Reed Elsevier 2011 Results

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Beleggingsadvies 16/02/2012 08:49
Reed Elsevier, the global professional information company, today issues its financial results for the year to 31 December 2011.

Financial highlights

Underlying revenue up 2% (3% excluding biennial exhibition cycling)
Underlying adjusted operating profit up 5%; up 4% at constant currencies
Adjusted EPS up 8% to 46.7p for Reed Elsevier PLC; up 6% to €0.83 for Reed Elsevier NV
Reported EPS up 19% to 32.4p for Reed Elsevier PLC; up 16% to €0.59 for Reed Elsevier NV
Full year dividend up 6% to 21.55p for Reed Elsevier PLC and €0.436 for Reed Elsevier NV
Net debt of £3.4bn; 2.3 times adjusted EBITDA (pensions and lease adjusted)
Commenting on the results, Anthony Habgood, Chairman, said:

“Reed Elsevier continued its positive momentum in 2011. All five business areas contributed to underlying revenue growth excluding biennial cycling. Underlying operating profits grew well, and we delivered a good increase in earnings per share. Our cash flow generation has allowed us to invest in our businesses, while maintaining a strong balance sheet and we are recommending a 6% increase in the full year dividend. Our Chief Executive has continued to reshape his team with several new management appointments and I am confident that our actions will continue to strengthen our long term growth prospects.”

Chief Executive Officer, Erik Engstrom, commented:

“2011 was a year of good progress both strategically and financially. Our large subscription and data businesses are performing well and uncertainty in the macro economic environment in the latter part of the year had only a limited impact on some of our more cyclical businesses. Organic development remains at the core of our strategy, and in 2011 we increased our investment and accelerated new product launches, focusing on the provision of information solutions that demonstrably improve the economics of our professional and business customers.

The increasing profitability of our business reflects a combination of our global operating approach, aiming to keep cost growth below revenue growth, and portfolio development. In 2011 we continued to sharpen our strategic focus, exiting a number of smaller businesses that are no longer aligned to our strategic direction and making bolt on acquisitions, principally in high growth data services.

The macro economic outlook remains uncertain, but by delivering highly valued products and services to our professional customers, and a relentless focus on process efficiency, we expect to deliver another year of underlying revenue and profit growth in 2012.”


FINANCIAL HIGHLIGHTS

Underlying revenue growth of 2% (3% excluding biennial cycling) was largely driven by strong performances from our core electronic subscription and transaction businesses. Total revenues, after acquisitions and disposals and currency translation effects, declined by 1% to £6,002m or 3% to €6,902m (2010: £6,055m/€7,084m).

Adjusted operating profits increased by 5% to £1,626m or 3% to €1,870m (2010: £1,555m/€1,819m); underlying growth, excluding acquisitions and disposals and currency translation effects, was 5%. The adjusted operating margin was up by 1.4 percentage points to 27.1%.

Interest costs reduced by 15% to £235m or 16% to €270m (2010: £276m/€323m) reflecting the strong free cash flow and term debt redemptions. Adjusted pre tax profits increased by 9% to £1,391m or 7% to €1,600m (2010: £1,279m/€1,496m).

The adjusted effective tax rate increased by 0.6 percentage points to 23.3% (2010: 22.7%).

Adjusted EPS was up 8% to 46.7p for Reed Elsevier PLC and up 6% to €0.83 for Reed Elsevier NV; up 6% at constant currencies. Reported earnings per share after amortisation of acquired intangible assets and acquisition related costs was up 19% to 32.4p for Reed Elsevier PLC and up 16% to €0.59 for Reed Elsevier NV. There were no exceptional restructuring costs in 2011.

The proposed full year dividends are up 6% to 21.55p (2010: 20.4p) for Reed Elsevier PLC and €0.436 (2010: €0.412) for Reed Elsevier NV.

Year end net debt was £3.4bn/€4.1bn (2010: £3.5bn/€4.0bn), 2.3 times adjusted EBITDA (pension and lease adjusted) with an adjusted operating cash flow conversion rate of 93%. Capital expenditure represented 6% of sales (2010: 5%).

OPERATIONAL HIGHLIGHTS

Reed Elsevier

Good progress against strategic priorities; significant new product launches and improved business mix
Underlying revenue growth, excluding biennial exhibition cycling, in each of the five business areas for first time since 2007
Continued format transition; print down to 22% of revenue
Further portfolio development with expansion of online data services and exit from small businesses in all five business areas that are no longer aligned with our strategic direction

Outlook: Macro economic outlook remains uncertain, but by delivering highly valued products and services to our professional customers, and a relentless focus on process efficiency, we expect to deliver another year of underlying revenue and profit growth in 2012



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