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
14–19
Market Trends
* In this report, we include IFRS measures and alternative performance
measures. For clarity, each alternative performance measure is marked
by an asterisk the first time it is used. See definitions on pages 255 and 256
32–36
Colleagues and Culture
STRATEGIC
REPORT
2–99
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
– Academic Markets & Knowledge Services
– B2B Markets & Digital Services
– Informa Intelligence
Key Performance Indicators
Risk Management
– Principal Risks and Uncertainties
– Climate Impacts
– Viability Statement
Financial Review
GOVERNANCE
Chair’s Introduction to Governance
REPORT
100–159
FINANCIAL
STATEMENTS
160–257
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
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
COMPANY
Shareholder Information
INFORMATION
Advisers
2
3
4
6
14
20
22
24
30
46
50
52
52
56
64
66
68
73
80
83
86
100
104
108
110
120
124
132
156
159
160
171
172
173
174
175
176
247
248
249
255
257
258
260
52–65
Our Divisions
24–29
FasterForward
110–159
Corporate Governance Report
258–260
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 2
Informa at a Glance
WE DELIVER:
Specialist content. Smart events.
Academic knowledge services. First-
party customer data. Buyer and product
discovery services. Networking and
partnering platforms. Open research
services. Expert research and data.
Audience development services.
Advanced learning. Accredited
training. Digital demand generation.
TO SPECIALISTS IN MARKETS
AND CATEGORIES INCLUDING:
Aviation. Pharma. Cyber Security.
Engineering. Health & Nutrition.
Medicine. Fashion. Social Sciences.
Private Equity. Enterprise IT. Biotech.
Fintech. Construction. Beauty
& Aesthetics. Food & Hospitality.
Environmental Sciences. Education.
Brand Licensing. Manufacturing.
WHAT MAKES US DIFFERENT:
Unique, high quality knowledge.
Strong specialist brands. Deep and
engaged customer relationships.
International reach. The creativity
and contribution of our colleagues.
A purpose focused on customers
and a culture based on inclusion and
agility. Sustainable business practices
and a role helping our markets
become more sustainable.
AT INFORMA
WE’RE HERE
TO CHAMPION
THE SPECIALIST,
CONNECTING
PEOPLE WITH
KNOWLEDGE
TO HELP THEM
LEARN MORE,
KNOW MORE
AND DO MORE
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 3
Why Invest?
GROWING DEMAND
FOR SPECIALIST
KNOWLEDGE
SEE PAGES 22 AND 23 FOR
GROUP STRATEGY
• Specialist brands and strong market positions in the
ever-growing Knowledge and Information Economy
• International reach combined with deep expertise
in a range of customer markets
• Balanced portfolio focused on two leading scale
businesses operating across multiple geographies
and products
UNIQUELY POSITIONED
• Agile and flexible approach in responding to
SEE PAGES 6 TO 13 FOR GROUP
CHIEF EXECUTIVE’S REVIEW
ACCELERATING
DIGITISATION
SEE PAGES 50 TO 65 FOR
DIVISIONAL REVIEWS
diverse customer preferences
• A digital-first, data-driven mindset and products
alongside powerful live and on-demand events
• Deep customer relationships and first-party
customer data driving continuous improvements
and new services
• Continuous investment in dynamic, engaged and
inclusive culture
• Accelerating pace of digitisation across all areas of
the business
• Expanding live and on-demand business-to-
business (B2B) events as smart events and B2B
market access powered by IIRIS
• Further expanding open research offering
STRONG FINANCIALS
SEE PAGES 86 TO 99 FOR
FINANCIAL REVIEW
• Growing revenue streams
• Flexible operating model
• Strong cash conversion
• Robust balance sheet
• Disciplined approach to capital returns
ACCELERATING
SUSTAINABILITY
SEE PAGES 24 TO 29 FOR
FASTERFORWARD
• Championing the specialist in everything we do
• Continuing commitment to sustainable business
practices through FasterForward
COMPANY INFORMATIONFINANCIAL STATEMENTSGOVERNANCE REPORTSTRATEGIC REPORTINFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 4
Introduction from the 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.
John Rishton
Chair
There are many Shareholders, and
indeed many Informa colleagues, who
value the chance to review the Company’s
performance, progress, plans and ways of
working in depth. We hope that this report
provides that opportunity once again.
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 5
T H E F U L L FO C US OF
T H E B OA R D A N D
L E A DE R S H I P T E A M
I S NOW ON GA P II
A N D ACC E L E R AT ION
I N A L L A R E A S
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 targets set out to Shareholders earlier
in the year.
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
of the Knowledge and Information Economy
in which Informa operates, the quality of
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
the pandemic in 2020, and it is gratifying
to be able to recognise and reward that
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,
as it was for Louise Smalley as Chair of the
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
to its customers, and to put on record my
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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 6
Group Chief Executive’s Review
GROWTH ACCELERATION
Stephen A. Carter
Group Chief Executive
INFORMA ENTERED 2021 WITH
STABILITY, STRENGTH AND THE
CLEAR GOAL OF RETURNING
TO LONG-TERM SUSTAINABLE
GROWTH. 12 MONTHS ON, WE
We continued to manage through and work
around the impacts of the pandemic during
2021, particularly as it affected our live
events in different locations at different
times during the year, maintaining our
support for colleagues and focus on
delivering for customers throughout.
HAVE DELIVERED A RESILIENT
PERFORMANCE AND EMBARKED
ON AN AMBITIOUS PROGRAMME
OF GROWTH, INVESTMENT AND
DIGITAL ACCELERATION: GAP II.
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 PLC ANNUAL REPORT AND ACCOUNTS 2021 7
OV E R T H E FOU R-
Y E A R PE R IOD,
G A P I I W I L L S E E
US C H A M PION
S PE C I A L I S T S I N N EW
WAYS , DE L I V E R I NG
K NOW L E D G E A N D
CON N E C T IONS
TO C US TOM E R S
T H ROUG H A N
E X PA N DE D A N D
E N H A NC E D R A NG E
OF PRODUC T S A N D
PL AT FOR M S
This strong cash performance helped to
lower net debt to just under £1,440m* as
at the end of December (2020: £2,030m),
reducing the Group’s leverage* to below
three times, a significant advance on where
the Company was one year ago. Informa
continues to have no financial covenants
on any Group level borrowings.
This improving performance led the Board
to confirm its intention to resume ordinary
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.
CONTINUED OVER
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
the Company.
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
the potential benefits for our colleagues,
our customers and our Shareholders.
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
a phased return of physical events over the
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
in profits and last year’s non-cash
goodwill impairment.
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
free cash flow on a monthly basis coming
into 2021 and, across the year, generated
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).
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 8
Group Chief Executive’s Review
continued
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
to accelerate as part of GAP II.
2021 was a transition year for our three
B2B Markets & Digital Services businesses.
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
of over £600m. Over 70 events delivered
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.
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
in specialist technology markets, delivered
revenues of £166m (2020: £152m) and
underlying revenue growth of 13.9%
(2020: (46%)).
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.
£1,799m
2021 revenues
£439m
2021 free cash flow
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 9
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
balance sheet, and to provide a return to
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
of these trends are not new, many have
been accelerated by the experience of
the pandemic.
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
the depth and variety of formats, in the
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
connection. There is more insight into these
trends, including perspectives from
colleagues, on pages 16 to 19.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 10
Group Chief Executive’s Review
continued
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
to ensure accuracy, relevance and quality, and having the analytical
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.
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
reach, particularly within the research
and development community.
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
F1000 business.
Open research comes in many forms and,
through GAP II, we plan to expand the
range of options Taylor & Francis provides:
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
allow us to process greater volumes of
submissions effectively, adding features
to make knowledge as usable as possible
and continuing to make gains in the
discoverability of our research, whether
it is through search engines or our
own channels.
Through expansion and investment in
technology and platforms, in digital
content and product management, in data
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 11
They also generate powerful data that we
are using to improve products, better target
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.
GROWTH ACCELERATION
IN B2B MARKETS
Specialist knowledge, but also specialist
connections, lie at the heart of our three
B2B Markets Divisions. Businesses and
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
act as consolidators of business travel.
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,
or ways for businesses to reach customers
and nurture leads through data and digital
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,
the ease of registration and the quality of
pre, at and post-event online matchmaking
and networking are engaging customers and
audiences at a deeper level.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 12
Group Chief Executive’s Review
continued
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.
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.
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
our culture more broadly, and in the support
and opportunities that make Informa an
enjoyable and rewarding place to work.
As in many companies, the experience of
the pandemic has brought about changes
in how and where colleagues are based.
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
of colleagues are expected to work in a
balanced way, mixing time in the office
with time spent working remotely to a
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
with the Company at a deeper level and
share in the rewards of future performance
under GAP II.
AllInforma, our Group-wide diversity and
inclusion programme, made further
significant strides during the year, as
described on page 34.
ACCELERATING FASTERFORWARD
It was through GAP I that Informa began
to address sustainability in a more
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
our position as a sustainable, positive
impact business.
We have steadily improved our practices
and the Group is increasingly recognised for
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
an embedded part of 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
than ever.
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 13
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
diary when colleagues are recognised and celebrated for outstanding
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.
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,
we are creating a new Informa, and we are
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
for the significant support provided over this
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
of Chair in 2021, has been an outstanding
partner to the Company and leadership
team as Informa sets out on its next phase
of growth and performance.
Stephen A. Carter
Group Chief Executive
14 March 2022
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 14
Market Trends
TRENDS IN OUR
MARKETS
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
the professionals working in industry, research
institutions and academia. We also focus on serving
certain specialist end markets, including companies
and professionals operating in Aviation, Engineering,
Life Sciences, Health & Nutrition and
Enterprise Technology.
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.
READ MORE:
Strategy: Market Specialisation and Digitisation, pages 22 and 23
Divisional Reviews, pages 50 to 65
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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 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 01 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 10 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 01 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 10 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0010101010101010101010101010101010101010101010101010101010101 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 15
COMPANY INFORMATIONFINANCIAL STATEMENTSGOVERNANCE REPORTSTRATEGIC REPORTINFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 THE
SPECIALISATION
OF MARKETS
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
and scale category, it has also spawned
high growth subsectors. This includes the
market for herbal dietary supplements,
which in 2020 surpassed $11bn in US sales,
up from $4bn in 2000.
In technology, advances in telecoms
connectivity and artificial intelligence
have fuelled the proliferation of smart
devices and made the development of
autonomous vehicles possible, opening up
a range of new and innovative subsectors.
As markets become more specialist, the
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.
Through GAP II, we are continuing to add
expertise, capabilities and services that
enable us to become a trusted partner to
and champion of specialists.
16
Market Trends
continued
SPECIALISATION AND EXPERTS IN ACADEMIC MARKETS
Lisa Mahan
Chief Marketing Officer, Taylor & Francis
E AC H OF T H E S E
S PE C I A L I S M S H A S I T S
OW N COM M U N I T Y
OF E X PE RT S . . . A N D
E AC H COM M U N I T Y
R E QU I R E S
K NOW L E D G E T H AT
I S R E L E VA N T,
C U R AT E D A N D
S U B S TA N T I AT E D
In Academic Markets, increasing
specialisation and an interdisciplinary
approach to addressing global challenges
are changing the world of research.
Underneath the broad disciplines of
Humanities & Social Sciences and Science,
Technology & Medicine, there are dozens
of specialisms and advanced and emerging
subcategories, such as psychoanalysis
within behavioural sciences and chemical
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
experts and businesspeople. And each
community requires knowledge that is
relevant, curated and substantiated,
constantly refreshed and delivered in
ways that can be easily used and applied.
At Taylor & Francis, we support the creation
and sharing of knowledge across disciplines
and deep into disciplines, and we also
support the experts who foster progress
through the knowledge they create.
UNESCO estimates that there are now nearly
9m researchers worldwide. We focus on
building lifelong relationships as these
researchers embark on the journey from
learner to knowledge expert.
A student, for example, may consume
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
conference posters with us. As their expertise
deepens, they may join one of our journals’
editorial boards and peer review articles in
their specialist area or see their monograph
translated into Spanish and Mandarin with
our help. We support experts across many
different specialisms, every step of the way.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 17
FORMING IIRIS, OUR B2B CUSTOMER DATA ENGINE
Max Gabriel
President, IIRIS
DIG I TA L
R E G I S T R AT IONS ,
D OW N LOA D S ,
CON N E C T IONS A N D
I N T E R AC T IONS
A ROU N D OU R
E V E N T S H AV E
C R E AT E D VA S T
A MOU N T S OF DATA
PLUS N EW E R A N D
R IC H E R DATA T Y PE S
Whether it is the major construction
companies that exhibit and sell at World
of Concrete or the cyber security experts
gaining the latest insights at Black Hat,
Informa’s focus on championing customers
in a series of specialist B2B markets has
allowed us to form close and direct customer
relationships and create highly engaged
audiences around our brands.
The last two years have also given us an
opportunity to do more for those audiences
and customers. The growth of digital formats
and virtual events has been a key driver.
Digital registrations, downloads, connections
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.
In 2021 we developed IIRIS, our unified B2B
customer data engine, to generate new
commercial opportunities from capturing,
managing, nurturing and applying customer
data more effectively. IIRIS has already
identified over 1bn audience interactions and
a known, engaged and marketable audience
of over 10m professionals across Informa’s
B2B Markets businesses.
We have introduced several IIRIS services
so far that help to strengthen customer
relationships, further develop our products
and seize growth opportunities from offering
new and enhanced data-driven services.
These include a tracker to capture granular
behavioural data; one step in helping
businesses generate digital demand for their
services through understanding customer
intent better. There is a simplified registration
process to know our audiences better, which
supports marketing campaigns and can help
businesses develop audiences for their
products. There is also a recommendation
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 VALUE
OF B2B
CUSTOMER DATA
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
information. As they browse content, use
digital services and complete enquiry and
registration forms, more data is also being
generated. Through this expanded range
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.
At the same time, data privacy has become
more important. Regulation continues to
expand and major websites are changing
their policies around third-party cookies,
used to understand and track customer
behaviour online. The bar is being raised
on customer consent standards.
These inter-related trends have
increased the value of high quality,
first-party consent-based customer data.
Companies that can collect and collate
it, and use it to tailor their approach
and more powerfully engage customers,
can gain a considerable advantage.
We are strengthening and deepening
Informa’s pool of consent-based first-
party B2B customer data, helping to
make marketing campaigns more
effective, improve customer experience
and increase engagement through greater
personalisation. This is also supporting
the development of richer services, such
as the ability to assess buyer intent
more accurately.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 18
Market Trends
continued
THE POWER OF
FACE TO FACE
RENEWING BUSINESS CONNECTIONS IN CHINA
Athena Gong, Vice President, Informa Markets Asia
Ying Sang, Deputy General Manager, China Beauty Expo
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.
Consultants AMR expect the exhibition
industry to return to 95% of its size in 2019
by 2023. We are seeing this trend of
continued demand for face-to-face
interaction evidenced in the strength of
attendee registrations and exhibitor
rebooking rates for our events.
For many businesses, particularly small
and medium-sized companies, the major
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-
face brands as restrictions ease and
people can travel and gather more easily.
Customers remain focused on the value of
attending an event, including the relevance
of event content, the connections and
relationships established, maximising their
time and use of carbon and the quality of
the live experience itself. Over the last five
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.
In China, the last two years have shown that
face-to-face events provide a very valuable
way of doing business.
The purchasing process is more complex
in B2B markets compared with consumer
markets. For event visitors making high value
decisions, spending quality time in person
with suppliers is critical. This is particularly
true in beauty and cosmetics, where
touching, feeling and sampling products at
events such as China Beauty Expo is very
powerful. 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.
After China’s period of lockdown due to the
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
be rescheduled, but they have been more
focused on value than ever. For them, the
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.
China Beauty Expo, held in Shanghai in May
2021, was a particular success. Demand
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
others. There were 479,000 visits, an increase
of over 20% on 2020, and 93% of visitors said
they would return in 2022.
The data, and human behaviour, show how
much people want to meet and communicate
in person, but digital services are also an
increasingly important addition in China.
As our services become more sophisticated,
this is helping us provide a deeper level of
sales and marketing support to B2B markets.
At China Beauty Expo for example, we
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 S M A L L A N D
M E DI U M- S I Z E D
COM PA N I E S T H AT
M AY H AV E S M A L L E R
T E A M S A N D L E S S
W E L L-DE V E LOPE D
SA L E S PRO C E S S E S ,
B2 B E V E N T S A R E
G R E AT WAYS TO
DE L I V E R L E A D S
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 THE
DIGITISATION
OF KNOWLEDGE
Advances in technology and changes in
customer behaviour mean that more
and more content is consumed in
a digital format. This is true for
professionals working in commercial
or academic environments and looking
for knowledge relevant to their fields
and roles, as well as for consumers
more broadly.
Technical advances have expanded the
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
and digestible. Equally, enhanced features
such as the ability to annotate digital text,
bookmark and collate content, follow
links and receive personalised content
recommendations create more value and
benefits for the user.
Throughout Informa, we continue to invest
in providing knowledge to customers in
ever more advanced and compelling digital
formats. Our focus is on the quality and
uniqueness of our content and making it
as usable and useful to customers as
possible, including by delivering data and
intelligence in ways that easily integrate
into existing processes and systems.
In our Academic Markets business, where
we have a particularly deep corpus of
knowledge, we are continually enriching
that knowledge. This includes by providing
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.
19
CONNECTING THE DOTS IN TECH RESEARCH
Nick Fielden
Chief Commercial Officer, Omdia
DR I V I NG A L L
I N V E S T M E N T
A N D PRODUC T
DE V E LOPM E N T
DE C I S IONS I S HOW
W E CA N DE L I V E R
M A X I M U M I M PAC T
A N D VA LU E TO
C US TOM E R S
After bringing our Tech research businesses
together as Omdia in 2020, we launched
Omdia.com as a single, upgraded hub for
our data, insights and research on specialist
tech markets.
Driving all investment and product
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
of research, on the digital delivery side, we
are prioritising choice and sophistication
in format and how searchable, visible and
accessible our content is, informed by
continuous feedback from customers.
The Omdia hub hosts everything from
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
in information design to enhance how data
is presented, maximising the impact of
consulting reports and syndicated research.
To better enable customers to access all of
the insights relevant to them, we recently
launched topic collections. These connect
the dots by presenting interlinked content
on a single page that is periodically updated:
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
deploy IIRIS’s recommend service which,
for every research report, will recommend
further content and relevant products based
on customer profile and behaviour.
Across the site, more advanced automated
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 20
Business Model
HOW INFORMA OPERATES
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.
Through this purpose and our day-to-day operations, we aim to create benefits for
Shareholders, customers and colleagues and a positive impact on our communities.
OUR DIVISIONS SERVE THREE MARKETS
AT THE HEART
OF INFORMA
Busin
Intellige
Infor
Intellige
a
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ess
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n
c
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a M a
Infor m
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Inf o r m a T e
h
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A
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&
F
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&
K
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Colleagues and culture: We rely on the talent
and engagement of our colleagues, working
to four common guiding principles, and the
positive impact of a dynamic, open and
inclusive culture
Leading brands: We operate through dozens
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
and our key business partners
Resilient technology: We invest in technology
and platforms that are resilient, relevant
and adaptive
Responsible natural resource use: We make
relatively limited use of carbon and natural
resources and, under FasterForward, are
progressing towards becoming zero waste
and net zero carbon by 2030 or earlier
Effective financing: Through the support
of equity and debt investors, we access
and use financial capital on effective terms
AND WORK DEEPLY
IN OVER A DOZEN
SPECIALIST MARKETS
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
21
S
T
R
A
T
E
G
I
C
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E
P
O
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T
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
and learning
• We source, analyse and deliver critical market
data We create and operate large-scale live and
on-demand B2B events: platforms for customers
to promote their businesses, showcase products,
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
For Shareholders
Long-term, sustainable capital and income growth through
equity value and Shareholder returns
£1bn
Planned capital return of up to £1bn under GAP II
For customers
Specialist knowledge and relevant connections that help
businesses and professionals to learn more, know more
and do more
£150m
We invest in building strong specialist brands and
delivering services flexibly
Net GAP II investment of up to £150m in enhancing and
expanding products and platforms
• Our teams continuously engage with customers
to understand and respond to their needs and
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 provide a range and depth of digital features
and formats
• We invest in our brands, products and services
on an ongoing basis to extend the value
customers receive
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
• Through our market-specific first-party customer
data, we are increasingly helping businesses
generate demand and access engaged buyers
digitally in more targeted and effective ways
For colleagues
Professional opportunities, rewards and benefits, wellbeing
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
Support for charities and community organisations
through brand partnerships, colleague volunteering
and financial donations
Through our brands and platforms, we promote sustainable
development in the markets in which we operate
£267m
Global total tax contribution
I N F O R M A P L C A N N U A L R E P O R T A N D A C C O U N T S 2 0 2 1
GOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION
22
Group Strategy
MARKET SPECIALISATION
AND DIGITISATION
MARKET SPECIALISATION HAS
BEEN AT THE HEART OF
INFORMA’S STRATEGY FOR THE
LAST SEVEN YEARS.
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
and building international reach.
2021-2024 GROWTH ACCELERATION PLAN II
PORTFOLIO FOCUS
DIGITAL AND DATA
Focus the Group on two
major markets – B2B
Markets & Digital Services
and Academic Markets &
Knowledge Services – and
extend our leadership
positions within them
Accelerate the pace of
digitisation, with a focus on
further expanding in open
research, smart events
and audience development
and building a position in
digital demand generation,
supported by investments
in our IIRIS data and
analytics engine
LEADERSHIP
AND TALENT
Deepen the digital and data
skills of current colleagues
and attract great talent into
new digital roles, supporting
an increasingly dynamic and
data-driven culture
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
READ MORE: PAGES 6 TO 13
READ MORE: PAGES 6 TO 13
READ MORE: PAGES 32 TO 36
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 01 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 10 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 01 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 10 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 01 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 10 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0010101010101010101010101010101010101010101010101010101010101 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 23
Informa’s strategy through to 2024 is
to continue to deepen our market
specialisation and accelerate digitisation in
all areas of the business. We are delivering
this through the 2021-2024 Growth
Acceleration Plan II. This will bring us closer
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.
GAP INVESTMENT
SHAREHOLDER
FASTERFORWARD
RETURNS
Support sustainable returns
to Shareholders, including
through resuming dividends
and a share buyback
programme
Embed sustainability
and our FasterForward
commitments throughout
all GAP II initiatives
Make additional
investments in products,
technology platforms and
talent, supported by
targeted investments in
new partnerships and
business expansion
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
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READ MORE: PAGES 86 TO 88
READ MORE: PAGES 24 TO 29
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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 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 10 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 01 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 10 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 01 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 10 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 00 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0010101010101010101010101010101010101010101010101010101010101 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 11 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1COMPANY INFORMATIONFINANCIAL STATEMENTSGOVERNANCE REPORTSTRATEGIC REPORTINFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 24
FasterForward
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.
Our progress and increasing performance
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
and connections they need to address the
sustainability challenges and opportunities
in their specialist markets.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 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
new roles that support the delivery of
FasterForward in each of our businesses.
We have also expanded the data and
information available to Shareholders,
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
as far as practical, or across the full value
chain as it is sometimes called, and
compensating for any emissions that cannot
be avoided by purchasing high quality carbon
offsets. This commitment aligns with the
boundaries set under the Science Based
Targets initiative.
25
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
by 2025
3.
Become zero waste and
net zero carbon by 2030
or earlier
Informa was recertified as a CarbonNeutral®
Company for our business operations in 2021,
in line with the CarbonNeutral Protocol and
its requirements, which currently include
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
reach 100%. Two offices use solar panels
to generate their own electricity and
elsewhere, we use renewable energy
from local grids or purchase 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
energy consumption, as the greenhouse
gas emissions data on page 67 shows.
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
of our use of natural resources and
journey towards becoming net zero carbon.
Calculations are based on GHG Protocol
and Defra guidelines and we provide a
per‑colleague ratio, believing it to be the
most appropriate measurement for
our business.
FASTER TO ZERO IN OUR PRODUCTS
In 2021, we continued to reduce the
emissions associated with our products
and services and their use, which represents
the second aspect of our carbon neutral
commitment.
CONTINUED OVER
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 26
FasterForward
continued
Taylor & Francis achieved CarbonNeutral®
Publication status for its printed books
and journals, following steps to significantly
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
it is expected they will favour more efficient
travel that delivers a clear commercial or
professional result, using digital and virtual
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
more carbon than we emit by 2025.
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
contributor to this goal, and we are
continuing to reduce the waste associated
with disposable stand construction through
the Better Stands programme. In 2021, we
also ran a pilot that offered customers the
chance to carbon offset their air travel as
part of the event registration process, and
are analysing the data and feedback to
develop its broader rollout.
BETTER STANDS
Informa launched a programme called Better Stands in 2020. This aims
to significantly reduce the waste that exhibition stands can create if not
built in a sustainable and reusable manner; a significant contribution to
meeting our zero waste goal. Reusable stand structures can also be
quicker to set up, creating benefits from reducing build time and cost
for exhibitors.
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 Sustainability Inside
commitments
4.
Embed sustainability
inside 100% of our
brands by 2025
5.
Help and promote the
achievement of the
UN’s Sustainable
Development Goals
through our brands
27
SUSTAINABILITY INSIDE
Under FasterForward, we are working to
embed relevant sustainability knowledge
and features inside all of Informa’s brands
by 2025.
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 event brands under a programme called
the Fundamentals. This comprises a checklist
of 12 criteria that events are expected
to work towards adopting fully, such as
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
in 2021, 75% embedded market-relevant
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
the attainment of the UN’s Sustainable
Development Goals (SDGs). It currently
houses teaching guides, videos, case studies
and over 18,000 book chapters and journal
articles directly associated with the 17 SDGs.
We ensure a proportion of the collection is
always available for free, to ensure trusted
knowledge on sustainability is as widely
accessible as possible.
DIGITAL FOOTPRINT
As we expand the depth and range
of our digital services under 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
is a complex one, involving delivery
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
calculate the carbon footprint of digital
content, as a starting point to helping
us make informed decisions on how to
reduce it.
CONTINUED OVER
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 28
FasterForward
continued
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
by 2025
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
a virtual event in summer 2021 and closed
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
quickly access critical knowledge digitally
and continue their work uninterrupted.
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,
has established a partnership with the
non‑profit Global Alliance for Improved
Nutrition, providing the organisation with a
platform to speak to the industry at its main
event on better nutrition in low and middle
income countries and promoting its
fundraising campaigns.
Holding a large‑scale event in a city
can generate significant financial and
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
but is expected to restart at a wider scale
from 2022.
EMBEDDING SUSTAINABILITY
We run ongoing communications and training
programmes to inform and update colleagues
about sustainability, ensuring they have
the knowledge, training and support to
successfully embed FasterForward
throughout the business.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 29
KEY SUSTAINABILITY HIGHLIGHTS
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
and supported by the Group Sustainability
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
and published infographic summaries on
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
an important part of attracting new talent
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
the second half, over 45% said that the
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
to have maintained high rankings in both
of these.
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
the Board’s Section 172 statement on pages
46 to 48.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 30
Approach to Engagement
OUR APPROACH TO ENGAGEMENT
LOCAL COMMUNITIES
Making a positive impact on the
communities in which we work
is a pillar of the FasterForward
sustainability programme.
How we engage and deliver benefits
in our communities is discussed
on pages 24 to 29.
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
BOARD ENGAGEMENT
THESE KEY GROUPS, AND
THIS IS A DEDICATED
PART OF THE WORK
THAT INFORMA’S BOARD,
MANAGEMENT TEAM AND
COLLEAGUES UNDERTAKE
EVERY DAY.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 31
COLLEAGUES AND CULTURE
CUSTOMERS
• 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
do their best work, contribute fully, be themselves
and enjoy worklife at Informa
• Customers are at the heart of our business purpose:
to champion the specialist, connecting people with
knowledge to help them learn more, know more and
do more
• Customer engagement is a continuous activity,
involving colleagues at every level
BUSINESS PARTNERS
SHAREHOLDERS
• Many different business partners and suppliers help us
• The confidence and support of Shareholders helps
create and deliver products and services
us invest and grow
• Our engagement is governed by two Informa guiding
principles in particular: Success is a Partnership and
Trust must be Earned
• Informa’s dedicated Investor Relations team operates a
year‑round engagement programme, including forums
for larger institutional investors and individual investors,
in which the management team and Board participate
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 32
Approach to Engagement
continued
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
a say on life at Informa and making the
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 33
WA L K T H E WOR L D
I S ON E OF T H E
E V E N T S I E NJOY
T H E MO S T I N
S I NG A P OR E . I T WA S
E XC I T I NG TO S E E
E AC H OT H E R A F T E R
S OM E T I M E A PA RT,
A N D W H AT A L S O
U N I T E S E V E RYON E
I S R A I S I NG MON E Y
TO S U PP ORT T H E
CAUS E S T H AT
R E A L LY M AT T E R
Chen Joo Ban
HR Manager
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
post a question, comment or blog on their
personal interests or professional insights.
Over 600 blogs were published in 2021 with
topics ranging from celebrations of cultural
holidays to volunteering experiences and
career and wellbeing tips. Intranet content
received over 35,000 social reactions and
7,000 comments during the year.
There are also five cross‑Company AllInforma
diversity and inclusion networks, dedicated
to connecting and supporting colleagues
in key communities while expanding
awareness of equality and inclusion matters.
Each network receives Company funding and
is sponsored by a member of Informa’s
management team and a Board Director,
as a way of sharing insight from diverse
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
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
and enabling all colleagues to join in,
discuss and feed back.
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.
The Group CEO communicates frequently
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
CEO hosts virtual town halls as an additional
way colleagues can gain insight, ask questions
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
and translating key policies and Company
documents. Informa operates a WeChat
account to translate and highlight key
Company news to colleagues in Chinese.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 34
Approach to Engagement
continued
ALLINFORMA
AllInforma is Informa’s Company‑wide diversity and inclusion
programme, whose focus is to ensure Informa is a welcoming and
supportive environment for all colleagues and a place where diversity is
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
& Inclusion Officer was appointed at the end of 2020.
2021 saw the launch of new activities based on feedback from colleagues
through Inside Informa Pulse and our AllInforma networks. With 45%
of colleagues expressing an interest in expanding mentoring and
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
popular suggestion. In the second half of the year, a new digital training
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
talk about disability at work.
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
responsibilities. 66% of colleagues took part, creating a snapshot profile
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.
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
of living with disabilities and conditions.
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
in 2021 due to COVID-19 restrictions on
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
for Informa.
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
inclusion priorities. 70% of colleagues took
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 M E N TA L H E A LT H
F I R S T A I DE R S A R E
H E R E FOR A L L
COL L E AG U E S . W E ’ R E
AVA I L A BL E TO
TA L K TO A B OU T
A N Y W E L L BE I NG
C H A L L E NG E S
A N D S IG N P O S T TO
PROF E S S IONA L H E L P
I F N E E DE D. T H E
M E N TA L H E A LT H
S U PP ORT T R A I N I NG
WA S FA N TA S T IC
A N D CA N BE
A PPL I E D TO WOR K
A N D HOM E L I F E
Kyle Battell
Health & Safety
Manager
35
All colleagues also have access to Speak Up,
a whistleblowing service available in 12
languages, for reporting issues confidentially
and receiving expert support. The service
was regularly promoted on the intranet
and in offices during the year and a survey
conducted to check awareness of and trust
in the service. Special guidance was also
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.
In the first quarter, in response to a
worsening period for the pandemic, Informa’s
2020 Colleague Support Fund was reopened
for colleagues whose households or families
had been financially impacted. The EAP
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
in training for colleagues to become peer-to-
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
valued by colleagues, and it is equally
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
business area.
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
and interpreting customer data. Informa Tech
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.
Not all training is formal, however. In Taylor
& Francis, a regular quiz called Destination
Digital tests colleagues’ knowledge of digital
concepts in a fun and rewarding way.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 36
Approach to Engagement
continued
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
a presenter competition as a further way
of recognising colleagues.
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.
T H E
A PPR E N T IC E S H I P
H A S G I V E N M E T H E
OPP ORT U N I T Y TO
L E A R N ON T H E JOB
W H I L E NOT BE I NG
T H ROW N I N AT
T H E DE E P E N D. T H E
F E E DBAC K I ’ V E H A D
F ROM COL L E AG U E S
H A S M A DE M E
R E A L I S E I CA N D O
A N Y T H I NG I S E T M Y
M I N D TO
Jade Monks
Operations Co-ordinator
Apprentice
COLLEAGUES AND GENDER BALANCE
Colleagues
Senior management and direct reports
Directors
As at 31 December 2021
F: 5,969 (60%)
M: 4,030 (40%)
F: 63 (31%)
M: 141 (69%)
F: 5 (42%)
M: 7 (58%)
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
and provide a unique insight into the running
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
in the UK.
RECOGNITION AND REWARD
Being recognised and fairly rewarded for
contributing to the Company is important
to colleagues everywhere. Informa remains
an accredited Living Wage Employer in the
UK, although the professional and specialist
nature of the business’s work means that
colleague compensation is typically higher
than that level, with average remuneration
of £55,000 in 2021.
We provide a range of additional personal
and financial benefits to colleagues.
Some are tailored by location: for example,
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.
In recognition of the unique challenges
and extra commitment shown during the
pandemic, all colleagues directly employed
by Informa have been given a special
bounce‑back holiday in 2022: an extra five
days of holiday to take during the year, in
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 37
CUSTOMERS
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,
know more and do 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
and operations, ensure our services remain
as relevant and valuable as possible.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 38
Approach to Engagement
continued
As we further develop our digital services and
create new products, customer feedback is
critical and is being incorporated in a range
of ways. For example, to better understand
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
as market experts.
DEEPENING RELATIONSHIPS
Across the business, we continuously look
for new ways to maintain strong customer
relationships and provide additional benefits
to the specialists we serve.
In Informa Connect, delivering unique, high
quality content from experts is an important
part of what makes our live experiences and
digital services distinct. This makes subject
matter specialists one of our most important
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
and self-care.
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
which our customers input into products.
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,
this input ensures our content is compelling
and up to the minute and helps Black Hat
events and training remain a must attend
for security experts.
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
of Informa Markets’ largest brands,
commissioned an independent survey
to understand whether exhibitors and
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
event and over two thirds of visitors said it
was positive for the construction market.
This feedback was a significant factor in the
decision to deliver World of Concrete as a
face-to-face event in June.
YOU H AV E TO
BE I M M E R S E D I N
PR I VAT E E QU I T Y TO
DE L I V E R A BR A N D
L I K E S U PE R R E T U R N
CON S I S T E N T LY A N D
S UCC E S S F U L LY.
I ’ V E WOR K E D
I N T H E M A R K E T
FOR DE CA DE S ,
I NC LU DI NG I N
S E N IOR S T R AT E G Y
A N D R E S E A RC H
ROL E S , A N D BR I NG
T H AT K NOW L E D G E
A N D N E TWOR K TO
E V E RY T H I NG W E D O
Dr Dorothy Kelso
Brand Strategy Director,
SuperReturn
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 39
Peer reviewers are important contributors
to the research publication process in Taylor
& 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
the benefits of personalising outreach to
reviewers according to their areas of
specialism as much as possible.
CUSTOMER-FOCUSED CULTURE
We use internal communications to set
a clear tone around the importance of
customer engagement and experience
and to encourage and recognise
continuous improvement.
Informa Connect regularly publishes a Hall
of Fame to colleagues: a ranking of the top
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
audiovisual quality and the availability of
support where needed. The leaderboard
showcases best practice and encourages
friendly competition to keep improving the
experience for customers.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 40
Approach to Engagement
continued
BUSINESS PARTNERSHIPS
WE WORK WITH NEARLY
30,000 BUSINESS PARTNERS
TO DELIVER OUR
PRODUCTS AND SERVICES
AND KEEP INFORMA’S
OPERATIONS RUNNING
SUCCESSFULLY.
Our aim is to form close, trusted and
sustainable relationships, making key
suppliers partners in our work. We do this
through communicating openly, taking
a collaborative approach, setting and
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
right thing and building confidence with
partners and customers is central to how all
colleagues are expected to work, and this
is reinforced through regular training
and communications.
Considering the variety of businesses we
partner with and procure services from,
we take a tailored approach to how those
relationships are managed.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 W E WA N T OU R
R E L AT IONS H I P S TO
BE S T RONG A N D
LONG L A S T I NG .
W I T H OU R N EW
T R AV E L S E RV IC E S
PA RT N E R , W E
V I S I T E D T H E M
AT T H E OU T S E T,
M E E T I NG T H E T E A M
TO M A K E T H E
COL L A B OR AT ION A S
S UCC E S S F U L A S I T
COU L D BE
Melissa Willock
Group Travel Director
41
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.
We have introduced quarterly business
review meetings with major technology
partners as a way to share longer‑term
plans and identify areas for collaboration
and service development, outside of
day‑to‑day performance management and
oversight. We also provide ad hoc updates on
major strategic developments, such as on the
launch of GAP II.
RESPONSIBILITY AND SUSTAINABILTY
As part of our FasterForward programme
and commitments, we seek to work with
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
with. This self-registration platform
enables prospective partners, particularly
those founded by individuals from
underrepresented communities, to submit
their credentials and be considered as part
of procurement decisions.
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
areas such as treating colleagues fairly, equally
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.
All partners, including suppliers, contractors
and agents, are expected to comply with
the standards set out in Informa’s Business
Partner Code of Conduct. Additional audits,
enhanced due diligence and executive
level oversight are applied to our most
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
to network with partners and peers and
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
with technology partners are becoming
increasingly important. We want to make
full use of the innovations our partners are
developing, ensure the technology is resilient
and service disruption is minimised to
mitigate our principal risks, and review
services and licences regularly to ensure
they fit our needs and remain good value.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 42
Approach to Engagement
continued
Our whistleblowing service Speak Up is
available to anyone inside or outside Informa,
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.
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.
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.
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 43
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 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 55%
Equity held by top 20
institutional investors
44
Approach to Engagement
continued
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,
with other Board Directors and Divisional
management also joining from time to time.
Together the Group CEO and Group Finance
Director held over 75 meetings with investors
in 2021.
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
a member of the Group’s Executive
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
reporting requirements are met.
ENGAGING WITH ALL INVESTORS
Our AGM provides all Shareholders with
the opportunity to give feedback on the
Company and to put questions to the
Group CEO, Group Finance Director and
all Board Directors.
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
questions by email in advance of the meeting.
These were either answered at the meeting
or followed up by email after 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,
our new Chair held a number of roundtable
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 45
of customer work already undertaken
in this area.
The presentation from the day, alongside
a recording and transcript, were made
available on our website immediately
following the event.
Where possible, we also provide
opportunities for investors to attend some
of our trade shows and events, as well
as offering trial access to some of our
intelligence and data services to help them
better understand the value we offer
to customers.
EXTENDING OUR ENGAGEMENT
We continually look for ways to improve
the quality and level of engagement with
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.
CAPITAL MARKETS DAY 2021
We held our latest Capital Markets Day in
December, following previous investor days
in 2019 and 2017, in order to provide a full
introduction to GAP II. Over 100 investors and
analysts attended either in person or online.
The event was hosted by our Group CEO
and Group Finance Director with in-depth
presentations from the CEO of Informa
Markets and CEO of Taylor & Francis, as well
as the President of IIRIS. Our Chair was also
in attendance.
At the event we outlined details of GAP II,
our four-year programme to create a
more focused, higher growth business.
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
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 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 46
Section 172 Statement
BOARD DECISION MAKING
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
page 100.
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
purpose and culture. Particularly relevant
are the Company’s guiding principles that
articulate ambitious thinking, taking personal
ownership and acting in a way that
earns trust.
These elements give the Board the basis
on which to make informed decisions and
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
taken on significant Board matters from 2021.
John Rishton
Chair
Under section 172 of the Companies Act
2006, Board Directors have formal duties
that include considering and balancing the
interests of a range of stakeholders and
adopting high standards of conduct,
as part of promoting the Company’s
long-term success.
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
in Informa’s overall performance.
Three elements are fundamental to the way
we carry out these duties: strong knowledge
and experience, high quality information and
discussion, and effective decision making.
We ensure all Directors have full knowledge
of their Section 172 and broader
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
in many cases as non-executives in other
organisations too, which adds to the Board’s
overall expertise and capabilities.
