction in share capital of £2,626.5m and the establishment
of a distributable reserve of the same amount. This involved the nominal value per share of the issued share capital of the
Company of 603,941,249 shares being reduced from 435p per share to 0.1p per share.
The distributable reserves of the Company are not materially different to the profit and loss account balance, with distributable
reserves of £4,856.4m at 31 December 2021 (31 December 2020: £1,064.7m).
As at 31 December 2021, the Informa Employee Share Trust (EST) held 1,116,505 (2020: 697,644) ordinary shares in the Company
and the ShareMatch Scheme held 1,078,742 (2020: 710,697) matching ordinary shares in the Company. The average exercise
price during the year was 571p (2020: 449p). The shares held by the EST relating to ShareMatch have not been allocated to
Remuneration Report on pages 132 to 155.
Details of the description of reserves are disclosed in the Consolidated Financial Statements (Note 36).
10. SHARE-BASED PAYMENTS
Details of the share-based payments are disclosed in the Consolidated Financial Statements (Note 10).
11. DIVIDENDS
During the year an interim dividend of £nil (2020: £nil) and a final dividend for the prior year of £nil (2020: £nil) were recognised
as distributions by the Company. As at 31 December 2021, £0.2m (2020: £0.2m) of dividends were still to be paid relating to prior
periods. Details of dividends are disclosed in the Consolidated Financial Statements (Note 14).
12. RELATED PARTIES
The Directors of Informa PLC had no material transactions with the Company or its subsidiaries during the year other than
The Company has taken advantage of the exemption that transactions with wholly owned subsidiaries do not need to
253
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
The following UK subsidiaries will take advantage of the audit exemption set out within section 479A of the Companies Act 2006
for the year ended 31 December 2021:
Audit exempt company
Registration
number
Informa Tech Research Limited 11971005
Informa Telecoms & Media Limited 00991704
Informa Three Limited 04595951
Informa UK Limited 01072954
Informa United Finance Limited 00948730
Informa US Holdings Limited 09319013
ITF2 Limited 12294578
James Dudley International Limited 02394118
Light Reading UK Limited 08823359
10621549
MAI Luxembourg UK Societas SE000010
01750865
MRO Exhibitions Limited 02737787
MRO Network Limited 09375001
MRO Publications Limited 02732007
OES Exhibitions Limited 09958003
OTC Publications Limited 02765878
Penton Communications Europe Limited 02805376
Roamingtarget Limited 05419444
Routledge Books Limited 03177762
Taylor & Francis Books Limited 03215483
02280993
Taylor & Francis Publishing Services Limited 03674840
TU-Automotive Holdings Limited 09823826
TU-Automotive Limited 09798474
03259390
UBM International Holdings UK Societas SE000009
UBM Property Services Limited 03212363
00152298
01693134
03666160
UBM Shared Services Limited 04957131
United Consumer Media UK Societas SE000008
United Newspapers Publications Limited 00235544
Audit exempt company
Registration
number
ABI Building Data Limited 02385277
Afterhurst Limited 01609566
Blessmyth Limited 03805559
Canrak Books Limited 03194381
Colonygrove Limited 04109768
Colwiz UK Limited 08164609
Curinos Limited 04159695
Curinos International Limited 04757016
Datamonitor Limited 02306113
Design Junction Limited 07634779
DIVX Express Limited 03212879
Dove Medical Press Limited 04967656
E-Health Media Limited 04214439
F1000 Research Limited 08322928
Futurum Media Limited 09813559
03085849
05803263
Hirecorp Limited 04790559
IBC (Ten) Limited 01844717
IBC (Twelve) Limited 03007085
IBC Fourteen Limited 03119071
IIR (U.K. Holdings) Limited 02748477
IIR Management Limited 02922734
Informa Connect Limited 01835199
Informa Exhibitions Limited 05202490
Informa Finance Australia Limited 12008055
Informa Finance Brazil Limited 12007958
Informa Finance Egypt Limited 12008044
Informa Finance Mexico Limited 12008165
Informa Finance UK Limited 08774672
Informa Finance USA Limited 08940353
03094797
03099067
Informa Holdings Limited 03849198
Informa Manufacturing Europe Limited 09893244
Informa Manufacturing Europe Holdings Limited 10025028
Informa Markets Limited 02972059
Informa Markets (Europe) Limited 08851438
Informa Markets (Maritime) Limited 00495334
Informa Markets (UK) Limited 00370721
Informa Overseas Investments Limited 05845568
Informa Property (Colchester) Limited 03610056
Informa Six Limited 04606229
Informa Tech Founders Limited 12302369
254
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Audit Exemption
similarly adjusted measures used by peers and therefore facilitates comparison.
