Key financial data

REVENUE
Underlying growth*
Revenue
ADJUSTED OPERATING PROFIT
Underlying growth
Adjusted operating profit
Adjusted earnings per share
Constant currency growth
Adjusted earnings per share
RETURN ON INVESTED CAPITAL
Return on invested capital
CASH FLOW CONVERSION
Cash flow conversion
DIVIDEND PER SHARE
Average PLC and NV growth
Dividend per share
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Year ended 31 December 2012(3)
£m
2013
£m
2014
£m
2015
£m
2016
£m
 
Revenue 6,116 6,035 5,773 5,971 6,895
Underlying revenue growth (1) 3% 3% 3% 3% 4%
Adjusted operating profit (2) 1,688 1,749 1,739 1,822 2,114
Underlying adjusted operating profit growth (1) (2) 6% 5% 5% 5% 6%
Adjusted operating margin (2) 27.6% 29.0% 30.1% 30.5% 30.7%
Reported operating profit 1,333 1,376 1,402 1,497 1,708
Adjusted net interest expense (216) (177) (147) (153) (180)
Adjusted profit before tax (2) 1,472 1,572 1,592 1,669 1,934
Adjusted tax (346) (370) (374) (388) (438)
Non-controlling interests (5) (5) (5) (6) (8)
Adjusted net profit (2) 1,121 1,197 1,213 1,275 1,488
Reported net profit 1,044 1,110 955 1,008 1,161
Reported net margin 17.1% 18.4% 16.5% 16.9% 16.8%
Adjusted earnings per share 49.4p 54.1p 56.3p 60.5p 72.2p
Adjusted earnings per share growth at constant currencies 8% 7% 10% 8% 8%
Net borrowings 3,127 3,072 3,550 3,782 4,700
 
PARENT COMPANIES: RELX PLC
Reported earnings per share(5) 45.0p 49.0p 43.0p 46.4p 56.3p
Ordinary dividend per share(5) 23.0p 24.6p 26.0p 29.7p 35.95p

1) Underlying growth rates are calculated at constant currencies and exclude the results of acquisitions and disposals made in both the year and prior year and of assets held for sale. Underlying revenue growth rates also exclude the effects of exhibition cycling.
(2) Adjusted figures primarily exclude the amortisation of acquired intangible assets and other items related to acquisitions and disposals, and the associated deferred tax movements
(3) 2012 information has been restated following adoption of IAS 19 - Employee Benefits (revised).
(4) RELX NV comparative earnings and dividends per share have been adjusted retrospectively to reflect the bonus issue of shares effective 30 June 2015.
(5) The shares of RELX PLC and RELX NV are regarded as two separate classes of share which together form the issued consolidated share capital of the Group. In calculating earnings per share of the Group, the earnings for each class of share are calculated on the basis that earnings are fully distributed. The Group's usual practice is for only a portion of earnings to be distributed by way of dividends. Until the end of 2015, dividends paid to RELX PLC and RELX NV shareholders were, other than in special circumstances, equalised at the gross level inclusive of the prevailing UK tax credit available to certain RELX PLC shareholders. The allocation of earnings between the two classes of shares reflects this differential in dividend payments declared, with the balance of earnings assumed to be distributed as a capital distribution, in equal amounts per share.

Business area analysis

Year to 31 December 2012
£m
2013
£m
2014
£m
2015
£m
2016
£m
Revenue
Scientific, Technical & Medical 2,063 2,126 2,048 2,070 2,320
Risk & Business Analytics 1,589 1,480 1,439 1,601 1,906
Legal 1,610 1,567 1,396 1,443 1,622
Exhibitions 854 862 890 857 1,047
  6,116 6,035 5,773 5,971 6,895
Underlying revenue growth (1)
Scientific, Technical & Medical 2% 2% 2% 2% 2%
Risk & Business Analytics 5% 6% 6% 7% 9%
Legal 1% 1% 1% 1% 2%
Exhibitions 7% 7% 7% 5% 5%
  3% 3% 3% 3% 4%
Adjusted operating profit (2)
Scientific, Technical & Medical 780 787 762 760 853
Risk & Business Analytics 511 507 506 575 686
Legal 234 250 260 274 311
Exhibitions 210 210 217 217 269
Unallocated items (3) (47) (5) (6) (4) (5)
  1,688 1,749 1,739 1,822 2,114
Underlying adjusted operating profit growth (1) (2)
Scientific, Technical & Medical 4% 3% 3% 3% 3%
Risk & Business Analytics n/a 9% 6% 7% 9%
Legal 4% 5% 6% 7% 12%
Exhibitions 20% 4% 9% 2% 7%
  6% 5% 5% 5% 6%

(1)Underlying growth rates are calculated at constant currencies and exclude the results of acquisitions and disposals made in both the year and prior year and of assets held for sale. Underlying revenue growth rates also exclude the effects of exhibition cycling.
(2) Adjusted figures primarily exclude the amortisation of acquired intangible assets and other items related to acquisitions and disposals, and the associated deferred tax movements.
(3) 2013 adjusted operating profit by business area was restated following the adoption of a new method for the allocation of corporate and shared costs. 2012 adjusted operating profit by business area reflects the old methodology.