The quality of information and discussion
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
and spending time with stakeholders to
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 47
DIVESTMENT OF INFORMA
CAPITAL MANAGEMENT
INTELLIGENCE
AND ALLOCATION
DECISION: As part of GAP II, the Board approved a one‑off
capital return of up to £1bn to Shareholders following the
divestment of Informa Intelligence.
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
during the pandemic, including the 2020 equity raise and
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 Informa and would participate in Shareholder
benefits too.
In relation to former as well as current colleagues,
the position of Informa’s pension schemes was also
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.
DECISION: As part of GAP II, the Board made the decision
to divest the Informa Intelligence Division.
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
to maintain the customer benefits our brands deliver.
Discussions also included the interests of customers
of Informa’s B2B brands and research and advanced
learning services, market trends and Informa’s strategy
of specialisation, expansion opportunities in digital and
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
2021 Capital Markets Day, providing Shareholders with
detailed information and the ability to put questions to
management immediately.
The Board directed that the team leading the divestment
should incorporate all relevant functions and prioritise
a smooth transition for colleagues, customers
and suppliers.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 48
Section 172 Statement
continued
SUSTAINABLE BUSINESS
AND FASTERFORWARD
DECISION: The Board reviewed and approved
the continued implementation of Informa’s
FasterForward programme.
CONSIDERATIONS: Sustainability is increasingly
important to all of Informa’s key stakeholder groups.
Colleague, customer, business partner, Shareholder
and society expectations are rising, with a focus on how
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
into the business is becoming a matter of good business
conduct and reputation.
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
at in-person events.
To keep stakeholders informed and support Company
reputation, continued internal and external
communications around Informa’s performance and
progress were encouraged as a priority, with additional
endorsement for further developing the Company’s
sustainability product offering to customers. The Board
requested that regular updates on the FasterForward
programme continue through 2022.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 49
Non-Financial Information Statement
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
of specialist products and services, helping them learn more, know more and do more. We draw on six key resources and relationships and aim
to create benefits and positive impacts for Shareholders, customers, colleagues, business partners and our communities.
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
respect, equality and safety. All colleagues are required to complete training within 30 days of joining and non-completion is escalated to
senior management. The Speak Up service is available for reporting breaches and we aim to respond to all reporters within 48 hours
• Risks: We monitor and manage the risk of an inability to attract and retain key talent (page 76)
• Measurement: Colleague engagement is tracked regularly and measured through our engagement index (page 67), a Group KPI
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
and actions. It mandates events teams to participate in the Fundamentals, a sustainability assessment and improvement programme.
The Sustainability team audits submissions and provides guidance on improvement opportunities. Over 200 events have taken part since
its launch in 2019. In 2021, 57 scored 90% or more
• Risks: We continue to track climate change as an emerging risk and to assess and manage its potential impacts (pages 80 to 82)
• Measurement: We track a range of sustainability performance indicators. DJSI performance and GHG emissions are Group KPIs (page 67)
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
and community groups that align with our purpose and go beyond fundraising activities. There are processes in place to manage charity
engagement, including escalating volunteering and funding requests not covered by the policy to the Sustainability team. Due diligence is
conducted where charity partnerships are considered higher risk due to their scale, location or focus issue
• Risks: We monitor and manage the risks involved with inadequate response to major incidents and privacy regulation (pages 77 and 78)
• 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: We monitor and manage risks including health and safety incidents, data loss and cyber breach and privacy regulation (pages 76 to 78)
• Measurement: Through audit checks, monitoring data and subject access requests and whistleblowing reports
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
is reviewed quarterly and any non-compliance with policy is investigated and followed up. Due diligence of higher risk business partners,
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: We monitor and manage the risk of inadequate regulatory compliance (page 78)
• Measurement: Through audit checks and monitoring whistleblowing reports
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 50
Divisional Snapshot
A SNAPSHOT OF OUR FIVE DIVISIONS
B2B MARKETS & DIGITAL SERVICES
Enabling businesses to access
specialist markets, through
smart events, specialist brands
and data-driven digital demand
generation services.
Providing businesses and
professionals with connections
and commercial edge, through
specialist content and content-led
live and on-demand experiences.
REVENUE:
£609m
2020: £524m
REVENUE:
£131m
2020: £124m
REVENUE GROWTH:
REVENUE GROWTH:
UNDERLYING/REPORTED
7.7%/16.2%
2020: (62.7%)/(63.6%)
UNDERLYING/REPORTED
3.8%/5.2%
2020: (55.1%)/(56.6%)
OPERATING
PROFIT/(LOSS):
OPERATING
PROFIT/(LOSS):
ADJUSTED/STATUTORY
£67m/£(90m)
ADJUSTED/STATUTORY
£(4m)/£(19m)
2020: £(25m)/£(596m)
2020: £(24m)/£(176m)
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.
REVENUE BY DIVISION
• Taylor & Francis
• Informa Markets
• Informa Connect
• Informa Tech
• Informa Intelligence
2021
2020
31%
34%
7%
9%
19%
34%
32%
7%
9%
18%
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
51
ACADEMIC MARKETS & KNOWLEDGE SERVICES
Providing academic knowledge
services, including open research
and advanced learning, to
researchers and experts, research
and professional institutions,
libraries and funders.
OPERATING
PROFIT/(LOSS):
ADJUSTED/STATUTORY
£204m/£153m
2020: £214m/ £144m
Delivering specialist content,
industry communities,
audience development and
lead generation services to
the technology industry.
REVENUE:
£545m
2020: £556m
REVENUE GROWTH:
UNDERLYING/REPORTED
2.4%/(1.9%)
2020: (0.2%)/(0.6%)
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)
Delivering high value data and intelligence in
three main specialist markets: clinical trials,
vessel tracking, and international fund and fixed
income flows.
REVENUES:
£348m
2020: £305m
REVENUE GROWTH:
OPERATING PROFIT/(LOSS):
UNDERLYING/
REPORTED
6.5%/
14.1%
ADJUSTED/
STATUTORY
£110m/
£70m
2020: (1.8%)/(12.9%)
2020: £104m/£64m
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 52
Divisional Review: Academic Markets & Knowledge Services
TAYLOR & FRANCIS
TAYLOR & FRANCIS
IS ONE OF THE
WORLD’S LEADING
PUBLISHERS
OF ADVANCED,
EMERGENT,
APPLIED ACADEMIC
RESEARCH AND
KNOWLEDGE.
Taylor & Francis’ role is to create,
serve and sustain diverse specialist
communities of researchers and other
knowledge makers, and to maximise the
contribution and impact of their work.
It is a digital business with on-demand
print services.
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
for pay-to-read customers, Taylor & Francis
curates and publishes content and earns
revenue when access to this content
is purchased.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 53
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 GAP II
period, further investment will focus on
data, automation, researcher services
and customer personalisation to
accelerate growth.
CONTINUED OVER
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 54
Divisional Review: Academic Markets & Knowledge Services
continued
Taylor & Francis returned to strong
underlying growth in 2021 at 2.4% (2020:
(0.2%)), driven by significant gains in open
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
and journals receiving CarbonNeutral@
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
the Knowledge and Information Economy.
In Academic Markets this leads to the
subdivision of key disciplines thereby
creating new, more focused areas.
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
required interdisciplinarity.
OPEN RESEARCH: EXPANDING
THE HORIZON
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
a budget of €79bn.
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,
with the ambition to open up access to all parts of the research process
across academic subject areas, from methods to peer reviews. The aim
is to increase collaboration, disseminate knowledge more widely, and
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
of the Commission in providing their grantees with such a platform to
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
but also accelerate its spread across Europe and worldwide.’
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 55
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,
and all books and journals are available
both digitally and in print. Researchers and
practitioners also seek out multimedia
formats through digital platforms, from
video, graphical and audio formats to
podcasts and interactive interfaces, and
these will be integrated to increase the
value customers attach to the content.
As pay-to-publish and pay-to-read capabilities
are extended through GAP II, the focus will be
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
on delivering services that extend and
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
who will continue to play a vital role in the
dissemination of knowledge.
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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 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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56
Divisional Review: B2B Markets & Digital Services
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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 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 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.
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
These three businesses provide valuable
knowledge, connections and digital
services through a range of formats:
Informa Markets, Informa Connect and
Informa Tech.
Informa Markets connects, curates and
creates access to B2B markets live and on
demand, whether through B2B trade shows
or by providing highly qualified leads,
specialist data solutions and digital content.
We bring together a range of specialist B2B
industries to meet and transact, including
Pharma, Aviation and Beauty.
Informa Connect creates content-led live
and on-demand experiences, enabling
professionals to meet, network and learn,
whether at an event or by connecting
communities throughout the year. We work
deeply in a number of specialist markets
including Fintech & Investment and Life
Sciences & Biotech.
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 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
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0
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0
1
0
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 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
leaders in areas such as Cyber Security, AI
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 GAP II 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.
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
57
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
CONTINUED OVER
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 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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INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 58
Divisional Review: B2B Markets & Digital Services
continued
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
2019 levels for shows that ran both years,
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
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
live events.
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
June onwards.
The B2B Markets businesses continued
to develop our smart events proposition
through virtual and hybrid events and,
as physical events returned, by further
embedding digital technology deeper within
our events, from digital registration to
data collection and contact management.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 59
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
in the second half of 2021, primarily across
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.
CONTINUED OVER
CURATING CONTENT FOR EXPERTS
FROM EXPERTS
For Informa Connect’s customers attending its specialist events,
access to unique specialist content to aid their learning is paramount.
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
from experts for experts that is not available elsewhere.
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
in small digestible chunks, available on demand, any time.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 60
Divisional Review: B2B Markets & Digital Services
continued
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
of more than 400,000 known, engaged, marketable aerospace
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
a renewal of the contract. The firm’s global industry marketing leader
for Aviation put it this way: ‘Aviation Week has exceeded the tangible
numbers. The benefits include full contact leads, clicks and touch
points. Our senior management has also had great exposure to key
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.
In 2021 28% of events revenue was digital
in addition to the 41% of overall Divisional
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 GAP II, 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
to build its position. In December, we
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-
face platforms, as detailed on page 18.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 61
95%
Forecast size of exhibition
market in 2023 compared
with 2019
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 GAP II, building on our existing activities
in certain verticals like Tech, Aviation and
Medtech to offer these services more
broadly across other verticals. This includes
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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 62
Divisional Review: B2B Markets & Digital Services
continued
300+
Informa events currently
implementing Better Stands
2022 GROWTH ACCELERATION
Following two years of disruption and
uncertainty, there is optimism that 2022
will provide a more stable and consistent
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 GAP II 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
our platform capabilities in audience
development across more verticals and
further developing our digital demand
generation proposition, building on the
experience and expertise of NetLine.
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
in B2B Digital Services provides an exciting
outlook for our B2B Markets businesses and
a strong backdrop for growth acceleration in
2022 and beyond.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 63
CONVERTING CONTENT CONSUMPTION
TO AUDIENCE SOLUTIONS
As SAP’s Director of Digital Marketing
for North America explains, ‘NetLine’s
database has a lot of different signals
and we rely on their data to find the right
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
about the accounts already.’
In combination with IIRIS and through
GAP II investments, our plan is to build
on NetLine’s knowledge, expertise and
technology to expand our audience
solutions offerings, based upon high value,
content consumption-based intent data.
While Tech is the primary focus, we see
the technology being used across other
specialist markets over time.
At Informa Tech, audiences and data sit
at the heart of everything. Through our
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
for customers by connecting audiences to
long-form professional content syndicated
from clients and publishers. It provides
a self-service, dynamic portal from
which marketers can execute and track
campaigns. While its primary focus is
the Tech sector, it also has clients in the
finance and healthcare sectors. At the
end of 2021 it had a known, engaged and
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
for a solution to increase business and
drive growth by strategically winning
new accounts.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
64
Divisional Review: Informa Intelligence
INFORMA
INTELLIGENCE
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
INFORMA
INTELLIGENCE
DELIVERS DATA
AND INSIGHTS TO
PROFESSIONALS
IN SEVERAL
HIGHLY SPECIALIST
MARKETS, HELPING
INFORM DECISION
MAKING, IDENTIFY
OPPORTUNITIES
AND GAIN A
COMPETITIVE EDGE.
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 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
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
BUSINESS PERFORMANCE IN 2021
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
The Division comprises three main
businesses, each serving a specialist end
market with subscription-based products
and services. Pharma Intelligence
specialises in clinical trials and drug
development, providing data, insights
and intelligence to world leading research
organisations through brands such as
Trialtrove, Citeline, Scrip and Clinerion.
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
and optimise opportunities.
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
and distributers, governments and law
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.
Informa Intelligence was a key beneficiary
of investment through GAP I, 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
of improving underlying revenue growth.
At 6.5% (2020: 1.8%) it recorded its highest
underlying revenue growth to date, a
significant improvement since the
beginning of GAP in 2014, when its
revenues declined 8.5%.
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 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 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
65
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 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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subscription business over the last seven
years, we believe for the next stage of its
growth it will be better served as part of
a more focused group with the capital
to build further scale within each of its
specialist markets.
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,
will support the separation process.
The divestment is expected to complete
in the second quarter of 2022.
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
and ensure colleagues are well supported.
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.
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),
a key metric for subscription businesses an
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
key verticals.
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
create a new scale business serving the retail
banking market, Curinos. The combined
business offers retail and commercial banks
a broad suite of competitive intelligence,
benchmarking and ebanking services
across deposits, mortgage lending and
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 GAP II
we announced our intention to divest our
remaining Intelligence businesses and to
put the full focus of the Group on the two
markets where we have scale leadership
positions: B2B Markets and Academic
Markets. Having transformed Informa
Intelligence from a shrinking collection
of assets into a high performing, digital
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0
1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1 0 1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
1
0
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 66
Key Performance Indicators
MEASURING PROGRESS
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
BUSINESS
GROWTH AND
PERFORMANCE
REVENUES (£M)
1,798.7
2021
1,660.8
2020
2,890.3
2019
UNDERLYING REVENUE GROWTH (%)
6.1
2021
(41.0)
2020
3.5
2019
ADJUSTED OPERATING PROFIT (£M)
388.4
2021
266.6*
2020
933.1
2019
FINANCIAL
STRENGTH
AND STABILITY
FREE CASH FLOW (£M)
438.7
2021
(153.9)
2020
INFORMA LEVERAGE (TIMES)
2.8
2021
5.6
2020
722.1
2019
2.5
2019
SHAREHOLDER
ADJUSTED DILUTED EARNINGS PER SHARE
RETURNS
(PENCE)
16.7
2021
9.8*
2020
DIVIDEND PER SHARE (PENCE)
0.0
2021
0.0
2020
51.0
2019
7.50
2019
* Restated for impact of Software-as-a-Service accounting changes
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
the percentage of revenues from
digital services.
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
in revenues and adjusted operating profit in
line with targets for the year.
We track free cash flow generation and monitor
leverage as indicators of the Group’s financial
strength and factors in our ability to invest
and manage the balance sheet effectively.
Informa does not currently have financial
covenants on any main Group borrowings.
As detailed in the Financial Review, after
the disruption of the pandemic in 2020, the
Group successfully returned to a positive free
cash flow position and reduced our leverage
ratio, both of which were 2021 goals.
We aim to deliver sustainable long-term returns
to Shareholders, a key stakeholder group.
Earnings per share and dividend per share
measures are among the ways we track
performance and the value created.
After suspending dividends through the
pandemic, we are targeting a resumption of
ordinary dividends from 2022 and commenced
a share buyback programme in February 2022.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 67
COLLEAGUE
ENGAGEMENT
ENGAGEMENT INDEX (%)
80
2021
86
2020
80
2019
The contribution colleagues make is critical to
Informa’s success. We track engagement levels
through the regular Inside Informa Pulse
survey as one indicator of contribution,
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
of the pandemic.
SUSTAINABILITY
PERFORMANCE
We have a range of sustainability targets under the FasterForward programme, as described on page 24 to 29.
Company wide, Informa tracks two major KPIs which are easily comparable with peers. DJSI performance is also
independently calculated and we receive limited assurance from Bureau Veritas over our GHG emissions.
DOW JONES SUSTAINABILITY INDEX (DJSI)
(PERCENTILE AND ABSOLUTE SCORE)
100th
78
2021
99th
74
2020
92nd
65
2019
GREENHOUSE GAS EMISSIONS (GHG)
Energy consumption (kWh)
Scope 1 emissions (tCO2e)
Scope 2 location-based emissions (tCO2e)
Scope 2 market-based emissions (tCO2e)
Scope 3 emissions from office waste, electricity
transmission and distribution losses (tCO2e)
Scope 3 emissions from home working (tCO2e)
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.
2021
UK
ROW
2020
UK
ROW
5,126,204 18,908,296
5,254,684
19,356,624
565
506
0
50
2,028
2,127
4,310
231
399
5,782
669
574
0
67
1,663
2,153
4,731
233
632
5,073
Scope 3 emissions from business travel (tCO2e)
3,805 (global)
18,638 (global)
Total Scope 1 and 2 location-based emissions (tCO2e)
1,071
6,437
1,243
6,884
Intensity ratio total location-based Scope 1 and 2
emissions (tCO2e/colleague)
Total Scope 1 and 2 market-based emissions (tCO2e)
Carbon offsets used to compensate for remaining
emissions in scope for CarbonNeutral® Company
certification (tCO2e)
Residual carbon emissions post renewable energy and
offsets (tCO2e)
0.35
565
0.92
2,358
0.35
669
0.93
2,386
14,987 (global)
22,392 (global)
0
0
0
0
Levels of carbon dioxide (CO2) 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 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION READ MORE:
Pages 20-21: Business Model
Pages 22-23: Group Strategy
Pages 124-131: Audit Committee Report
68
Risk Management
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
risk where it supports the Company’s
strategy, aligns with our overall appetite
and tolerance for risk and represents an
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
risk in the context of the launch of 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
cyber breach.
Regulatory developments include reporting
our assessment of the impact of climate
change against the recommendations of
the Task Force on Climate-related Financial
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
the impact of risks and uncertainties on
delivering our strategy and ensure the
Company can respond in an agile way where
the nature of a risk means it cannot be fully
managed in advance. We continue to believe
this framework is robust and works well for
Informa, and report publicly on risk twice
a year.
The framework comprises:
• Risk profile and appetite: The nature of
the risks Informa is exposed to and a
consistent articulation of our appetite to
take and manage risk where it creates
business opportunity
• Governance: The structures, expertise
and accountabilities that oversee the
management of risk and ensure
opportunities and risks align with strategy
• Policies, processes and controls:
Consistent and rigorous identification,
assessment, management, monitoring
and reporting activities
• 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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 69
RISK MANAGEMENT GOVERNANCE FRAMEWORK
Governance
Role
Outputs
BOARD
OVERSIGHT
• Sets tone from the top
• Positions risk appetite and tolerance
• Challenges lines of defence
• Accountable to Shareholders
Guidance
and direction
AUDIT COMMITTEE
(NON-EXECUTIVE)
3RD LINE
OF DEFENCE
• Independently checks and
challenges 1st and 2nd lines
of defence
• Provides assurance to the Board
• Supported by Internal Audit
Audit and
Board reports
RISK COMMITTEE
(EXECUTIVE)
2ND LINE
OF DEFENCE
• Provides advice and guidance to the
1st line of defence
• Designs, sets and implements risk,
compliance and control frameworks
• Sets policies
• Accountable to Audit Committee
and Board
• Supported by Risk and Compliance
functions
Group risk register
Principal risk reviews
Audit and Board reports
DIVISIONS
(EXECUTIVE)
1ST LINE
OF DEFENCE
• Identify and manage risks
• Design and implement controls
• Receive guidance
• Report to Risk Committee
• Supported by operational teams
and support functions
Divisions and functions
risk registers
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 70
Risk Management
continued
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
the Company’s principal risks and the
execution of strategy
RISK RATINGS: PRINCIPAL RISKS
2
8
6
12
7
13
1
5
11
4
9
10
3
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
to manage them. It reports to the
Audit Committee.
Each principal risk is assigned to a member
of the Executive Management Team who is
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
d
o
o
h
i
l
e
k
i
L
Impact
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
major incidents
11. Inadequate regulatory compliance
12. Privacy regulation
13. Pandemic risk
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 71
• At Risk Committee meetings, which are
held quarterly, each Operating Division
and relevant Group function presents a
risk report, given by the relevant Divisional
CFO or functional leader
• Any new or emerging risks that could
impact either the Company or one or
more Divisions are also discussed at
each quarterly Risk Committee meeting.
Additional reviews and workshops are
held with each Division and function, and
as part of Risk Committee meetings, to
assess emerging risks and identify which
should be monitored as part of our formal
risk registers
• The Group Risk team undertakes deep
dive analyses of each principal risk with
the Executive Management owner and,
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
a deep dive analysis of each principal risk,
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,
in turn giving us greater confidence in the
ability to execute strategy successfully.
Specific controls in place for each principal
risk are described on the following pages.
Risk and Culture
In a company where colleagues, their
work and engagement are integral to the
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
are taken.
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
the principles that encourage colleagues to
think big and act with freedom, to pursue
opportunities in their roles and markets
that support our purpose of championing
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
was first recognised as an individual principal
risk. They include risks relating to growth
and strategy, to people and to culture, and
are detailed on pages 73 to 79 along with
the Executive Management Team member
responsible for oversight.
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
prioritise risks.
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
reviewed against the context of changes
to the external or internal environment,
strategy, business objectives or resources
available to manage the risk. The relative net
risk ratings of our principal risks are mapped
on the page opposite.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 72
Risk Management
continued
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
authorities and makes unexpected
material tax liabilities unlikely
• 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
a new fraud risk assessment to better
manage and monitor risks to which the
business could potentially be exposed
We confirm that, through the processes
and governance described above, we have
performed a robust assessment of the
Company’s emerging and principal risks.
The Group’s principal risks are presented
in the following pages.
Each principal risk is assessed to see
whether it could have a material strategic or
commercial impact on its own or as part of
a multiple risk scenario. Principal risks with
material commercial impacts form part of
viability modelling and testing. As outlined
on pages 83 to 85, four principal risks have
been used as inputs to viability modelling
this year.
There have been adjustments to the
likelihood and impact of seven principal
risks over 2021, as a result of evolving
Group strategy, changes to the business
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
early stage of forming and are not yet a
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
lead emerging risks to become specific and
require further attention and action. In 2021,
we incorporated emerging risks into our
principal risk assessment and monitoring
programme for the first time, broadening
and strengthening our oversight.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 73
Principal Risks and Uncertainties
Key
Increase
No change
Decrease
1.
ECONOMIC
INSTABILITY
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.
Owner:
Group Finance Directors
Risk appetite:
Moderate
Latest movement:
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
2.
MARKET RISK
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.
Owner:
Divisional CEOs
Risk appetite:
Reasonable/High
Latest movement:
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
resilience to disruption in individual markets, as does the quality of our brands
and customer relationships
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 74
Principal Risks and Uncertainties
continued
3.
ACQUISITION
AND
To deepen our position in specialist markets and add new capabilities, Informa
undertakes focused acquisitions. The financial performance of acquired businesses
can vary from expectations due to market conditions or complexity in the integration
process. We are prepared to take reasonable risk to add talent, capabilities, products
and brands, and recognise that successful integration is critical for capturing the full
benefits of the acquisition.
INTEGRATION
HOW WE MANAGE AND MITIGATE RISK
RISK
Owner:
Director of Strategy and
Business Planning
Risk appetite:
Reasonable
Latest movement:
• 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
4.
INEFFECTIVE
CHANGE
MANAGEMENT
Seizing customer and market opportunities, expanding our portfolio and
implementing new strategies involve change. We have a high appetite for change
that supports our strategy and development. If change is not managed effectively,
however, it can create operational challenges and impact the ability to achieve
the expected benefits. Business fatigue from change that is managed ineffectively
can also impact colleague engagement and the retention of key talent. After
implementing a new change management framework for key transformation
and change projects, the impact of this risk has been assessed to be lower.
HOW WE MANAGE AND MITIGATE RISK
Owner:
Group Chief
Operating Officer
• 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
Risk appetite:
High
• 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
Latest movement:
• The interests of and impacts on colleagues, customers and Shareholders from change
are closely considered, and decisions are guided by our purpose, strategy and
guiding principles
• 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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 75
5.
RELIANCE
ON KEY
We work with key strategic partners, some of which are specialists or leaders in their
markets, to support our business and help deliver our products. A failure in key
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.
COUNTERPARTIES
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
Owner:
Group Finance Director
is responsible for identifying key strategic counterparties, articulating the nature and
extent of their risk exposure and confirming the mitigations and continuity processes
in place
Risk appetite:
Reasonable
• Each Division and support function conducts spot testing and checks across a sample
of their counterparties each year, to ensure the ongoing performance and strength of
relationships and services
Latest movement:
• 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
in place along with performance and risk indicators
• Our Treasury Policy ensures the Company is not over-reliant on any single
financing partner
6.
TECHNOLOGY
FAILURE
Technology underpins our products, services and business operations. A prolonged
loss of critical systems, networks or similar services could inhibit the delivery
of products and services, increase costs and impact customer experience and
reputation. Serious disruption could impact day-to-day operations and potentially
colleague engagement. As we further develop our digital services under 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.
Owner:
Chief Commercial Officer
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
Risk appetite:
• We continuously work to reduce complexity in our technology landscape by streamlining
Low
legacy systems and those from acquired businesses
• Technology service providers are assessed and selected on their capability to deliver the
Latest movement:
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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 76
Principal Risks and Uncertainties
continued
7.
DATA LOSS AND
CYBER BREACH
We use data throughout our business operations. A cyber breach or loss of sensitive
or valuable data, content or intellectual property could lead to losses for our
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
recognised practice. Our central information security team determines strategy
and oversees Company-wide security initiatives
• We aim to protect the confidentiality, availability and integrity of key systems by
Owner:
Chief Commercial Officer
Risk appetite:
Low
employing a layered defence-in-depth approach, comprising administrative, technical
and physical controls that are continuously monitored and adapted according to
developing threats
• Performance, progress and the continued maturity of our cyber security controls are
Latest movement:
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
8.
INABILITY TO
ATTRACT AND
RETAIN KEY
TALENT
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
of key talent in critical functions and inadequate succession planning for senior
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
Owner:
Group HR Director
Risk appetite:
Reasonable
• 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
Latest movement:
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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 77
9.
HEALTH
AND SAFETY
INCIDENTS
Owner:
Group Chief
Operating Officer
Risk appetite:
Low
Latest movement:
When delivering live events, engaging with venues and contractors and managing
facilities, we aim to operate a safe and healthy environment. A serious failure has
the potential to cause injuries and, at worst, fatalities. The mismanagement of
health and safety can also result in reputational damage, fines and claims for
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
10.
INADEQUATE
RESPONSE
TO MAJOR
INCIDENTS
Owner:
Group Chief
Operating Officer
Risk appetite:
Low
Major incidents, such as those caused by extreme weather, natural disasters, military
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
interrupt business. Inadequately responding to a major incident could result in
reputational damage and potentially criminal and civil investigations. Due to
improvements in the governance and management of this risk, we consider that
its potential impact has reduced.
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
Latest movement:
location, format and operational team
• Each Division considers known extreme weather patterns when planning event
schedules. Terrorism threats and potential unrest or protests are also considered,
with enhanced security risk assessments conducted to protect people and operations
in higher risk locations
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 78
Principal Risks and Uncertainties
continued
11.
INADEQUATE
REGULATORY
COMPLIANCE
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
in some countries. As a result of improving management controls, such as training,
oversight and preventative measures, we believe that the impact of this risk
has decreased.
HOW WE MANAGE AND MITIGATE RISK
• Colleagues and business partners who support us or act on our behalf are expected to
Owner:
take appropriate steps to comply with applicable laws and regulations
Group General Counsel and
Company Secretary
Risk appetite:
Low
Latest movement:
• 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
a set timeframe and is monitored, with follow-up where necessary
• 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
taken to remedy any breaches
12.
PRIVACY
REGULATION
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
of personal information is governed by privacy legislation. Tighter legislation
could limit our access to and use of such data. Non-compliance can lead to fines,
damage reputation and customer relationships and impact the ability to trade in
some countries.
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
Owner:
Group General Counsel and
Company Secretary
• 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
Risk appetite:
Low
• 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
Latest movement:
• The programme is re-evaluated each year to ensure that any changes to business
strategy, priorities or emerging privacy regulation are addressed and incorporated.
We continuously monitor external factors and changes in data protection laws, with
any operational impacts communicated and considered
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 79
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.
A pandemic may curtail live in-person events in one or more markets. Taken together,
this can challenge business operations and stability and impact certain revenue streams.
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
and safety impacts continue to be addressed, including ongoing support for colleagues’
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
Executive Officer
Risk appetite:
Low
Latest movement:
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 80
Climate Impacts
CLIMATE CHANGE RISKS AND OPPORTUNITIES
Like many companies, Informa has been
tracking climate change as an emerging
risk. In 2021, we deepened our focus and
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.
that the risks of climate change to our
business and products are low relative
to many other sectors and companies.
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
a result of managing them effectively.
READ MORE:
Pages 24-29: FasterForward
Climate Impacts Report on the
Informa website
Sustainability Report on the
Informa website
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
Climate Impacts
Our current assessment has identified
11 potential climate impacts relevant to
Informa. These include physical impacts
such as increasingly extreme weather
and transition impacts that consider the
way in which the world could move to a
lower carbon economy.
Physical Impacts:
• Potential workplace and community
disruption
• Potential event and supply chain
disruption
Transition Impacts:
• Evolving customer markets
• Potential change to business
travel patterns
• 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.
Governance
The management of climate change impacts
is part of our broader approach to
sustainability, overseen by the Board
and Executive Management Team.
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.
Recommended TCFD disclosures
Full details
Governance: Board oversight of climate-related risks
and opportunities
Page 6, Climate Impacts Report
(CI Report) 20211
Governance: Management’s role in assessing and
managing climate-related risks and opportunities
Strategy: Short, medium and long-term climate-
related risks and opportunities
Strategy: Their impact on business, strategy and
financial planning
Strategy: The potential impact of different scenarios
on business, strategy and financial planning
Page 6, CI Report1
Pages 7 to 15, CI Report1
Pages 7 to 15, CI Report1
Page 82 in this report
Page 82 in this report
Risk management: Processes for identifying and
assessing climate-related risks
Page 16, CI Report1
Pages 70 and 71 in this report
Risk management: Processes for managing
climate-related risks
Risk management: How these processes are
integrated into overall risk management
Metrics and targets: Metrics used to assess
climate-related strategy, risks and opportunities3
Metrics and targets: Scope 1, Scope 2 and Scope 3
greenhouse gas emissions and related risks
Metrics and targets: Targets used to manage climate-
related risks and opportunities and performance
Page 16, CI Report1
Page 16, CI Report1
Pages 17 and 18, CI Report1
Page 67 in this report
Pages 8 and 9, 2021 Sustainability
Report2
Pages 17 and 18, CI Report1
Pages 6 to 13, 16 to 17 and 33,
2021 Sustainability Report2
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
Group level
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 81
Strategy
Metrics and Targets
We believe there are ongoing opportunities
from supporting customers to understand
and manage the impact of climate change in
their businesses and markets.
As discussed on page 26, our larger branded
events also present a way that customers
can consolidate their travel. By enabling
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
of the FasterForward programme
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.
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.
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
to conduct scenario analysis, model assumptions and estimate the annual
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
that may emerge as different markets evolve, such as increased customer
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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 82
Climate Impacts
continued
CLIMATE SCENARIOS
GLOBAL
TEMPERATURE
RISE BY 2100
Business as usual
Blue World
Green World A
Green World B
>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
10 years
Technology advances alone are not sufficient to
decarbonise to 1.5°C but rapid development and
scaling of new technologies are assumed, along
with low carbon air transport remaining unviable
ASSUMED
MACRO-ECONOMIC
CONDITIONS
High market
uncertainty
Potential for individual
market collapse
Some market uncertainty
High market certainty
Big gaps between winning and
losing companies
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
a focus on travel
effectiveness protects
and supports role of
exhibitions as a travel
consolidator, making
them the destination
of choice for business
travellers
ESTIMATED FINANCIAL IMPACTS OF CLIMATE SCENARIOS
Unmitigated annual discounted value at risk in five years’ time*
OFFICE AND
HOMEWORKER
DISRUPTION
EVENT AND
SUPPLY CHAIN
DISRUPTION
EVOLVING
CUSTOMER
MARKETS
CUSTOMER
WILLINGNESS
TO TRAVEL
Business as usual
Blue World
Green World A
Green World B
Immaterial in all scenarios due to colleague and business flexibility, demonstrated during the pandemic
£15m in all scenarios
£nil
£12m
£1m in both Green World scenarios
£(1m)
£4m
£25m
£(10m)
* Unmitigated single year net income at risk for the year ended December 2026 on a discounted basis
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 83
Viability Statement
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
used for the annual impairment review.
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,
forming successful partnerships and access to financing to the
business model
• 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
talent and health and safety; and to culture, including regulatory compliance
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
through the annual business planning
and strategy process.
This begins with a clear articulation of
business ambition. Each Division then
creates its business plan by determining
the capabilities it requires to achieve this
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,
and presented to the Board for review and
constructive challenge and input at the
annual Board strategy meeting.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION
84
Viability Statement
continued
HOW VIABILITY AND GOING CONCERN
ARE ASSESSED
In assessing Informa’s viability and ability
to operate on a going concern basis, the
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
Group has a strong liquidity position as at
28 February 2022 with £1,900m of cash
and undrawn committed credit facilities of
£1,050m and no financial covenants on
Group level borrowings. The Group’s liquidity
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
a well-established borrower, which provides
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
an appropriate timeframe because it 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
risk might occur or crystallise. Where a severe
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
to test whether it would adversely impact
the Group’s viability on a stand-alone basis.
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
by unfavourable market and macro-economic conditions, impacting both
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
operations and repay debts as they fall due. In the latest viability risks
assessments, the Group remains viable including when modelling the four
largest risks together, with no additional cost mitigations assumed.
Principal risk
Economic instability
Market risk
Acquisition and integration risk
Ineffective change
management
Reliance on key counterparties
Technology failure
Data loss and cyber breach
Inability to attract and retain
key talent
Health and safety incidents
Inadequate response to
major incidents
Privacy regulation
Inadequate regulatory
compliance
Pandemic risk
Risk
assessed
Risk above 5%
of average
EBITDA
Impact on
viability
modelled
Multi-
scenario
test
√
√
√
√
√
√
√
√
√
√
√
√
√
√
√
x
x
x
x
x
x
x
√
x
x
√
√
√
x
x
x
x
x
x
x
√
x
x
√
√
√
x
x
x
x
x
x
x
√
x
x
√
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
and a reverse stress test case.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 85
VIABILITY MODELLING
Market
trends, peers,
customers
Capabilities, people,
products, platforms
Risk and
sustainability
Current
portfolio
Ambition
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%
AVERAGE EBITDA
GROUP VIABLE
IF SUFFICIENT
LIQUIDITY
HEADROOM
MAINTAINED
Multi-risk Group strategy plan
Three-year business plan
Tested against
economic instability
Tested against
market risk
Tested against
inadequate response
to major incidents
Tested against
pandemic risk
Tested against economic instability, market risk, inadequate response to major incidents and
pandemic risk simultaneously
Outcomes assessed against liquidity headroom
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
Statements for further details.
Based on these results, the Directors
believe that the Group is well placed to
manage its financing and other business
risks satisfactorily.
The Directors have been able to form a
reasonable expectation that the Group has
adequate resources to continue in operation
for at least 12 months from the signing date
of this Annual Report and Accounts, and
therefore consider it appropriate to adopt
the going concern basis of accounting in
preparing the financial statements.
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
of publication, our assessment is that
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 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 86
Financial Review
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.
Gareth Wright
Group Finance Director
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
results in July.
Our subscription-led businesses grew on
an underlying basis throughout the year,
demonstrating their consistency and
resilience. Across our B2B Markets
businesses, our broad geographic mix meant
that as regions gradually relaxed COVID-19
restrictions, we saw a progressive increase
in physical events activity and the ability to
generate more revenue. At the same time,
our teams continued to develop our range of
B2B Digital Services, generating new revenue
streams with the potential for further growth
and expansion in the future.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 £439m
2021 free cash flow
6.1%
2021 underlying
revenue growth
87
IMPROVING REVENUE, PROFIT AND
CASH FLOW IN 2021
The Group’s revenue of £1,799m in 2021
represented an underlying growth rate of
6.1% (2020: 41.0% decline) adjusting for the
impact of currency movements, acquisitions
and disposals, and phasing.
Reported revenue growth was 8.3%, despite
the weaker average US dollar exchange rate
through the year, which particularly affected
Taylor & Francis, due to its large proportion
of US dollar-based revenues and UK sterling-
weighted cost base.
Adjusted operating profit for 2021 was
£388.4m (2020: £266.6m) with statutory
operating profit £93.8m (2020: loss of
£881.6m). The difference between the
two figures largely reflects intangible
amortisation. Statutory profit is significantly
higher year-on-year due to the growth in
revenue and profit combined with the
one-off non-cash impairment of goodwill
of £592.9m recorded in 2020.
The international breadth of the Group is
reflected in our revenue mix, with around
50% of revenue generated from North
America, 13% in China, 23% from the UK and
Europe and 14% from the rest of the world.
This international breadth means we make
tax contributions in multiple countries.
Our approach to tax planning remains
low risk, recognising the importance
of tax contributions to the economies
and communities in which we operate.
The Group’s Effective Tax Rate on Adjusted
Profits was 17.0% (2020: 15.0%) reflecting the
increase in profit generated in countries that
were closed for events in 2020.
Cash management and cash generation are
two cornerstones of our approach to financial
management at Informa. In 2021, with the
continuing uncertainty of the pandemic, we
were more focused than ever on this area,
with a target to deliver positive free cash flow
each month through the year.
In the early part of the year, the cost savings
programme implemented through 2020,
combined with good growth in our
subscription businesses and tight
management of working capital, helped to
deliver positive cash flow. As the return of live
events gained pace, we saw operating cash
conversion improve further, with refunds
levelling off and many customers paying
deposits at returning events to secure
spots at the next edition. This produced
full-year operating cash flow of £570.2m
(2020: £230.8m), operating cash flow
conversion of 147% (2020: 87%) and free
cash flow of £438.7m. Statutory cash inflow
from operating activities was £471.6m
(2020: outflow £146.0m).
PORTFOLIO FOCUS
Informa has always actively managed its
portfolio of businesses, increasing the focus
on areas of growth and opportunity, either
through divestment of non-core assets or
additions of complementary businesses that
strengthen our position in a particular market
or region. Through the pandemic, we made
the decision to shutter a number of smaller,
less profitable physical events, reducing costs
and focusing on brands where we have
leading positions and the opportunity to
return quickly as COVID-19 restrictions
are removed.
In Informa Intelligence, during 2021 we also
focused the business further around our
three strongest markets: Pharma, Finance
and Maritime. In Finance, this led to the cash
and debt free acquisition of Novantas, which
we combined with our FBX business to create
Curinos, a leading provider of intelligence
to retail and commercial banks. We also
took the decision to divest three smaller
businesses: Barbour EHS, Barbour ABI and
our Asset Intelligence portfolio, including
EquipmentWatch.
CONTINUED OVER
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 88
Financial Review
continued
In December, we took the decision to go one step further and
divest all our remaining Intelligence assets in Pharma, Finance
and Maritime, with the exception of our Curinos business.
Having transformed these businesses from a shrinking
collection of disparate assets into high performing, high
growth subscriptions businesses, we determined that to
reach their future potential, there is a need to build scale
best achieved under new ownership.
Our initial focus has been the divestment of the largest
business, Pharma Intelligence. In February, we confirmed an
agreement to sell this business to Warburg Pincus for £1.9bn.
Our confidence in the future potential of the business led
us to retain a 15% shareholding, which, along with Board
representation, will support the separation process.
We expect to complete the divestment during the second
quarter of 2022.
Our focus has now turned to the divestments of our Financial
Intelligence and Maritime Intelligence businesses, with the
process for Financial Intelligence expected to complete in
the summer.
The divestments will leave the Group focused on the two
markets where we have leadership positions of scale and
which offer attractive opportunities for further growth and
expansion: Academic Markets & Knowledge Services (Taylor &
Francis) and B2B Markets & Digital Services (Informa Markets,
Informa Connect and Informa Tech).
Within B2B Markets, we demonstrated the potential for
expansion through two additions towards the end of the year.