similarly-titled measurements reported by other companies. These measures are not intended to be a substitute for, or superior
to, IFRS measurements. The Financial Review provides reconciliations of alternative performance measures (APMs) to statutory
measures and also provides the basis of calculation for certain APM metrics. These APMs are provided on a consistent basis
ADJUSTED RESULTS AND ADJUSTING ITEMS
Adjusted results exclude items that are commonly excluded across the media sector: amortisation and impairment of goodwill
and intangible assets relating to businesses acquired and other intangible asset purchases of book lists, journal titles, acquired
databases and brands related to exhibitions and conferences, acquisition and integration costs, profit or loss on disposal of
businesses, restructuring costs and other items that in the opinion of the Directors would impact the comparability of
underlying results. Adjusting items are detailed in Note 8 to the Consolidated Financial Statements.
adjusted operating profit, adjusted net finance costs, adjusted profit before tax (PBT), adjusted tax charge, adjusted profit after
tax, adjusted earnings and adjusted diluted earnings per share. Adjusted operating margin, Effective Tax Rate on Adjusted
Profits and adjusted EBITDA are used in the Financial Review on pages 89, 92 and 95 respectively.
ADJUSTED EBITDA
• Adjusted EBITDA is earnings before interest, tax, depreciation, amortisation and other non-cash items such as share-based
payments and before adjusting items. The full reconciliation and definition of adjusted EBITDA is provided in Note 8
•
facilities is earnings before interest, tax, depreciation and amortisation and adjusting items. It is adjusted to be on a
•
for acquisitions and remove trading results for disposals, and adjusted to be on a pre-IFRS 16 basis
ADJUSTED OPERATING MARGIN
The Adjusted operating margin is shown as a percentage and is calculated by dividing adjusted operating profit by revenue.
The Financial Review on page 89 shows the calculation of the Adjusted operating margin, which is provided as an additional
useful metric on underlying performance to readers.
COVENANT-ADJUSTED NET DEBT
Covenant-adjusted net debt is translated using average exchange rates for the 12-month period and is adjusted to include
deferred consideration payable, to exclude derivatives associated with borrowings and to be on a pre-IFRS 16 basis.
EFFECTIVE TAX RATE ON ADJUSTED PROFITS
The effective tax rate on adjusted profits is shown as a percentage and is calculated by dividing the adjusted tax charge by the
adjusted profit before tax. The Financial Review on page 92 shows the calculation of the Effective Tax Rate on Adjusted Profits,
FREE CASH FLOW
Free cash flow is a key financial measure of cash generation and represents the cash flow generated by the business before cash
flows relating to acquisitions and disposals and their related costs, dividends, and any new equity issuance or purchases and
efficiency and financial discipline, illustrating the capacity to reinvest, fund future dividends and repay down debt. The Financial
Review on page 95 provides a reconciliation of free cash flow to statutory measures.
2 55
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
STRATEGIC REPORT GOVERNANCE REPORT FINANCIAL STATEMENTS COMPANY INFORMATION
Glossary of Terms: Alternative Performance Measures
INFORMA INTEREST COVER
facilities and is the ratio of covenant-adjusted EBITDA for interest cover purposes to adjusted net finance costs and excluding
finance fair value items. It is provided to enable the assessment of our debt position together with our compliance with these
previous specific debt covenants. The Financial Review on page 98 provides the basis of the calculation of Informa interest cover.
