Relx Plc · LSE:REL
Relx — Reed Elsevier — Shareholder Meeting (April 2010)
9 slides from Relx's shareholder meeting presentation, Apr 20, 2010
Slide 1: Reed Elsevier NV Annual General Meeting
Reed Elsevier NV Annual General Meeting 20 April 2010, Amsterdam Erik Engstrom, CEO Reed Elsevier 2009 results relatively robust in difficult year for our customers As expected, business trends continuing; 2010 sees late cycle effects Long term outlook positive • Good long term growth markets • High
Slide 2: Adjusted profit and loss; Cashflow and balance sheet
Adjusted profit and loss 2009 2008 % % change Year to 31 December €m €m change constant Revenue 6,800 , 6,721 , +1% 0% Adjusted operating profit 1,758 1,737 +1% +1% Net interest expense / tax / minority interests (659) (578) Adjusted net profit* 1,099 1,159 -5% -5% Adj t Adjustments t ((postt ttax)*
Slide 3: Adjusted earnings per share and dividends; Revenue
Adjusted earnings per share and dividends Reed Elsevier NV Adjusted EPS €0.79 -8% 8% Equalised dividends: Interim dividend €0.107 -6% Final dividend (proposed) €0.293 +1% Total dividend €0.400 -1% • July 2009 9.9% placing: c4% dilutive effect on adjusted eps in both 2009 and 2010 5 Revenue: €6,800m
Slide 4: Adjusted operating profit; Elsevier
Adjusted operating profit: €1,758m % change % change €m Year to 31 December 2009 constant underlying Elsevier +9% +9% LexisNexis +13% -15% 776 745 Reed Exhibitions -28% -31% 99 170 Reed Business Information -35% 35% -34% 34% Reed Elsevier +1% -9% 7 Elsevier 2009 revenue €2,223m 2009 2008 % change %
Slide 5: Elsevier: Science & Technology; Health Sciences
Elsevier: Science & Technology 2009 2009 revenues €1,103m Research • Good subscription renewals from 2008 Growth +5% (Journals) • Challenging academic budget year • Underlying volumes grew strongly Databases and tools Reference / education Reference / • Electronic growth offset by print declines edu
Slide 6: LexisNexis; LexisNexis: Legal
LexisNexis 2009 revenue €2,864m 2009 2008 % change % change €m €m constant underlying Revenue 2,864 2,444 +14% -4% Risk Solutions 969 US Legal US Legal -6%* -6%* 1,261 International Legal -3% -1% International Legal Risk Solutions +95% -2% 634 Adjusted operating profit 745 646 +13% -15% • Challengin
Slide 7: LexisNexis: Risk Solutions; Reed Exhibitions
LexisNexis: Risk Solutions 2009 2009 revenues €969m Insurance +9% • Strong volume growth driven by Growth 0% more quotes and higher policy churn • Increased adoption of analytics Other Government +11% • Increased focus on law enforcement, business / homeland security, revenue recovery financial Insu
Slide 8: Reed Business Information; Strong positions; clear priorities
Reed Business Information 2009 Revenue €998m Growth -18% 2009 2008 % change % change €m €m constant underlying Subscription and circulation Advertising /other Revenue 998 1,244 -18% -18% Data services Adjusted operating profit 99 159 -35% -34% 39% electronic • Advertising and subscription severely i
Slide 9: Reed Elsevier: going forward
Reed Elsevier: going forward Near term • Late cycle effects continuing in 2010 • First half particularly impacted; second half less severe • Modest M d t margini decline d li ddue tto weakk revenue environment i t andd increased spend in LexisNexis Legal Longer term Prospects encouraging • High qual