Firstly, we acquired a portfolio of Beauty brands, expanding
our strong international position in this market into North
America. In December we announced the addition of NetLine,
a leader in audience development and intent scoring for the
Tech sector, accelerating the development of our range of
digital demand generation services.
ENDURING STABILITY AND STRENGTH IN FINANCING
The swift and decisive financing actions we took in 2020
positioned us well for 2021, meaning no new financing was
required during the year and we have no financial covenants
across all Group level facilities. Our strong cash performance,
combined with the proceeds from disposals, helped to
reduce net debt by £595.0m to £1,434.6m (2020: £2,029.6m).
This brought our Informa leverage ratio back under 3 times
by year end, an important milestone for the Group following
two years of disruption and uncertainty.
Our average cost of debt was 3.7% (2020: 4.5%) and the
weighted average maturity at year end was 3.9 years
(2020: 4.8 years), underlining the strong financial position
of the Group.
The Group has six defined benefit pension schemes, all of
which are closed to future accruals. In aggregate, these
produced a small net pension surplus at the end of 2021
of £1.6m (2020: £71.4m net deficit).
CAPITAL ALLOCATION
We remain flexible in our approach to capital allocation,
depending on the prevailing circumstances and what the
Board sees as the optimal use of capital at any particular
time. That said, our decisions on how to deploy the cash
we generate are guided by a number of key principles:
• Commitment to organic investment focused on long-term
sustainable revenue growth
• Target to maintain debt ratios that support an investment
grade credit rating
• Focus inorganic investment on assets that increase our
scale and depth across specialist markets
• Maintain a balanced approach to Shareholder returns
In 2021 we focused our organic investment on accelerating
digital and data growth across the Group, as part of our GAP II
ambitions. We intend to make £150m of net incremental
investment through the 2021-2024 period of GAP II.
As outlined, we had no refinancing activity in 2021 and our
Informa leverage ratio reduced to 2.8 times, all of which
supported maintaining our investment grade status with the
credit agencies (S&P Global, Moody’s and Fitch).
As part of GAP II, at the December Capital Markets Day, we
announced our intention to resume ordinary dividends at the
time of the 2022 interim dividend, at an initial payout ratio of
one third of annual adjusted earnings. In addition, subject to
the full sale, completion and receipt of proceeds from the
divestment of Informa Intelligence, we intend to return up
to £1bn of embedded value to Shareholders through some
combination of share buybacks and/or special dividends.
ACCELERATING GROWTH IN 2022
Looking ahead, our focus for 2022 is to make the most of the
continuing return of physical events, while further expanding
our range of B2B Digital Services and continuing to grow in
open research at Taylor & Francis.
The Group will invest up to £150m in incremental capital and
net operating expenditure through GAP II over the next three
years, 80% of which is expected to be capital expenditure.
By 2024 this investment is expected to generate around
£200m of incremental revenue and a growing contribution
to operating profit.
With a strong balance sheet and no debt maturities until 2023,
we are well positioned to fulfil these GAP II commitments.
The Knowledge and Information Economy remains an
attractive, growing market and, with our strong portfolio of
specialist brands, we are confident in the attractive growth
opportunities that lie ahead for Informa.
Gareth Wright
Group Finance Director
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 89
INCOME STATEMENT
The results for the year ended 31 December 2021 reflect the strong trading performance in our Informa Intelligence and Taylor &
Francis subscription businesses, together with the return to growth and improving momentum across our three B2B Markets
businesses (Informa Markets, Informa Tech, Informa Connect), with the continued relaxation and removal of COVID-19
restrictions and the return of physical events in our main markets in Asia, North America and the Middle East.
Revenue
Operating profit/(loss)
Profit/(loss) on disposal
Net finance costs
Profit/(loss) before tax
Tax (charge)/credit
Profit/(loss) for the year
Adjusted operating margin
Adjusted diluted and statutory diluted EPS
Adjusted
results
2021
£m
1,798.7
388.4
–
(67.8)
320.6
(54.5)
266.1
21.6%
16.7p
Adjusting
items
2021
£m
Statutory
results
2021
£m
–
1,798.7
(294.6)
111.1
–
(183.5)
5.6
(177.9)
93.8
111.1
(67.8)
137.1
(48.9)
88.2
5.2p
Adjusted
results1
2020
£m
1,660.8
266.6
–
(97.4)
169.2
(25.4)
143.8
16.1%
9.8p
Adjusting
items
2020
£m
–
(1,148.2)
(8.4)
(153.5)
Statutory
results1
2020
£m
1,660.8
(881.6)
(8.4)
(250.9)
(1,310.1)
(1,140.9)
127.7
102.3
(1,182.4)
(1,038.6)
(73.4p)
1. Restated for impact of Software as a Service (see Note 4 to the Consolidated Financial Statements)
STATUTORY INCOME STATEMENT RESULTS
The growth in our businesses noted above represents an 8.3% increase in revenue to £1,798.7m, and a 6.1% increase on an
underlying basis. Every Division achieved underlying revenue growth in the year.
The Group reported a statutory operating profit of £93.8m in 2021, compared with an operating loss of £881.6m for the year
ended 31 December 2020. Both periods reflect some impact of the pandemic’s disruption on our physical events portfolio, with
the losses in the prior year significantly higher due to the non-cash goodwill impairment of £592.9m. Adjusted operating profit
was £388.4m which was a growth of 36.1% on an underlying basis, again with underlying growth arising in all our Divisions.
There was a profit on disposal of £111.1m in the year principally related to the gain on the disposal of three businesses in Informa
Intelligence, namely: Barbour EHS, Barbour ABI and Asset Intelligence.
Statutory net finance costs reduced by £183.1m to £67.8m, with adjusted net finance costs reducing £29.6m to £67.8m.
The main driver of this decrease in statutory finance cost was the non-recurrence of one-off costs associated with debt
refinancing in 2020 and the full-year effect of the combination of the reduction in average net debt levels and reduced rates
following this refinancing that completed in H1 2020. The COVID-19 Financing Action Plan implemented in 2020 included debt
reductions and rescheduling by replacing private placement debt with lower cost Euro Medium Term Note (EMTN) financing
and an equity issue.
The combination of all these factors led to statutory profit before tax of £137.1m in 2021, compared with a loss before tax of
£1,140.9m in the year ended 31 December 2020. The profit in the year led to a statutory tax charge of £48.9m in 2021 compared
with a tax credit of £102.3m in the prior year.
This profit outcome translated into a statutory diluted earnings per share (EPS) of 5.2p compared with a diluted loss per share of
73.4p for the year ended 31 December 2020. The improvement primarily reflects the stronger trading and the reduced impact of
one-off COVID-19 costs, partially offset by the full-year effect of the equity issue of 250.3m shares in H1 2020. Adjusted diluted
EPS grew to 16.7p from 9.8p in the prior year.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 90
Financial Review
continued
MEASUREMENT AND ADJUSTMENTS
In addition to statutory results, adjusted results are prepared for the Income Statement. These include adjusted operating
profit, adjusted diluted earnings per share and other underlying measures. A full definition of these metrics can be found in the
glossary of terms on pages 255 and 256. The Divisional table on page 91 provides a reconciliation between statutory operating
profit and adjusted operating profit by Division.
Underlying revenue and adjusted operating profit growth on an underlying basis are reconciled to statutory growth in the
table below.
2021
Revenue
Adjusted operating profit
2020
Revenue
Adjusted operating profit
ADJUSTING ITEMS
Underlying
growth/
(decline)
Phasing and
other items
Acquisitions
and disposals
Currency
change
6.1%
36.1%
(41.0%)
(70.9%)
4.7%
22.6%
(0.6%)
(0.8%)
2.3%
2.2%
(0.6%)
(0.2%)
(4.8%)
(15.2%)
(0.3%)
0.5%
Reported
growth/
(decline)
8.3%
45.7%
(42.5%)
(71.4%)
The items below have been excluded from adjusted results. The total adjusting items included in the operating profit in the year
were £294.6m (2020: £1,148.2m), with the decrease largely due to the non-recurrence of the non-cash impairment of goodwill of
£592.9m incurred in 2020, reductions in other impairment charges, reorganisation and restructuring costs, and lower COVID-19-
related costs. The most significant items in 2021 were intangible asset amortisation of £268.4m and a credit of £23.6m for
one-off insurance receipts associated with COVID-19-related event cancellations.
Intangible amortisation and impairment
Intangible asset amortisation
Impairment – goodwill
Impairment – acquisition-related intangible assets
Impairment – right of use assets
Impairment – property and equipment
Impairment – investments
Acquisition costs
Integration costs
Restructuring and reorganisation costs
Reorganisation and redundancy costs
Vacant property and lease modification costs
One-off insurance credits associated with COVID-19
Onerous contracts and one-off costs associated with COVID-19
Subsequent remeasurement of contingent consideration
VAT-related credit
Adjusting items in operating profit/loss
(Profit)/loss on disposal of businesses
Finance income related to adjusting items
Finance costs related to adjusting items
Adjusting items in profit/loss before tax
Tax credit related to adjusting items
Adjusting items in profit/loss for the year
2021
£m
268.4
–
7.9
11.8
4.4
–
3.3
8.6
4.5
1.7
(23.6)
9.7
4.2
(6.3)
294.6
(111.1)
–
–
183.5
(5.6)
177.9
2020
£m
291.8
592.9
38.5
36.1
8.8
3.9
2.8
46.3
47.6
30.0
–
52.6
(3.1)
–
1,148.2
8.4
(8.3)
161.8
1,310.1
(127.7)
1,182.4
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
91
Intangible amortisation of £268.4m relates to the historical additions of book lists and journal titles, acquired databases,
customer and attendee relationships and brands related to exhibitions, events and conferences. As it relates to acquisitions,
it is not treated as an ordinary cost. By contrast, intangible asset amortisation arising from software assets and product
development is treated as an ordinary cost in the calculation of operating profit, so is not treated as an adjusting item.
Reorganisation and redundancy costs reduced significantly compared with 2020 following the conclusion of the Group’s
severance programme in 2020. Integration costs also reduced compared with 2020 as a result of the integration on prior year
acquisitions nearing completion.
Onerous contracts and one-off costs associated with the pandemic reduced significantly compared with the prior year with a
charge of £9.7m in 2021. This reflects the reduction in the level of events cancelled or postponed due to the pandemic, where the
costs could not be recovered, typically relating to venues and event set-up. There was a one-off insurance credit of £23.6m in
2021 associated with insurance cash receipts related to events cancelled due to the pandemic.
The table below shows the results and adjusting items by Division, highlighting further the strength in our subscription-led
businesses, Informa Intelligence and Taylor & Francis, and the growth experienced in our B2B Markets businesses of Informa
Markets, Informa Connect and Informa Tech as there has been some recovery from the impact of the pandemic on physical events.
Revenue
Underlying revenue growth
Statutory operating profit/(loss)
Add back:
Intangible asset amortisation1
Impairment – acquisition intangible assets
Impairment – right of use assets
Impairment – property and equipment
Acquisition and integration costs
Restructuring and reorganisation costs
Vacant property and finance lease modification
One-off insurance credits related to COVID-19
Onerous contracts and one-off costs associated
with COVID-19
Remeasurement of contingent consideration
VAT-related credit
Adjusted operating profit/(loss)
Informa
Markets
£m
608.5
7.7%
(89.9)
Informa
Connect
£m
130.6
3.8%
(19.2)
Informa
Tech
£m
Informa
Intelligence
£m
165.9
13.9%
(19.8)
348.3
6.5%
69.9
Taylor &
Francis
£m
545.4
2.4%
152.8
Group
£m
1,798.7
6.1%
93.8
167.4
13.7
18.6
18.5
50.2
268.4
7.8
1.6
0.4
4.9
1.8
(3.7)
(23.6)
7.8
(0.8)
(6.3)
67.4
0.1
0.1
0.1
0.7
–
(1.1)
–
1.5
–
–
–
3.3
1.7
1.9
1.0
3.5
–
0.4
0.6
–
–
5.5
2.0
4.2
1.7
3.6
–
–
4.4
–
–
1.3
0.2
0.2
–
(0.6)
–
–
–
(4.1)
78.9%
11.2
203.7%
109.8
7.3%
204.1
5.5%
7.9
11.8
4.4
11.9
4.5
1.7
(23.6)
9.7
4.2
(6.3)
388.4
36.1%
Underlying adjusted operating profit growth
229.3%
1. Intangible asset amortisation is in respect of acquired intangibles, and excludes amortisation of software and product development
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 92
Financial Review
continued
ADJUSTED NET FINANCE COSTS
Adjusted net finance costs, consisting of the interest costs on our corporate bonds and bank borrowings, decreased by £29.6m
to £67.8m. The decrease primarily related to the full-year benefit of lower debt levels in the year following the 2020 refinancing
and equity issue together with the full-year benefit from lower interest rates in the EMTN.
There were no adjusting items in finance costs or finance income in 2021. The amounts in the prior year include costs associated
with the restructuring and rescheduling of debt, which included make-whole interest payments to debt holders.
The reconciliation of adjusted net finance costs to the statutory finance costs and finance income is as follows:
Finance income
Finance costs
Statutory net finance costs
Add back: Adjusting items relating to finance income
Add back: Adjusting items relating to finance costs
Adjusted net finance costs
TAXATION
Approach to Tax
2021
£m
(5.7)
73.5
67.8
–
–
67.8
2020
£m
(15.3)
266.2
250.9
8.3
(161.8)
97.4
The Group continues to recognise that taxes paid are part of the economic benefit created for the societies in which we operate,
and that a fair and effective tax system is in the interests of tax-payers and society at large. We aim to comply with tax laws and
regulations everywhere the Group does business and Informa has open and constructive working relationships with tax
authorities worldwide. Our approach balances the interests of stakeholders including Shareholders, governments, colleagues
and the communities in which we operate.
The Group’s Effective Tax Rate on Adjusted Profits (as defined in the glossary) reflects the blend of tax rates and profits in the
jurisdictions in which we operate. In 2021, the Effective Tax Rate on Adjusted Profits was 17.0% (2020: 15.0%).
The calculation of the Effective Tax Rate on Adjusted Profits is as follows:
Adjusted tax charge
Adjusted profit before tax
Effective Tax Rate on Adjusted Profits %
1. Restated for impact of Software as a Service (see Note 4 to the Consolidated Financial Statements)
2021
£m
54.5
320.6
17.0%
20201
£m
25.4
169.2
15.0%
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 93
Tax Payments
During 2021, the Group paid £41.6m (2020: £32.9m) of Corporation Tax and similar taxes on profits, with the year-on-year
increase reflecting the higher profit before tax reported in the year.
A breakdown of the main geographies in which the Group paid tax is as follows:
UK
Continental Europe
US
China
Rest of world
Total
The reconciliation of the adjusted tax charge to cash taxes paid is as follows:
Tax charge on adjusted profit before tax per Consolidated Income Statement
Movement in deferred tax including tax losses
Net current tax credits in respect of adjusting items
Movement in provisions for uncertain tax positions
Taxes paid in different year to charged
Taxes paid per statutory cash flow
2021
£m
3.2
15.0
(0.7)
23.0
1.1
41.6
2021
£m
54.5
(10.2)
(2.1)
6.6
(7.2)
41.6
2020
£m
4.5
2.7
1.6
14.1
10.0
32.9
20201
£m
25.4
3.0
(3.0)
(1.1)
8.6
32.9
1. Restated for impact of Software as a Service (see Note 4 to the Consolidated Financial Statements)
At the end of 2021, the deferred tax assets relating to US and UK tax losses were £106.8m (2020: £124.9m) and £34.7m
(2020: £42.3m) respectively. These are expected to be utilised against future taxable profits.
Goodwill is not amortised as it is subject to impairment review, and as a result there is no charge to adjusting items for goodwill
amortisation. However, there can be an allowable tax benefit for certain goodwill amortisation in the US and elsewhere.
Where this benefit arises, it reduces the tax charge on adjusted profits.
The amortisation of intangible assets is considered an adjusting item. The £13.6m (2020: £13.4m) of current tax credits taken in
respect of the amortisation of intangible assets is therefore also treated as an adjusting item and included in the tax credits in
respect of adjusting items.
Tax Contribution
The Group’s total tax contribution, which comprises all material taxes paid to, and collected, on behalf of governments globally,
was £267.2m in 2021 (2020: £257.2m). The geographic split of taxes paid by our businesses was as follows:
Profit taxes borne
Employment taxes borne
Other taxes
Total
UK
£m
3.2
23.9
5.1
32.2
US
£m
(0.7)
17.9
0.2
17.4
Other
£m
39.1
10.4
1.5
51.0
Total
£m
41.6
52.2
6.8
100.6
In addition to the above, in 2021 we collected taxes on behalf of governments (e.g. employee taxes and sales taxes) amounting to
£166.6m (2020: £169.4m).
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 94
Financial Review
continued
EARNINGS PER SHARE
Adjusted diluted earnings per share (EPS) was 6.9p higher at 16.7p (2020: 9.8p), largely reflecting higher adjusted earnings of
£251.8m (2020: £139.9m), partly offset by a 5.9% increase in the weighted average number of shares arising from the full-year
impact of the shares issued in 2020. The weighted average number of shares used in the calculation of 2020 diluted EPS excludes
potential shares of 6.8m that were excluded as they were anti-dilutive due to the loss in the year. Therefore, the number of
shares used in 2020 for the calculation of diluted EPS is the same as the number of shares used in the calculation of basic EPS.
An analysis of adjusted diluted EPS and statutory diluted EPS is as follows:
Statutory profit/(loss) for the year
Add back: Adjusting items in profit/loss for the year
Adjusted profit for the year
Non-controlling interests relating to adjusted profit
Adjusted earnings
Weighted average number of shares used in adjusted diluted EPS (m)
Adjusted diluted EPS (p)
1. Restated for impact of Software as a Service (see Note 4 to the Consolidated Financial Statements)
Statutory profit/(loss) for the year
Non-controlling interests
Statutory earnings
Weighted average number of shares used in diluted EPS (m)
Statutory diluted EPS (p)
2021
£m
88.2
177.9
266.1
(14.3)
251.8
1,510.2
16.7p
2021
£m
88.2
(10.3)
77.9
1,510.2
5.2p
20201
£m
(1,038.6)
1,182.4
143.8
(3.9)
139.9
1,426.5
9.8p
20201
£m
(1,038.6)
(3.9)
(1,042.5)
1,419.7
(73.4)p
1. Restated for impact of Software as a Service (see Note 4 to the Consolidated Financial Statements)
DIVIDENDS
In April 2020, as part of the Group’s response to the COVID-19 pandemic as part of our COVID-19 Action Plan, and following
consultation with Shareholders, the Board announced the temporary suspension of dividends to Shareholders and this
continued into 2021. At the December 2021 Capital Markets Day, we announced our intention to resume ordinary dividends.
This will commence with the 2022 interim dividend, at an initial payout ratio of one third of annual adjusted earnings.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 95
CURRENCY MOVEMENTS
One of the Group’s strengths is its international reach and balance, with colleagues and businesses located in most major
economies of the world. This means the Group generates revenues and costs in a mixture of currencies, with particular
exposure to the US dollar, as well as some exposure to the Euro and the Chinese renminbi.
In 2021, approximately 58% (2020: 63%) of Group revenue was received in USD or currencies pegged to USD, with 9% (2020: 9%)
in Chinese renminbi and 8% (2020: 5%) received in Euro.
Similarly, we incurred approximately 48% (2020: 48%) of our costs in USD or currencies pegged to USD, with 8% (2020: 7%) in
Chinese renminbi and 3% (2020: 2%) in Euro.
Each one cent ($0.01) movement in the USD to GBP exchange rate has a circa £8m (2020: circa £8m) impact on annual revenue,
and a circa £3m (2020: circa £3m) impact on annual adjusted operating profit.
The following rates versus GBP were applied during the year:
US dollar
Renminbi
Euro
FREE CASH FLOW
2021
2020
Closing rate Average rate
Closing rate
Average rate
1.35
8.57
1.19
1.38
8.87
1.16
1.37
8.94
1.11
1.29
8.88
1.13
Cash management and cash generation remain a key priority and focus for the Group, providing the funds and flexibility for
paying down debt, future organic and inorganic investment, and consistent Shareholder returns. Our businesses typically
convert adjusted operating profit into cash at a strong conversion rate, reflecting the relatively low capital intensity of the Group.
In 2021, absolute levels of cash flow improved significantly year-on-year but remain lower than historical levels due to the
continued impact of the pandemic on our B2B Markets businesses.
The following table reconciles the statutory operating profit/(loss) to operating cash flow and free cash flow, both of which are
defined in the glossary.
Statutory operating profit/(loss)1
Add back: Adjusting items in operating profit/loss
Adjusted operating profit1
Depreciation of property and equipment
Depreciation of right of use assets
Software and product development amortisation
Share-based payments
Loss on disposal of other assets
Adjusted share of joint venture and associate results
Adjusted EBITDA2
Net capital expenditure1
Working capital movement3
Pension deficit contributions
Operating cash flow
Restructuring and reorganisation
Onerous contracts and one-off (payments)/receipts associated with COVID-19 pandemic
Net interest4
Taxation
Free cash flow
2021
£m
93.8
294.6
388.4
12.7
24.2
40.6
15.0
0.2
(3.0)
478.1
(48.8)
147.2
(6.3)
570.2
(29.4)
13.9
(74.4)
(41.6)
438.7
2020
£m
(881.6)
1,148.2
266.6
16.8
30.3
35.8
11.2
0.9
(0.8)
360.8
(41.9)
(81.9)
(6.2)
230.8
(35.6)
(44.6)
(271.6)
(32.9)
(153.9)
1. 2020 restated for impact of Software as a Service (see Note 4 to the Consolidated Financial Statements)
2. Adjusted EBITDA represents adjusted operating profit before interest, tax, and non-cash items including depreciation and amortisation
3. Working capital movement excludes movements on restructuring, reorganisation, COVID-19 costs and acquisition and integration accruals or provisions
as the cash flow relating to these amounts is included in other lines in the free cash flow and reconciliation from free cash flow to net funds flow.
The variance between the working capital in the free cash flow and the Consolidated Cash Flow Statement is driven by the non-cash movement on
these items
4. Amount includes £nil (2020: £161.7m) of make-whole interest paid in respect of the early repayment of private placement and bond debt
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 96
Financial Review
continued
Free cash flow was substantially higher than 2020 due to the higher levels of adjusted operating profit and effective
management of working capital, as well as a reduction in one-off related COVID-19 costs and lower net interest payments.
Net capital expenditure was £48.8m (2020: £41.9m), equivalent to 2.7% of 2021 revenue (2020: 2.5%). We expect full-year 2022
capital expenditure to be at a level closer to 5% relative to revenue.
The working capital inflow of £147.2m was £229.1m better than the outflow in 2020, reflecting strong cash controls and cash
management and the benefit from improved levels of cash collections for future events, demonstrating the recovery in our B2B
Markets businesses, together with lower levels of refunds driven by fewer event cancellations in year.
Net cash interest payments of £74.4m were £197.2m lower than the prior year, largely reflecting the non-recurrence of one-off
interest payments in 2020 of £161.7m that incurred restructuring Group borrowings to remove all financial covenants.
There were also reduced fees relating to amortisation of fees.
The calculation of operating cash flow conversion and free cash flow conversion is as follows:
Operating cash flow1/Free cash flow
Adjusted operating profit1
Operating cash flow conversion/Free cash flow conversion1
Operating cash flow
conversion
Free cash flow
conversion
2021
£m
570.2
388.4
146.8%
2020
£m
230.8
266.6
86.6%
2021
£m
438.7
388.4
113.0%
2020
£m
(153.9)
266.6
(57.7%)
1. 2020 restated for impact of Software as a Service (see Note 4 to the Consolidated Financial Statements)
The following table reconciles net cash inflow from operating activities, as shown in the consolidated cash flow statement to free
cash flow:
Net cash inflow/(outflow) from operating activities per statutory cash flow1
Interest received
Borrowing fees paid
Purchase of property and equipment
Purchase of intangible software assets1
Product development cost additions1
Add back: Acquisition and integration costs paid
Free cash flow
2021
£m
471.6
5.6
–
(6.9)
(27.3)
(14.6)
10.3
438.7
2020
£m
(146.0)
5.7
(17.6)
(10.7)
(19.8)
(11.4)
45.9
(153.9)
1. 2020 restated for impact of Software as a Service (see Note 4 to the Consolidated Financial Statements)
Net cash from operating activities increased by £617.6m to record an inflow of £471.6m, principally driven by the increased
profits in the year, together with improved cash collections related to forward event bookings.
The following table reconciles cash generated by operations, as shown in the Consolidated Cash Flow Statement, to operating
cash flow shown in the free cash flow table above:
Cash generated by operations per statutory cash flow1
Capex paid1
Add back: Acquisition and integration costs paid
Add back: Restructuring and reorganisation costs paid
Onerous contracts and one-off (credits received)/costs paid associated with COVID-19 pandemic
Operating cash flow
1. 2020 restated for impact of Software as a Service (see Note 4 to the Consolidated Financial Statements)
2021
£m
593.2
(48.8)
10.3
29.4
(13.9)
570.2
2020
£m
146.6
(41.9)
45.9
35.6
44.6
230.8
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 97
The following table reconciles free cash flow to net funds flow and net debt, with net debt reducing by £595.0m to £1,434.6m
during the year, driven by a positive free cash flow of £438.7m and £280.9m of disposal proceeds, partly offset by £90.9m of
spend on acquisitions.
Free cash flow
Acquisitions
Disposals
Dividends paid to Shareholders
Dividends paid to non-controlling interests
Dividends received from investments
Issuance of shares
Purchase of shares
Net funds flow
Non-cash movements
Foreign exchange
Net lease additions in the year1
Net debt at 1 January
Acquired debt
Net debt
1. Amount excludes lease cash repayments or receipts
FINANCING AND INFORMA LEVERAGE
2021
£m
438.7
(90.9)
280.9
–
(8.6)
2.8
(0.2)
(2.5)
620.2
(78.9)
106.2
(18.8)
2020
£m
(153.9)
(176.3)
10.4
(0.2)
(13.6)
–
973.7
(1.3)
638.8
61.2
(59.9)
(12.1)
(2,029.6)
(2,657.6)
(33.7)
–
(1,434.6)
(2,029.6)
The strong free cash flow performance in the year, together with disposal proceeds, helped to reduce net debt by £0.6bn in the
year to £1.4bn at 31 December 2021 (31 December 2020: £2.0bn).
The Group retains significant available liquidity, with unutilised committed financing facilities available to the Group of
£1,094.6m (31 December 2020: £1,050.0m). Combined with £884.8m of cash, this increased available Group level liquidity at
31 December 2021 to £1,979.4m (31 December 2020: £1,349.4m).
Following the proactive management of our financing structure, the average debt maturity on our drawn borrowings is currently
3.9 years (31 December 2020: 4.8 years), with no significant maturities until July 2023.
Net debt and committed facilities
Cash and cash equivalents
Bond borrowings
Bond borrowing fees
Bank borrowings
Bank borrowing fees
Derivative assets associated with borrowings
Derivative liabilities associated with borrowings
Net debt before leases
Lease liabilities
Finance lease receivables
Net debt
Borrowings (excluding derivatives, leases, fees and overdrafts)
Unutilised committed facilities (undrawn revolving credit facility)
Unutilised committed facilities (undrawn Curinos facilities)
Total committed facilities
2021
£m
(884.8)
2,001.3
(12.1)
36.8
(3.4)
(3.4)
40.7
1,175.1
265.9
(6.4)
1,434.6
2,038.1
1,050.0
44.6
3,132.7
2020
£m
(299.4)
2,111.1
(15.3)
–
(2.6)
(44.6)
7.5
1,756.7
280.8
(7.9)
2,029.6
2,111.1
1,050.0
–
3,161.1
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 of drawn borrowings in the Curinos business.
The Informa leverage ratio at 31 December 2021 was 2.8 times (31 December 2020: 5.6 times), and the Informa interest cover
ratio was 7.8 times (31 December 2020: 3.6 times). Both are calculated consistently with our historical basis of reporting of
financial covenants which no longer applied at 31 December 2021. See the glossary of terms for the definition of Informa
leverage ratio and Informa interest cover.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 98
Financial Review
continued
The calculation of the Informa leverage ratio is as follows:
Net debt
Adjusted EBITDA
Adjusted leverage
Adjustment to EBITDA1
Adjustment to net debt1
Informa leverage ratio
1. Refer to glossary for details of the adjustments to EBITDA and net debt for Informa leverage ratio
The calculation of Informa interest cover is as follows:
Adjusted EBITDA
Adjusted net finance costs
Adjusted interest cover
Adjustment to EBITDA1
Informa Interest cover
2021
£m
1,434.6
478.1
3.0x
0.4x
(0.6x)
2.8x
2021
£m
478.1
67.8
7.1x
0.7x
7.8x
2020
£m
2,029.6
360.8
5.6x
0.7x
(0.7x)
5.6x
2020
£m
360.8
97.4
3.7x
(0.1)x
3.6x
1. Refer to glossary for details of the adjustments to EBITDA for Informa interest cover
CORPORATE DEVELOPMENT
Informa has a proven track record in creating value through identifying, executing and integrating complementary businesses
effectively into the Group. In 2021, cash invested in acquisitions was £90.9m (2020: £176.3m), with £68.2m net spend relating
to acquisitions net of cash acquired (2020: £77.3m), £3.3m of cash paid for business assets (2020: £7.3m), £10.3m for acquisition
and integration spend (2020: £45.9m), £1.5m for the cash settlement on the exercise of an option relating to minority interests
(2020: £44.9m) and £7.6m relating to other investments (2020: £0.9m).
Net proceeds from disposals amounted to £280.9m (2020: £10.4m).
ACQUISITIONS
On 28 May 2021, the Group combined its existing FBX business with Novantas, Inc. to create the Curinos business. The Novantas
business provides quantitative and qualitative competitive intelligence solutions for US retail banks and forms part of the
Informa Intelligence Division. This combination seeks to create a leading competitive intelligence and specialist data business
serving the retail banking markets. The agreement is structured as an acquisition of Novantas on a cash and debt free basis
by Informa and private equity firm, Inflexion, with Informa contributing its FBX business as non-cash consideration valued at
£101.7m. None of the Group’s existing liquidity was used to finance the acquisition. Informa owns 56% of the equity voting
shares of the combined business and has control to direct the relevant activities of the combined business and therefore fully
consolidates the results of Novantas.
The non-controlling interest at the acquisition date represents the total of the non-controlling share of the fair value of the
Novantas net assets acquired together with the non-controlling interest share of the carrying value of FBX that has been
contributed and the non-controlling interest share of the value of preference shares that have been issued by Inflexion and
Novantas management to the combined business. See Note 18 to the Consolidated Financial Statements for further details.
Other acquisitions included the purchase of NetLine Corporation on 30 November 2021 for total consideration, net of cash
acquired, of £43.0m. NetLine is an online B2B multi-channel content marketing network providing targeted branding and high
quality lead generation and forms part of the Informa Tech Division. On 30 September 2021 the Group acquired Clinerion AG,
a leader in medical data informatics used in accelerating the process of drug development. Clinerion forms part of Pharma
Intelligence within the Informa Intelligence Division and total consideration was £19.4m.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 99
PENSIONS
The Group continues to meet all commitments to its pension schemes, which include six defined benefit schemes, all of which
are closed to future accruals.
At 31 December 2021, the Group had a net pension surplus of £1.6m (31 December 2020: net deficit of £71.4m), comprising a
pension surplus of £15.5m (31 December 2020: £nil) and pension deficits of £13.9m (31 December 2020: £71.4m). Gross liabilities
were £735.2m at 31 December 2021 (31 December 2020: £786.8m). The decrease in liabilities is predominantly driven by the
increase in the discount rates used for calculating the present value of the pension liability, with rates for UK schemes increasing
60 basis points from 1.30% in the prior year to 1.90% at 31 December 2021, in line with increased yields on benchmark high
quality corporate bonds.
The triennial funding valuations for the three main UK schemes were completed in 2021. These showed a funding valuation
deficit of £56.0m for the UBM Pension Scheme as at 31 March 2020, a deficit of £24.6m in the Informa Final Salary Scheme as at
31 March 2020 and a deficit of £3.7m in the Taylor & Francis scheme as at 30 September 2020. Financial market conditions have
significantly improved since the valuation date, meaning the aggregate funding positions of these schemes has improved, and in
line with Regulator guidance to use post-valuation experience, we have agreed with the respective Trustee Boards to allow for
this in calculating the required deficit repair contributions from the Group,
The agreed cash contributions are consistent with the amounts paid in recent years, with contributions being £2.5m p.a. for
the UBM Pension scheme, £2.0m p.a. for the Informa Final Salary Scheme, and £0.25m p.a. for the Taylor & Francis scheme.
The UBM pension scheme amount will increase to £3.75m p.a. when the Group resumes the payment of dividends to Shareholders.
SOFTWARE-AS-A-SERVICE (SAAS) RESTATEMENT
In 2021 the IFRS Interpretations Committee published two agenda decisions clarifying how arrangements in respect of a specific
part of cloud technology, Software as a Service (SaaS), should be accounted for. These concluded that a SaaS arrangement
conveying to the customer only the right to receive access to the supplier’s application software in the future is a service contract
rather than a software lease or intangible asset. As such, it concluded that these arrangements should be expensed rather than
shown as an intangible asset. It also addressed how a customer should account for the costs of configuring or customising the
supplier’s application software in a SaaS arrangement that is determined to be a service contract. In the majority of cases, such
costs should be expensed, instead of being shown as an intangible asset, unless the spend results in identifiable assets and
meets the recognition criteria in IAS 38 Intangible Assets.
Following these interpretations, the Group updated its accounting policy in relation to SaaS arrangements which resulted in
a restatement of the 2020 results with a reduction to profit before tax of £1.2m, with a £1.0m reduction to 2020 earnings
(see Note 4 to the Consolidated Financial Statements for further details). These adjustments to 2020 relate to the expensing of
SaaS intangible assets capitalised in 2020 partly offset by the reversal of intangible asset amortisation charged in 2020 that
relates to items no longer qualifying as intangible assets.
DIVESTMENT AND SHARE BUYBACK
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 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.
None of the Informa Intelligence businesses met the criteria to be disclosed as held for sale at 31 December 2021, and therefore
are not presented as discontinued operations for the year.
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
up to £100m towards buybacks. As part of the full-year results, the Group confirmed this tranche had been completed and
launched a second tranche of a further £200m, which will run through to the AGM in June.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 100
Chair’s Introduction to Governance
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
as confident as ever in the future potential of
the Company and excited by the ambitious
plans laid out by the leadership team within
the 2021-2024 Growth Acceleration Plan II.
This four-year programme is focused on
accelerating growth, creating value and
increasing Shareholder returns. It will see
us divest Informa Intelligence and focus
further growth investment in our two
leadership businesses of scale,
B2B Markets and Academic Markets.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 T H E L A S T TWO
Y E A R S H AV E A BLY
DE MONS T R AT E D
T H E S T R E NG T H A N D
R E S I L I E NC E OF A L L
OU R T E A M S
101
As Chair, one of my roles is to maintain a
continuous and constructive two-way
engagement between the leadership team
and all the Directors, ensuring all Directors
feel able to contribute to discussions and
challenge decisions openly.
Some examples of how the Board interacted
with management and reached decisions on
supporting key actions through the year are
detailed on pages 46 to 48 in our Section 172
statement.
BOARD DEVELOPMENT
The Board keeps its balance of skills,
experience, diversity, knowledge and
independence under regular review and is
mindful of the requirements of the 2018 UK
Corporate Governance Code (the Code) to
develop a diverse pipeline for succession
and for regular refreshment of the Board
and its Committees.
As previously announced, following the
planned retirements of both the previous
Chair, Derek Mapp, and Senior Independent
Director, Gareth Bullock, the Board took
the opportunity as part of the Board’s
replenishment to review the additional
skills and experience that would be beneficial
to have around the table. It also used
the process to refresh membership of
its Committees.
CONTINUED OVER
Delivering on these ambitious plans will
depend first and foremost on the skills and
commitment of our 10,000+ colleagues
across the world. The last two years have ably
demonstrated the strength and resilience of
all our teams and it is this determination and
creativity, combined with deep knowledge
and experience, which will drive the next
stage of the Company’s growth.
At the heart of this success is the Group’s
strong and unique culture, which bonds
teams and encourages collaboration,
providing an environment where everyone
can contribute and has the freedom to find
creative solutions that work for customers.
The Board continues to monitor the Group’s
culture through its many different direct
interactions with colleagues and the
businesses, as well as through regular Pulse
surveys and other feedback mechanisms.
Further details on this are provided in the
Strategic and Directors’ Reports on pages 33
and 34 and 114.
AN ACTIVE AND ENGAGED BOARD
The Board plays an important role in
monitoring the performance of the Group
and ensuring it conforms to relevant rules
and guidelines. It advises and challenges
management, providing support and
input into key decision making and
strategic decisions.
As in the previous year, this was particularly
important through 2021 given the ongoing
uncertainty and disruption caused by the
COVID-19 pandemic, and this meant that
the Board’s interaction with management
remained frequent and engaged.
All Board Directors made themselves
available at short notice for additional
meetings and calls, when necessary,
underlining their commitment to the
Company and capacity to meet Board duties.
In addition, many also took part in individual
sessions with colleagues or as Board
representatives on various internal Company
initiatives and programmes, including the five
colleague networks.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 102
Chair’s Introduction to Governance
continued
This led to the appointment of Louise Smalley
and Joanne Wilson as Non-Executive
Directors in October, and Zheng Yin in mid-
December. All bring valuable and relevant
experience to the Company and provide a
strong complement to the existing expertise
on the Board.
In addition, Patrick Martell was appointed as
an additional Executive Director in March
2021. His role as Group Chief Operating
Officer has developed significantly since he
first took on the role in 2019 and the Board
was unanimous in its recommendation that
he be appointed to the Board.
These new appointments were
recommended to the Board following a
formal, rigorous and transparent process
undertaken by the Nomination Committee
with the assistance of external adviser,
Hedley May. Further details on the
appointment process and the induction of
new Directors can be found on pages 122
and 118 respectively.
Following these Board appointments, we
undertook a review and refresh of our
various Committees to ensure each continues
to have the right balance of knowledge,
diversity and experience. The current
membership of each, and changes during
the year, are set out at the beginning of
each Committee’s report.
Finally, I was delighted that Mary McDowell
agreed to take on the additional responsibility
as our new Senior Independent Director.
A DIVERSE AND INCLUSIVE
ENVIRONMENT
Over recent years, the Company has
deepened its focus and commitment to
diversity and inclusion, increasing investment
in a range of activities through the AllInforma
programme. This included the appointment
of the Company’s first Chief Diversity &
Inclusion Officer in January 2021 and
the expansion of our colleague networks.
In early 2021, the Company also launched
the first Informa census, a voluntary survey
to build a better understanding of the
diversity within the Informa colleague
base. Encouragingly, over 66% of eligible
colleagues were willing to share their details.
As a Board, we are very supportive of all
these activities and initiatives and monitor
their progress and impact on the Group’s
culture and colleague engagement through
feedback surveys and other indicators
and mechanisms.
At a Board level, the Board Diversity &
Inclusion Policy was updated through the
year to ensure it remained appropriate and in
line with best practice. This Policy is available
in the Corporate Governance section of the
Informa website.
As the appointments made through 2021
testify, the Board remains committed to the
recommendations of both the Hampton-
Alexander Review and the Parker Review with
female representation on the Board now at
42% (2020: 30%) and with one Director from
an ethnic minority background.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 103
LOOKING AHEAD
Following two years of focus on stability
and security, the Group enters 2022 with
its eyes firmly on the opportunities ahead,
with ambitious plans for future growth.
The Knowledge and Information Economy
continues to grow and expand, offering
many attractions for a company like Informa
that is focused on championing specialist
markets, and delivering specialist insights
and connections.
GAP II provides a roadmap for seizing these
opportunities, building on the strong
foundations within our two leadership
businesses by making the most of the return
of physical events and further expanding our
range of digital services.
Your Board will continue to support the
Company and its leadership team in pursuit
of these endeavours, while ensuring the
Group continues to act responsibly and in
a sustainable manner, in the interest of
all stakeholders.
My thanks to all my fellow Board members,
the management team and colleagues across
the Group for another year of significant
commitment and achievement, I look forward
to reporting on further progress and success
in the years to come.
John Rishton
Chair
GOVERNANCE AND
STAKEHOLDER INTERESTS
The Board remains committed to all aspects
of the Code.