INFORMA LEVERAGE RATIO
debt to covenant-adjusted EBITDA for Informa leverage information purposes, and is provided to enable the assessment of our debt
position together with compliance with these previous specific debt covenants. Informa leverage ratio is calculated in the same way as
the adjusted leverage ratio disclosed in 2020. The Financial Review on page 98 provides the basis of the calculation of the Informa
leverage ratio.
OPERATING CASH FLOW AND OPERATING CASH FLOW CONVERSION
Operating cash flow is a financial measure used to determine the efficiency of cash flow generation in the business and is
measured by and represents free cash flow before interest, tax, restructuring and reorganisation costs. The Financial Review
Operating cash flow conversion is a measure of the strength of cash generation in the business and is measured as a percentage
by dividing operating cash flow by adjusted operating profit in the reporting period. The Financial Review on page 96 provides
the calculation of operating cash flow conversion.
NET DEBT
Net debt consists of cash and cash equivalents and includes bank overdrafts (where applicable), borrowings, derivatives associated
with debt instruments, finance leases, lease liabilities, deferred borrowing fees and other loan receivables or loan payables where
these are interest bearing and do not relate to deferred consideration arrangements for acquisitions or disposals.
UNDERLYING REVENUE AND UNDERLYING ADJUSTED OPERATING PROFIT
Underlying revenue and underlying adjusted operating profit refer to results adjusted for acquisitions and disposals, the phasing
of events, including biennials, the impact of changes from implementing new accounting standards and accounting policy
changes and the effects of changes in foreign currency by adjusting the current year and prior year amounts to use consistent
currency exchange rates. Phasing and biennial adjustments relate to the alignment of comparative period amounts to the timing
an adverse impact on 2020 or 2021 underlying growth as no adjustment was made for these in the calculation.
Phasing and biennial adjustments relate to the alignment of comparative period amounts to the usual scheduling cycle timing of
adverse impact on 2020 or 2021 underlying growth as no adjustment was made for these in the calculation.
The results from acquisitions are included on a pro-forma basis from the first day of ownership in the comparative period.
Disposals are similarly adjusted for on a pro-forma basis to exclude results in the comparative period from the date of disposal.
Underlying measures are provided to aid comparability of revenue and adjusted operating profit results against the prior year.
The Financial Review on page 90 provides the reconciliation of underlying measures of growth to reported measures of growth
in percentage terms.
256
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
Glossary of terms: alternative performance measures
continued
2021
£m
2020
1
£m
2019
£m
2018
£m
2017
£m
Results from operations
Revenue 1,798.7 1,660.8 2,890.3 2.369.5 1,756.8
Adjusted operating profit 388.4 266.6 933.1 732.1 544.9
Statutory operating profit/(loss) 93.8 (881.6) 538.1 363.2 344.7
Statutory profit/(loss) before tax 137.1 (1,140.9) 318.7 282.1 268.2
Profit/(loss) attributable to equity holders of the parent 77.9 (1,042.5) 225.5 207.9 310.8
Free cash flow 438.7 (153.9) 722.1 503.2 400.9
Net assets
Non-current assets 8,924.4 9,022.6 9,988.1 10,328.7 4,356.6
Current assets 1,273.2 695.2 721.9 715.1 460.5
Current liabilities (1,350.0) (1,200.6) (1,584.6) (1,530.8) (1,117.7)
Non-current liabilities (2,801.7) (2,889.2) (3,300.4) (3,441.4) (1,470.4)
Net assets 6,045.9 5,628.0 5,825.0 6,071.6 2,229.0
Key statistics from continuing operations (pence)
Earnings per share 5.2 (73.4) 17.9 19.6 37.5
Diluted earnings per share 5.2 (73.4) 17.8 19.5 37.4
Adjusted diluted earnings per share 16.7 9.8 51.0 48.8 45.7
Dividends per share – – 7.5 21.8 20.3
1. Restated for impact of Software as a Service (see Note 4)
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