Condensed consolidated statement of financial position

As at 31 December 2012
£m
2013
£m
2014
£m
2015
£m
2016
£m
Non-current assets          
Goodwill 4,545 4,576 4,981 5,231 6,392
Intangible assets 3,275 3,124 3,164 3,156 3,604
Investments in joint ventures 100 125 125 101 102
Other investments 79 92 112 141 137
Property, plant and equipment 264 237 227 229 242
Deferred tax assets 79 442 464 349 444
Derivative financial instruments 138 64 78 51 49
  8,480 8,660 9,151 9,258 10,970
Current assets          
Inventories and pre-publication costs 159 142 142 158 209
Trade and other receivables 1,380 1,416 1,487 1,601 1,956
Derivative financial instruments 57 124 31 31 20
Cash and cash equivalents 641 132 276 122 162
  2,237 1,814 1,936 1,912 2,347
Assets held for sale 297 21 15 6
Total assets 11,014 10,495 11,087 11,185 13,323
         
Current liabilities          
Trade and other payables 2,544 2,595 2,636 2,901 3,425
Derivative financial instruments 11 4 23 49 85
Borrowings 730 648 676 624 1,159
Taxation 603 588 582 581 612
Provisions 30 17 19 21 23
  3,918 3,852 3,936 4,176 5,304
Non-current liabilities          
Derivative financial instruments 13 71 60 110
Borrowings 3,162 2,633 3,149 3,278 3,684
Deferred tax liabilities 919 1,076 1,056 1,000 1,137
Net pension obligations 466 379 632 384 636
Provisions 139 116 104 100 89
  4,686 4,217 5,012 4,822 5,656
Liabilities associated with assets held for sale 96 3 2 9 5
Total liabilities 8,700 8,072 8,950 9,007 10,965
Net assets 2,314 2,423 2,137 2,178 2,358
         
Capital and reserves          
Combined share capitals 223 224 212 224 226
Combined share premiums 2,727 2,887 2,820 2,748 3,003
Combined shares held in treasury -899 -1,464 -1,107 -1,393 -1,471
Translation reserve -23 -137 74 224 727
Other combined reserves 252 880 107 341 -165
Combined shareholders’ equity 2,280 2,390 2,106 2,144 2,320
Non-controlling interests 34 33 31 34 38
Total equity 2,314 2,423 2,137 2,178 2,358
Year ended 31 December 2012(3)
€m
2013
€m
2014
€m
2015
€m
2016
€m
 
Revenue 7,523 7,121 7,159 8,240 8,412
Underlying revenue growth (1) 3% 3% 3% 3% 4%
Adjusted operating profit (2) 2,076 2,064 2,156 2,514 2,579
Underlying adjusted operating profit growth (1) (2) 6% 5% 5% 5% 6%
Adjusted operating margin (2) 27.6% 29.0% 30.1% 30.5% 30.7%
Reported operating profit 1,640 1,624 1,738 2,066 2,084
Adjusted net interest expense (265) (209) (182) (211) (220)
Adjusted profit before tax (2) 1,811 1,855 1,974 2,303 2,359
Adjusted tax (426) (436) (464) (535) (534)
Non-controlling interests (6) (6) (6) (8) (10)
Adjusted net profit (2) 1,379 1,413 1,504 1,760 1,815
Reported net profit 1,284 1,310 1,184 1,391 1,416
Reported net margin 17.1% 18.4% 16.5% 16.9% 16.8%
Adjusted earnings per share(4) € 0.608 € 0.638 € 0.698 € 0.835 € 0.880
Adjusted earnings per share growth at constant currencies 8% 7% 10% 8% 8%
Net borrowings 3,846 3,686 4,579 5,144 5,499
 
PARENT COMPANIES: RELX NV
Reported earnings per share(4)(5) € 0.583 € 0.609 € 0.568 € 0.682 € 0.687
Ordinary dividend per share(4)(5) € 0.304 € 0.329 € 0.383 € 0.403 € 0.423

(1)Underlying growth rates are calculated at constant currencies and exclude the results of acquisitions and disposals made in both the year and prior year and of assets held for sale. Underlying revenue growth rates also exclude the effects of exhibition cycling.
(2) Adjusted figures primarily exclude the amortisation of acquired intangible assets and other items related to acquisitions and disposals, and the associated deferred tax movements
(3) 2012 information has been restated following adoption of IAS 19 - Employee Benefits (revised)
(4) RELX NV comparative earnings and dividends per share have been adjusted retrospectively to reflect the bonus issue of shares effective 30 June 2015
(5) The shares of RELX PLC and RELX NV are regarded as two separate classes of share which together form the issued consolidated share capital of the Group. In calculating earnings per share of the Group, the earnings for each class of share are calculated on the basis that earnings are fully distributed. The Group’s usual practice is for only a portion of earnings to be distributed by way of dividends. Until the end of 2015, dividends paid to RELX PLC and RELX NV shareholders were, other than in special circumstances, equalised at the gross level inclusive of the prevailing UK tax credit available to certain RELX PLC shareholders. The allocation of earnings between the two classes of shares reflects this differential in dividend payments declared, with the balance of earnings assumed to be distributed as a capital distribution, in equal amounts per share.

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