As in every year, the Board made decisions
and provided advice to the leadership
team through the lens of the likely impact
on colleagues, Shareholders and all
stakeholders, ensuring these interests
were carefully considered alongside the
strategic merits.
This was especially true in 2021 with the
discussions and decisions that led to
the launch of GAP II and, as part of that
programme, the divestment of the Informa
Intelligence portfolio of businesses.
Our Section 172 statement provides further
detail and examples of how stakeholders’
views and inputs were considered during
decision making through the year, as set out
on pages 46 to 48.
BOARD EVALUATION REVIEW
In early 2021, the Board appointed Jan Hall
of No. 4 to undertake its triennial externally
facilitated review of the Board, its
Committees and its individual members.
I am pleased to report that the Board was
found to work well together, with fully
committed Non-Executive Directors and
a dedicated and outstanding Executive
Management Team.
While the pandemic has not been kind
to elements of our business, the review
concluded that the strength of the Board,
and indeed all colleagues in the Group, have
more than risen to the challenges faced.
I echo this praise of our colleagues; they
have indeed shown a level of determination,
professionalism and good humour over the
last two years.
The review outlined some recommendations
for the Board to consider and details of how
these have been addressed during the year
can be found on page 119.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 104
Board of Directors
John Rishton N
Chair
Appointed:
Stephen A. Carter CBE
Group Chief Executive
Appointed:
September 2016, Chair from June 2021
September 2013
Gareth Wright
Chief Financial Officer
Appointed:
July 2014
Skills and experience:
Skills and experience:
Skills and experience:
John brings significant financial and
international commercial experience
to Informa. He joined the Board as a
Non-Executive Director and Chair of the
Audit Committee in September 2016
before being appointed as Chair of the
Board in June 2021.
John was Chief Executive of Rolls-Royce
Group PLC from 2011 to 2015, having
been a Non-Executive Director since
2007. Prior to joining Rolls-Royce, John
was Chief Executive and President of
Royal Ahold N.V., a Dutch international
retailer, and, prior to that role, its Chief
Financial Officer. John has also previously
held the position of Chief Financial
Officer of British Airways PLC.
John is Chair of Serco Group PLC. He is a
Non-Executive Director of Unilever plc,
from which role he will retire at the
Unilever 2022 AGM.
Stephen joined Informa in 2010 as a
Non-Executive Director before being
appointed as Group Chief Executive in
September 2013.
Before joining Informa, Stephen held
senior positions in the public and
private sectors. He was President and
Managing Director EMEA at Alcatel
Lucent Inc. from 2010 to 2013, and
Managing Director and COO of ntl
(now Virgin Media) from 2000 to 2003.
Stephen was Managing Director of JWT
UK & Ireland from 1995, becoming
Chief Executive in 1997.
In the public sector, Stephen became
the founding CEO of Ofcom in 2003
and was appointed as Chief of Strategy
and Minister for Telecommunications
and Media from 2008 to 2009 in the
Government of Prime Minister,
The Right Hon. Gordon Brown.
Stephen was made a Life Peer in 2008.
Stephen is a Non-Executive Director
of United Utilities Group PLC and is
Informa’s representative on the board
of PA Media Group Limited.
Gareth has strong experience in senior
financial roles across multiple UK
public companies.
He joined Informa in 2009 and has held
a variety of positions within the Group,
including Deputy Finance Director and
Acting Group Finance Director, before
being appointed as Group Finance
Director in July 2014. Gareth also chairs
the Company’s Risk Committee.
Prior to joining Informa, Gareth held a
variety of roles at National Express plc,
including Head of Group Finance and
Acting Group Finance Director.
From 1994 to 2001, he worked as a
chartered accountant for Coopers &
Lybrand (now part of PwC) in its
audit function.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 105
Mary McDowell N
Senior Independent Director
Gill Whitehead A N
Non-Executive Director
Patrick Martell
Chief Operations Officer
Appointed:
June 2018
Appointed:
August 2019
Appointed:
March 2021
Skills and experience:
Skills and experience:
Skills and experience:
Patrick was appointed as an Executive
Director in March 2021 and is also the
Group’s Chief Operating Officer, Chief
Executive of Informa Intelligence and
one of Informa’s nominees on the
Board of its Curinos business.
Patrick joined Informa in November
2014 as CEO of the Intelligence Division,
overseeing the Division’s return to
growth. During this time, Patrick also
served as Integration Officer for the
Penton and UBM acquisitions.
From 2009 to 2014 Patrick was Group
CEO of St Ives plc where he led a
successful restructuring and
repositioning of the business,
undertaking numerous consolidations,
acquisitions and disposals, and
transforming its financial performance,
valuation and operations.
Patrick is a Non-Executive Director and
Chair of the Remuneration Committee
at RM plc.
Mary joined the Board in June 2018
having previously been a Non-Executive
Director at UBM plc. Mary was appointed
as Informa’s Senior Independent Director
in November 2021.
Mary is a technology industry
executive with deep product and digital
experience, leading companies in times
of market and technological change to
maximise their potential. She is Board
Chair of Mitel Networks Corporation,
having served as its President and CEO
from October 2019 to November 2021.
Mary was CEO of Polycom from 2016
until its acquisition by Plantronics in
2018, and prior to that she was an
Executive Partner at Siris Capital LLC.
Mary worked at Nokia for nine years,
most recently as Executive Vice President
in charge of Nokia’s feature phones and
associated digital services. She spent 17
years at HP-Compaq before joining
Nokia, including five years as Senior
Vice President and General Manager
of that company’s industry-standard
server business.
Mary is a Non-Executive Director, and
Chair of the Compensation Committee,
at Autodesk, Inc.
Gill was appointed as a Non-Executive
Director in August 2019 and became
Chair of the Audit Committee in
June 2021.
Gill brings significant current
experience in digital, data and analytics
to Informa. In November 2021, she was
appointed Chief Executive of the Digital
Regulators Forum, a collaboration
between the Competition and Markets
Authority, Financial Conduct Authority,
Information Commissioner’s Office
and Ofcom. Prior to this, she spent
three years as Google UK’s Senior
Director of Client Solutions &
Analytics, leading teams in data
analysis, measurement, user
experience, consumer segmentation
and insights. Gill previously worked
at Channel Four and BBC Worldwide
in a variety of strategy leadership
and technology-driven roles, beginning
her career at the Bank of England and
Deloitte Consulting.
Gill is a Fellow of the Institute of
Chartered Accountants and completed
an MSc in Internet Social Sciences at
the Internet Institute at the University
of Oxford.
Gill is a Non-Executive Director of
the British Olympic Association
and of Camelot, the UK National
Lottery operator.
Key
Board Committee Chair N Nomination Committee A Audit Committee R Remuneration Committee
CONTINUED OVER
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 106
Board of Directors
continued
Helen Owers N R
Non-Executive Director
Stephen Davidson A N R
Non-Executive Director
Louise Smalley N R
Non-Executive Director
Appointed
January 2014
Appointed:
September 2015
Appointed:
October 2021
Skills and experience:
Skills and experience:
Skills and experience:
Helen was appointed as a Non-Executive
Director in January 2014 and is the
Board member responsible for
workforce engagement.
Stephen was appointed as a
Non-Executive Director in September
2015 and Chaired the Remuneration
Committee to December 2021.
Helen has extensive international senior
executive experience in the media
industry, most notably through her
role as President of Global Businesses
and Chief Development Officer at
Thomson Reuters.
She previously worked at Gemini
Consulting as a media and telecoms
strategy consultant, and also has
experience in professional publishing
from her time at Prentice Hall.
Helen is an independent Governor
of Falmouth University and a Non-
Executive Director of PZ Cussons plc
and Eden Project International Limited.
Stephen brings extensive experience
of financial markets, media,
telecommunications and corporate
matters to the Board, having previously
served as Telewest’s Chief Financial
Officer and Chief Executive, Mecom
Group PLC’s Executive Chairman,
and WestLB’s Vice-Chairman of
Investment Banking.
Throughout his career, he has held
various positions in industry and
investment banking, as well as
numerous chair and non-executive
positions on the boards of media,
telecommunications and
technology companies.
Stephen is Chairman of PRS for Music
Limited and a Non-Executive Director
at Calnex Solutions plc and MCB Group
Ltd. He retired as Chair of Datatec
Limited on 1 March 2022 and will retire
as Chair of Actual Experience plc on
24 March 2022.
Louise was appointed as a
Non-Executive Director and Chair-Elect
of the Remuneration Committee in
October 2021. She became Chair of
the Remuneration Committee on
1 January 2022.
Louise has extensive experience in
talent management and development,
as well as remuneration and reward,
working for large UK and international
corporations. She attended the
Cambridge Institute for Sustainability
Leadership and has prior experience
integrating sustainability strategies.
Louise most recently served as
Whitbread plc’s Group HR Director and
an Executive Director, having previously
held HR Director positions within
Whitbread’s Hotels & Restaurants and
David Lloyd Leisure divisions. Prior to
joining Whitbread, she worked in
human resources at Esso and BP.
Louise is a Non-Executive Director at
DS Smith Plc.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 107
David Flaschen A N
Non-Executive Director
Joanne Wilson A N
Non-Executive Director
Zheng Yin N R
Non-Executive Director
Appointed:
September 2015
Appointed:
October 2021
Appointed:
December 2021
Skills and experience:
Skills and experience:
Skills and experience:
David was appointed as a Non-Executive
Director in September 2015 and is also
one of Informa’s nominees on the Board
of its Curinos business.
David has over 20 years of executive and
leadership experience in the information
services industry, including positions
at Thomson Financial and Dun &
Bradstreet. He also has extensive
experience in online businesses, having
served as a Non-Executive Director at
companies such as TripAdvisor Inc.
and BuyerZone.com.
David was a professional football player
and a founding member of the North
American Soccer League Players
Association’s Executive Committee.
David is a Non-Executive Director, and
Chair of the Audit Committee, at
Paychex Inc.
Joanne was appointed as a
Non-Executive Director in October
2021, bringing further strong and
current financial and operational
experience to the Group.
Joanne is the Chief Financial Officer
of Britvic PLC, responsible for strategic
planning, deal analysis, investor
relations and IT, and also chairs Britvic’s
ESG Committee.
Prior to joining Britvic, Joanne was
Chief Financial Officer at dunnhumby,
a customer data science specialist and
part of the Tesco Group. She previously
held a range of financial and commercial
roles at Tesco, internationally as well as
in the UK.
Joanne began her career at KPMG
in London, where she qualified as
a Chartered Accountant before
transferring to Hong Kong to work in
KPMG’s Corporate Finance practice.
Zheng was appointed as a
Non-Executive Director in December
2021. He brings significant senior
executive experience in Asia to the
Board and will provide valuable local
insights into macro-economic and
commercial trends in China and Asia, a
significant trading region for Informa.
Zheng was appointed as Executive Vice
President, China at Schneider Electric
SE in 2017 having previously held senior
business development and strategy
roles within the Group. Prior to joining
Schneider Electric, Zheng was Head of
Business Development for China for
Phillips and held senior positions within
Dow Jones and Reuters in the US, Hong
Kong and Mainland China.
Key
Board Committee Chair N Nomination Committee A Audit Committee R Remuneration Committee
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 108
Governance at a Glance
BOARD COMPOSITION
BOARD GENDER BALANCE
• 1 Chairman
• 3 Executive Directors
• 8 Non-Executive directors
• 42% Female
• 58% Male
BOARD NATIONALITY
BOARD ETHNICITY
• 9 British
• 2 American
• 1 Chinese
• 1 Asian
• 11 White
BOARD AGE
NON-EXECUTIVE DIRECTOR
TENURE
• 3 44–49
• 6 50–59
• 3 60+
• 4 0–3 years
• 1 3–6 years
• 4 6–9 years
DOCUMENTS
AVAILABLE AT
INFORMA.COM
• Articles of Association
• Matters reserved to
the Board
• Terms of reference for
Board Committees
• Board Diversity &
Inclusion Policy
• Sustainability reports
• Global tax approach
• Modern Slavery
Statement
• UK Colleagues and
Pay Report
• Key Group policies
including the Code of
Conduct, Business
Partner Code of
Conduct and
Sustainability Policy
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 109
BOARD ATTENDANCE
BOARD EVALUATION
• Board works well together and
very effective
• Non-Executives are all fully
committed to and supportive of
the Executive Management Team
• Open, transparent, relatively
informal and highly engaged
culture
• Mutual respect and collegiate
atmosphere
John Rishton
Stephen A. Carter
Gareth Wright
Patrick Martell
Stephen Davidson
David Flaschen
Mary McDowell
Helen Owers
Louise Smalley
Gill Whitehead
Joanne Wilson
Scheduled meetings attended
7/7
7/7
7/7
6/6
7/7
7/7
7/7
7/7
2/2
7/7
2/2
Zheng Yin
There were no meetings between Zheng Yin’s
appointment and 31 December 2021.
0/0
EXPERIENCE AND SKILLS
Sustainability
UK listed company governance
Remuneration and talent
Media and publishing
6/12
8/12
11/12
Risk management
Business transformation and integration
9/12
6/12
Regulatory affairs
7/12
10/12
5/12
Business to business operations
Financial expertise
Digital and technology
9/12
9/12
Leadership experience in international business
12/12
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 110
Corporate Governance Report
Corporate Governance Framework
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
Responsible for the management,
direction and performance of the
Company. Provides leadership and
delivers sustainable long-term
success for Shareholders and other
stakeholders. The Board sets the
Company’s purpose, values and
standards, making sure it leads by
example and aligns strategic aims
with the desired business culture.
It also determines the risks faced
by the business, gauges the level of
risk it is prepared to take to achieve
its strategy and ensures that
systems of risk management and
control are in place.
Details of matters reserved for the
Board’s approval are set out on our
website: www.informa.com
CHAIR
The Chair is responsible for leading the Board, setting the agenda and
ensuring its effectiveness. The role is responsible for promoting a
culture of openness and robust debate within the Board and setting
the tone of the Group as a whole. The Chair ensures there is effective
communication with Shareholders and other stakeholders and that
the Board has a clear understanding of their views.
NON-EXECUTIVE DIRECTORS
The Non-Executive Directors provide independent oversight and
constructive challenge to Executive Management Team, helping to
develop proposals on strategy and scrutinising performance in
meeting agreed goals and objectives. They play a primary role in
succession planning, appointing and, where necessary, removing
Executive Directors.
The Senior Independent Director acts as a sounding board for the
Chair and, where necessary, serves as an intermediary for the other
Directors. The Senior Independent Director is responsible for leading
the annual evaluation of the Chair’s performance and is an additional
point of contact for Shareholders and other stakeholders.
EXECUTIVE DIRECTORS
Group Chief Executive: Overall responsibility for day-to-day
operational management of the Group. This role is responsible for
proposing and implementing the Company’s strategy, driving
performance and optimising Group resources. Leads engagement
with colleagues, Shareholders, partners and customers.
Group Finance Director: Responsibility for raising and servicing the
Group’s financing, maintaining a financial control system capable of
delivering robust financial reporting information. Leads the Finance,
Tax, Treasury and Internal Audit functions and chairs the Risk
Committee and Treasury Committee.
Group Chief Operating Officer: Heads up the Global Business
Services function including Group Technology, Real Estate, Health
and Safety and Travel.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 111
AUDIT COMMITTEE
Responsible for the oversight of financial and narrative
reporting, providing assurance on the effectiveness of internal
control, risk management systems, and the effectiveness and
objectivity of external and internal auditors.
COMMITTEE REPORT ON PAGES 124 TO 131
RISK COMMITTEE
Responsible for ensuring that Group risk is
managed effectively by monitoring current and
emerging business risks, considering their impact
on the Group and ensuring that mitigating action
is undertaken. Provides guidance to the Audit
Committee on overall risk appetite, tolerance
and strategy .
TREASURY COMMITTEE
Responsible for developing and implementing
policies to identify and analyse the Group’s
financial risks, set appropriate controls and limits
and review compliance. The policies provide
written principles on funding investments, credit
risk, foreign exchange and interest rate risk.
NOMINATION COMMITTEE
COMPLIANCE WITH THE UK CORPORATE
GOVERNANCE CODE 2018 (THE CODE)
The Code is structured around Principles that emphasise the
value of good corporate governance to the long-term sustainable
success of UK listed companies. The Code is available on the
website of the Financial Reporting Council at www.frc.org.uk
This Corporate Governance Report, which includes the reports of
the Nomination, Audit and Remuneration Committees and other
statutory disclosures, explains how the Informa Board has applied
the Principles and complied with the Provisions of the Code.
During the year ended 31 December 2021, the Board applied the
Principles of the Code, and complied with its Provisions, except as
detailed below.
For a short period during 2021, while Board membership was
refreshed and new appointments made, the Board did not have
a designated Senior Independent Director (Code Provision 12).
The Board believed it appropriate to complete these activities
under the oversight of the new Board Chair before determining
updated responsibilities.
The Chair and each of the Non-Executive Directors remained
available to Shareholders and other stakeholders during the
period between the previous Senior Independent Director’s
retirement in June and Mary McDowell’s appointment to the
role in November 2021.
The Board continues to implement its progressive plan towards
full compliance with Code Provision 38, under which the pension
contribution rates for Executive Directors are aligned with those
available to the wider workforce. In line with the Directors’
Remuneration Policy approved in December 2020, the pension
contributions of newly appointed Executive Directors are aligned
to the wider workforce from appointment.
Responsible for recommending appointments to the Board,
Committee membership, succession planning, and diversity
and inclusion matters. Ensures that the Board and senior
management have the appropriate skills, knowledge and
experience to operate effectively.
As stated in last year’s report, it has been agreed that the pension
contribution rates for the incumbent Executive Directors would
be reduced to reflect the relevant colleague community by
the end of 2022, in line with the recommendations of the
Investment Association.
COMMITTEE REPORT ON PAGES 120 TO 123
REMUNERATION COMMITTEE
Responsible for the Remuneration Policy for the Executive
Directors, sets the remuneration of the Chair, Executive
Directors and senior management, and approves annual
and long-term performance objectives and awards.
COMMITTEE REPORT ON PAGES 132 TO 155
The following reports explain how the Code’s Principles and
Provisions were implemented.
EXECUTIVE MANAGEMENT TEAM
Manages all operational aspects of the Group
under the direction and leadership of the Group
Chief Executive. Membership comprises the
Executive Directors, CEOs of the Group’s operating
Divisions and key central Group functions.
Information
1. Board leadership and Company purpose
2. Division of responsibilities
3. Composition, succession and evaluation
4. Audit, risk and internal control
5. Remuneration
Pages
112 to 116
117
118 to 123
124 to 131
132 to 155
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 112
Board Leadership and Purpose
Informa’s purpose is to champion the specialist, connecting
businesses and professionals with the expert knowledge that
will help them learn more, know more and do more in their
roles, work and companies. The Board’s role is to provide
leadership to the Company in establishing and achieving this
purpose and, in doing so, to seek to promote the sustainable,
long-term success of the Company for the benefit of its
Shareholders and wider stakeholders. It is also responsible for
approving the Group’s strategic objectives and ensuring that
the necessary financial and human resources are available for
those objectives to be met.
The Board is responsible for setting the tone for the
Company’s culture from the top, underpinned by a clear Code
of Conduct providing guidance on the Group’s commitment
to act ethically, lawfully and with integrity. During Board
meetings, the Chair encourages each Director to participate,
through open engagement and constructive debate and
discussion, and where diversity of thought is encouraged.
The Chair also arranges informal meetings between the
Directors and senior management to help build trust and
productive relationships.
Further details on how the Board monitors culture are set out
on page 114.
BOARD AND COMMITTEE MEETINGS
Regular Board meetings are scheduled throughout the year
and all Directors are expected to attend these and meetings
of the Committees on which they serve. Occasionally, Board
meetings may be called at short notice when decisions of a
time-critical nature need to be made. Where any Director is
unable to attend a meeting called at short notice, the Chair of
the Board or relevant Committee Chair will seek their views
on the matters to be considered prior to the meeting
taking place.
During the first half of the year, Board and Committee
meetings were held as virtual meetings. As the restrictions
imposed during the pandemic were eased, the Directors
were able to meet in person once again during the second
half of 2021.
Details of Board and Committee attendance during 2021 are
set out in the table below:
John Rishton
Stephen A. Carter
Gareth Wright
Patrick Martell4
Stephen Davidson
David Flaschen
Mary McDowell
Helen Owers
Louise Smalley4
Gill Whitehead
Joanne Wilson4
Zheng Yin4
Derek Mapp5
Gareth Bullock5
Board1
Scheduled
Ad hoc
Audit
Committee2
Remuneration
Committee3
Nomination
Committee
7/7
7/7
7/7
6/6
7/7
7/7
7/7
7/7
2/2
7/7
2/2
0/0
2/2
2/2
3/3
3/3
3/3
1/1
3/3
3/3
2/3
2/3
1/1
2/3
1/1
0/0
2/2
2/2
3/3
n/a
n/a
n/a
2/2
5/5
n/a
n/a
n/a
5/5
1/1
n/a
n/a
3/3
n/a
n/a
n/a
n/a
7/7
n/a
7/7
7/7
1/1
n/a
n/a
0/0
n/a
4/4
3/3
n/a
n/a
n/a
3/3
3/3
3/3
3/3
1/1
3/3
1/1
0/0
1/1
1/1
1. Mary McDowell, Helen Owers and Gill Whitehead were each unable to join one ad hoc Board meeting called at short notice. Prior to the relevant meeting,
the Directors reviewed the matters being considered and confirmed their support to the Board Chair. In addition, during the year several Board
colleagues attended sub-committee meetings to approve the Company’s full-year and half-year results, General Meeting documentation and
operational approvals
2. John Rishton was Chair of the Audit Committee until 3 June 2021 when he was appointed as Chair of the Board. The Board Chair, Group Chief Executive
and Group Finance Director attended each Audit Committee meeting by invitation and all Board members are invited to attend those meetings
considering the full-year and half-year results
3. There were four scheduled Remuneration Committee meetings during the year and three additional meetings
4. Patrick Martell was appointed to the Board on 1 March 2021. Louise Smalley and Joanne Wilson were appointed to the Board on 1 October 2021. Zheng Yin
was appointed to the Board on 20 December 2021
5. Derek Mapp and Gareth Bullock retired from the Board at the conclusion of the AGM on 3 June 2021
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 113
Each scheduled meeting includes a Management Report from the Group Chief Executive, a financial update from the Group
Finance Director, executive reports from the Chief Operating Officer, Director of Investor Relations and Director of Strategy and
Planning, and an update on governance matters from the Company Secretary. The Chairs of each Board Committee also provide
verbal updates on the matters considered and decisions taken at their respective meetings.
The agenda for each Board meeting is set by the Chair, in conjunction with the Group Chief Executive and Company Secretary.
Board and Committee members receive papers with the appropriate level of detail to enable a discussion of developments
inside and outside the Group that may impact or have impacted the business, and which are circulated in sufficient time prior
to meetings using a secure Board portal.
KEY ACTIVITIES OF THE BOARD IN 2021
STRATEGY
BUSINESS AND
FINANCIAL
PERFORMANCE
AND REPORTING
• Considered and approved GAP II
• Approved the combination of Informa’s FBX business with Novantas to form Curinos
• Received regular updates on the acquisition and investment activity and approved the
acquisition of NetLine by Informa Tech and the Premiere beauty events by Informa Markets
• Approved the disposal of the Informa Intelligence Division
• Received regular reports from the Group Chief Executive and Group Finance Director on
business and financial performance across the Group
• On the recommendation of the Audit Committee, reviewed and approved the 2020 full-year and
2021 half-year results announcements and the 2020 Annual Report and Accounts
• Reviewed and approved the 2020 year end update in January 2021, the trading update in June
2021 and the trading statement in November 2021
• Approved the budget for 2022
• Considered and reviewed the Group’s risk appetite and principal risks
• Received updates from the Audit Committee and Risk Committee on internal control and risk
management effectiveness
RISK MANAGEMENT
• Undertook risk deep dives via the Audit Committee including on technology risk, privacy
strategy, information security and cyber risks, and key counterparty risk
• Considered reports on whistleblowing matters and the Group’s responses via the
Audit Committee
PEOPLE, CULTURE,
DIVERSITY AND
INCLUSION
• On the recommendation of the Nomination Committee, approved the appointment of Patrick
Martell as an Executive Director and the appointments of Louise Smalley, Joanne Wilson and
Zheng Yin as Non-Executive Directors
• Received updates from Helen Owers, the designated Non-Executive Director for workforce
engagement, the Director of Investor Relations and Communication, the Group HR Director and
Chief Diversity & Inclusion Officer on the 2021 Board engagement plan, colleague survey results
and wellbeing initiatives
GOVERNANCE AND
COMPLIANCE
• Reviewed the conclusions of the triennial pension scheme evaluations and approved the deficit
repair contribution schedule
• Approved updates to Board governance policies e.g. division of responsibilities and Committee
terms of reference
• Considered the outcomes of the externally facilitated Board evaluation and agreed actions
for 2021
• Reviewed and approved the 2020 Gender Pay Gap Report and 2021 Modern Slavery Statement
• Participated in knowledge sessions including product demonstrations, deep dives into Maritime
KNOWLEDGE AND
LEARNING
Intelligence insight products, the clinical trial services provided by Pharma Intelligence, and
audience development and digital demand generation services
• Received updates from the Company Secretary and advisers on UK regulatory changes and the
macro environment
SUSTAINABILITY,
HEALTH & SAFETY
• Received presentations on the Group’s FasterForward sustainability programme and approved
priorities for 2022
• Received regular updates from the Group Head of Health, Safety and Security on the impact of
the pandemic on the business
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 114
Board Leadership and Purpose
continued
MONITORING CULTURE
At the heart of Informa is our
Constitution and our four guiding
principles, designed to create a
culture that is inclusive, enabling
and distinctive.
The Board monitors culture in a number
of ways: through its Committees,
through regular reports from senior
management and from its own
interaction with colleagues. Colleagues’
interests are considered in Board
decision making, with a focus on
maintaining a culture of inclusivity
with a good support infrastructure
and flexible working opportunities,
providing fulfilling professional
opportunities and fair and transparent
reward, while ensuring that colleagues
are kept informed and have a voice in
key business matters.
The contribution and skills of our
colleagues remain central to Informa’s
culture, to the products and services
delivered to customers and, ultimately,
to the business’s long-term success.
Colleague engagement continues to be
an area of priority for the Board.
Board Engagement
• Helen Owers, an independent
Non-Executive Director, is the Board’s
designated Director for workforce
engagement, and in this role acts as
the primary conduit between Informa’s
HR leadership team and the Board
• Several Non-Executive Directors have
elected to provide sponsorship and
mentoring to the Group’s colleague-
led AllInforma diversity and inclusion
networks, allowing the Board to gain
deeper insight into the Company’s
culture and diversity through
meetings, events and correspondence,
demonstrating endorsement from
the top
• Interviews: several of the Non-
Executive Directors participated in
interviews which were posted on the
Group’s intranet site
Colleague Surveys
• The Board reviewed the results of the 2021
Pulse survey that this year focused on
colleagues’ views on balanced and remote
working, support, leadership, and diversity
and inclusion
• Informa conducted its first census among
the two largest colleague populations in
the UK and US, with approximately two
thirds of eligible colleagues contributing
on a voluntary and confidential basis
• The Board regularly receives reports from
the Director of Investor Relations and
Communication, the Group HR Director
and the Chief Diversity & Inclusion Officer
on colleague-focused initiatives and
engagement that include diversity
and inclusion
Compliance
• The Board oversee the implementation
of the Company’s policies covering
anti-bribery and corruption, anti-money
laundering, anti-slavery and human
trafficking, data protection and cyber
security, including ensuring that
appropriate processes are adopted by
the businesses and training provided
• At least annually, the Board is provided
with a review of the Company’s
whistleblowing process, Speak Up,
including summaries of how any matters
raised have been dealt with
Health and Safety
• The Group Head of Health, Safety
and Security presents to the Board at
least annually
• In 2021, as for 2020, the Board received
regular updates from the Health and Safety
team on the pandemic
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 115
RELATIONS WITH STAKEHOLDERS
The quality of the Group’s relationships and engagement with
its key communities and stakeholders, namely its colleagues,
Shareholders, customers and business partners, is critical
to ensuring that Informa continues to be successful in the
long term.
These four groups have long been identified by the Directors
as being those of most importance to the Group, based on the
role they play in Informa’s business model and strategy, and a
determination as to the parties most likely to be impacted by
decisions made.
The Board builds and maintains its understanding of
Informa’s stakeholders and their interests in a variety of
ways, through direct engagement and via reports from
senior management on business-led interaction. In this way,
the Board can be fully conscious of the views of Informa’s
stakeholders and be responsive to their priorities, balancing
interests and acting fairly between parties when making
decisions as to the future direction of the Group.
The various stakeholder perspectives are taken into
account in all decision making by the Board in order to deliver
a clear strategy for long-term business growth, to generate
sustainable capital returns, to preserve a supportive
culture and to maintain sustainable and responsible
business practices.
Further details on how these different interests were
considered during 2021 can be found in the Section 172
statement on pages 46 to 48.
Relationships with Colleagues
Direct colleague engagement is a responsibility that all
Directors share, are involved with and enjoy.
The Board engages with the workforce as a whole, which we
consider to be all colleagues directly employed by Informa.
Where possible, the Directors prefer engaging in person as
a way to form deeper connections and understanding.
Under normal circumstances, pre COVID, the Board had a
full engagement programme with colleagues, consisting of
town halls, lunches and events where they discussed a wide
variety of topics including strategy, leadership, diversity,
compensation and balanced working.
Due to COVID restrictions on travel the Board’s engagement
programme was curtailed in 2021 but will be reinstated for
2022 when it will again act as a complement to the broader
communications and support activities outlined on pages 32
to 36. Nevertheless, and notwithstanding continued COVID
restrictions, during 2021:
• Several Directors took part in Informa’s Walk the World
charity events alongside colleagues in the UK and US and
attended the Informa Awards ceremony in London to meet
colleagues and teams
• The Chair attended and spoke at Informa’s senior
management event, engaging with around 40
business leaders, and invited members of Informa’s
colleague-led networks
• Helen Owers maintains an ongoing relationship with the
HR leadership team and undertakes deep dive reviews
of colleague matters where relevant and appropriate.
Helen also judged the Top Team category at the 2021
Informa Awards, reviewing entries and presenting
the award
• Recognising the importance of two-way knowledge sharing,
the Directors also explain their roles to colleagues and
share their professional experience and insights.
Helen Owers was interviewed for an International
Women’s Day intranet article and the Chair participated
in an interactive virtual ‘get-to-know-you’ series following
his appointment
Relationships with Shareholders
One of the Board’s principal responsibilities is to generate
value for Informa’s Shareholders. This engagement is
undertaken in a variety of ways in order to ensure that all
Directors have a clear understanding of their views.
• Non-Executive Director engagement with investors is led by
the Chair and assisted by the Director of Investor Relations.
The Audit and Remuneration Committee Chairs engage
directly on matters relevant to their remit. The Senior
Independent Director remains available to meet and speak
with Shareholders, as do the other Directors on request
• Each year the Chair undertakes a dedicated investor
roadshow, with an open agenda, to understand their
priorities and focus
• The Director of Investor Relations provides an update
at each Board meeting detailing key Shareholder data,
feedback from investor meetings, and sell-side analyst
reports. The debt holder engagement programme is
overseen by the Group Finance Director, supported by
the Group Treasurer
• During 2021, the engagement programme included an
introductory roadshow for the Chair when he met with
around 25 investors holding circa 50% of Informa’s share
capital, as well as introductory meetings for the Chair-Elect
of the Remuneration Committee, as described on page 132
• Informa’s Capital Markets Day in December was attended
by the Chair and presented an opportunity for sell-side
analysts and Shareholders to engage directly
The Annual General Meeting (AGM) continues to be a
valuable forum for the Board to engage with investors,
and retail investors in particular, and, in a normal year,
all Directors are encouraged to attend.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 116
Board Leadership and Purpose
continued
Relations with Business Partners
Informa relies on a range of business partners to run
day-to-day operations and deliver products and services
successfully. The Board recognises that strong, collaborative
and sustainable relationships built on trust and aligned goals
help to deliver mutual benefit and value, mitigate risk and
support the delivery of the Company’s strategy.
• Direct business partner engagement is led by colleagues
within specialist functions with updates on significant
strategic partnerships, and any material supplier
engagement, provided to the Board through the reports
of the Executive Directors
• The Board ensures that its Speak Up whistleblowing facility
is available to suppliers, with updates provided on any
reporting trends or outcomes on a regular basis
• Counterparty risk monitored through the Audit and
Risk Committees
Due to the ongoing UK Government restrictions on public
gatherings due to the pandemic, Shareholders were invited
to attend and participate in the 2021 AGM via a live webcast,
and were able to submit questions in advance.
All resolutions put to the AGM were approved by the requisite
majority with the exception of the resolution to approve
the Directors’ Remuneration Report. Since the AGM, the Board
has undertaken a detailed engagement programme with
investors to discuss their main concerns and further details
are given in the Directors’ Remuneration Report on
pages 132 to 155.
The 2022 AGM will be held on 16 June 2022 at 240 Blackfriars
Road, London SE1 8BF.
Relations with Customers
Informa’s purpose is built around serving customers and so
maintaining strong relationships with our customers, based
on understanding their needs, is a material part of the
business model.
Customers primarily come to Informa for specialist and
high quality knowledge and connections that address their
market and help them achieve more in their businesses and
professional roles. This consideration is paramount for the
Board, as are considerations around continuous product
enhancement, responsive customer service and good value.
Direct customer engagement happens at all levels of the
business, including by the Executive Directors, with key trends
and data shared with the Board as a whole.
• Updates on customer trends, major relationships and
KPIs are provided by the Executive Directors and through
presentations and discussions with Divisional CEOs and
other senior management
• Detailed presentations on each business, including
customer trends, are a focus for the Board’s annual strategy
meeting and at other times where relevant. In 2021, this
included a deep dive into the Pharma Intelligence business
• The Non-Executive Directors also build an understanding of
customer and user viewpoints through product showcases,
which in 2021 included product demonstrations of Taylor &
Francis F1000 brand and journals platform
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 117
Division of Responsibilities
The roles of Chair and Group Chief Executive are exercised by
separate individuals and have clearly defined responsibilities.
The division of responsibilities between the Chair, Group Chief
Executive, Senior Independent Director and Non-Executive
Directors is reviewed annually by the Board and available on
our website.
All Directors have access to the advice and services of
our Company Secretary. The Company Secretary is also
responsible for advising the Board, through the Chair, on all
governance matters and supporting the Board in ensuring
that the right policies, processes, information and resources
are available to allow them to function effectively
and efficiently.
INDEPENDENCE
The majority of Informa’s Board members are independent
Non-Executive Directors who bring strong, independent
judgement to the boardroom by supporting and constructively
challenging the Executive Management Team on its proposals.
Their knowledge and experience provide a balance of views
that carry significant weight in the Board’s decision-making
process. The Board considers all of its Non-Executive
Directors to be independent in character and judgement.
DIRECTORS’ CONFLICTS OF INTEREST
The Company’s Articles of Association (the Articles) authorise
the Board to approve any matter that would otherwise result
in a Director breaching their duty to avoid a conflict of
interest. Procedures have been established which require
Directors to notify the Chair and Company Secretary of all
new external interests and any actual or perceived conflicts
of interest that may affect their role as a Director of the
Company. As part of this process, the Board:
• Considers each conflict situation separately according to the
particular situation, minuting as necessary
• Considers the conflict situation in conjunction with the
Company’s Articles
• Keeps records on authorisations granted by Directors and
the scope of any approvals given
• Regularly reviews conflict authorisations
The majority of Informa’s Directors hold shares in the
Company, although the level of individual shareholdings does
not constitute a material holding in the context of the Group’s
investor base. Full details of Directors’ shareholdings can
be found in the Directors’ Remuneration Report on pages 132
to 155.
If Directors need to access independent advice about the
performance of their duties, they are entitled to do so at
the Company’s expense.
COMMITMENT
As required by the Code, the Nomination Committee, on
behalf of the Board, annually reviews the Non-Executive
Directors’ ability to allocate sufficient time to the business
in order to discharge their responsibility effectively.
The Chair and Non-Executive Directors have letters of
appointment which set out the average anticipated time
commitment for their positions. Directors are also expected
to allocate sufficient additional time as is necessary to meet
the expectations of their roles, including spending time in the
business and ongoing development of their knowledge of
the Group.
During 2021 the Board as a whole showed its sustained
commitment to the Company as it continued to manage the
impacts of the COVID-19 pandemic on its business and
develop the new GAP II approach. Above and beyond this, the
Directors continue to contribute additional time and expertise
to the Company, particularly when it comes to engaging with
colleagues, participating in key cultural events and initiatives,
and interacting with Shareholders.
All Directors are required to disclose any additional
appointments or other significant commitments and these
are detailed in the biographies on pages 104 to 107.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 118
Composition, Succession and Evaluation
BOARD COMPOSITION
At 31 December 2021, the Board comprised the Chair, three
Executive Directors and eight independent Non-Executive
Directors. Biographies for each Director can be found on
pages 104 to 107 and on the Company’s website.
As discussed in the Board Chair’s introduction on pages 100
to 103, there were several changes to the Board during 2021.
Patrick Martell was appointed as an Executive Director in
March, with Louise Smalley and Joanne Wilson joining as
Non-Executive Directors in October and Zheng Yin joining
as a Non-Executive Director in December.
There were also two planned retirements during the year.
Derek Mapp retired as Chair of the Board and Gareth Bullock
stood down as a Non-Executive Director and Senior
Independent Director at the conclusion of the AGM in June.
Details of the appointment process for the new Directors are
set out on page 122.
Prior to recommending reappointments at the AGM, the
Board considers whether each Non-Executive Director
continues to be independent and to appropriately challenge
management, as well as each other, in Board and Committee
meetings. Following review, the Board has reaffirmed that
each of the Non-Executive Directors is able to offer an
external perspective on the business, constructively challenge
and scrutinise activities, continue to be independent in
character and judgement, and has the required experience
necessary to perform their role as an independent Director.
BOARD APPOINTMENTS
The Nomination Committee leads the process for all
Board appointments and its report follows on pages 120 to
123. All Non-Executive Directors are appointed for an initial
three-year term, subject to their election by Shareholders at
the first AGM following their appointment. The expectation
is that the appointment will continue for a total term of nine
years from the first AGM, subject to reappointment by
Shareholders annually.
Letters of appointment are provided to each Non-Executive
Director and these are available for Shareholders to view
at the Company’s registered office during normal
business hours.
BOARD INDUCTION
A formal comprehensive induction to the Group is provided
to all Directors on first joining the Board. It is designed to be
individually tailored to provide new Directors with a good
understanding of Informa’s business structure, Operating
Divisions and markets. The induction is co-ordinated by the
Company Secretary with oversight by the Board Chair and
includes dedicated time with members of the Executive
Management Team and other key colleagues. The programme
is tailored based on experience and background and the
requirements of the new Director.
INDUCTION PROCESS
Louise Smalley and Joanne Wilson were appointed as
Non-Executive Directors on 1 October 2021.
Their induction programme took account of Louise
and Joanne’s current and previous roles on UK listed
companies and was divided into three distinct sections:
1.
2.
3.
Pre-appointment
Prior to their appointments, both Louise and
Joanne held calls with all Board members and
the Company Secretary. Joanne, who would be
appointed to the Audit Committee, also spoke to
the external audit lead partner while Louise, who
would become Remuneration Committee Chair-
Elect, spoke to the Group HR Director.
Strategy days
Both Louise and Joanne joined the Board and
senior management at the 2021 Strategy days.
During these sessions, presentations were given
by the Divisional CEOs or leads on:
• Group strategy
•
•
•
•
•
• Talent
Informa Intelligence
IIRIS
Informa Tech
Informa Markets
Informa Connect
One-to-one meetings and Informal sessions
also took place over the three days, giving Louise
and Joanne further opportunities to meet key
colleagues and obtain insight into the
Group’s businesses.
Post appointment
•
•
•
•
Louise and Joanne were given access to Board
and relevant Committee papers for the
previous 12 months as well as to Board
governance policies and procedures
Further meetings were arranged with
Divisional CEOs and the President of IIRIS
Access was made available to the training
and development programmes provided to
the incumbent Non-Executive Directors
during the year
Both held separate meetings with key members
of Executive Management Team and external
advisers as appropriate for their respective
roles as Remuneration Committee Chair-Elect
and member of the Audit Committee
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 119
DIRECTOR DEVELOPMENT AND TRAINING
BOARD EVALUATION
In order for the Directors, and the Non-Executives in
particular, to refresh and update their skills and knowledge of
the Group, a rolling series of knowledge and technical-focused
presentations and discussions are arranged. These allow the
Non-Executive Directors to deepen their knowledge of
Informa’s business and the markets in which they operate.
In 2021, subject matters included several of the business
areas and trends important to Informa’s digital and data
acceleration strategy:
• An overview of the markets for audience development and
digital demand generation services and an introduction to
the IIRIS business
• Several digital product demonstrations from Taylor &
Francis including the F1000 open research platform, ebooks
platform and insight into the digital customer journey on
the Taylor & Francis online journals platform
• Deep dives into the data and insight products delivered by
the Maritime Intelligence and clinical trials services provided
by Pharma Intelligence
In addition, on request, the Company Secretary arranges
for further information to be provided or additional
briefings arranged.
Recommendation
Action taken in 2021
An externally facilitated evaluation of the Board and its
Committees was undertaken in early 2021 by No. 4, an
independent consultancy which has no other connection
to the Company or any individual Director.
The review was conducted via a series of interviews with all
Board colleagues, as well as Divisional CEOs and key external
advisers, including the lead external audit partner, the
Group’s corporate broking and financial advisers, and our
remuneration adviser. No. 4 also attended the February 2021
Board and Audit Committee meetings as an observer.
The recommendations arising from the evaluation were
considered by the Board. Overall, the outcomes were very
positive, highlighting in particular the Board’s effectiveness
and its ability to work well together in a collegiate atmosphere,
the commitment and support received from the Non-
Executive Directors, and the mutual respect and trust
between the Directors.
The following actions have been taken during 2021 in relation
to the recommendations made:
To broaden diversity on the Board, in expertise
as well as ethnicity
Develop and strengthen the relationships
between the Directors and with Executive
Management
Three new Non-Executive Directors and an Executive Director were appointed to the
Board during the year. The appointments enhanced the Board’s knowledge in talent
development and management, remuneration and reward, financial experience and
Asia-based senior executive experience, an area of increased operation for Informa.
As a result of these appointments, at the end of the year the female representation on the
Board had increased to 42% (2020: 30%) and we met the Parker Review recommendation
to increase ethnic diversity on UK boards
While remote meetings had worked well, it was important for the Board and senior
management to meet in person again in order to strengthen existing relationships and
build relationships with new members. All incumbent Directors were able to attend the
September strategy meetings in person, where they were also joined by Louise Smalley,
Joanne Wilson and Divisional management. Time was also provided for attendees to meet
informally. Subject to prevailing restrictions, the Board proposes to return to its schedule
of physical meetings and dinners in 2022.
To provide enhanced training and development
for Board colleagues
A series of teach-ins were arranged for the Non-Executive Directors as detailed above.
In addition, advisers joined Board and Committee meetings to provide insights into the
macro environment and UK regulatory updates.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 120
Nomination Committee Report
John Rishton
Committee Chair
COMMITTEE MEMBERS AT 31 DECEMBER 2021
John Rishton
Committee Chair
Mary McDowell
Senior Independent Director
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 (Senior
Independent Director) retired from the Board and stepped down
from the Committee at the conclusion of the AGM in June 2021.
DEAR SHAREHOLDER
2021 was another busy and productive year for the
Nomination Committee (the Committee), and I am
pleased to present this report to Shareholders.
The Committee’s key responsibility is to ensure that the
Board has the necessary capabilities to lead Company,
keeping the Board and Committees’ structure under review,
recommending and overseeing new Board appointments.
With the planned retirement of two Board colleagues at
the 2021 AGM, we undertook a full review of the skills and
experience that would best support the Group’s growth and
strategy. This has resulted in an expansion of the Board, a
deepening of capabilities in important areas and a greater
balance of backgrounds and experiences.
The Board appointed three new Non-Executive Directors
during the second half of 2021: Louise Smalley and Joanne
Wilson in October and Zheng Yin in December. Additionally,
the Committee recommended the appointment of Patrick
Martell, Group Chief Operating Officer, as an Executive
Director from March 2021.
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
recommendations of the Hampton-Alexander Review. We also
comply with the three recommendations set out in the Parker
Review on ethnic diversity.
The Committee’s programme of activities in 2021 also included:
• Approving the 2020 Nomination Committee Report prior to
publication of the 2020 Annual Report
• Reviewing the time commitment required from each
Non-Executive Director, and their other external
appointments, before recommending the appointment
of all continuing Directors at the 2021 AGM
During the year, the Committee also considered Informa’s
talent development and succession management.
Nurturing and developing talent already in the business was
a key topic for the external evaluation conducted at the
beginning of the year. To support this focus, the Committee
invited the Executive Directors and key members of senior
management, including the newly appointed Group HR
Director, to a discussion on the Group’s talent strategy
in September.
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
and ethnic groups, led by the Group Chief Executive and
supported by our Group HR Director and Chief Diversity &
Inclusion Officer.
John Rishton
Chair, Nomination Committee
14 March 2022
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 121
COMMITTEE GOVERNANCE
BOARD CHANGES
• All independent Non-Executive Directors are members of
the Committee
• The Group Chief Executive is invited to attend Committee
meetings but is not a member. The Company Secretary
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
independent professional advice as necessary. No such
advice was sought during 2021
• The Committee has written terms of reference. These were
updated in December 2021 and are available on our website
www.informa.com
We welcomed three new Non-Executive Directors to the
Board during the year, with Louise Smalley and Joanne Wilson
joining on 1 October 2021 and Zheng Yin joining on
20 December 2021.
The appointments were conducted in accordance with our
Board Diversity & Inclusion Policy and an agreed process,
laid out on page 122. Hedley May, an independent executive
search firm with no other relationship to the Company or any
Director, was appointed to assist with the process. Hedley May
has adopted the Voluntary Code of Conduct for Executive
Search Firms on gender diversity and best practice.
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
on the Board and identifying and
recommending suitable candidates for
appointment to the Board and to the
Company’s standing Committees.
Induction and training: To ensure that
new Directors undertake an appropriate
induction programme and that all Board
members receive ongoing training to
develop their knowledge of the Group and
the environment in which it operates.
Succession planning: To develop and
maintain appropriate succession plans
for the Board and review similar plans for
senior executives.
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
three years.
Diversity and inclusion: To set and report
on the Company’s diversity objectives and
strategies and to monitor diversity and
inclusion initiatives across the Group,
ensuring that critical people reporting
requirements, such as in relation to UK
gender pay gap, are met.
The Directors were chosen for their skills, knowledge,
experience and ability to support the Group in areas that are
strategically important. Louise brings extensive knowledge in
talent development and management, remuneration and
reward to the Board having served as Group HR Director at
Whitbread plc. She became Chair-Elect of the Remuneration
Committee on appointment and became Chair of that
Committee on 1 January 2022.
Joanne brings additional strong financial and operational
experience to the Board, and is currently Chief Financial
Officer of Britvic PLC. This additional financial experience will
be particularly valuable to the Group in light of the recent
proposals on UK audit reform made by the UK Government’s
Department for Business, Energy & Industrial Strategy.
Joanne was appointed as a member of the Audit Committee
from appointment.
Zheng brings significant senior executive experience
operating in Asia, through his current role as Executive Vice
President, China at Schneider Electric and previous senior
roles in the region. This will provide the Board with valuable
on-the-ground insights into the economic and commercial
trends in China and Asia, a significant and growing trading
region for Informa.
Patrick Martell was appointed as an Executive Director on
1 March 2021. Patrick has been Chief Executive of the Informa
Intelligence Division since November 2014 and Group Chief
Operating Officer since January 2019. His customer and
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
ongoing strategy of market specialisation and digitisation.
As described in last year’s report, Derek Mapp retired as
Board Chair in June 2021, and additionally Gareth Bullock
retired from the Board and the position of Senior Independent
Director at the same time. The Committee thanks Derek and
Gareth for their significant contributions and support.
As a consequence of these appointments and retirements:
• John Rishton became Chair of the Board in June 2021,
stepping down as both Chair and a member of the Audit
Committee at that time
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 122
Nomination Committee Report
continued
• Gill Whitehead was appointed as Chair of the Audit
DIVERSITY AND INCLUSION
Committee in June 2021
• Mary McDowell was appointed as Senior Independent
Director in November 2021 and stepped down from the
Remuneration Committee in January 2022
• Stephen Davidson stepped down as Chair of the
Remuneration Committee in January 2022
Informa continues to recognise and encourage diversity in its
broadest sense throughout the Group, by fostering a working
environment based on respect and inclusion, ensuring
all colleagues are able to participate on an equal basis
regardless of gender, age, disability, ethnicity, education
and social background.
The Committee confirmed that all Directors standing for
re-election at the AGM continue to be independent and that
the overall balance of knowledge, skills, experience and
diversity ensures that each makes a valuable contribution
to the Board. In 2021, as in previous years, the Directors’
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
held over until the next scheduled meeting.
SUCCESSION PLANNING
The Committee regularly reviews succession plans for the
Board and key members of senior management. Plans for the
Executive Directors are prepared on an immediate, medium
and long-term basis, reflecting the significance of their
responsibilities in the Group.
Succession plans for the Non-Executive Directors reflect the
nature of their roles and the requirements for the Code for
the Board to be regularly refreshed.
The Committee also monitors the talent and performance
management of key senior executives across the Group
under the direction of the Group Chief Executive. In light
of the importance of leadership and talent to the GAP II
programme, the Committee invited all Board members, plus
Louise Smalley and Joanne Wilson, to participate in a detailed
review of Informa’s talent programme in September 2021 to
ensure the Company continues to have the right skills and
resources to deliver its strategy. The review included a
presentation from the Group HR Director.
BOARD BALANCE
NON-EXECUTIVE
TENURE
• 42% Female
• 58% Male
• 44.5% 0–3 years
• 11% 3–6 years
• 44.5% 6–9 years
The Board continues to be guided by the targets set by
the 30% Club, an international organisation working to
increase the representation of women and diverse talent
at all levels, as well as the Hampton-Alexander Review.
Female representation on the Board currently stands at 42%
and we aspire to continue to improve the gender balance of
leadership teams and senior management.
BOARD APPOINTMENT PROCESS
Composition review: The Committee reviewed
the structure, size and composition of the Board.
Consideration was given to specific skills required by new
appointees, including their experience, knowledge and
the benefits of a diversity of perspectives, in light of
the Group’s long-term strategic direction, external
environment and the need to allow for progressive
refreshing of the Board.
Role brief: The Committee, with the support of
consultant Hedley May, prepared a comprehensive
brief for the roles and personal specifications, setting
out clear criteria against which candidates could be
objectively assessed. The Committee exclusively works
with external search agencies that have adopted the
Voluntary Code of Conduct for Executive Search Firms
on diversity and best practice.
Longlist and shortlist: Under the leadership of the Chair,
the Committee received a balanced longlist of high
quality candidates from the external search agency.
Where possible, shortlisted candidates were interviewed
in person by the Board Chair and Group Chief Executive,
with other Committee members speaking to them via
video conference. For the appointment of Zheng Yin,
it was not possible to conduct in-person interviews
due to travel constraints imposed as a result of the
COVID-19 pandemic.
Preferred candidates were invited to speak to all other
members of the Board before any final decision was
made. References were also taken up.
Review and recommendation: Potential conflicts of
interests and significant time commitments of the
proposed candidates were reviewed prior to the
Committee making its recommendations.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 123
The Board also supports the findings of the Parker Review
on the ethnic diversity of boards, which makes three main
recommendations: namely, to increase the ethnic diversity on
UK boards; to develop candidates and plan for succession by
developing mechanisms to identify, develop and promote people
of colour; and to describe the board’s policy on diversity.
Board Ethnic Diversity
As part of expanding the Board’s skills and experience and
supporting Informa’s international operations, we sought to
recruit a Non-Executive Director based in Mainland China
or Hong Kong, which also aligns with the Parker Review’s
recommendation on increasing ethnic diversity on UK boards.
In this, we were supported by our executive search partner who
provided an appropriate longlist of candidates. We subsequently
appointed Zheng Yin, a Chinese national with deep and current
knowledge of operating in China, along with international
commercial experience.
Colleague Development
Colleagues continue to be one of Informa’s most important
assets. Maintaining a balanced mix of talent and diversity, at all
levels, brings competitive advantage to the Group and provides
support for the Group’s future growth and potential.
The Committee and the Board continue to actively sponsor the
Group’s AllInforma diversity & inclusion programmes to connect
and support colleagues from different backgrounds and ensure
that the business recruits and retains a diversity of talent.
In the area of ethnic and racial diversity, John Rishton is the
Non-Executive sponsor for the AllInforma Nations colleague
network and regularly engages with its leaders to gather their
perspectives before sharing insights with the rest of the Board.
Board Policy on Diversity & Inclusion
The Board’s Diversity & Inclusion Policy was recently reviewed
and updated to reflect best practice and the Board’s
commitments. The Policy describes the Board’s firm belief
that in order to be effective, it must reflect the environment
in which it operates, and that diversity in the boardroom
can have a positive effect on the quality of decision making.
It articulates that appointments must be made on merit
against a set of objective criteria, developed with
consideration of the skills, experience, independence and
knowledge that the Board as a whole requires to be effective.
As stated above, female representation on the Board
currently stands at 42% and there is one Director from
an ethnic minority background.
UK Colleagues and Gender Pay
The Group will shortly publish its 2021 Colleagues and Pay
report, setting out any difference between the average pay of
female and male colleagues in the UK.
As at April 2021, the Group’s UK gender pay gap stood at 24.4%
(2020: 21.3%), with the national average gap at 15.4%. Informa’s
gap continues to be driven by a greater number of men than
women in senior roles that tend to attract a higher salary and
bonus. Greater balance is evident in colleague numbers and pay
within the other three quartiles. The median bonus pay gap
was 41.9%.
Informa continues to operate an Apprenticeship Scheme in the
UK and a Graduate Fellowship Scheme based in the UK with
international exposure, as additional ways of attracting early-
career talent. Informa remains accredited by the UK Living
Wage Foundation.
Board and colleague balance by gender:
Group colleagues
Senior leadership and direct reports
Directors
EXPERIENCE AND SKILLS
At 31 December 2021
At 31 December 2020
F 5,969
M 4,030
F 63
M 141
F 5
M 7
F 60%
M 40%
F 31%
M 69%
F 42%
M 58%
F 6,465
M 4,480
F 60
M 150
F 3
M 7
F 59%
M 41%
F 29%
M 71%
F 30%
M 70%
As part of the external evaluation undertaken during early 2021, the balance of executive skills and experience on the Board was
reviewed. Following the various Board changes highlighted above, the current experiences and skills of Board members are set
out in the table below.
Sustainability
UK listed company governance
Remuneration and talent
Media and publishing
Business to business operations
Digital and technology
6/12
8/12
9/12
9/12
Risk management
Financial expertise
11/12
9/12
6/12
Business transformation and integration
Regulatory affairs
7/12
10/12
5/12
Leadership experience in international business
12/12
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 124
Audit Committee Report
DEAR SHAREHOLDER
On behalf of the Audit Committee (the Committee),
I am pleased to present the report for the year ended
31 December 2021.
This is my first report as Committee Chair following my
appointment at the conclusion of the 2021 AGM in June and I
would like to thank my predecessor, John Rishton, for his work
as Committee Chair, particularly given the unique challenges
posed by the COVID-19 pandemic. John’s continued support as
Board Chair is also appreciated.
The report describes how the Committee has discharged its
duties and responsibilities during the year under review.
These duties and responsibilities remain unchanged from
previous years and are summarised on page 125.
During 2021 the Committee continued to monitor the impact
of the COVID-19 pandemic on the Group’s business strategy
and internal controls and risk management framework.
The Committee also considered the implications of the
forthcoming regulatory initiatives on the Group, including
those arising from the Brydon Review, the Kingman Review
and the Department for Business, Enterprise & Industrial
Strategy (BEIS) White Paper Restoring Trust in Audit and
Corporate Governance.
The triennial valuations of our defined benefit pension
schemes also concluded during the year. The strength of
Informa’s financial position and ongoing ability to contribute
to the schemes resulted in a balanced and pragmatic
approach being taken by the Trustees. This response proved
to be judicious in light of the improvements to equity markets
since the valuation date. Further details are given on page 128.
During the first half of 2022, the Committee’s focus will be on
undertaking a tender for external audit services. Deloitte LLP
has provided external audit services to the Group since 2004.
EU regulations now incorporated into UK law, and the 2014
Order by the UK Competition and Markets Authority impose
mandatory tendering and rotation requirements. Details of
the tender process and timeframe are set out on page 130.
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
Informa during 2021.
Gill Whitehead
Chair, Audit Committee
14 March 2022
Gill Whitehead
Chair
COMMITTEE MEMBERS AT 31 DECEMBER 2021
Gill Whitehead
Committee Chair since June 2021, member since August 2019
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
June 2021
Gareth Bullock retired from the Committee and the Board at the
conclusion of the 2021AGM
DU R I NG 2 021
T H E COM M I T T E E
CON T I N U E D TO
MON I TOR T H E
I M PAC T OF T H E
COV I D -19 PA N DE M IC
ON T H E G ROU P ’ S
BUS I N E S S S T R AT E G Y
A N D I N T E R NA L
CON T ROL S A N D
R I S K M A NAG E M E N T
F R A M EWOR K
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 125
COMMITTEE GOVERNANCE
• Gill Whitehead has chaired the Committee since June 2021.
Gill is a Fellow of the Institute of Chartered Accountants and
has significant financial experience in a number of sectors
• All members of the Committee are independent Non-
Executive Directors and the Board is satisfied that the
Committee as a whole has knowledge and competence
relevant to the markets in which Informa operates. The mix
of financial and business experience of members allows for
effective discussion, challenge where appropriate and
oversight of critical financial matters
• Gill Whitehead and Joanne Wilson are considered to have
recent and relevant financial experience as required by
the Code
• All Non-Executive Directors have an open invitation
to attend Committee meetings and are particularly
encouraged to attend those that consider the full-year
and half-year results
• Other regular attendees at Committee meetings include the
Board Chair, Group Chief Executive, Group Finance Director,
Group Chief Operating Officer, Company Secretary, Head of
Internal Audit, other members of senior management and
representatives from the external auditor, Deloitte. None of
these attendees are members of the Committee
• At the end of each scheduled meeting the Committee holds
private discussions with either the Head of Internal Audit or
the external auditor, or both, without members of senior
management being present
• The Committee Chair holds regular meetings with the
Group Finance Director, the Head of Internal Audit, other
members of senior management and the external auditor
in order to ensure that any issues affecting the Group and
matters requiring meaningful discussion at Committee
meetings are identified
• 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
COMMITTEE DUTIES AND RESPONSIBILITIES
Financial reporting: To monitor the
integrity of the Company’s, and the
Group’s, financial statements and any
formal announcement relating to the
financial performance, review significant
financial reporting judgements, issues and
estimates, and confirm whether, taken as a
whole, the Annual Report and Accounts is
fair, balanced and understandable.
External audit: To assess the effectiveness
of the external audit process, review
and monitor the external auditor’s
independence and objectivity, develop
and implement a policy on the supply of
non-audit services by the external auditor
and make recommendations to the Board
about the appointment, reappointment
and removal of the external auditor, its
remuneration and terms of engagement.
Internal audit: To monitor and review the
effectiveness of the Internal Audit function
and the annual internal audit plan.
Risk management and internal controls:
On behalf of the Board, to review and
monitor the effectiveness of the Group’s
internal financial controls, and risk
management systems and procedures.
Compliance: Oversight of compliance,
whistleblowing and fraud programmes,
approving Group policies in relation to
accounting, tax and treasury matters
and monitoring legal and regulatory
requirements regarding financial reporting.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 126
Audit Committee Report
continued
KEY ACTIVITIES DURING 2021
The Committee has an extensive annual agenda that focuses on the audit, assurance and risk management processes within the
business. Key areas of focus during 2021 included:
Area of focus
Matters considered
Financial reporting
• The integrity and accuracy of the 2020 full-year and 2021 half-year financial results and the Annual
Report and financial statements, including whether they were fair, balanced and understandable (see
page 127 for further details)
• The appropriateness and disclosure of accounting policies and key judgements
• Whether the Group remained viable and that it continued to be appropriate to prepare financial
statements on a going concern basis (see pages 83 to 85 for further details)
Risk management and
internal controls
• The Group’s principal risks and the controls in place to mitigate those risks, the Group’s risk appetite and
tolerance and the process to identify and manage emerging risks (see pages 68 to 79)
• Divisional risks and risk management processes, including emerging risks and mitigating actions put
Compliance
Internal audit
External audit
in place
• The adequacy and appropriateness of the Group’s systems of internal controls and risk management
together with their effectiveness
• The work of the executive Risk Committee
•
Information security capabilities, particularly with regard to cyber security risks
• The adequacy of the Group’s whistleblowing procedures
• Data Privacy framework and key workstreams
• Management’s responses to instances of fraud or attempted fraud and the action taken to mitigate or
prevent fraud
• The Group’s anti-bribery and corruption policies and procedures
• The UK and key market regulatory environment and forthcoming regulatory changes including a
gap analysis
• Annual review of the Group Treasury Policy
• Tax governance framework and the Group tax policy
• 2021 internal audit plan and performance against the plan
• Reports on audits undertaken and the resolution of audit actions in a timely manner
• Effectiveness review of the Internal Audit function
• Plan for the audit of the Group’s 2021 full-year and half-year financial statements and associated fees
• Non-audit services provided by the external auditor and related fees
• Effectiveness and independence of the external auditor
HOW THE COMMITTEE SPENT ITS
2021 DEEP DIVES
TIME IN 2021
• 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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021
127
FINANCIAL REPORTING
The Board of Informa PLC has delegated authority to the Committee to review the content and tone of the preliminary results
announcement, Annual Report and financial statements and the half-year financial results.
Summary of the Committee’s Financial Reporting Cycle
February
2021
April 2021
June 2021
July 2021
December
2021
• Update on progress of
• 2020 full-year key
• Update on 2021 H1 key
• 2021 H1 key accounting
• Review of 2021 full-year
annual impairment
accounting issues and
accounting matters
matters approved
key accounting matters
testing
judgements approved
• External auditor interim
• Approval of the 2021 H1
• Approval of external
• Consideration of 2020
• Final report from the
review plan approved
going concern statement
auditor’s 2021 full-year
full-year key accounting
external auditor
issues and judgements
• Approval of the going
• External auditor update
concern and viability
on 2020 full-year audit
statements
• Early view on whether
• Recommendation to the
the 2020 Annual Report
Board that the 2020
and financial statements
Annual Report and
are fair, balanced and
financial statements,
understandable
being fair, balanced and
understandable, be
adopted and the
external auditor
reappointed at the AGM
• 2021 H1 report from the
audit plan and
external auditor
proposed fees
• Recommendation of the
2021 H1 financial results
to the Board
Fair, Balanced and Understandable Reporting
• Whether the overall message of the narrative reporting was
Provision 25 of the Code requires the Committee, on behalf
of the Board, to advise whether the Annual Report and
financial statements for the Company and the Group, taken
as a whole, is fair, balanced and understandable and provides
the information necessary for Shareholders to assess the
Company’s position and performance, business model
and strategy.
In order to make this recommendation to the Board, the
Committee considered the process for preparing the Annual
Report and the way in which the Group’s overall prospects
and financial position are disclosed.
Early drafts of the Annual Report were reviewed by the
Committee Chair and the Committee as a whole at various
stages and feedback provided, especially with regard to those
areas that would benefit from further clarity. In particular, the
Committee considered:
consistent with the financial statements and the wider
economic environment
• Whether the Annual Report was consistent with information
previously communicated to investors, analysts and other
stakeholders
• The consistency of content between the Strategic Report
and the financial statements
• The linkage between the Company’s performance, business
model and its strategy
• Whether suitable accounting policies had been adopted by
the Group
Before reaching its conclusion, and making a recommendation
to the Board, the Committee also considers a detailed analysis
from management on how the requirements of Provision 25
have been met in the Annual Report.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 128
Audit Committee Report
continued
Other Significant Matters
The key matters considered by the Committee during the year ended 31 December 2021 are set out below:
Impairment review
The Company is required to carry out a review every full year to assess whether there is any impairment to the value
of goodwill and intangible assets shown on the balance sheet, with a review at half year if trigger testing shows that
this is required. The review considers internal and external factors such as projected operating profits, future
long-term growth rates and discount rates. During 2021, the continued economic impact from the COVID-19
pandemic was also considered.
Management presented its assumptions around future operating profits, setting out the continued uncertainty
relating to the depth of the economic impact from the pandemic and the slower than forecast speed of recovery,
alongside the variability in the recovery across the geographies in which the Group operates. Further details on the
assumptions used in the impairment analysis are set out in Note 16 to the Consolidated Financial Statements.
At 31 December 2021 each Division showed sufficient headroom so that no impairment was required.
Information security
The Committee undertook two deep dives into the Group’s information security controls and cyber vigilance during
the year which showed that there had been marked progress over the last few years.
Pensions
A Technology Risk Forum has been established to address accountability for technology risk, develop a consistent IT
risk management process across the Divisions and reflect the reduced tolerance for IT risk in light of the Group’s
increased focus on digital products.
During the year a security testing exercise against the Group’s cyber defences took place and the results indicated
that Informa’s systems had remained resilient against attack, demonstrating significant improvements to network
security since the last exercise. In addition, a cyber simulation exercise to assess and test Informa’s readiness to a
ransomware attack took place in late 2021. The findings of that test were reviewed, and remediation action approved
for implementation during 2022.
The triennial pension valuations for the Group’s UK defined benefit pensions schemes, all of which are closed to new
joiners, completed during the year. While the Group’s defined benefit liabilities were small compared with many
other FTSE 100 companies, and low relative to Informa’s market capitalisation, the valuations of three of the four UK
schemes indicated a deficit. The liabilities of the fourth defined benefit scheme are fully matched by an insurance
policy so it is not in deficit.
The Committee reviewed the valuation results and noted that, in line with guidance from the UK Pensions Regulator
to use post-valuation experience, the improvement in market conditions since the March and September 2020
valuation dates has been taken into account by the respective Trustee Boards when calculating the required deficit
repair contributions from the Company. Further details are given in Note 34 to the Consolidated Financial Statements.
RISK MANAGEMENT AND INTERNAL CONTROLS
• Risk assessment: risk assessment is embedded into the
The Board is responsible for setting the Group’s risk appetite
and ensuring that there is an effective risk management
framework and has delegated responsibility to the Committee
for overseeing the effectiveness of the Group’s risk
management and internal control systems.
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
capital expenditure are closely monitored. Management
incentives are tied to annual and longer-term financial
results. These results include explanations of variance
between forecast and budgeted performance and are
reviewed in detail by senior management on a monthly
basis. Key financial information is regularly reported to
the Board
• Group Authority Framework: the framework provides
clear guidelines on approval limits for capital and
operating expenditure and other key business decisions
for all Divisions
operations of the Group and reports are provided to senior
management, the Risk Committee, Audit Committee and
the Board
• Compliance: compliance policies and procedures are based
on the US Federal Sentencing Guidelines and address the
wide variety of legislature and other requirements with
which the Group has to comply. Regular reports are
provided to the Board and senior management
The Board continues to recognise that risks must be taken
to achieve the Group’s business objectives and therefore
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
internal control arrangements. The system of internal controls
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
procedures should not exceed the expected benefits.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 129
The Executive Management Team, led by the Group Chief
Executive, regularly meets to review the Group’s operational
and financial performance, material risks and mitigating
actions, with each Division given operational autonomy within
a robust internal control framework.
Further information on the Group’s risk management
framework, the process to identify, evaluate and manage the
most significant risks and details of the Group’s principal risks
can be found on pages 68 to 79.
Risk Committee
The Committee has established and has oversight of an
executive Risk Committee, receiving minutes of all its
meetings and receiving a report on its work at each meeting.
The Risk Committee is responsible for ensuring that Group
risk is managed effectively, monitoring business risks and
their impact on the Group.
Membership of the Risk Committee comprises the Group
Finance Director (Chair), Group Chief Operating Officer, Group
General Counsel, Head of Internal Audit, Head of Group
Compliance, Chief Information Security Officer, Group HR
Director, Chief Commercial Officer, Head of Group Health,
Safety and Security, Group Risk Manager and representatives
from each of the Operating Divisions.
The Risk Committee meets quarterly and its principal
duties include:
• Providing guidance regarding the Group’s overall risk
appetite, tolerance and strategy
• Overseeing the Group’s current risk exposures and
recommending which risks should be recognised as the
Group’s principal risks
• Ensuring that a regular robust assessment of the principal
risks facing the Group is undertaken, including those risks
that would threaten its business model, future
performance, solvency or liquidity
• Reviewing the Group’s overall risk assessment processes
and the parameters of the qualitative and quantitative
metrics used to review the Group’s risks, and monitoring
mitigating actions
• Reviewing the effectiveness of the Group’s internal controls
and risk management systems, including all material
operational and compliance controls
• Reviewing the Group’s approach to, and management of,
Health and Safety risks, including the Health and Safety Risk
Appetite Statement
• Review the Group’s approach, and management of its
response, to varying data privacy regulations globally
• Reviewing the adequacy and security of the Company’s
whistleblowing arrangements for colleagues and
contractors to raise concerns in confidence about possible
wrongdoing in financial reporting or other matters
• Reviewing the Group’s instances of fraud and fraud
reporting to the Committee
• Reviewing the Group’s insurance arrangements
INTERNAL AUDIT
The co-sourcing partnership between the in-house Internal
Audit team and KPMG continued during 2021, all reporting to
a single Group Head of Internal Audit. The majority of the
work during 2021 was undertaken by the in-house team
with KPMG providing additional resources and expertise
where required.
KPMG ceased to provide internal audit services with effect
from 31 December 2021. The Group is currently finalising
discussions with a view to appointing a small number of
co-source internal audit providers to support the execution
of its 2022 internal audit plan.
At the first Committee meeting of the year, the annual internal
audit plan focusing on key risk areas and certain key financial
controls for the Group is reviewed and approved. In 2021, as
for 2020, the majority of audits were undertaken remotely
although it was possible for some to be undertaken in situ.
It is hoped that travel restrictions will ease during 2022,
thereby allowing a greater proportion of internal audit work
to be performed in person.
The Head of Internal Audit attends each Committee meeting,
tabling reports on:
• Any issues identified around the Group’s business
processes and control activities during the course of
its work
• The implementation of management action plans to
address any identified control weaknesses
• Any management action plans where resolution is overdue
An Internal Audit effectiveness review is carried out each
year to assess the delivery of the function and areas
for improvement.
COMPLIANCE
The Committee is responsible for overseeing the work of the
executive Risk Committee in its role of reviewing the Group’s
whistleblowing, fraud and bribery prevention procedures.
As well as reporting to the Committee, the Company
Secretary’s regular Board report contains an update on
whistleblowing, fraud and anti-bribery matters.
Whistleblowing
Informa has established procedures that enable any colleague
to report concerns in confidence. Concerns can be raised
through line managers, senior management or through
an independent and confidential whistleblowing service,
Speak Up, available in over a dozen languages. Speak Up has
been actively promoted over the last couple of years to
remind colleagues of its availability while they have been
mainly working from home.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 130
Audit Committee Report
continued
At least annually, the Group Head of Compliance reports
to the Committee on the concerns raised, highlighting any
themes and the actions being taken to strengthen processes
and create a consistent approach across the Group.
During 2021, the investigation processes of each Division
were reviewed and protocols and guidance updated
where necessary.
Towards the end of the year, 100 colleagues were surveyed via
anonymous email and in-person telephone conversations.
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
knowledge and tools to handle concerns correctly.
Fraud
Twice a year, the Committee receives a report on instances
of fraud or attempted fraud, management’s responses and
the actions taken to mitigate or eliminate the fraud risks
identified. The frauds or attempted frauds broadly fall into
customer fraud.
Cyber fraud continues to be an area of increased attention
although there was no impact on the business from phishing
emails received during the year. Regular phishing simulation
tests are undertaken and additional training implemented
for any colleague who fails. Stories on this subject are also
regularly published on Informa’s internal colleague social
intranet platform, Portal.
Bribery
Informa is primarily subject to the requirement of the UK
Bribery Act 2010 and the US Foreign Corrupt Practices Act as
well as a number of local and national anti-corruption laws.
At least annually, the Company Secretary reports to the
Committee on the Group’s processes and controls around
anti-bribery and corruption. The report provides the
Committee with information on the key areas of activity for
the Group’s anti-bribery programme such as: the risk
assessment process, including for third parties; proposed
changes to policies and procedures, including the Code of
Conduct; training and communication updates; and a
summary of any misconduct investigations undertaken.
Data Privacy
Informa is subject to an increasingly varied number of privacy
laws, including the EU General Data Protection Regulation
(GDPR), the California Consumer Privacy Act (CCPA) in the US
and Brazil, and the Personal Information Protection Law (PIPL)
in China. Following two years of increasing focus on our digital
transformation as a business, the Committee is regularly
informed of advancements in the Group’s privacy processes,
controls and responses to requests for data. An annual deep
dive report provides the Committee with information on
emerging risks, training developments, response to
enforcement activity e.g. Schrems II, and a summary of
potential privacy breaches.
EXTERNAL AUDITOR
Anna Marks was appointed as audit engagement partner for a
five-year term in August 2018. Anna is a senior audit partner
with significant expertise in the areas of audit, due diligence,
stock exchange and regulatory reporting in the UK and US.
As stated in the Committee Chair’s introductory letter,
Deloitte LLP (Deloitte) was first appointed as the Group’s
external auditor in 2004 and reappointed in 2016 following
an audit tender. Deloitte’s last eligible year to serve as the
Group’s auditor is for the year ending 31 December 2023;
however, the external audit tender process has been
accelerated to coincide with the audit partner rotation. As a
result, both Anna Marks and Deloitte’s final year will be to
31 December 2022.
The Committee takes its responsibility for the development,
implementation and monitoring of the Group’s policy on
external audit seriously. This policy assigns oversight
responsibility for monitoring independence, objectivity and
compliance with ethical and regulatory requirements to the
Committee, and day-to-day responsibility to the Group
Finance Director. It states that the external auditor is jointly
responsible to the Board and the Committee, with the
Committee as the primary contact. The policy also sets out
which categories of non-audit services the external auditor
will and will not be allowed to provide to the Group, subject
to de minimis levels.
Informa confirms that it was in compliance with the provisions
of The Statutory Audit Services for Large Companies Market
Investigation (Mandatory Use of Competitive Tender Processes
and Audit Committee Responsibilities) Order 2014 during the
year ended 31 December 2021.
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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 131
Non-Audit Services
External Auditor Effectiveness
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
auditor. This is because Deloitte’s existing knowledge of the
Group would result in the most efficient and effective way for
these services to be carried out.
The Committee regularly reviews the Non-Audit Services
Policy, and the resulting fees accrued, in order to safeguard
the ongoing independence of the external auditor and ensure
the Group complies with Financial Reporting Council’s Ethical
Standard for Auditors and other EU audit regulations.
The policy allows the external auditor to provide the following
non-audit services to the Informa Group:
• Audit-related services
• Reporting accountant services
• Assurance services in relation to financial statements within
an M&A transaction such as providing comfort letters in
connection with any prospectus that Informa may issue
• Tax advisory and compliance work for non-EEA subsidiaries
• 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
The policy also requires the following approvals to be
obtained and information provided:
• Pre-approval is required from the Committee Chair for all
non-prohibited proposed non-audit engagements where
the fees would be greater than £25k or if individual
engagements in aggregate in a year exceed £100k
• Pre-approval is required from the Committee Chair for any
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
years over a 70% ratio
• An analysis of all non-audit services from the external
auditor is presented to each Committee meeting by the
Group Finance Director
Details of all fees charged by the external auditor during
the year ended 31 December 2021 are set out in Note 7 to the
Consolidated Financial Statements. During the year, the Group
incurred non-audit fees totalling £0.3m (2020: £0.5m), being
8% (2020: 16%) of the 2021 audit fee.
The non-audit fees consisted of £0.2m in relation to the
half-year review and £0.1m for assurance in respect of
the EMTN programme annual update.
The non-audit fees incurred were disclosed and approved in
accordance with Group policy.
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
improvement. The review takes into consideration the quality
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
management. Performance is assessed according to whether
the audit exceeds, meets or is below expectations against a
variety of factors.
The Committee specifically considers the following items
during its assessment:
• Level of auditing skills and technical accounting knowledge
as well as the level of knowledge of the Group’s operations
demonstrated by the audit team
• Integrity, independence and objectivity of the audit team
• Accessibility and interaction with the Committee, including
briefings on significant and emerging issues
• Adequacy of audit scope, planning and use of technology
• Quality of partner, lead manager and specialists (if required)
• Robustness and efficiency of the audit
• Whether there was an appropriate focus on the material
risks facing the Group, including fraud
• Communications
• Value of insights
The Committee concluded that the quality, delivery and
execution of external audit services continued to be of a
high standard and consistent with the performance in
previous years.
COMMITTEE EFFECTIVENESS
In early 2021 an externally facilitated Board effectiveness
evaluation took place which concluded that the Committee
functioned to a high standard.
The Committee Chair also spoke to each of the Committee
members, the Group Finance Director, other members of
senior management and the external auditor in early 2022 to
obtain feedback on the workings of the Committee and to
discuss areas for improvement. The review concluded that:
• Committee meetings were well organised with a
disciplined approach
• Meeting papers contained the right balance of detail and
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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 132
Directors’ Remuneration Report
INTRODUCTION FROM THE BOARD CHAIR
John Rishton
Board Chair
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
both significant and longer lasting than many, or indeed any,
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,
in the short term we purposefully focused the Company,
both operationally and for incentives, on the immediate
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,
by the time of our AGM in 2021, that debate and differing
views on how best to manage incentives in the pandemic
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
this advisory vote in June last year and after extensive
consultation with Shareholders, we have chosen to respond
in depth and detail on our new and next Remuneration Policy,
as outlined below.
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
broadly, we hosted a number of group Teams calls for
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
and remuneration.
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:
In response to Shareholder feedback, we appointed
a new Remuneration Committee Chair, who took over at
the beginning of the 2022 financial year and has led the
consultation and engagement process on the new and
next Remuneration Policy.
8. Remuneration Committee Chair engagement:
On appointment, the Chair-Elect of the Remuneration
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 133
We have almost completely replenished the Board following
the appointment of three new Non-Executive Directors and
a new Senior Independent Director. In addition, through a
refreshed Remuneration Committee with new leadership,
we have now engaged extensively on a new
Remuneration Policy.
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
the outcomes of incentive awards which completed under the
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
since last June both open and constructive and this gives us
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
plan for growth and digital expansion, and our new Policy
proposals have been designed to align with these
strategic priorities.
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
at Informa.
John Rishton
Board Chair
14 March 2022
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 134
Directors’ Remuneration Report
2021 REMUNERATION OUTCOMES
By contrast, the ERP has aligned colleagues directly with
Shareholders around a common, long-term singular focus
to drive value back into the Group’s equity. Participants have
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
be highly engaging and in the current environment has,
undoubtedly, been a powerful tool for retaining and
motivating the 100+ senior leaders across the Group,
to the benefit of all stakeholders.
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.
This design feature ensures all participants are personally
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
the three-year vesting period if the plan criteria are met in full,
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
approach to short-term incentives was to set appropriate
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%
of the maximum opportunity where relevant.
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:
Stephen Davidson
Non-Executive Director
DEAR SHAREHOLDER
On behalf of the Remuneration Committee (the Committee),
I am pleased to report on the outcomes of short and long-
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
of time. As outlined previously, while Informa is a significant
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
on managing costs, preserving cash and further strengthening
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 135
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
implementation of cash control and cash retention
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
by year end, with minimal involuntary redundancies and
without accessing government support schemes.
Cash preservation was strong, with additional controls
introduced, although upgraded cash reporting was not
fully implemented by year end. As a result, the Committee
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
and compelling international colleague communications
programme using a range of engagement channels,
including regular town halls, videos and blogs. In addition,
the development of a mechanism to identify and support
colleagues experiencing particular challenges due to
the pandemic.
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
to specific financial targets where relevant, e.g. Cost
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
the maximum opportunity being earned in 2021.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 136
Directors’ Remuneration Report
2021 Remuneration Outcomes continued
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
performance outcomes would not be made until July 2021,
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
was successful
2. The Group’s cash position was secure
3. Market guidance was reinstated for improving
2021 performance
All three of these Control Conditions were met and so, for
the Executive Directors specifically, this meant that the net
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
maximum opportunity being earned in 2021.
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
of 2020 and 2021. As a result, the relevant measures for
the Executive Directors became: the continuation of total
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%).
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 137
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
ahead of the guidance set at the time of the Interim Results.
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
result, the Committee concluded the full 25% opportunity
had been achieved.
2. Digital and Data Services: Continued focus on
expanding Informa’s digital services offering, including the
creation of a customer data platform (IIRIS), establishing
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
video platform.
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
had been achieved.
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.
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
TSR performance for the Group remained below threshold
and so 50% of the LTIP did not earn any payment for 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
of COVID-19 disruption, ensuring the Group did not have to
implement further cost management measures, thus
protecting colleague roles and further strengthening the
balance sheet, to the benefit of all stakeholders.
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Directors’ Remuneration Report
2021 Remuneration Outcomes continued
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
on invested capital (ROIC) (40%).
Because of the measurement dates for the first and second
grant, all outcomes were determined through independent
verification in June 2021, on the anniversary of the completion
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
and more than £77.5m of cost savings were secured and
appropriately audited. This led to an incentive award of 60%
of the maximum AIP opportunity being achieved for the
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
was achieved.
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
to its Shareholders.
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
with the Group, so if we exclude this pool of colleagues, over
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
launch in 2019, with 14.6% of eligible employees now part
of this programme.
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 139
Directors’ Remuneration Report
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
in the years to come
• 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
the ERP programme has served the Company well for the
2021-2023 period but, from 2024 when the Company’s focus is
firmly back on growth and acceleration, it should move back to
a more performance-based LTIP, as was previously in place at
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
the conclusion of the ERP, as illustrated in the chart overleaf.
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 plans, allowing us, once again, to
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
a range of companies with a similar market capitalisation,
the Committee envisages implementing an LTIP with the
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
Louise Smalley
Chair of the Remuneration Committee
DEAR SHAREHOLDER
I am delighted to join the Board of Informa and take over as
Chair of the Remuneration Committee (the Committee). I would
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
to protect the long-term value of the business and while such
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
a forward approach to our new and next Remuneration Policy.
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
period, the ERP. This was approved by Shareholders in December
2020 and all three tranches of the plan were granted to the
Executive Directors and over 100 senior managers in the Group
in January 2022. Each tranche then becomes available to
participants in each respective year of the plan.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 140
Directors’ Remuneration Report
continued
Remuneration Policy Timetable
2021
2022
2023
2024
2025
2026
2027
2028
2029
2021-2023 Equity Revitalisation Plan
2021 ERP Tranche (3-year vesting period)
2-year holding period post vesting
2022 ERP Tranche (3-year vesting period)
2-year holding period post vesting
2023 ERP Tranche (3-year vesting period)
2-year holding period post vesting
2022-2024 Remuneration Policy
2024 LTIP Award (3-year vesting period)
2-year holding period post vesting
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
• 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
– Cash flow: 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
critical to driving Shareholder value and so having the ability
to incentivise management on the progress and milestones
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
and thus it would be expected that for an experienced industry
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.
2025-2027 Remuneration Policy
2025 LTIP Award (3-year vesting period)
2-year holding period post vesting
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.
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
Louise Smalley
Chair of the Remuneration Committee
14 March 2022
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 141
ANNUAL REPORT ON REMUNERATION
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.
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
Committee Chair from 1 January 2022
Zheng Yin
Appointed to the Committee on 1 January 2022
Mary McDowell
Stepped down from the Committee on 1 January 2022
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
in October 2021 and became Committee Chair in January
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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 142
Directors’ Remuneration Report
continued
COMMITTEE DUTIES AND RESPONSIBILITIES
Policy: To set the Remuneration Policy for
Executive Directors and the Board Chair,
and to review the Remuneration Policy
and strategy for members of senior
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
to approve any vesting and payment
outcomes of these arrangements.
Advisers: To select, appoint and set the
terms of reference of any independent
remuneration advisers.
KEY ACTIVITIES DURING 2021
The Committee met seven times in the year ended
31 December 2021 during which the following activities
were undertaken:
• 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
awards made to Executive Directors and leadership team
• 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
remuneration consultant in January 2021. As stated in the
2020 Annual Report, the Committee’s lead adviser moved
from Mercer Kepler to Ellason LLP at the start of 2021 and
the Committee decided to appoint Ellason in order to retain
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
meetings as and when invited.
Ellason is a member of the Remuneration Consultants
Group and voluntarily operates under the Code of Conduct
in relation to executive remuneration consulting in the UK.
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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 143
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)
(£)
Stephen A. Carter
Gareth Wright
Patrick Martell1
Salary2
Benefits and
allowances
2021
2020
2021
2020
2021
841,860
772,407
480,018
440,416
350,000
36,416
51,536
17,425
17,344
20,464
Payment in
lieu of
pension
210,465
210,465
120,005
120,005
35,000
Total fixed
pay
1,088,741
1,034,408
617,448
577,765
405,464
Short-term
incentive
awards3
Long-term
incentive
awards4,5
Total variable
pay
Total fixed
and variable
pay
749,255
789,665
427,216
385,934
327,813
852,441
896,099
364,530
383,203
591,974
1,601,696
2,690,437
1,685,764
2,720,172
791,746
769,137
1,409,194
1,346,902
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
April to June 2020 inclusive
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 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
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
The AIP awards granted in 2018 vested and became exercisable at 60% for Stephen A. Carter and Gareth Wright on 2 June 2021 and this has now been
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
at grant was 760.6p
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.
Stephen A. Carter
Gareth Wright
Patrick Martell
2021
Base
salary
£841,860
£480,018
£420,000
2020
Base
salary
£841,860
£480,018
n/a
2020
Received
salary
£772,407
£440,416
n/a
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION
144
Directors’ Remuneration Report
continued
Benefits and Allowances
The benefits received by the Executive Directors include one or more of: private healthcare, car allowance or driver costs in
lieu, ShareMatch matching share awards, professional advice, life assurance, travel insurance and travel expenses incurred for
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
of appropriate targets that would focus attention on the immediate priorities for the business. Performance targets were set
in four key categories, 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 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
& Engagement
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 145
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
of the objective, with input from all members of the Committee, other Board members and, where applicable, third parties.
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
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. As a result, the annual incentive award of 80% was reduced to 53.6%
of the maximum opportunity.
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
134 to 138, at the height of the pandemic in 2020, the Committee exercised its discretion to update some of the measures for the
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
outcome of this element of the award.
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.
Measure
TSR against comparator group
EPS CAGR
Cash returns
2020 operating cash flow
2020 operating cash flow conversion
2021 operating cash flow
2021 operating cash flow conversion
Total LTIP expected to become exercisable
Performance targets
Weighting (% of
maximum)
Threshold
Maximum
Actual
outcome
Payout (% of
maximum)
50%
Median
80th
percentile
23rd
percentile vs.
peer group
0%
16.7%
33.3%
3.5%
8.5%
4.27%
6.875%
£80m
35%
£230m
85%
£190m
£230.8m
55%
£430m
110%
86.6%
£570.2m
146.8%
8.325%
8.325%
8.325%
8.325%
40.175%
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 146
Directors’ Remuneration Report
continued
The LTIP award granted to Patrick Martell on 22 March 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 and 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 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
to vest
Value of shares expected to vest (£000s)
Face value of
vested options
on date
of grant
Impact of
share price
appreciation/
(depreciation)
since grant1
Value of
dividend
shares on
vesting
Total value
of vesting
awards
Number
of shares
exercisable2
Stephen A. Carter
£1,667,046
227,341
Gareth Wright
Patrick Martell
£712,895
£392,994
97,220
53,594
40.175%
40.175%
66.72%
£669,734
£286,405
£262,199
(£195,197)
£13,483
(£83,474)
(£76,419)
£5,762
£5,279
£488,020
£208,693
£191,059
93,929
40,167
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
the effective delivery of the AIP. AIP awards were granted in 2018 and 2019, with two performance conditions: (i) to achieve a
run rate of £60m–£70m of cost synergies by the end of 2020 (60% for the incumbent Executive Directors, namely Stephen A.
Carter and Gareth Wright, or 70% for other key senior managers, including Patrick Martell); and (ii) to achieve a post-tax ROIC
in line with or ahead of the Informa’s weighted average cost of capital by the end of 2021 (40% for incumbent Executive Directors
or 30% for all other participants).
Determination of the outcome of the first performance condition was independently verified by the external auditor in June
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
no discretion should be used to alter this outcome.
It was confirmed that the synergies element had been achieved in full and that therefore that element of the 2018 grant would
vest in June 2021, while the synergies element for the 2019 grant would vest in March 2022, subject to the Committee
determining that vesting was appropriate in light of the performance of the Group.
Measure
Synergies
ROIC
Performance targets
Threshold
Maximum
Actual
outcome
Payout (% of
maximum)
£60m
7.2%
£70m
7.95%
£77.5m
3.0%
100%
0%
These outcomes have resulted in the following AIP vesting levels:
Face value of
award on date
of grant
Number of AIP
options
granted
Value of shares expected to vest (£000s)
Proportion
vested or
expected
to vest
Face value of
vested options
on date
of grant
Impact of
share price
appreciation/
(depreciation)
since grant1
Value of
dividend
shares on
vesting
Total value
of vesting
awards
Number
of shares
exercisable2
£833,519
£356,447
£785,995
£825,266
£352,918
113,670
48,610
107,189
108,502
46,400
60%
60%
70%
60%
60%
£500,112
£213,868
£550,195
(£145,760)
(£62,333)
(£160,357)
£10,069
£4,302
£11,077
£364,421
£155,838
£400,915
£495,158
£211,751
(£139,837)
(£59,800)
£19,998
£8,547
£375,319
£160,498
70,140
29,994
77,164
68,765
29,406
Director
2019-2021 awards
Stephen A. Carter
Gareth Wright
Patrick Martell
2018-2020 awards
Stephen A. Carter
Gareth Wright
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
value on 2 June 2012, being the date of vesting. The share price at grant was 760.60p and the opening share price on 2 June 2021 was 545.80p
2. Including accrued dividends to 31 December 2021
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 147
Share Scheme Interests Awarded During the Year (Audited)
2021 Equity Revitalisation Plan
Stephen A. Carter
Gareth Wright
Patrick Martell
Number of
options
awarded1
Value as a
percentage of
base salary2
926,138
356,449
288,777
200%
135%
125%
Face value at
date of
award3
(£000)
£5,051
£1,944
£1,575
Type of award
RSP (option)
RSP (option)
RSP (option)
1. As detailed in the 2021-2023 Directors’ Remuneration Policy, the Committee awarded the full 2021-2023 ERP award to Executive Directors, and the
broader leadership team, at the outset. The awards were granted on 12 January 2021. The Executive Directors will gain a beneficial interested in the ERP
award in three tranches, from January 2021, January 2022 and January 2023 respectively. Each tranche is subject to a three-year performance period and
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
3. The face value of the awards granted on 12 January was calculated using the closing price on the day prior to the grant date (being 545.40p)
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
holding1
Vested but
unexercised
options
Share
Match2
DSBP
awards3
Total
interests
at 31
December
20214
Shareholding
as % of
salary at 31
December
20215
Value of
total
interests
at 31
December
2021
2019 LTIP
and AIP
awards6
Total
interests at
21 March
2022
Shareholding
as % of salary
at 21 March
20225
Value of
total
interests
at 21
March
20225
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
43,595
530,995
6,545
51,271
632,406
684.5% £3,285,744
70,161
702,567
760.5% £3,650,275
11,400
178,721
3,558
–
193,679
239.6% £1,006,283
113,937
307,616
380.5% £1,598,257
Stephen A.
Carter
Gareth
Wright
Patrick
Martell
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
in ShareMatch, in accordance with the Company’s Executive Shareholding Guidelines
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
of salary
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
Gareth Wright
Patrick Martell
400%
673%
275%
760%
275%
381%
Shareholding requirement %
Shareholding % as at 21 March 2022
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION
148
Directors’ Remuneration Report
continued
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
of grant.
Director/Scheme
Date of grant
Shares
awarded1
Exercised
during 2020
Granted
during 2021
Lapsed
during 2021
Awards unexercised
or unvested at
31 December 20212
Date options
exercisable
Option
expiry date
Stephen A. Carter
LTIP
DSBP
ERP
Gareth Wright
LTIP
DSBP
ERP
Patrick Martell
LTIP
ERP
17/03/2016
15/03/2017
22/03/2018
30/05/2018
30/05/2018
21/03/2019
21/03/2019
21/03/2019
24/03/2020
02/03/2018
21/03/2019
24/03/2020
12/01/2021
12/01/2021
12/01/2021
08/09/2014
12/02/2015
17/03/2016
15/03/2017
22/03/2018
30/05/2018
30/05/2018
21/03/2019
21/03/2019
21/03/2019
24/03/2020
17/03/2016
02/03/2018
21/03/2019
24/03/2020
12/01/2021
12/01/2021
12/01/2021
15/03/2017
22/03/2018
17/04/2018
17/04/2018
21/03/2019
21/03/2019
21/03/2019
24/03/2020
12/01/2021
12/01/2021
12/01/2021
255,400
253,345
228,848
65,101
43,401
227,341
68,202
45,468
649,917
28,039
45,468
58,297
–
–
–
141,537
141,634
109,218
108,341
97,865
27,840
18,560
97,220
29,166
19,444
277,931
3,413
15,987
25,925
3,903
–
–
–
59,000
53,935
76,416
32,750
53,594
75,032
32,157
229,823
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
308,712
308,712
308,714
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
118,816
118,816
118,817
–
–
–
–
–
–
–
–
96,259
96,259
96,259
–
–
144,999
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
62,008
–
–
–
–
–
–
–
–
–
–
–
–
–
–
11,570
–
–
–
–
–
–
–
–
–
268,526
193,159
88,568
68,765
43,4013
17/03/2019
16/03/2026
15/03/2020
14/03/2027
22/04/2021
21/03/2028
30/05/2021
29/05/2028
01/03/2022
29/05/2028
227,341
21/03/2022
20/03/2029
68,202
45,4683
21/03/2022
20/03/2029
21/03/2022
20/03/2029
649,917
24/03/2023
23/03/2030
29,617
45,468
58,297
308,712
308,712
308,714
130,243
136,038
114,830
82,603
37,875
29,406
18,5603
97,200
29,166
19,4443
02/03/2021
01/03/2028
21/03/2022
20/03/2029
24/03/2023
23/03/2030
12/01/2024
11/01/2031
12/01/2025
11/01/2031
16/03/2026
11/01/2031
08/09/2017
07/09/2024
12/02/2018
11/02/2025
17/03/2019
16/03/2026
15/03/2020
14/03/2027
22/04/2021
21/03/2028
30/05/2021
29/05/2028
01/03/2022
29/05/2028
21/03/2022
20/03/2029
21/03/2022
20/03/2029
21/03/2022
20/03/2029
277,931
24/03/2023
23/03/2030
3,821
16,886
25,925
3,903
118,816
118,816
118,817
53,255
44,749
80,717
32,7503
53,594
75,032
32,1573
17/03/2019
16/03/2026
02/03/2021
01/03/2028
21/03/2022
20/03/2029
24/03/2023
23/03/2030
12/01/2024
11/01/2031
12/01/2025
11/01/2031
16/03/2026
11/01/2031
15/03/2020
14/03/2027
22/04/2021
21/03/2028
30/05/2021
16/04/2028
01/03/2022
29/05/2028
21/03/2022
20/03/2029
21/03/2022
20/03/2029
21/03/2022
20/03/2029
229,823
24/03/2023
23/03/2030
96,259
96,259
96,259
12/01/2024
11/01/2031
12/01/2025
11/01/2031
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 149
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:
£500
£400
£300
£200
£100
£0
D ec 1 1
D ec 1 2
D ec 1 3
D ec 1 4
D ec 1 5
D ec 1 6
D ec 1 7
D ec 1 8
D ec 1 9
D ec 2 0
D ec 2 1
£500
£400
£300
£200
£100
£0
D ec 1 1
D ec 1 2
D ec 1 3
D ec 1 4
D ec 1 5
D ec 1 6
D ec 1 7
D ec 1 8
D ec 1 9
D ec 2 0
D ec 2 1
£500
£400
£300
£200
£100
£0
D ec 1 1
D ec 1 2
D ec 1 3
D ec 1 4
D ec 1 5
D ec 1 6
D ec 1 7
D ec 1 8
D ec 1 9
D ec 2 0
D ec 2 1
Informa
FTSE All-Share Media
Informa
Informa
FTSE 51–150 peer group median
FTSE 51–150 peer group average
FTSE 350 excluding Investment Trusts
Over the same period, the total remuneration of the individual holding the role of Group Chief Executive has been as follows:
Year
CEO
CEO single figure
of remuneration
STIP payout
(% of maximum)
LTIP vesting
(% of maximum)
2012
Peter
Rigby
CHF
2013
20131
2014
20152
2016
2017
2018
2019
2020
2021
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
CHF
3,987,897 3,718,566
£588,365 £1,794,152 £2,083,275 £3,407,650 £4,132,219 £4,125,262 £3,112,342 £2,720,172 £2,690,437
65.90%
n/a
59.00%
66.70%
69.80%
40.00%
82.40%
93.33%
71.8%
53.6%
89.0%
42.50%
–
n/a
n/a
34.60%
79.30%
83.00%
93.90%
70.15%
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 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 150
Directors’ Remuneration Report
continued
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
and further opportunities such as ShareMatch. The table below shows the aggregate colleague remuneration, dividends
paid, revenue and operating profit as stated in the financial statements, for the years ended 31 December 2021 and
31 December 2020:
Average total number of colleagues¹
Aggregate colleague remuneration1 (£m)
Remuneration per colleague (£)
Dividends paid in the year2 (£m)
1. Figures taken from Note 9 to the Consolidated Financial Statements
2. Figures taken from Note 14 to the Consolidated Financial Statements
Pay ratios
2021
10,044
£558.9m
£55,645
£nil
2020
10,945
£553.8m
£50,598
£nil
Percentage
change
(8.2)%
1.0%
10.0%
0%
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
2021
20202
2019
Method1
Option A
Option A
Option A
25th percentile ratio
Median ratio
75th percentile ratio
79.6:1
88.3:1
100.5:1
57.9:1
65.0:1
74.6:1
38.1:1
42.7:1
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
2021
Salary
Total pay and benefits
25th percentile
colleague
£30,843
£31,130
Median
colleague
£41,200
£44,965
75th percentile
colleague
£60,117
£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
as a result of an increase in bonus payments to colleagues and a reduction in the Group Chief Executive’s total single figure of
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 151
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 limits set by the Articles.
The fees for the Board Chair and the Non-Executive Directors for 2021 were as follows:
Chair
Non-Executive Directors
Additional fees: Audit Committee Chair
Remuneration Committee Chair
Senior Independent Director
2021 fee (£)
378,750
65,295
13,965
10,525
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
John Rishton1
Mary McDowell2
Stephen Davidson
David Flaschen
Helen Owers
Louise Smalley3
Gill Whitehead4
Joanne Wilson3
Zheng Yin5
Derek Mapp6
Gareth Bullock6
2021
Total fees
(£)
252,144
66,621
75,820
65,295
65,295
16,324
73,382
16,324
2,721
162,183
32,467
2020
Benefits7
(£)
Total fees8
(£)
Benefits7
(£)
1,079
–
1,299
6,165
1,489
–
383
–
–
2,713
–
74,306
61,214
71,081
61,214
61,214
–
61,214
–
–
355,078
71,081
619
1,270
950
6,863
3,805
–
191
–
–
5,209
127
1. John Rishton was appointed as Chair on 3 June 2021
2. Mary McDowell was appointed as Senior Independent Director from 17 November 2021
3. Louise Smalley and Joanne Wilson were appointed to the Board on 1 October 2021
4. Gill Whitehead was appointed as Chair of the Audit Committee on 3 June 2021
5. Zheng Yin was appointed to the Board on 20 December 2021
6. Derek Mapp and Gareth Bullock retired from the Board at the conclusion of the AGM on 3 June 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
8. The Chair and Non-Executive Directors voluntarily agreed to reduce their base salaries by 25% for the period April to June inclusive, and the net fees for
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
John Rishton
Stephen Davidson
David Flaschen1
Mary McDowell
Helen Owers
Louise Smalley
Gill Whitehead
Joanne Wilson
Zheng Yin
Shareholding
31 December
2021
Shareholding
31 December
2020
19,716
7,647
30,651
9,714
8,049
8,000
4,184
5,400
–
19,716
7,647
10,651
9,714
8,049
n/a
4,184
n/a
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 152
Directors’ Remuneration Report
continued
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:
Stephen A. Carter1
Gareth Wright
Patrick Martell
John Rishton
Helen Owers
Stephen Davidson
David Flaschen
Mary McDowell
Gill Whitehead
Louise Smalley
Joanne Wilson
Zheng Yin
Date of appointment
11 May 2010
9 July 2014
1 March 2021
1 September 2016
1 January 2014
1 September 2015
1 September 2015
15 June 2018
1 August 2019
1 October 2021
1 October 2021
Date of current service
contract or letter of
appointment
30 May 2014
9 July 2014
1 March 2021
5 January 2021
5 March 2019
5 March 2019
5 March 2019
11 June 2018
23 July 2019
30 September 2021
30 September 2021
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 153
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:
Stephen A. Carter (Group Chief Executive)
Gareth Wright (Group Finance Director)
Patrick Martell (Group Chief Operating Officer)
John Rishton2
Mary McDowell3
Stephen Davidson
David Flashen
Helen Owers
Louise Smalley
Gill Whitehead4
Joanne Wilson
Zheng Yin
All UK colleagues
2020-2021 change
2019-2020 change
Salary1 %
Benefits %
Bonus %
Salary1 %
Benefits %
Bonus %
0.0
0.0
n/a
239.3
2.1
0.0
0.0
0.0
n/a
19.9
n/a
n/a
6.7
(29.3)
0.5
n/a
74.4
(100)
36.7
(10.2)
(60.9)
n/a
100.6
n/a
n/a
(8.3)
(5.1)
10.7
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
30.5
0.0
0.0
n/a
0.0
0.0
0.0
0.0
0.0
n/a
0.0
n/a
n/a
1.8
(24.8)
8.9
n/a
(82.5)
(70.0)
(69.5)
(43.2)
(39.4)
n/a
(41.6)
n/a
n/a
(3.2)
(26.1)
(22.1)
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
n/a
(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
2. John Rishton was appointed as Chair on 3 June 2021
3. Mary McDowell was appointed as Senior Independent Director from 17 November 2021
4. Gill Whitehead was appointed as Chair of the Audit Committee on 3 June 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
Meeting held in December 2020 and the Annual Report on Remuneration at the AGM in June 2021.
2021-2023 Directors’ Remuneration Policy
Annual Report on Remuneration
Votes for
Number
694,307,564
468,963,296
%
59.43
38.26
Votes against
Number
473,876,836
756,720,147
%
Total votes
cast
Votes withheld
(abstentions)
40.57
1,168,184,400
18,893,941
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 154
Directors’ Remuneration Report
continued
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)
Neither the Group Chief Executive nor the Group Finance Director has received a salary increase since January 2019 and
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
not reflect their strong performance over the last few years. The Committee also acknowledged the importance of Informa’s
remuneration arrangements remaining fair and competitive. As a result, the Committee determined that the base salaries of the
Group Chief Executive and Group Chief Operating Officer would increase by 4% with effect from 1 January 2022 and the base
salary of the Group Finance Director would increase by 6%, effective the same date. The base salaries payable during 2022
are therefore:
Stephen A. Carter
Gareth Wright
Patrick Martell
£875,800
£509,000
£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
the following rates, again effective from 1 January 2022:
Chair
Non-Executive Directors
Additional fees:
Audit Committee Chair
Remuneration Committee Chair
Senior Independent Director
Retirement Benefits
£394,000
£68,000
£14,550
£10,950
£10,950
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 155
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
at that time.
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
In January 2021, in line with the Policy approved in December 2020, the Committee granted all participants in the ERP, including
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
not vesting until January 2024, followed by the second tranche in January 2025 and third tranche in January 2026, subject to the
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
of 23 December 2020. Any new Executive Director will be required to meet the shareholding requirement within five years
of appointment.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 156
Other Statutory Information
This section contains the remaining
matters that the Directors are required
to report on each year and which do not
appear elsewhere in the Annual Report.
Additional information incorporated
into this section by reference, including
information that is required in accordance
with the Companies Act 2006 and Listing
Rule 9.8.4R, can be found on the
following pages:
Information
Future business developments
Risk factors and principal risks
Colleague policies and engagement
Stakeholder engagement – suppliers, customers and others
Pages
4 to 99
68 to 79
32 to 36
37 to 45
Greenhouse gas emissions and climate change
67 and 80 to 82
Viability and going concern statements
Section 172 statement
Governance arrangements
Long-term incentive arrangements
Financial instruments, financial risk management objectives
and policies
Post balance sheet events
Dividends
83 to 85
46 to 48
100 to 158
132 to 155
219 to 228
246
201
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:
Name
Appointments
Patrick Martell
Louise Smalley
Joanne Wilson
Zheng Yin
Departures
Derek Mapp
Gareth Bullock
Role
Executive Director
Non-Executive Director
Non-Executive Director
Non-Executive Director
Effective date of
appointment/departure
1 March 2021
1 October 2021
1 October 2021
20 December 2021
Board Chair
Senior Independent Director
3 June 2021
3 June 2021
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
of their powers, duties and responsibilities as a Director of
the Company, any of its subsidiaries or as a trustee of an
occupational pension scheme for colleagues. The indemnity
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 157
would not provide coverage where the Director is proved
to have acted fraudulently or dishonestly. The Company
purchases and maintains Directors’ and Officers’ insurance
cover against certain legal liabilities and the costs of claims
in connection with any act or omission by its Directors and
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
on the London Stock Exchange and is the holding company
of the Informa Group of companies.
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
a general meeting. A holder of ordinary shares can lose the
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.
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
awards to colleagues. Further details on the Company’s
share capital are set out in Note 35 to the Consolidated
Financial Statements.
Except as set out above and as permitted under applicable
statutes, there are no limitations on voting rights of holders
of a given percentage, number of votes or deadlines for
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:
At the 2021 AGM, the Directors were granted authority to
make market purchases of up to 10% of issued share capital
at that time. No shares were bought back under this authority
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.
• The Directors may from time to time refuse to register
a transfer of a certificated share which is not fully paid,
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
Rights and Obligations Attaching to Shares
The rights attaching to the Company’s ordinary shares are
set out in the Articles available on the Company’s website.
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
that a dividend be paid to holders of ordinary shares, subject
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
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 colleagues require approval to deal in the
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
of Shareholders. The Directors cannot suspend the
registration of transfers of any uncertificated shares
without obtaining consent from CREST
There are no agreements between holders of ordinary
shares that are known to the Company which may result in
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
any special rights with regard to control of the Company.
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 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 158
Other Statutory Information
continued
SUBSTANTIAL SHAREHOLDINGS
AUDIT AND AUDITOR
At 31 December 2021, the Company had received notice of
the following notifiable interests in the Company’s issued
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
Company’s website.
Shareholder
BlackRock, Inc.
Bank of America Corporation
Newton Investment Management Limited
Generation Investment Management
APG Asset Management N.V.
Lazard Asset Management LLC
Artemis Investment Manager LLP
Invesco Ltd
% shareholding
5.92%
5.65%
4.93%
4.89%
4.55%
4.30%
3.59%
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:
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
to establish that the Company’s auditor was aware of
that information
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
office as auditor and, on the recommendation of the Audit
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
14 March 2022 and signed on its behalf by
Rupert Hopley
General Counsel and Company Secretary
Shareholder
Bank of America Corporation
% shareholding
6.62%
Informa PLC
Company Number: 08860726
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
or colleague that would provide compensation for loss of
office or employment resulting from a change of control
on takeover, except that provisions in the Company’s share
schemes and plans may cause options and awards granted
to colleagues to vest on a takeover under such schemes
and plans.
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,
France, Hong Kong, Ireland, Japan, Luxembourg, Malaysia,
the Netherlands, Singapore, South Africa, South Korea,
Switzerland, Taiwan, the UAE, the US and Vietnam.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 159
Statement of Directors’ Responsibilities
The Directors are responsible for the maintenance and
integrity of the corporate and financial information included
on the Company’s website. Legislation in the UK governing the
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
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
them consistently
• 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
financial statements
• 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
to enable users to understand the impact of particular
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
the Company’s transactions and disclose with reasonable
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
Report comply with the Companies Act 2006. They are also
responsible for safeguarding the assets of the Company and
the Group and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 160
Independent Auditor’s Report to the Members of Informa PLC
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
the state of the Group’s and of the Parent Company’s affairs as at 31 December 2021 and of the Group’s profit for the year
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
Accepted Accounting Practice, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in
the UK and Republic of Ireland
• The financial statements have been prepared in accordance with the requirements of the Companies Act 2006
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 related Notes 1 to 42 to the Consolidated Financial Statements
• the related Notes 1 to 12 to the Parent Company Financial Statements
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,
including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally
Accepted Accounting Practice).
2. Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.
Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the
financial statements section of our report.
We are independent of the Group and the Parent Company in accordance with the ethical requirements that are relevant to our
audit of the financial statements in the UK, including the Financial Reporting Council’s (the FRC’s) Ethical Standard as applied to
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
Financial Statements. We confirm that we have not provided any non-audit services prohibited by the FRC’s Ethical Standard to
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 161
3. Summary of our audit approach
Key audit matters
Materiality
Scoping
Significant changes in
our approach
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.
The materiality that we used for the Group financial statements was £20m (2020: £20m), which was determined on
the basis of 5.8% (2020: 5.0%) of the three-year average statutory pre-tax profit adjusted for amortisation of
intangible assets acquired in business combinations, impairments of goodwill and one-off finance costs. The
three-year average has been calculated to indicate an average financial performance, reflecting the continued
impact of COVID-19 on 2021 performance and the expected short-term disruption as a result of the pandemic.
We performed full scope audits or an audit of specified balances and transactions at the principal business units,
the majority of which use the services provided by the Group’s shared services centres in the UK, US, China,
Hong Kong and Singapore. These in-scope business units account for 76% (2020: 79%) of the Group’s revenue and
69% (2020: 76%) of the Group’s adjusted operating profit. The current year percentage for Group adjusted operating
profit has been calculated on an absolute basis, reflecting the impact of COVID-19 on the profitability, and in some
cases loss making nature, of individual business units.
We have noted a key audit matter in the prior year in relation to the timing and recognition of subscriptions revenue.
In the current year we have reconsidered the level of judgement applied by management in determining the
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
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the
preparation of the financial statements is appropriate.
Our evaluation of the Directors’ assessment of the Group’s and Parent Company’s ability to continue to adopt the going concern
basis of accounting included:
• An assessment of the reasonableness of management’s forecasting assumptions, considering the consistency of these
assumptions with the Group’s principal risks and uncertainties and other assumptions taken by management in preparing
the financial statements
• An assessment of the historical accuracy of forecasts prepared by management
• Consideration of the level of liquidity headroom present in management’s base case and sensitised scenarios
• 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
• Testing of the clerical accuracy of the model used to prepare management’s forecasts
• 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,
individually or collectively, may cast significant doubt on the Group’s and Parent Company’s ability to continue as a going
concern for a period of at least 12 months from when the financial statements are authorised for issue.
In relation to the reporting on how the Group has applied the UK Corporate Governance Code, we have nothing material to add
or draw attention to in relation to the Directors’ statement in the financial statements about whether the Directors considered it
appropriate to adopt the going concern basis of accounting.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections
of this report.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 162
Independent Auditor’s report to the members of Informa PLC
continued
5. Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
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.
This matter was addressed in the context of our audit of the financial statements as a whole, and in forming our opinion
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
How the scope of our
audit responded to the
key audit matter
As at 31 December 2021, goodwill of £5,717m (2020: £5,577m) is recognised.
Management perform its impairment assessment in respect of goodwill on a divisional basis by aggregating the cash
generating units (CGUs) at the Divisional level, reflecting the lowest level at which it monitors goodwill. This is discussed
further in Note 3 to the financial statements.
Management perform its annual assessment of the recoverability of goodwill ascribed to all CGUs using a 31 December
valuation date.
The Informa Markets, Informa Tech and Informa Connect CGUs have been most affected by the economic disruption
caused by COVID-19 and represent the groups of CGUs with the greatest risk of impairment at 31 December 2021 given the
continued uncertainty in the markets in which they operate. Informa Markets, Informa Tech and Informa Connect will be
collectively referred to as the ‘Relevant CGUs’ throughout this key audit matter.
In completing its impairment review at 31 December 2021, management prepared forecasts for three years, using the
Group’s budget for year one and the Group’s three-year Strategic Plan for years two and three. A terminal value was then
applied beyond the final year of the forecast using growth factors and discount rates applicable for each CGU.
There is inherent uncertainty, and therefore significant judgement, in the forecast cash flows for the period to December
2024, particularly in management’s assumptions in respect of the level of recovery expected to be achieved by that date.
The selection of long-term growth rates and the discount rate assumptions require judgement and are important to this
key audit matter. Management engages independent expert valuation advisers to assist in deriving appropriate long-term
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
significance of management’s judgment and the significant amount of audit resources and effort applied in respect of
testing the impairment review of goodwill at 31 December 2021.
Management discusses the policies and processes followed in respect of the impairment review in Notes 3 and 16 to the
Consolidated Financial Statements.
We assessed management’s impairment reviews of goodwill for the Relevant CGUs at 31 December 2021 using a range of
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
able to forecast accurately given the uncertain environment due to COVID-19
• Further challenging the cash flow forecasts used within the impairment model based on our understanding of the
business and developments within the year. This included challenging the level of expected recovery of physical events
by 2024 by reference to external data sources, market intelligence and performance during 2021, including the
performance of physical events that have run in that year
• We evaluated the competence, objectivity and capabilities of management’s expert
• Working with our internal valuation specialists to assess the appropriateness of the key assumptions including the
discount rates and long-term growth rates prepared by management’s expert valuation adviser. Additionally, together
with our internal valuation specialists, assessing management’s valuation model for compliance with the valuation
principles of accounting standards
In respect of the impairment review at 31 December 2021, performing breakeven analysis on the key assumptions
within the impairment model for the CGU, and assessing whether the breakeven scenarios represented reasonably
possible changes in the key assumptions
•
• Evaluating the accuracy and completeness of the goodwill disclosures included in Note 16 to the Consolidated Financial
Statements, and the associated critical judgements and other sources of estimation uncertainty included in Note 3
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 163
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.
Based on our professional judgement, we determined materiality for the financial statements as a whole as follows:
Materiality
£20.0m (2020: £20.0m)
£8.0m (2020: £12.9m)
Group financial statements
Parent Company financial statements
Basis for determining
materiality
Our determined materiality represents 5.8% (2020: 5.0%)
of three-year average adjusted profit before tax and
considered in the context of statutory profit before tax.
Rationale for the
benchmark applied
Adjusted profit before tax is statutory pre-tax profit
adjusted for amortisation of intangible assets acquired
in business combinations, impairments of goodwill and
one-off finance costs.
We adjust for amortisation of intangible assets acquired
in business combinations, impairments of goodwill and
one-off finance costs to use a profit measure also used by
analysts and other users of the financial statements, and
because profits adjusted for these items more closely align
with current cash flows.
In both years, to reflect the continued impact of the
COVID-19 pandemic on the performance of the Group’s
event portfolio during the year, we continue to apply the
three-year average statutory pre-tax profit adjusted for
the items above as our benchmark.
Given the quantum of the net assets on the Parent
Company balance sheet we have capped materiality to
40% (2020: 45%) of Group materiality which equates to
0.1% of net assets (2020: 0.1% of net assets).
Net assets is typically considered an appropriate
benchmark for materiality as the Parent Company
is a holding 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
undetected misstatements exceed the materiality for the financial statements as a whole.
Performance
materiality
Basis and rationale
for determining
performance
materiality
Group financial statements
Parent Company financial statements
70% (2020: 70%) of Group materiality
70% (2020: 70%) of Parent Company materiality
In determining performance materiality, we considered the outcome of our risk assessment and our assessment of the
Group’s control environment including our plan to rely on the operating effectiveness of certain systems and controls.
We also considered the value of uncorrected misstatements identified in previous years.
6.3 Error Reporting Threshold
We agreed with the Audit Committee that we would report to the Committee all audit differences in excess of £1.0m
(2020: £1.0m), as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds.
We also report to the Audit Committee on disclosure matters that we identified when assessing the overall presentation
of the financial statements.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 164
Independent Auditor’s report to the members of Informa PLC
continued
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,
and assessing the risks of material misstatement at the Group level. We specifically considered the impact of COVID-19 on the
Group, including the differing impact of Covid-19 disruption on each segment and business unit.
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),
New York (US), Singapore, Shanghai (China), and Hong Kong (China).
The business units in scope for the current year audit were selected based on the relative contributions of individual business
units to the consolidated Group revenue and adjusted operating profit, as well as the relative risks associated with each
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
completed on 28 May 2021. We also scoped out UBM plc and CBI Research during the year as these reporting units are not
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
as part of the Group audit) represent 76% (2020: 79%) of the Group’s revenue and 69% (2020: 76%) of the Group’s adjusted
operating profit. This is detailed further in the graphs below:
Revenue
Adjusted operating profit
• 59% Full audit scope
• 17% Specified audit procedures
• 24% Review at Group level
• 51% Full audit scope
• 18% Specified audit procedures
• 31% Review at Group level
The percentages for adjusted operating profit have been calculated on an absolute basis, reflecting the impact of COVID-19 on
the profitability, and in some cases loss making nature, of individual business units.
The Group audit team directly audits the entirety of the Group’s goodwill and acquired intangible assets. Our audit work at all
the locations in the Group audit scope was conducted to a materiality of between £4.2m to £8.9m, and therefore not exceeding
45% of Group materiality of £20.0m.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 165
7.2 Our Consideration of the Control Environment
IT specialists within the Group audit team tested the Group’s two main Enterprise Resource Planning (ERP) systems centrally.
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.
The Group’s two main ERP systems cover the majority of business units within the Group’s shared service centres; however, a
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
purchase-to-pay cycle for those business units associated with the Group’s two main ERP systems.
7.3 Our Consideration of Climate-Related Risks
As part of our audit procedures, we have considered the potential impact of climate change on the Group’s business and its
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
World B scenario, as explained in the Strategic Report on page 82.
As a part of our audit, we have obtained management’s climate-related risk assessment and held discussions with management
to understand the process of identifying climate-related risks and opportunities, the determination of mitigating actions and the
impact on the Group’s financial statements. Management assessed that there are no material strategic or financial risks to
Informa resulting from climate change over the time horizon referred to on page 81.
We performed our own qualitative risk assessment of the potential impact of climate change on the Group’s account balances
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
Continuing global travel restrictions in response to COVID-19 meant that we were unable to physically visit any component teams
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
not subject to audit.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 166
Independent Auditor’s report to the members of Informa PLC
continued
8. Other information
The other information comprises the information included in the Annual Report, other than the financial statements and our
auditor’s report thereon. The Directors are responsible for the other information contained within the Annual Report.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly
stated in our report, we do not express any form of assurance conclusion thereon.
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
be materially misstated.
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
As explained more fully in the Directors’ responsibilities statement, the Directors are responsible for the preparation of the
financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors
determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether
due to fraud or error.
In preparing the financial statements, the Directors are responsible for assessing the Group’s and the Parent Company’s ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of
accounting unless the Directors either intend to liquidate the Group or the Parent Company or to cease operations, or have no
realistic alternative but to do so.
10. Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance
is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually
or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 167
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
our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent
to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
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:
• The nature of the industry and sector, control environment and business performance including the design of the Group’s
remuneration policies, key drivers for Directors’ remuneration, bonus levels and performance targets
• Results of our enquiries of management, Internal Audit and the Audit Committee about their own identification and
assessment of the risks of irregularities
• Any matters we identified having obtained and reviewed the Group’s documentation of their policies and procedures
relating to:
– 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
specialists, including tax, valuations, pensions, forensic specialist, IT and analytics specialists regarding how and where fraud
might occur in the financial statements and any potential indicators of fraud.
As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud
and identified the greatest potential for fraud in the recoverability of the carrying value of goodwill in Informa Markets, Informa
Tech and Informa Connect and the classification of items as ‘adjusting’ within the Income Statement. In common with all audits
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
regulations we considered in this context included the UK Companies Act 2006, Listing Rules, pensions legislation and tax
legislation
• do not have a direct effect on the financial statements but compliance with which may be fundamental to the Group’s ability
to operate or to avoid a material penalty. These included GDPR, anti-bribery legislation and anti-money laundering regulations
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 168
Independent Auditor’s report to the members of Informa PLC
continued
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
report explains in more detail and also describes the specific procedures we performed in response to this key audit matter.
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
• Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material
misstatement due to fraud
• Reading minutes of meetings of those charged with governance and reviewing Internal Audit reports
• In addressing the risk of fraud in the classification of items as ‘adjusting’ within the Income Statement, we have assessed the
reasonableness of management’s accounting policy regarding the classification of items as ‘adjusting’, the consistency in
application of that policy from period to period and the judgements taken by management in the application of that policy to
a sample of items
• In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and
other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias;
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 the part of the Directors’ Remuneration Report to be audited has been properly prepared in accordance with the
Companies Act 2006.
In our opinion, based on the work undertaken in the course of the audit:
• the information given in the Strategic Report and the Directors’ Report for the financial year for which the financial statements
are prepared is consistent with the financial statements
• the Strategic Report and the Directors’ Report have been prepared in accordance with applicable legal requirements
In the light of the knowledge and understanding of the Group and the Parent Company and their environment obtained in the
course of the audit, we have not identified any material misstatements in the Strategic Report or the Directors’ Report.
13. Corporate Governance Statement
The Listing Rules require us to review the Directors’ statement in relation to going concern, longer-term viability and that part of
the Corporate Governance Statement relating to the Group’s compliance with the provisions of the UK Corporate Governance
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 Directors’ statement with regard to the appropriateness of adopting the going concern basis of accounting and any
material uncertainties identified set out on page 84
• the Directors’ explanation as to their assessment of the Group’s prospects, the period this assessment covers and why the
period is appropriate set out on pages 83 to 85
• the Directors’ statement on fair, balanced and understandable set out on page 127
• the Board’s confirmation that it has carried out a robust assessment of the emerging and principal risks set out on pages 68
to 79
• the section of the Annual Report that describes the review of effectiveness of risk management and internal control systems
set out on pages 128 and 129
• the section describing the work of the Audit Committee set out on pages 124 to 131
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 169
14. Matters on which we are required to report by exception
14.1 Adequacy of Explanations Received and Accounting Records
Under the Companies Act 2006 we are required to report to you if, in our opinion:
• We have not received all the information and explanations we require for our audit; or
• 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
Under the Companies Act 2006 we are also required to report if in our opinion certain disclosures of Directors’ remuneration
have not been made or the part of the Directors’ Remuneration Report to be audited is not in agreement with the accounting
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
Following the recommendation of the Audit Committee, we were appointed by the members of the AGM on 3 June 2021
to audit the financial statements for the year ending 31 December 2021. The period of total uninterrupted engagement
including previous renewals and reappointments of the firm is 18 years, covering the years ending 31 December 2004 to
31 December 2021.
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
with ISAs (UK).
16. Use of our report
This report is made solely to the Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act
2006. Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to
state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume
responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or
for the opinions we have formed.
As required by the Financial Conduct Authority (FCA) Disclosure Guidance and Transparency Rule (DTR) 4.1.14R, these financial
statements form part of the European Single Electronic Format (ESEF) prepared Annual Financial Report filed on the National
Storage Mechanism of the UK FCA in accordance with the ESEF Regulatory Technical Standard (‘ESEF RTS’). This auditor’s report
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
14 March 2022
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 170
171
Consolidated Income Statement
FINANCIAL
STATEMENTS
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
I N F O R M A P L C A N N U A L R E P O R T A N D A C C O U N T S 2 0 2 1
171
Consolidated Income Statement for the year ended 31 December 2021
Statutory
results
2021
£m
1,798.7
(1,707.9)
Adjusted
results
20201
£m
1,660.8
(1,395.0)
Revenue
Net operating expenses
Operating profit/(loss) before joint ventures
and associates
Share of results of joint ventures and associates
Operating profit/(loss)
Profit/(loss) on disposal of subsidiaries
and operations
Finance income
Finance costs
Profit/(loss) before tax
Tax (charge)/credit
Profit/(loss) for the year
Attributable to:
– Equity holders of the Company
– Non-controlling interests
Earnings per share
– Basic (p)
– Diluted (p)
Adjusted
results
2021
£m
1,798.7
(1,413.3)
385.4
3.0
388.4
–
5.7
(73.5)
320.6
(54.5)
266.1
Adjusting
items
2021
£m
–
(294.6)
(294.6)
–
(294.6)
111.1
–
–
(183.5)
5.6
(177.9)
251.8
14.3
(173.9)
(4.0)
16.8
16.7
Notes
5
7
20
21
11
12
13
15
37
15
15
1. Restated for new accounting policy relating to Software-as-a-Service arrangements (see Note 4)
All amounts in 2021 and 2020 relate to continuing operations.
90.8
3.0
93.8
111.1
5.7
(73.5)
137.1
(48.9)
88.2
77.9
10.3
5.2
5.2
Adjusting
items
2020
£m
–
(1,148.2)
(1,148.2)
–
(1,148.2)
(8.4)
8.3
(161.8)
(1,310.1)
127.7
Statutory
results
20201
£m
1,660.8
(2,543.2)
(882.4)
0.8
(881.6)
(8.4)
15.3
(266.2)
(1,140.9)
102.3
(1,182.4)
(1,038.6)
265.8
0.8
266.6
–
7.0
(104.4)
169.2
(25.4)
143.8
139.9
3.9
(1,182.4)
(1,042.5)
–
3.9
9.9
9.8
(73.4)
(73.4)
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 172
Consolidated Statement of Comprehensive Income for the year ended 31 December 2021
Profit/(loss) for the year
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of the net retirement benefit pension obligation
Tax (charge)/credit relating to items that will not be reclassified to profit or loss
Total items that will not be reclassified subsequently to profit or loss
Items that may be reclassified subsequently to profit or loss:
Exchange gain/(loss) on translation of foreign operations
Exchange gain/(loss) on net investment hedge
Loss on derivatives in net investment hedging relationships
Cash flow hedges:
Fair value (loss)/gain arising on hedging instruments
Less: gain/(loss) reclassified to profit or loss
Movement in cost of hedging reserve
Tax (charge)/credit relating to items that may be reclassified subsequently to profit or loss
Total items that may be reclassified subsequently to profit or loss
Other comprehensive income/(expense) for the year
Total comprehensive income/(expense) for the year
Total comprehensive income/(expense) attributable to:
– Equity holders of the Company
– Non-controlling interests
1. Restated for new accounting policy relating to Software-as-a-Service arrangements (see Note 4)
Notes
34
2021
£m
88.2
69.2
(10.3)
58.9
1.2
48.2
(42.4)
(37.0)
91.5
(2.4)
(1.9)
57.2
116.1
204.3
191.3
13.0
20201
£m
(1,038.6)
(47.6)
8.3
(39.3)
(46.2)
(13.0)
(42.0)
11.9
(13.0)
1.3
11.9
(89.1)
(128.4)
(1,167.0)
(1,170.8)
3.8
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 173
Consolidated Changes in Equity for the year ended 31 December 2021
At 1 January 2020 (restated)
Loss for the year
Exchange gain on translation of
foreign operations
Exchange loss on net investment
hedge
Loss arising on derivative hedges
Actuarial loss on defined benefit
pension schemes
Tax relating to components of other
comprehensive income
Total comprehensive (expense)/
income for the year
Dividends to non-controlling
interests
Share award expense
Issue of share capital
Own shares purchased
Transfer of vested LTIPs
Disposal of non-controlling interest
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
0.2
973.5
–
–
–
–
–
–
Share
capital
£m
1.3
Share
premium
account
£m
Translation
reserve
£m
Other
reserves1,4
£m
905.3
(121.2)
1,968.6
Retained
earnings2
£m
2,874.9
(1,042.5)
Non-
controlling
interests
£m
196.1
3.9
Total
£m
5,628.9
(1,042.5)
Total
equity2
£m
5,825.0
(1,038.6)
(46.1)
(0.1)
(46.2)
–
(46.1)
(13.0)
(42.0)
–
11.9
–
–
–
0.2
–
–
–
–
–
(13.0)
(41.8)
(47.6)
(47.6)
8.3
20.2
(89.2)
0.2
(1,081.8)
(1,170.8)
3.8
(1,167.0)
–
(13.6)
–
–
–
–
–
–
–
11.2
–
(1.3)
(4.9)
–
–
–
–
–
4.9
9.3
11.2
973.7
(1.3)
–
9.3
At 31 December 2020 (restated)
1.5
1,878.8
(210.4)
1,973.8
1,807.3
5,451.0
Profit for the year
Exchange gain on translation of
foreign operations
Exchange loss on net investment
hedge
Gain arising on derivative hedges
Actuarial gain on defined benefit
pension schemes
Tax relating to components of other
comprehensive income
Total comprehensive income/
(expense) for the year
Dividends to non-controlling
interests
Share award expense
Transaction costs associated with
share issuances
Own shares purchased
Transfer of vested LTIPs
Disposal of non-controlling interest
Acquisition of non-controlling
interest
At 31 December 2021
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(0.2)
–
–
–
–
–
(1.5)
48.2
(42.4)
–
(1.9)
2.4
–
–
–
–
–
–
–
–
–
–
52.1
–
–
52.1
–
15.0
–
(2.5)
(10.4)
–
–
1.5
1,878.6
(208.0)
2,028.0
77.9
–
–
–
69.2
77.9
(1.5)
48.2
9.7
69.2
(10.3)
(12.2)
136.8
191.3
13.0
204.3
–
–
–
–
10.4
1.5
–
15.0
(0.2)
(2.5)
–
1.5
(8.6)
–
–
–
–
(1.5)3
(8.6)
15.0
(0.2)
(2.5)
–
–
101.7
2,057.7
101.7
5,757.8
108.23
288.1
209.9
6,045.9
1. Restated for reclassification of hedging reserves (see Note 4)
2. Restated for new accounting policy relating to Software-as-a-Service arrangements (see Note 4)
3. Of the (£1.5m) disposal (£6.1m) relates to Market trust disposal (see Note 21) and £4.5m relates to FBX disposal (see Note 18). Acquisition of £108.2m
relates to Novantas, Inc. (see Note 18)
4. See Note 36
–
–
–
–
(13.0)
(41.8)
(47.6)
20.2
–
–
–
–
(9.3)
177.0
10.3
2.7
–
–
–
–
(13.6)
11.2
973.7
(1.3)
–
–
5,628.0
88.2
1.2
48.2
9.7
69.2
(12.2)
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 174
Consolidated Balance Sheet as at 31 December 2021
At 31
December
2021
£m
At 31
December
20201
£m
Notes
Non-current assets
Goodwill
Other intangible assets
Property and equipment
Right of use assets
Investments in joint ventures and associates
Other investments
Deferred tax assets
Retirement benefit surplus
Finance lease receivables
Other receivables
Derivative financial instruments
Current assets
Inventory
Trade and other receivables
Current tax asset
Cash and cash equivalents
Finance lease receivables
Derivative financial instruments
Total assets
Current liabilities
Borrowings
Lease liabilities
Derivative financial instruments
Current tax liabilities
Provisions
Trade and other payables
Deferred income
Non-current liabilities
Borrowings
Lease liabilities
Derivative financial instruments
Deferred tax liabilities
Retirement benefit obligation
Provisions
Trade and other payables
Deferred income
Total liabilities
Net assets
Share capital
Share premium account
Translation reserve
Other reserves
Retained earnings
Equity attributable to equity holders of the parent
Non-controlling interest
Total equity
16
17
19
38
20
20
22
34
38
23
24
25
23
28
38
38
24
30
31
31
29
38
24
22
34
30
31
31
35
35
36
At 1
January
20201
£m
6,144.4
3,421.4
69.0
264.4
19.8
10.1
9.4
4.9
13.0
27.8
3.9
5,717.0
2,883.6
41.5
199.3
29.1
6.1
0.7
15.5
4.5
23.7
3.4
5,576.6
3,077.3
49.1
209.9
20.0
7.3
11.2
–
6.4
20.2
44.6
8,924.4
9,022.6
9,988.1
27.4
358.8
0.3
884.8
1.9
–
31.3
358.1
4.9
299.4
1.5
–
38.5
476.1
8.9
195.1
2.3
1.0
1,273.2
10,197.6
695.2
9,717.8
721.9
10,710.0
–
(30.0)
(0.4)
(73.6)
(23.2)
(497.3)
(725.5)
–
(33.4)
(0.2)
(78.0)
(44.7)
(343.7)
(700.6)
(152.2)
(34.2)
(36.4)
(97.5)
(35.0)
(482.8)
(746.5)
(1,350.0)
(1,200.6)
(1,584.6)
(2,022.6)
(2,093.2)
(2,380.7)
(235.9)
(40.7)
(422.5)
(13.9)
(43.2)
(17.5)
(5.4)
(2,801.7)
(4,151.7)
6,045.9
1.5
1,878.6
(208.0)
2,028.0
2,057.7
5,757.8
288.1
6,045.9
(247.4)
(7.5)
(406.0)
(71.4)
(44.8)
(16.2)
(2.7)
(2,889.2)
(4,089.8)
5,628.0
1.5
1,878.8
(210.4)
1,973.8
1,807.3
5,451.0
177.0
5,628.0
(282.4)
(22.4)
(540.1)
(35.0)
(19.1)
(17.4)
(3.3)
(3,300.4)
(4,885.0)
5,825.0
1.3
905.3
(121.2)
1,968.6
2,874.9
5,628.9
196.1
5,825.0
1. Restated for new accounting policy relating to Software-as-a-Service arrangements (see Note 4)
These financial statements were approved by the Board of Directors and authorised for issue on 14 March 2022 and signed on
its behalf by
Stephen A. Carter
Group Chief Executive
Gareth Wright
Group Finance Director
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 175
Consolidated Cash Flow Statement for the year ended 31 December 2021
Operating activities
Cash generated by operations
Income taxes paid
Interest paid
Net cash inflow/(outflow) from operating activities
Investing activities
Interest received
Dividends received from investments
Purchase of property and equipment
Purchase of intangible software assets
Product development costs additions
Purchase of intangibles related to titles, brands and customer relationships
Acquisition of subsidiaries and operations, net of cash acquired
Acquisition of investment
Proceeds from disposal of subsidiaries and operations
Net cash inflow/(outflow) from investing activities
Financing activities
Dividends paid to Shareholders
Dividends paid to non-controlling interests
Proceeds from EMTN bond issuance
Repayment of loans
Repayment of private placement borrowings
Borrowing fees paid
Repayment of the principal lease liabilities
Finance lease receipts
Acquisition of non-controlling interests
Cash outflow from purchase of shares
Cash inflow from issue of shares
Net cash (outflow)/inflow from financing activities
Net increase in cash and cash equivalents
Effect of foreign exchange rate changes
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
1. Restated for new accounting policy relating to Software-as-a-Service arrangements (see Note 4)
Notes
33
19
17
17
17
18
20
14
14
27
27
27
38
38
18
35
28
28
2021
£m
593.2
(41.6)
(80.0)
471.6
5.6
2.8
(6.9)
(27.3)
(14.6)
(3.3)
(68.2)
(7.6)
280.9
161.4
–
(8.6)
–
(0.1)
–
(0.5)
(35.6)
1.9
(1.5)
(2.5)
(0.2)
(47.1)
585.9
(0.5)
299.4
884.8
20201
£m
146.6
(32.9)
(259.7)
(146.0)
5.7
–
(10.7)
(19.8)
(11.4)
(7.3)
(77.3)
(0.9)
10.4
(111.3)
(0.2)
(13.6)
788.3
(61.3)
(1,227.8)
(17.6)
(37.1)
2.3
(44.9)
(1.3)
973.7
360.5
103.2
1.1
195.1
299.4
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION
176
Notes to the Consolidated Financial Statements for the year ended 31 December 2021
1. GENERAL INFORMATION
Informa PLC (the Company) is a company incorporated in the United Kingdom under the Companies Act 2006 and is listed on
the London Stock Exchange. The Company is a public company limited by shares and is registered in England and Wales with
registration number 08860726. The address of the registered office is 5 Howick Place, London SW1P 1WG. The nature of the
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).
These financial statements are presented in pounds sterling (GBP), which is the currency of the primary economic environment
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.
The ongoing impact of the pandemic has created a degree of uncertainty around forecasting Informa’s 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 and a reverse stress test case.
Under the Group’s financial plan, the Group maintains liquidity headroom of more than £1.8bn.
For the downside case, the Directors took the Group’s financial plan and applied the same three scenarios used in viability
modelling. In all cases, the Group maintains liquidity headroom of more than £1.7bn.
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 £1.7bn after the cash proceeds from the sale of Pharma Intelligence (see Note 42 for
further details).
Based on these results, the Directors believe that the Group is well placed to manage its financing and other business risks
satisfactorily. The Directors have been able to form a reasonable expectation that the Group has adequate resources to continue
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.
The Group has no commercial entities in Russia and Belarus and less than 0.1% of 2021 revenues were generated around the
world from entities based in Russia or Belarus. As of the date of publication therefore, our assessment is that 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.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 177
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
acquired or sold are included in the Consolidated Financial Statements from the effective date of acquisition or up to the
effective date of disposal, as appropriate. Where necessary, adjustments are made to the results of acquired subsidiaries to
bring their accounting policies into line with those used by other members of the Group.
All intra-Group transactions, balances, income and expenses are eliminated on consolidation. Non-controlling interests in the
net assets of consolidated subsidiaries are identified separately from the Group’s equity and consist of the net assets of those
interests at the date of the original business combination plus their share of changes in equity since that date.
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
decisions about the relevant activities require the unanimous consent of the parties sharing control, and where the joint
operators have rights to the assets and obligations for the liabilities relating to the arrangement. Associates are undertakings
over which the Group exercises significant influence, usually from 20%–50% of the equity voting rights, in respect of the financial
and operating policies and is neither a subsidiary nor an interest in a joint venture.
The Group accounts for its interests in joint ventures and associates using the equity method. Under the equity method, the
investment in the joint venture or associate is initially measured at cost. The carrying amount is adjusted to recognise changes in
the Group’s share of profit or loss of the joint venture or associate since the acquisition date. The Income Statement reflects the
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
receive the payment is established. Where an associate or joint venture has net liabilities, full provision is made for the Group’s
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
the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are
retranslated at the rates ruling at that date. These translation differences are included in net operating expenses in the
Consolidated Income Statement.
Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at
the date when the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign
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
the equivalent for the preceding month.
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.
Where a disposal of a foreign subsidiary occurs the translation differences are recognised in the Consolidated Income Statement
in the financial year that the disposal occurs.
The translation movements on matched long-term foreign currency borrowings, and derivative financial instruments qualifying
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.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the
foreign entity and translated at the acquisition closing rate. This is then revalued at the year end rate with any foreign exchange
difference taken directly to the translation reserve.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 178
2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Business Combinations
The acquisition of subsidiaries and other asset purchases that are assessed as meeting the definition of a business under the
rules of IFRS 3 Business Combinations are accounted for using the acquisition method. The consideration for each acquisition
is measured at the aggregate of fair values of assets given, liabilities incurred or assumed, and equity instruments issued by
the Group in exchange for control of the acquiree. If the accounting for business combinations involves provisional amounts,
which are finalised in a subsequent reporting period during the 12-month measurement period as permitted under IFRS 3,
restatement of these provisional amounts may be required in the subsequent reporting period. Acquisitions of the Group could
be subject to post-acquisition adjustments, therefore as permitted by IFRS 3, acquisitions have been accounted for using a
provisional accounting basis. Acquisition and integration costs incurred are expensed and included in adjusting items in the
Consolidated Income Statement.
If the business combination is achieved in stages, the acquisition-date fair value of the acquirer’s previously held equity interest
in the acquiree is remeasured to fair value at the acquisition date through the Consolidated Income Statement.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date.
Subsequent changes to the fair value of the contingent consideration, which is classified as a financial liability that is
within the scope of IFRS 9, will be recognised in the Income Statement.
Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount
recognised for non-controlling interests over the net identifiable assets acquired and liabilities assumed. If this consideration
is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the Income Statement.
The Group recognises any non-controlling interest at the proportionate share of the acquiree’s identifiable net assets.
Disposals
At the date of a disposal, or loss of control, joint control or significant influence over a subsidiary, joint venture or associate, the
Group derecognises the assets and liabilities of the entity, with the carrying amount of any non-controlling interest and any
cumulative translation differences recorded in equity. The fair value of consideration including the fair value of any investment
retained is recognised. The consequent profit or loss on disposal that is not disclosed as a discontinued operation is recognised
in profit and loss within ‘profit or loss on disposal of subsidiaries and operations’.
Revenue
IFRS 15 Revenue from Contracts with Customers provides a single, principles-based, five-step model to be applied to all
sales contracts. It is based on the transfer of control of goods and services to customers, and requires the identification
and assessment of the satisfaction of delivery of each performance obligation in contracts in order to recognise revenue.
Where separate performance obligations are identified in a single contract, total revenue is allocated on the basis of relative
stand-alone selling prices to each performance obligation, or management’s best estimate of relative value where stand-alone
selling prices do not exist.
Revenue is measured at the fair value of consideration received or receivable and represents amounts receivable for goods
and services provided in the normal course of business, net of discounts, VAT and other sales-related taxes, and provisions
for returns and cancellations. Revenue for each category type of revenue is typically fixed at the date of the order and is
not variable.
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
balance sheet under non-current liabilities and relates to payment in advance received for biennial and triennial events and
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 179
Performance obligations
Revenue recognition accounting policy
Timing of customer payments
Revenue type
Exhibitor and
related services
Provision of services
associated with exhibition
and conference events,
including virtual events.
Subscriptions
Provision of journals and online
information services that are
provided on a periodic basis or
updated on a real-time basis.
Transactional sales
Provision of books and
specific publications in
print or digital format.
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
event dates.
Performance obligations are satisfied over
time, with revenue recognised straight line
over the period of the subscription.
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
the customer when the goods have been
delivered to them.
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.
Subscription payments are
normally received in advance of the
commencement of the subscription
period which is typically a 12-month
period and are held as deferred income.
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
event sponsorship.
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
the timing of recognition is in line with the above. Expenses from barter transactions are also recorded at their fair value and
recognised as incurred. Barter transactions typically involve the trading of show space or conference places in exchange for
services provided at events or media advertising.
There are no material contract assets arising on work performed in order to deliver performance obligations. Where there are
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
of the Consolidated Income Statement and in the Consolidated Statement of Comprehensive Income.
The retirement benefit obligation recognised in the Consolidated Balance Sheet represents the actual deficit or surplus in the
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.
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2. SIGNIFICANT ACCOUNTING POLICIES CONTINUED
Share-Based Payments
The Group issues equity-settled share-based payment awards to certain colleagues. These are measured at fair value at date
of grant. An expense is recognised to spread the fair value of each award over the vesting period on a straight line basis, after
allowing for an estimate of awards that will not vest. At each balance sheet date, the Group revises its estimate of the number
of equity instruments expected to vest. The impact of the revision of the original estimates, if any, is recognised in the Income
Statement such that the cumulative expense reflects the revised estimate. Non-market vesting conditions are taken into account
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.
Own shares are deducted in arriving at total equity and represent the cost of the Company’s ordinary shares acquired by the
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
by the reporting date.
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
the Group will be required to settle that obligation. The provision is the best estimate of the consideration required to settle the
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,
where a taxable temporary difference arises from the subsequent tax deductible amounts, the associated deferred tax liability
is recognised.
Deferred tax is calculated for all business combinations in respect of intangible assets and properties. A deferred tax liability
is recognised to the extent that the fair value of the assets for accounting purposes exceeds the value of those assets for tax
purposes and will form part of the associated goodwill on acquisition. Deferred tax liabilities are recognised for taxable
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
recognised in other comprehensive income or directly in equity, in which case the current and deferred tax are also recognised
in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial
accounting for a business combination, the tax effect is included in the accounting for the business combination.
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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
Goodwill arises from the acquisition of a subsidiary or business and is calculated as the excess of the purchase consideration
over the fair value of identifiable assets and liabilities acquired at the date of acquisition. Goodwill also includes amounts
corresponding to deferred tax liabilities recognised in respect of acquired intangible assets. It is recognised as an asset at cost,
assessed for impairment at least annually and subsequently measured at cost less any accumulated impairment losses.
Any impairment is recognised immediately in the Consolidated Income Statement and is not subsequently reversed. On disposal
of a subsidiary or business, the attributable goodwill is included in the determination of the profit or loss on disposal. Fair value
measurements are based on provisional estimates and may be subject to amendment within one year of the acquisition in line
with IFRS 3 Business Combinations, resulting in an adjustment to goodwill.
Goodwill is tested for impairment annually, or more frequently when there is an indication that it may be impaired, at the
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.
Where an impairment test is performed, the carrying value is compared with the recoverable amount which is the higher of the
value in use and the fair value less costs to sell. Value in use is the present value of future cash flows and is calculated using a
discounted cash flow analysis based on the cash flows of the CGU compared with the carrying value of that CGU, including
goodwill. The Group estimates the discount rates as the risk-adjusted cost of capital for the particular CGU. If the recoverable
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
the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the
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
any adjustment needed to the cash flow forecasts or long-term growth rates used in the testing.
Intangible Assets
Intangible assets are initially measured at cost. For intangible assets acquired in business combinations, cost is calculated based
on the Group’s valuation methodologies. These assets are amortised over their estimated useful lives on a straight line basis,
as follows:
Book lists
Journal titles
Brands and trademarks
Customer relationship databases and intellectual property
Software
Product development
20 years1
20 years1
5–30 years
5–30 years
3–10 years
3–5 years
1. Or licence period if shorter
Software which is not integral to a related item of hardware is included in intangible assets. Capitalised internal-use software
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
Software and product development expenditure that is part of a Software-as-a-Service (SaaS) arrangement that conveys to the
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
if the services are performed by the supplier of the application software and these are not distinct from the right to receive
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
Property and equipment is recorded at cost less accumulated depreciation and provision for impairment. Depreciation is
provided to write off the cost less the estimated residual value of property and equipment on a straight line basis over the
estimated useful lives of the assets.
Freehold land is not depreciated. The rates of depreciation on other assets are as follows:
Freehold buildings
Leasehold land and buildings including right of use assets
Equipment, fixtures and fittings
50 years
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
asset and a corresponding lease liability with respect to all lease arrangements in which it is the lessee, except for short-term
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,
using the discount rate implicit with the lease. Where a discount rate is not implicit in the lease, we calculate an incremental
borrowing rate reflecting the risk profile of the underlying asset and the term of the lease length. The lease liability is presented
as a separate line in the Consolidated Balance Sheet. The lease liability is subsequently measured by increasing the carrying
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 183
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
the modification
Right of use assets comprise the initial measurement of the corresponding lease liability, lease payments made at or before the
commencement day, less any lease incentives received and vacant property provisions. They are subsequently measured at cost
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
separate line in the Consolidated Balance Sheet. The Group applies IAS 36 to assess whether a right of use asset is impaired
and accounts for any identified impairment loss against the right of use asset.
IFRS 16 requires certain judgements and estimates to be made. The most significant of these relate to the discount rates
used and the term of the lease life; however, these are not considered a critical accounting judgement or key source of
estimation uncertainty.
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
transition approach adopted has required a level of judgement in selecting the most appropriate discount rate. For a small
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.
IFRS 16 defines the lease term as the non-cancellable period of a lease together with the options to extend or terminate a lease,
if the lessee were reasonably certain to exercise that option. Where a lease includes the option for the Group to extend the lease
term, the Group makes a judgement as to whether it is reasonably certain that the option will be taken and an assumed expiry
date is determined. Where there are extension options on specific leases and the assumed expiry date is determined to have
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
Leases for which the Group is a lessor are classified as finance or operating leases. Whenever the terms of the lease transfer
substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases
are classified as operating leases.
When the Group is an intermediate lessor, it accounts for the head lease and the sub-lease as two separate contracts.
The sub-lease is classified as a finance or operating lease by reference to the right of use asset arising from the head lease.
Rental income from operating leases is recognised directly in the Consolidated Income Statement. The Group acts as lessor
only when office properties leased by the Group have been vacated and subsequently sub-let to third parties.
Amounts due from lessees under finance leases are recognised as finance lease receivables at the amount of the Group’s
present value of the lease receipts. The finance lease receivable is subsequently measured by increasing the carrying amount to
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
asset is estimated in order to determine the extent of the impairment loss (if any). Where the asset does not generate cash flows
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
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of
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
than 20% interest in the voting interests of the entity). Other investments are classified as assets held at fair value through profit
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
marketing and distribution costs expected to be incurred. Pre-publication costs are included in inventory, representing costs
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
Financial assets are recognised in the Group’s Consolidated Balance Sheet when the Group becomes a party to the contractual
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
subsequently measured at amortised cost using the effective interest rate method, less any impairment. Further details on the
Group’s loss allowance considerations can be found in Note 32(f).
Cash and Cash Equivalents
Cash and cash equivalents comprise cash on hand and balances with banks and similar institutions. Cash equivalents comprise
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
use of a provision account. When a trade receivable is considered uncollectible, it is written off against the provision account.
Subsequent recoveries of amounts previously written off are credited against the provision account. Changes in the carrying
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
recognition, the Group measures the loss allowance for that financial instrument at an amount equal to 12-month ECL.
Lifetime ECL represents the ECLs that will result from all possible default events over the expected life of a financial instrument.
In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a financial
instrument that are possible within 12 months after the reporting date.
Financial Liabilities and Equity Instruments issued by the Group
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 185
An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its
liabilities. Equity instruments issued by the Group are recorded at the proceeds received, net of direct issue costs.
Borrowings
Interest-bearing loans are recorded at the proceeds received, net of direct issue costs and stated at amortised cost using the
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
Net debt consists of cash and cash equivalents and includes bank overdrafts, 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.
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
Trade payables and other payables are initially measured at fair value, and are subsequently measured at amortised cost, using
the effective interest rate method.
Other Financial Liabilities
Other financial liabilities are initially measured at fair value, net of transaction costs. Other financial liabilities are subsequently
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.
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured
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
(cash flow hedge)
• 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
and hedged items, as well as its risk management objectives and strategy for undertaking various hedging transactions.
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
when the hedging relationship meets all of the following hedge effectiveness requirements:
• 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
• The hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item that the
Group actually hedges and the quantity of the hedging instrument that the Group actually uses to hedge that quantity
of hedged item
If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk
management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio
of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again.
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
hedged item.
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.
The cumulative amount recognised in other comprehensive income and accumulated in equity is reclassified into the
Consolidated Income Statement out of other comprehensive income in the same period when the hedged item is recognised
in profit or loss.
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
the foreign currency translation reserve. The gain or loss relating to the ineffective portion is recognised immediately in the
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
Hedge accounting is discontinued when the hedge instrument expires or is sold, terminated or exercised, or no longer qualifies
for hedge accounting; the discontinuation is accounted for prospectively. At that time, any cumulative gain or loss on the hedging
instrument recognised in equity is retained in equity until the forecast transaction occurs. If a hedged transaction is no longer
expected to occur, the net cumulative gain or loss recognised in equity is transferred to the Consolidated Income Statement in
the period.
A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more
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
probable that the Group will be required to settle that obligation. Provisions are measured at the Directors’ best estimate of
the expenditure required to settle the obligation at the reporting date, and are discounted to present value where the effect is
material. Any difference between the amounts previously recognised and the current estimates is recognised immediately in
the Consolidated Income Statement.
Restructuring provisions are recognised when the Group has a detailed formal plan for the restructuring that has been
communicated to the affected parties or implementation has commenced. Acquisition and integration provisions are recognised
when there is a commitment to settle an obligation relating to expenditure incurred on acquisition-related items or integration
items of spend that relate to an acquisition. Onerous contract provisions are recognised when it is determined that the cost to
fulfil the contract is higher than the economic benefit to be obtained from it.
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Alternative Performance Measures
In addition to the statutory results, adjusted results are prepared for the Income Statement, including adjusted operating profit
and adjusted diluted earnings per share, as the Board considers these non-Generally Accepted Accounting Principles (GAAP)
measures to be a useful and alternative way to measure the Group’s performance in a way that is comparable to the prior year.
See the glossary on pages 255 and 256 for definitions of non-GAAP measures, which includes adjusted measures shown in
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:
• Covid-19-related rent concessions beyond 30 June 2021
• Two IFRS Interpretations Committee (IFRIC) agenda decisions from March and April 2021 clarifying how arrangements in
respect of a specific part of cloud technology, Software-as-a-Service (SaaS), should be accounted for
New accounting standards and interpretations that are in issue but not yet effective are:
• IFRS 17: Insurance Contracts
• Amendments to IAS 1: Classification of Liabilities as Current or Non-Current and Disclosure of Accounting Policies
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
• Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16: Interest Rate Benchmark Reform Phase 2
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
IFRIC’s agenda decision relating to the capitalisation of costs of configuring or customising application software under SaaS
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.
Accordingly, the prior year Consolidated Balance Sheet at 31 December 2020 and the opening balance sheet at 1 January 2020
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
In the application of the Group’s accounting policies, which are described in Note 2, the Directors are required to make
judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent
from other sources. The estimates and associated assumptions are based on historical experience and other factors that are
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 188
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
useful information on business performance trends to Shareholders. The Board considers these non-GAAP measures as an
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 terms ‘adjusted’ and ‘underlying’ are not defined terms under IFRS and may not therefore be comparable with similarly-
titled measurements reported by other companies. Management is therefore required to exercise its judgement in
appropriately identifying and describing these items. These measures are not intended to be a substitute for, or superior to,
IFRS measurements. In 2021, management has exercised judgement on the classification of items in relation to COVID-19, in
particular onerous contract costs and other one-off costs associated with COVID-19.
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
are expected to benefit from this goodwill. When there are changes in business structure, judgement is required to identify any
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
significant of these relate to the discount rate and mortality assumptions. The most significant scheme is the UBM Pension
Scheme (UBMPS). Note 34 details the principal assumptions which have been adopted following advice received from
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
profits, future long-term growth rates and discount rates. Management views the source of estimation uncertainty to be around
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,
together with details of the impact of any uncertainties associated with the impairment assessment are provided in Note 16.
Management has also made critical judgements relating to the discount rate and long-term growth rate (LTGR). The method for
establishing these assumptions is detailed in Note 16.
At 31 December 2021, the business forecast is subject to higher levels of uncertainty compared with pre-COVID-19 years given
the impact of the pandemic on our B2B Markets businesses. This has driven increased levels of uncertainty when preparing
future cash flow forecasts, as the shorter and longer-term impacts of the pandemic evolve. Operationally, this uncertainty
relates to the speed of future recovery of face-to-face events together with the future impact of any COVID-19 containment
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
IFRIC’s agenda decision relating to the capitalisation of costs of configuring or customising application software under SaaS
arrangements. The updated accounting policy can be found in Note 2.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 189
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
were received.
The implementation of the updated accounting policy gave rise to a restatement in accordance with IAS 8, and IAS 1 (revised)
of the comparative year, with a restatement of the 2020 Consolidated Income Statement, Balance Sheet, Cash Flow Statement
and Statement of Changes in Equity and to the opening reserves as at 1 January 2020 as detailed below. This change led to a
£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
Revenue
Net operating expenses before adjusting items
Share of results of joint ventures and associates
Adjusted operating profit
Adjusting item expenses in operating loss
Operating loss
Loss on disposal of subsidiaries and operations
Finance income
Finance costs
Loss before tax
Tax
Loss for the year
Loss attributable to equity holders of the Company
Adjusted profit attributable to equity holders of the Company
Basic earnings per share
Diluted earnings per share
Adjusted diluted earnings per share
Consolidated Changes in Equity for the year ended 31 December 2020
At 1 January 2020
Loss for the year
Exchange gain on translation of foreign operations
Exchange loss on net investment hedge
Loss arising on derivative hedges
Actuarial loss on defined benefit pension schemes
Tax relating to components of other comprehensive income
Total comprehensive expense for the year
Dividends to non-controlling interests
Share award expense
Issue of share capital
Own shares purchased
At 31 December 2020
Previously
Reported
£m
Impact of
restatement
due to SaaS
£m
1,660.8
(1,393.8)
0.8
267.8
(1,148.2)
(880.4)
(8.4)
15.3
(266.2)
(1,139.7)
102.1
(1,037.6)
(1,041.5)
140.9
(73.4p)
(73.4p)
9.9p
–
(1.2)
–
(1.2)
–
(1.2)
–
–
–
(1.2)
0.2
(1.0)
(1.0)
(1.0)
–
–
(0.1p)
Previously
reported total
equity
£m
Impact of
restatement
due to SaaS
£m
5,838.0
(1,037.6)
(13.0)
(1.0)
(46.2)
(13.0)
(41.8)
(47.6)
20.2
–
–
–
–
–
Restated
£m
1,660.8
(1,395.0)
0.8
266.6
(1,148.2)
(881.6)
(8.4)
15.3
(266.2)
(1,140.9)
102.3
(1,038.6)
(1,042.5)
139.9
(73.4p)
(73.4p)
9.8p
Restated
£m
5,825.0
(1,038.6)
(46.2)
(13.0)
(41.8)
(47.6)
20.2
(1,166.0)
(1.0)
(1,167.0)
(13.6)
11.2
973.7
(1.3)
–
–
–
–
(13.6)
11.2
973.7
(1.3)
5,642.0
(14.0)
5,628.0
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 190
4. RESTATEMENT CONTINUED
Consolidated Balance Sheet as at 31 December 2020
Other intangible assets
Deferred tax assets
Other non-current assets
Non-current assets
Current assets
Total assets
Current liabilities
Non-current deferred tax liabilities
Other non-current liabilities
Total liabilities
Net assets
Share capital
Share premium
Translation reserve
Other reserve
Retained earnings
Equity attributable to equity holders of the parent
Non-controlling interest
Total equity
Previously
reported
£m
Impact of
restatement
due to SaaS
£m
Restatement
of hedging
reserve
£m
3,094.5
8.4
5,934.1
9,037.0
695.2
9,732.2
(1,200.6)
(406.4)
(2,483.2)
(4,090.2)
5,642.0
1.5
1,878.8
(206.2)
1,969.6
1,821.3
5,465.0
177.0
5,642.0
(17.2)
2.8
–
(14.4)
–
(14.4)
–
0.4
–
0.4
(14.0)
–
–
–
–
(14.0)
(14.0)
–
(14.0)
–
–
–
–
–
–
–
–
–
–
–
–
–
(4.2)
4.2
–
–
–
Restated
£m
3,077.3
11.2
5,934.1
9,022.6
695.2
9,717.8
(1,200.6)
(406.0)
(2,483.2)
(4,089.8)
5,628.0
1.5
1,878.8
(210.4)
1,973.8
1,807.3
5,451.0
177.0
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
reclassified from translation reserves to other reserves to make these separately identifiable as at 1 January 2020
as well as the SaaS restatement.
Consolidated Cash Flow Statement for the year ended 31 December 2020
Operating activities
Cash generated by operations
Income taxes paid
Interest paid
Net cash outflow from operating activities
Purchase of intangible software assets
Product development cost additions
Net cash outflow from other investing activities
Net cash inflow from financing activities
Net increase in cash and cash equivalents
Effect of foreign exchange rate changes
Cash and cash equivalents at beginning of the year
Cash and cash equivalents at end of the year
Previously
reported
£m
Impact of
restatement
due to SaaS
£m
Restated
£m
153.1
(32.9)
(259.7)
(139.5)
(23.8)
(13.9)
(80.1)
360.5
103.2
1.1
195.1
299.4
(6.5)
–
–
(6.5)
4.0
2.5
–
–
–
–
–
–
146.6
(32.9)
(259.7)
(146.0)
(19.8)
(11.4)
(80.1)
360.5
103.2
1.1
195.1
299.4
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 191
Consolidated Balance Sheet as at 1 January 2020
Other intangible assets
Deferred tax assets
Other non-current assets
Non-current assets
Current assets
Total assets
Current liabilities
Non-current deferred tax liabilities
Other non-current liabilities
Total liabilities
Net assets
Share capital
Share premium
Translation reserve
Other reserve
Retained earnings
Equity attributable to equity holders of the parent
Non-controlling interest
Total equity
Previously
reported1
£m
3,437.4
6.7
6,557.3
10,001.4
721.9
10,723.3
(1,584.6)
(540.4)
(2,760.3)
(4,885.3)
5,838.0
1.3
905.3
(117.2)
1,964.6
2,887.9
5,641.9
196.1
5,838.0
Impact of
restatement
due to SaaS
£m
Restatement
of hedging
reserve
£m
(16.0)
2.7
–
(13.3)
–
(13.3)
–
0.3
–
0.3
(13.0)
–
–
–
–
(13.0)
(13.0)
–
(13.0)
–
–
–
–
–
–
–
–
–
–
–
–
–
(4.0)
4.0
–
–
–
–
Restated
£m
3,421.4
9.4
6,557.3
9,988.1
721.9
10,710.0
(1,584.6)
(540.1)
(2,760.3)
(4,885.0)
5,825.0
1.3
905.3
(121.2)
1,968.6
2,874.9
5,628.9
196.1
5,825.0
1. Previously reported amounts at 1 January 2020 are taken from amounts reported in the Consolidated Balance Sheet at 31 December 2019 shown in the
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
Exhibitor
Subscriptions
Transactional sales
Attendee
Marketing and advertising services
Sponsorship
Total
Informa
Markets
£m
359.1
26.1
12.9
26.7
77.1
22.5
Informa
Connect
£m
Informa
Tech
£m
Informa
Intelligence
£m
Taylor &
Francis
£m
21.6
1.6
4.1
54.7
14.7
27.5
12.2
59.3
30.5
17.3
21.0
10.6
–
279.4
13.1
0.2
11.7
0.9
–
316.2
239.2
–
0.6
–
Total
£m
392.9
682.6
299.8
98.9
125.1
61.5
524.4
124.2
150.9
305.3
556.0
1,660.8
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 192
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
Exhibitor
Subscriptions
Transactional sales
Attendee
Marketing and advertising services
Sponsorship
Total
Year ended 31 December 20201
Exhibitor
Subscriptions
Transactional sales
Attendee
Marketing and advertising services
Sponsorship
Total
Informa
Markets
£m
435.8
24.8
10.7
30.7
64.9
41.6
Informa
Connect
£m
Informa
Tech
£m
Informa
Intelligence
£m
Taylor &
Francis
£m
14.1
0.9
6.3
57.4
15.7
36.2
18.7
51.6
28.6
19.7
25.6
21.7
–
304.1
26.1
0.3
17.2
0.6
–
307.1
237.6
–
0.7
–
Total
£m
468.6
688.5
309.3
108.1
124.1
100.1
608.5
130.6
165.9
348.3
545.4
1,798.7
Informa
Markets
£m
358.2
26.1
12.9
26.7
77.1
22.5
Informa
Connect
£m
Informa
Tech
£m
Informa
Intelligence
£m
Taylor &
Francis
£m
21.6
1.6
4.1
54.7
14.7
27.5
13.1
59.3
30.5
17.3
21.0
10.6
–
279.4
13.1
0.2
11.7
0.9
–
316.2
239.2
–
0.6
–
Total
£m
392.9
682.6
299.8
98.9
125.1
61.5
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
detailed below
6. BUSINESS SEGMENTS
The Group has identified reportable segments based on financial information used by the Directors in allocating resources and
making strategic decisions. We consider the chief operating decision maker to be the Executive Directors.
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
provided below:
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 193
Informa
Markets
£m
608.5
Informa
Connect
£m
130.6
Informa
Tech
£m
Informa
Intelligence
£m
Taylor &
Francis
£m
Total
£m
165.9
348.3
545.4
1,798.7
(4.1)
11.2
109.8
204.1
385.4
64.4
3.0
67.4
(167.4)
(7.8)
(1.6)
(0.4)
(4.9)
1.9
23.6
(7.8)
0.8
6.3
–
(4.1)
(13.7)
(0.1)
(0.1)
(0.1)
(0.7)
1.1
–
(1.5)
–
–
(89.9)
(19.2)
–
11.2
(18.6)
–
(3.3)
(1.7)
(1.9)
(4.5)
–
(0.4)
(0.6)
–
(19.8)
–
109.8
(18.5)
–
(5.5)
(2.0)
(4.2)
(5.3)
–
–
(4.4)
–
69.9
–
204.1
(50.2)
–
(1.3)
(0.2)
(0.2)
0.6
–
–
–
152.8
3.0
388.4
(268.4)
(7.9)
(11.8)
(4.4)
(11.9)
(6.2)
23.6
(9.7)
(4.2)
6.3
93.8
111.1
5.7
(73.5)
137.1
Year Ended 31 December 2021
Revenue
Adjusted operating profit/(loss) before joint ventures
and associates1
Share of adjusted results of joint ventures and associates
(Note 20)
Adjusted operating profit/(loss)
Intangible asset amortisation (Note 17)2
Impairment – acquisition-related intangibles
Impairment – IFRS 16 right of use assets
Impairment – property and equipment
Acquisition and integration costs (Note 8)
Restructuring and reorganisation costs (Note 8)
One-off insurance credits associated with COVID-19
Onerous contracts and one-off costs associated with
COVID-19 (Note 8)
Subsequent remeasurement of contingent consideration
(Note 8)
VAT credits
Operating profit/(loss)
Profit on disposal of businesses (Note 21)
Finance income (Note 11)
Finance costs (Note 12)
Profit before tax
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
2. Excludes acquired intangible product development and software amortisation
Year ended 31 December 2020 (Restated)3
Revenue
Adjusted operating profit before joint ventures and associates1
Share of adjusted results of joint ventures and associates (Note 20)
Adjusted operating (loss)/profit
Intangible asset amortisation (Note 17)2
Impairment – goodwill (Note 16)
Impairment – acquisition-related intangibles
Impairment – IFRS 16 right of use assets
Impairment – property and equipment
Impairment – external investments
Acquisition and integration costs (Note 8)
Restructuring and reorganisation costs (Note 8)
Onerous contracts and one-off costs associated with COVID-19
(Note 8)
Subsequent remeasurement of contingent consideration (Note 8)
Operating (loss)/profit
Loss on disposal of businesses (Note 21)
Finance income (Note 11)
Finance costs (Note 12)
Loss before tax
Informa
Markets
£m
Informa
Connect
£m
Informa
Tech
£m
Informa
Intelligence
£m
Taylor &
Francis
£m
523.5
(25.0)
0.4
(24.6)
(185.7)
(231.1)
(24.1)
(15.0)
(4.2)
–
(24.9)
(39.5)
(46.3)
(0.9)
(596.3)
124.2
(24.2)
0.4
(23.8)
(16.8)
(105.9)
(4.5)
(5.3)
(1.3)
(2.5)
(1.6)
(11.7)
(3.3)
0.7
151.8
(2.8)
–
(2.8)
(20.7)
(255.9)
(6.2)
(2.5)
(0.8)
–
(17.3)
(11.8)
(2.9)
3.3
(176.0)
(317.6)
305.3
103.6
–
103.6
(16.6)
–
(2.7)
(7.0)
(1.0)
(1.4)
(4.3)
(6.5)
(0.1)
–
64.0
556.0
214.2
–
214.2
(52.0)
–
(1.0)
(6.3)
(1.5)
–
(1.0)
(8.1)
–
–
144.3
Total
£m
1,660.8
265.8
0.8
266.6
(291.8)
(592.9)
(38.5)
(36.1)
(8.8)
(3.9)
(49.1)
(77.6)
(52.6)
3.1
(881.6)
(8.4)
15.3
(266.2)
(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
2. Excludes acquired intangible product development and software amortisation
3. Restated for restructure of operating segments and for SaaS (see Note 4)
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 194
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
Informa Markets
Informa Connect
Informa Tech
Informa Intelligence
Taylor & Francis
Total segment assets
Unallocated assets
Total assets
1. Restated for SaaS (see Note 4)
31 December
2021
£m
31 December
20201
£m
5,992.3
6,144.8
463.4
827.5
1,090.4
911.5
9,285.1
912.5
10,197.6
484.6
765.1
989.3
964.5
9,348.3
369.5
9,717.8
For the purpose of monitoring segment performance and allocating resources between segments, the Group monitors the
non-current tangible, intangible and financial assets attributable to each segment. All assets are allocated to reportable
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:
UK
Continental Europe
North America
China
Rest of world
Revenue
Segment non-current
assets1
2021
£m
135.7
272.3
905.4
225.2
260.1
2020
£m
138.9
174.3
846.3
213.6
287.7
1,798.7
1,660.8
2021
£m
2,121.8
946.6
3,931.1
1,740.4
164.9
8,904.8
20202
£m
2,262.8
1,019.2
3,765.5
1,740.4
178.9
8,966.8
1. Non-current amounts exclude financial instruments, deferred tax assets and retirement benefit surplus
2. Restated for SaaS (see Note 4)
No individual customer contributed more than 10% of the Group’s revenue in either 2021 or 2020.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 195
7. OPERATING PROFIT
Operating profit has been arrived at after charging/(crediting):
Cost of sales (excluding staff costs, depreciation and
COVID-19 adjusting items)
Staff costs (excluding adjusting items)
Amortisation of other intangible assets
Impairment – goodwill
Impairment – acquisition-related intangibles
Impairment – IFRS 16 right of use assets
Impairment – property and equipment
Impairment – investments
Depreciation – property and equipment
Depreciation – IFRS 16 right of use assets
Acquisition-related costs
Integration-related costs
Restructuring and reorganisation costs
One-off insurance credits associated with COVID-19
Onerous contracts and one-off costs associated
with COVID-19
Subsequent remeasurement of contingent
consideration
VAT credits
Net foreign exchange gain
Auditor’s remuneration for audit services
Other operating expenses
Total net operating expenses before share of joint
ventures and associates
1. Restated for SaaS (see Note 4)
Adjusted
results
2021
£m
Adjusting
items
2021
£m
Statutory
results
2021
£m
Adjusted
results1
2020
£m
Adjusting
items
2020
£m
Statutory
results1
2020
£m
Notes
9
17
8
8
8
19
8
19
38
8
8
8
8
8
8
564.6
646.7
40.6
–
–
–
–
–
12.7
24.2
–
–
–
–
–
–
–
(0.4)
3.8
121.1
–
–
268.4
–
7.9
11.8
4.4
–
–
–
3.3
8.6
6.2
564.6
646.7
309.0
–
7.9
11.8
4.4
–
12.7
24.2
3.3
8.6
6.2
(23.6)
(23.6)
9.7
4.2
(6.3)
–
–
–
9.7
4.2
(6.3)
(0.4)
3.8
121.1
527.3
634.8
35.8
–
–
–
–
–
16.8
30.3
–
–
–
–
–
–
–
(3.1)
3.2
149.9
–
–
291.8
592.9
38.5
36.1
8.8
3.9
–
–
2.8
46.3
77.6
–
52.6
(3.1)
–
–
–
–
527.3
634.8
327.6
592.9
38.5
36.1
8.8
3.9
16.8
30.3
2.8
46.3
77.6
–
52.6
(3.1)
–
(3.1)
3.2
149.9
1,413.3
294.6
1,707.9
1,395.0
1,148.2
2,543.2
Amounts payable to the auditor, Deloitte LLP, and its associates by the Company and its subsidiary undertakings are
provided below:
Fees payable to the Company’s auditor for the audit of the Company’s annual financial statements
Fees payable to the Company’s auditor and its associates for other services to the Group:
Audit of the Company’s subsidiaries
Total audit fees
Fees payable to the Company’s auditor for non-audit services comprises:
Half-year review
Other services
Total non-audit fees
2021
£m
2.9
2020
£m
2.3
0.9
3.8
0.2
0.1
0.3
0.9
3.2
0.3
0.2
0.5
Fees payable to Deloitte LLP and its associates for non-audit services to the Company are included in the consolidated
disclosures above.
The Audit Committee approves all non-audit services within the Company’s policy. The Committee considers that certain
non-audit services should be provided by the external auditor, because its existing knowledge of the business makes this the
most efficient and effective way for those non-audit services to be carried out, and does not consider the provision of such
services to impact the independence of the external auditor. In 2021 the non-audit fees paid to Deloitte totalled £0.3m
(2020: £0.5m), which represented 8% (2020: 16%) of the 2021 audit fee, with £0.2m (2020: £0.3m) relating to the half-year review.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 196
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
includes an explanation of how auditor objectivity and independence is safeguarded when non-audit services are provided
by the auditor. No services were provided under contingent fee arrangements.
8. ADJUSTING ITEMS
The Board considers certain items should be recognised as adjusting items (see glossary on pages 255 and 256) since, due to their
nature or infrequency, such presentation is relevant to an understanding of the Group’s performance. These items do not relate to
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:
Intangible amortisation and impairment
Intangible asset amortisation1
Impairment – goodwill
Impairment – acquisition-related intangible assets
Impairment – IFRS 16 right of use assets
Impairment – property and equipment
Impairment – investments
Acquisition costs
Integration costs
Restructuring and reorganisation costs
Redundancy and reorganisation costs
Vacant property and lease modification costs
One-off insurance credits associated with COVID-19
Onerous contracts and other one-off costs associated with COVID-19
Subsequent remeasurement of contingent consideration
VAT credits
Adjusting items in operating profit/loss
(Profit)/loss on disposal of subsidiaries and operations
Finance income
Finance costs
Adjusting items in profit/loss before tax
Tax related to adjusting items
Adjusting items in profit/loss for the year
Notes
17
16
17
38
21
11
12
13
2021
£m
268.4
–
7.9
11.8
4.4
–
3.3
8.6
4.5
1.7
(23.6)
9.7
4.2
(6.3)
294.6
(111.1)
–
–
183.5
(5.6)
177.9
2020
£m
291.8
592.9
38.5
36.1
8.8
3.9
2.8
46.3
47.6
30.0
–
52.6
(3.1)
–
1,148.2
8.4
(8.3)
161.8
1,310.1
(127.7)
1,182.4
1. Intangible asset amortisation is in respect of acquired intangibles, and excludes amortisation of software and product development
The principal adjusting items are in respect of the following:
• Intangible asset amortisation – the amortisation charges in respect of intangible assets acquired through business
combinations or the acquisition of trade and assets. The charge is not considered to be related to the underlying performance
of the Group and it can fluctuate materially period-on-period as and when new businesses are acquired or disposed.
The charge is therefore treated as an adjusting item due to its nature in order to provide comparability of underlying results
to prior periods. The trading results generated from the acquired assets are included in the adjusted results from the date
of acquisition
• Impairment – the Group tests for impairment on an annual basis or more frequently when an indicator exists.
Impairment charges are separately disclosed and are excluded from adjusted results. Impairment charges have been
classified as adjusting items on the basis of them being one-off in nature and therefore not 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
• Impairment of right of use assets relate to the permanent closure of a number of office properties in 2021. Impairments of
right of use assets have been classified as adjusting items on the basis of them being infrequent in nature and therefore not
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
• Acquisition costs are the costs and fees incurred by the Group in acquiring businesses. These are classified as adjusting items
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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued
197
• Integration costs are the costs incurred by the Group in integrating share and asset acquisitions. These are classified as
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
• Onerous contracts associated with COVID-19 relate to onerous contract costs for events which have been cancelled or
postponed and where such costs cannot be recovered. The costs largely relate to venue, marketing and event set-up costs.
Other items associated with COVID-19 are one-off indirect credits or costs incurred as a result of the pandemic. These costs
and credits are infrequent and fluctuate from period to period and therefore they are adjusted to provide comparability to
prior periods
• One-off insurance credits associated with COVID-19 relate to insurance receipts for events which were cancelled due to the
pandemic. These credits relate to costs recorded as adjusting items in previous periods and therefore they are adjusted to
provide comparability to prior periods
• Subsequent remeasurement of contingent consideration is recognised in the year as a charge or credit to the Consolidated
Income Statement unless qualifying as a measurement period adjustment arising within one year from the acquisition date.
These are classified as adjusting items as these costs arise as a result of acquisitions and are not considered to be part of the
underlying operations of the business, and therefore they are adjusted to provide comparability to prior periods
• VAT credits relate to the release of a provision for VAT penalties. These credits are considered to be one-off in nature with the
initial VAT cost recorded as an adjusting item and therefore they are adjusted to provide comparability to prior periods
• Profit on disposal of subsidiaries and operations relate to the profit on disposal of businesses primarily relating to Barbour
EHS, Barbour ABI and Asset Intelligence. These are classified as adjusting items as these profits relate to disposals and are not
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:
Informa Markets
Informa Connect
Informa Tech
Informa Intelligence
Taylor & Francis
Total
Their aggregate remuneration comprised:
Wages and salaries
Social security costs
Pension costs associated with staff charged to operating profit (Note 34)
Share-based payments (Note 10)
Staff costs (excluding adjusting items)
Redundancy costs
Average number of
employees
2021
4,088
941
975
1,615
2,425
10,044
2021
£m
558.9
52.1
20.1
15.6
646.7
2.6
649.3
2020
4,730
1,189
1,129
1,579
2,318
10,945
2020
£m
553.8
47.6
21.6
11.8
634.8
45.7
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 198
9. STAFF NUMBERS AND COSTS CONTINUED
Short-term employee benefits
Post-employment benefits
Share-based payments
10. SHARE-BASED PAYMENTS
2021
£m
2.6
0.4
2.9
5.9
2020
£m
2.1
0.3
1.7
4.1
The Group recognised total expenses of £15.6m (2020: £11.8m) relating to share-based payment costs in the year ended
31 December 2021 with £12.7m (2020: £10.1m) relating to equity-settled LTIP awards, £0.3m (2020: £nil) relating to equity-settled
Curinos Management Incentive Plan share awards, £2.1m (2020: £1.1m) relating to equity-settled ShareMatch and £0.5m
(2020: £0.6m) relating to Employee Share Purchase Plan (ESPP) awards.
Long-Term Incentive Plan
The Group’s Long-Term Incentive Plan (LTIP) awards granted in January 2021 are part of the Equity Revitalisation Plan (ERP)
restricted share awards which have a three-year vesting period. These awards are subject to a Shareholder value underpin: If
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
from the day prior to the allocation grant date. Allocations are equity-settled and will lapse if the colleague leaves the Group
before a grant is exercisable, unless the employee meets certain eligibility criteria.
The movement in number of awards during the year is as follows:
Outstanding as at 1 January
LTIPs granted in the year
LTIPs exercised in the year
LTIPs lapsed and modification adjustment in the 2020 year
Outstanding as at 31 December
2021
Number of
options
7,661,531
2,543,896
(560,339)
(295,362)
2020
Number of
options
5,500,523
3,291,347
(272,026)
(858,313)
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.
The expected life used in the model has been adjusted, based on the Group’s best estimate, for the effects of non-transferability,
exercise restrictions and behavioural considerations.
Curinos Management Incentive Plan (MIP) Share Awards
Following the acquisition of Novantas, Inc. on 28 May 2021 (see Note 18) and its combination with the Informa FBX business to
form the Curinos business, incentive unit share (MIP) awards were agreed to be issued to Curinos colleagues for the equivalent
of up to 10% of the share capital of the Curinos business.
MIP awards provide holders a payment following a performance event based on the increase in the value of the Curinos
business relative to the initial investment price, as adjusted for the percentage vested for the performance-based element of
the awards. MIP awards are dependent on continued employment during the vesting period, with one third vesting equally
over time and two thirds being subject to performance criteria related to the level of increase in value of the Curinos business.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 199
MIP awards were granted to Curinos colleagues on 9 September 2021. There were no awards forfeited, expired or exercised
in the year ended 31 December 2021. The share-based payment expense in the year ended 31 December 2021 was £0.3m.
The awards have an expected weighted average remaining life of 2.3 years as at 31 December 2021.
ShareMatch (Share Incentive Plan)
In June 2014, the Company launched ShareMatch, a global Share Incentive Plan (tax qualifying in the UK), under which eligible
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 after a three-year period, compared with one matching share previously.
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
shares. Employee subscriptions can be made on a monthly or one-off lump sum basis and matching shares are purchased on
a monthly basis, through a UK Trust. Further details are set out in the remuneration section of the financial statements.
Outstanding as at 1 January
Purchased in the year
Transferred to participants in the year
Outstanding as at 31 December
11. FINANCE INCOME
2021
ShareMatch
Number of
share awards
2020
ShareMatch
Number of
share awards
710,697
556,780
(188,735)
1,078,742
474,878
299,466
(63,647)
710,697
Interest income on bank deposits
Interest income finance lessor leases
Fair value gain on financial instruments through the Income Statement
Finance income before adjusting items
Adjusting item: finance income associated with debt issuance and fair value gain on acquisition put options
Total finance income
12. FINANCE COSTS
Interest expense on borrowings and loans1
Interest on IFRS 16 leases
Interest cost on pension scheme net liabilities
Total interest expense
Notes
38
34
Non-income taxes in relation to intra-Group financing
Fair value gain/(loss) on financial instruments through the Income Statement
Financing costs before adjusting items
Adjusting item: financing expense associated with early repayment of debt and associated termination of
put options2
Total finance costs
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
2021
£m
5.3
0.2
0.2
5.7
–
5.7
2021
£m
59.1
10.4
1.5
71.0
2.2
0.3
73.5
–
73.5
2020
£m
5.5
0.1
1.4
7.0
8.3
15.3
2020
£m
92.3
12.2
0.7
105.2
–
(0.8)
104.4
161.8
266.2
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 200
13. TAXATION
The tax charge/(credit) comprises:
Current tax:
UK
Continental Europe
US
China
Rest of world
Total current tax
Deferred tax:
Current year
Credit arising from tax rate changes
Total deferred tax
Total tax charge/(credit) on profit/(loss) on ordinary activities
1. Restated for SaaS (see Note 4)
The tax on adjusting items within the Consolidated Income Statement relates to the following:
Intangible assets amortisation
Benefit of goodwill amortisation for tax purposes only
Impairment of intangibles and goodwill
Impairment of IFRS 16 right of use assets
Impairment of property and equipment
Impairment of investments
Acquisition and integration-related costs
Restructuring and reorganisation costs
One-off insurance credits associated with COVID-19
Onerous contracts and other items associated with COVID-19
Subsequent remeasurement of contingent consideration
VAT credits
Profit/(loss) on disposal of subsidiaries and operations
Finance income
Finance costs
Total tax on adjusting items
Notes
8
8
8
8
8
8
8
8
8
8
21
8
8
Gross
2021
£m
(268.4)
–
(7.9)
(11.8)
(4.4)
–
(11.9)
(6.2)
23.6
(9.7)
(4.2)
6.3
Tax
2021
£m
55.8
(14.2)
1.7
2.5
0.8
–
2.9
0.8
(6.1)
2.0
–
–
111.1
(40.6)
–
–
(183.5)
–
–
5.6
2021
£m
0.5
7.3
19.6
12.7
2.1
42.2
(1.9)
8.6
6.7
48.9
Gross
2020
£m
(291.8)
–
(631.4)
(36.1)
(8.8)
(3.9)
(49.1)
(77.6)
(52.6)
3.1
–
(8.4)
8.3
(161.8)
(1,310.1)
20201
£m
(1.1)
(1.1)
4.2
11.8
11.6
25.4
(132.9)
5.2
(127.7)
(102.3)
Tax
2020
£m
57.2
(22.6)
16.5
8.0
2.1
–
8.2
17.4
10.9
(0.1)
–
2.2
(1.6)
29.5
127.7
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued
201
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:
Profit/(loss) before tax
Tax charge/(credit) at effective UK statutory rate of 19.0% (2020: 19.0%)
Different tax rates on overseas profits
Disposal-related items
Non-deductible expenditure
Non-taxable income
Benefits from financing structures
Tax incentives
Adjustments for prior years
Net movement in provisions for uncertain tax positions
Impact of changes in tax rates
Movements in deferred tax not recognised
Tax charge/(credit) and effective rate for the year
1. Restated for SaaS (see Note 4)
2021
£m
137.1
26.0
25.3
10.6
6.6
(1.3)
(6.7)
(2.4)
(14.8)
(6.6)
8.5
3.7
48.9
%
19.0
18.5
7.7
4.8
(0.9)
(4.9)
(1.8)
(10.8)
(4.8)
6.2
2.7
35.7
20201
£m
(1,140.9)
(216.8)
(27.3)
(0.1)
122.0
(2.1)
(5.5)
(1.7)
6.6
1.1
5.2
16.3
(102.3)
%
19.0
2.4
–
(10.7)
0.2
0.5
0.1
(0.6)
(0.1)
(0.4)
(1.4)
9.0
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
in particular the exemption for group finance companies. Like many UK- based multinational companies, the Group has made
claims in relation to this exemption. As part of the acquisition accounting relating to contingent liabilities, an amount of £8.0m
was provided in relation to UBM companies. During the year a charging notice was issued by HMRC to Informa in relation to
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.
On 20 December 2021, the Organisation for Economic Co-operation and Development (OECD) published its proposals in relation
to Global Anti-Base Erosion Rules, which provide for an internationally co-ordinated system of taxation to ensure that large
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).
In the year ended 31 December 2021 there were dividend payments of £8.6m (2020: £13.6m) to non-controlling interests.
The Group has announced that it intends to resume ordinary dividends with the 2022 interim dividend.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 202
15. EARNINGS PER SHARE
Basic
The basic earnings per share (EPS) calculation is based on the profit/(loss) attributable to equity Shareholders of the parent
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
were anti-dilutive and therefore excluded from the weighted average number of ordinary shares for the purpose of calculating
diluted EPS.
The table below sets out the adjustment in respect of dilutive potential ordinary shares for use in the calculation of diluted EPS:
Weighted average number of shares used in basic earnings per share
Effect of dilutive potential ordinary shares
Weighted average number of shares used in diluted earnings per share
2021
2020
1,500,952,369 1,419,707,507
9,266,841
–
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:
Weighted average number of shares used in basic earnings per share
Effect of dilutive potentially ordinary shares
Weighted average number of shares used in diluted adjusted earnings per share
2021
2020
1,500,952,369 1,419,707,507
9,266,841
6,813,614
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 performance. Adjusted diluted EPS is based on profit attributable to equity Shareholders which has been adjusted
to exclude items that, in the opinion of the Directors, would distort underlying results with the items detailed in Note 8.
Earnings per share
Profit/(loss) for the year
Non-controlling interests
Earnings and EPS for the purpose of statutory basic EPS
Effect of dilutive potential ordinary shares
Earnings and EPS for the purpose of statutory diluted EPS
1. Restated for SaaS (see Note 4)
Earnings
2021
£m
Per share
amount
2021
Pence
88.2
(10.3)
77.9
–
77.9
5.2
–
5.2
Earnings1
2020
£m
(1,038.6)
(3.9)
(1,042.5)
–
(1,042.5)
Per share
amount1
2020
Pence
(73.4)
–
(73.4)
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 203
Adjusted earnings per share
Earnings for the purpose of statutory basic EPS/statutory basic EPS (p)
Adjusting items (Note 8):
Intangible asset amortisation
Impairment – goodwill
Impairment – acquisition-related intangible assets
Impairment – IFRS 16 right of use assets
Impairment – property and equipment
Impairment – investments
Acquisition and integration costs
Restructuring and reorganisation costs
One-off insurance credits associated with COVID-19
Onerous contracts associated with COVID-19
Other items associated with COVID-19
VAT credit
Subsequent remeasurement of contingent consideration
(Profit)/loss on disposal of subsidiaries and operations
Finance income
Finance costs
Tax related to adjusting items
Non-controlling interest adjusting items
Earnings and EPS for the purpose of adjusted basic EPS
Effect of dilutive potential ordinary shares (p)
Earnings and EPS for the purpose of adjusted diluted EPS
1. Restated for SaaS (see Note 4)
Earnings
2021
£m
77.9
268.4
–
7.9
11.8
4.4
–
11.9
6.2
(23.6)
9.7
–
(6.3)
4.2
(111.1)
–
–
(5.6)
(4.0)
251.8
–
251.8
Per share
amount
2021
Pence
5.2
17.9
–
0.5
0.8
0.3
–
0.8
0.4
(1.6)
0.6
–
(0.4)
0.3
(7.4)
–
–
(0.4)
(0.2)
16.8
(0.1)
16.7
16. GOODWILL
Cost
At 1 January 2020
Additions in the year
Disposals
Exchange difference
At 1 January 2021
Additions in the year (Note 18)
Disposals
Exchange differences
At 31 December 2021
Accumulated impairment losses
At 1 January 2020
Disposals
Impairment loss for the year
Exchange differences
At 1 January 2021
Disposals
Exchange differences
At 31 December 2021
Carrying amount
At 31 December 2021
At 31 December 2020
Earnings
20201
£m
(1,042.5)
Per share
amount
20201
Pence
(73.4)
291.8
592.9
38.5
36.1
8.8
3.9
49.1
77.6
–
47.3
5.3
–
(3.1)
8.4
(8.3)
161.8
(127.7)
–
139.9
–
139.9
20.5
41.8
2.7
2.5
0.6
0.3
3.5
5.5
–
3.3
0.4
–
(0.2)
0.6
(0.6)
11.4
(9.0)
–
9.9
(0.1)
9.8
£m
6,261.1
57.5
(0.8)
(79.9)
6,237.9
222.3
(103.4)
21.9
6,378.7
(116.7)
0.8
(592.9)
47.5
(661.3)
–
(0.4)
(661.7)
5,717.0
5,576.6
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 204
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
Informa Markets
Informa Connect
Informa Tech
Informa Intelligence
Taylor & Francis
Impairment Review
Goodwill
carrying
amount
31 December
2021
£m
Goodwill
carrying
amount
31 December
2020
£m
3,611.6
3,598.8
330.3
468.1
769.3
537.7
328.3
433.3
678.6
537.6
5,717.0
5,576.6
Number of
CGUs
2021
Number of
CGUs
2020
6
3
1
3
1
14
6
3
1
4
1
15
As goodwill is not amortised, it is tested for impairment at least annually, or more frequently if there are indicators of
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
flow projections.
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
Informa Markets
Informa Connect
Informa Tech
Total
Year ended
31 December
2021
£m
Year ended
31 December
2020
£m
–
–
–
–
231.1
105.9
255.9
592.9
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 205
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
For 2022, management has used the annual budget. For 2023 and 2024 management has used the three-year plan forecast.
A review of all forecast revenue streams has been undertaken. Forecasts include a judgement as to the likely shape and
timing of the recovery of event revenues to pre-COVID levels. These forecasts include management expectations of an
overall recovery of large-scale events to pre-COVID levels by 2024 and represent the Directors’ best estimate of the future
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.
Long-term growth rate For the Group’s value in use calculation, a perpetual growth rate has been applied to the 2024 operating cash flows.
Long-term growth rates are based on external reports on long-term GDP growth rates for the main geographic markets in
which each CGU group operates and therefore are not considered to exceed the long-term average growth prospects for the
individual markets. Long-term growth rates have not been risk adjusted to reflect any of the uncertainties noted above, as
these uncertainties are already reflected in the forecasts.
Discount rate applied We have calculated the discount rate for each CGU and CGU group. For the cost of debt, we have considered market rates,
based on entities with a comparable credit rating. The cost of equity is calculated using the Capital Asset Pricing Model.
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:
Key assumptions and headroom
Informa Markets
Informa Connect
Informa Tech
Informa Intelligence
Taylor & Francis
Headroom on
CGU groups
Long-term market
growth rates
Pre-tax
discount rates
2021
£m
1,188.5
240.7
388.7
772.7
2,509.4
2020
£m
170.4
64.7
44.1
894.7
2,337.3
2021
2.4%
1.8%
1.9%
1.8%
1.7%
2020
2.5%
1.8%
2.0%
1.9%
1.7%
2021
10.5%
11.8%
11.5%
10.6%
9.4%
2020
11.1%
11.7%
11.3%
10.4%
8.8%
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
geographies in which the Group operates, which may impact our future cash flows, discount rates and long-term growth rate
(LTGR). The cash flow sensitivity analysis scenario considered a 10% cash flow reduction in the period 2022-2024 including
the perpetuity year reflecting an estimation of the impact of restricted ability to run physical events. The sensitivity analysis
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 206
Database and
intellectual
property,
brand and
customer
relationships
£m
Exhibitions
and
conferences,
brand and
customer
relationships
£m
Publishing
book lists and
journal titles
£m
Intangible
software
assets2
£m
Product
development2
£m
Sub-total
£m
3,605.8
(96.3)
5,032.2
2.3
0.4
–
(22.4)
(25.7)
23.4
1.5
(49.4)
(77.5)
3,461.8
4,932.5
–
13.2
0.6
(110.3)
7.5
3,372.8
(676.4)
(58.7)
(222.4)
(33.2)
22.4
20.0
–
127.4
3.8
(152.8)
21.3
–
(291.8)
(38.5)
48.7
50.3
880.7
–
3.9
1.5
–
(16.9)
869.2
–
–
3.2
(0.2)
5.0
877.2
545.7
98.6
19.1
–
(27.0)
(34.9)
601.5
–
114.2
–
(42.3)
8.8
682.2
(536.2)
(536.4)
58.7
(17.5)
(5.2)
26.3
18.1
–
(51.9)
(0.1)
–
12.2
(576.0)
–
(50.2)
–
0.2
(4.0)
(456.0)
(948.3)
(1,980.3)
–
(19.8)
–
29.4
(3.6)
–
–
(198.4)
(268.4)
(7.9)
57.3
(4.7)
(7.9)
86.9
(12.3)
(630.0)
(450.0)
(1,102.0)
(2,182.0)
(176.9)
247.2
293.2
232.2
145.5
2,270.8
2,513.5
2,750.2
2,952.2
105.3
104.5
249.5
–
1.3
17.2
(12.9)
(2.5)
252.6
–
8.3
29.4
(9.8)
1.7
–
(29.0)
(5.0)
11.9
2.2
(148.1)
–
(32.6)
–
5.0
(1.2)
Total2
£m
5,337.5
2.3
25.7
30.1
(67.3)
(81.8)
5,246.5
–
137.0
47.8
(168.7)
23.7
5,286.3
55.8
–
1.0
11.4
(5.0)
(1.8)
61.4
–
1.3
14.6
(6.1)
0.7
71.9
–
(6.8)
–
3.9
1.0
–
(327.6)
(43.5)
64.5
53.5
(40.8)
(2,169.2)
–
(8.0)
–
5.9
(0.9)
(43.8)
28.1
20.6
–
(309.0)
(7.9)
97.8
(14.4)
(2,402.7)
2,883.6
3,077.3
4,932.2
282.2
(1,749.0)
(128.2)
(38.9)
(1,916.1)
17. OTHER INTANGIBLE ASSETS
Cost
At 1 January 2020
Reclassification
Arising on acquisition of subsidiaries
and operations
Additions
Disposals
Exchange differences
At 1 January 2021
Reclassification
Arising on acquisition of subsidiaries
and operations
Additions1
Disposals
Exchange differences
At 31 December 2021
Amortisation
At 1 January 2020
Reclassification
Charge for the year
Impairment losses
Disposals
Exchange differences
At 1 January 2021
Reclassification
Charge for the year
Impairment losses
Disposals
Exchange differences
At 31 December 2021
Carrying amount
At 31 December 2021
At 31 December 2020
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 (20202: £213.9m) and accumulated amortisation of
£148.0m (20202: £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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 207
18. BUSINESS COMBINATIONS
Cash paid/(received) on acquisitions, net of cash acquired
Current year acquisitions
Novantas, Inc.
China Bakery Exhibition
Clinerion AG
Premiere Shows
NetLine Corporation
Prior year acquisitions including deferred and contingent payments
TrialScope
F1000 Research Limited
IHS Markit Database and Research portfolio
Other
Total cash paid in year, net of cash acquired
Acquisitions
2021
£m
(3.3)
1.2
16.8
14.4
41.2
–
–
(3.8)
1.7
68.2
2020
£m
–
–
–
–
–
54.1
14.9
(1.8)
10.1
77.3
To determine the value of separately identifiable intangible assets of a business combination, and deferred tax on these
intangibles, the Group is required to make estimates when utilising valuation methodologies. These methodologies include
the use of discounted cash flows, revenue forecasts and the estimates for the useful economic lives of intangible assets.
There are estimates involved in assessing what amounts are recognised as the estimated fair value of assets and liabilities
acquired through business combinations, particularly the amounts attributed to separate intangible assets such as titles,
brands, acquired customer lists and associated customer relationships. These estimates impact the amount of goodwill
recognised on acquisitions. Any provisional amounts are subsequently finalised within the 12-month measurement period,
as permitted by IFRS 3. The Group has built considerable knowledge of these valuation techniques, and for major acquisitions,
defined as when consideration is £75m or above, the Group also considers the advice of third-party independent valuers to
identify and support the valuation of intangible assets arising on acquisition.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 208
18. BUSINESS COMBINATIONS CONTINUED
The provisional amounts recognised in respect of the estimated fair value of identifiable assets and liabilities for 2021, and
acquisitions and payments made in 2021 relating to prior year acquisitions, were:
Acquisition intangible assets
Other intangible assets
Property and equipment
Right of use assets
Deferred tax assets
Trade and other receivables
Other receivable relating to share option settlement
Cash and cash equivalents
Trade and other payables
Other payable relating to share option settlement
Tax liabilities
Deferred income
Provisions
Borrowings
Lease liabilities
Deferred tax liabilities
Total identifiable net assets acquired
Goodwill
Non-controlling interests
Total consideration
Satisfied by:
Cash consideration at closing
Deferred and contingent cash consideration
Non-cash consideration
Total
Net cash outflow arising on acquisitions:
Initial cash consideration
Deferred and contingent consideration paid/(received)
Less: cash acquired
Net cash outflow/(inflow) arising on acquisitions
Other
acquisitions
including
deferred
consideration
£m
Deferred
consideration
and
finalisation
of working
capital
£m
Novantas,
Inc.
£m
92.6
8.2
2.8
9.6
6.3
7.1
39.2
4.3
(3.8)
(39.8)
(0.1)
(9.8)
(0.1)
(33.7)
(9.6)
(23.8)
49.4
161.5
(108.2)
102.7
–
1.0
101.7
102.7
–
1.0
(4.3)
(3.3)
34.8
1.4
–
0.1
0.1
4.2
–
2.5
(5.1)
–
(0.6)
(4.7)
–
–
(0.1)
(7.8)
24.8
60.8
–
85.6
76.1
9.5
–
85.6
76.1
–
(2.5)
73.6
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
–
(2.1)
–
(2.1)
–
(2.1)
–
(2.1)
Total
£m
127.4
9.6
2.8
9.7
6.4
11.3
39.2
6.8
(8.9)
(39.8)
(0.7)
(14.5)
(0.1)
(33.7)
(9.7)
(31.6)
74.2
222.3
(108.2)
188.3
76.1
8.4
101.7
186.2
76.1
(1.1)
(6.8)
68.2
Provisional Valuation of 28 May 2021 Novantas, Inc. Acquisition
On 28 May 2021, the Group combined its existing FBX business with Novantas, Inc., acquiring 56% of the common voting stock
of this new combined business named Curinos, with preference shares held by the private equity firm Inflexion and Novantas
management and additional rights held by Inflexion over distributions at an exit event, which give Inflexion and Novantas
management a preferential right to proceeds in the event of an exit. Novantas provides quantitative and qualitative competitive
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
are fully consolidated from the acquisition date, with a corresponding non-controlling interest (NCI) being recognised in equity
in accordance with IFRS 10. As the preference shares hold no voting rights this does not affect the control of the entity under
IFRS 10; however, they are still accounted for as NCI. The preference shares have been classified as equity instruments and
do not therefore form part of the fair value of net assets acquired. Preference shares are only settled at an exit event, or if
management elects to make a distribution to the preference Shareholders.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 209
The total fair value of consideration was £102.7m ($145.6m), being 60.1% of the total fair value of $240.1m for the FBX business
plus deferred consideration of £1.0m ($1.4m) for the updated closing working capital. The fair value of consideration represents
the percentage share of the fair value of the Informa FBX business that has been contributed in the transaction and is no longer
attributable to Informa, with no cash contribution paid by Informa.
Goodwill arising from the acquisition was £161.5m representing the total consideration of £102.7m less the provisional fair value
of the net assets acquired of £49.4m and adding £108.2m in respect of the value of NCI. NCI is composed of £21.4m relating to
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
of the partial disposal of the FBX assets, calculated as 44% of the carrying value of these net assets of £10.4m.
The accounting has only been provisionally determined at 31 December 2021, with amounts recognised in respect of the
estimated fair value of identifiable assets acquired and liabilities assumed in respect of this acquisition provided below:
Fair value
£m
Acquisition intangible assets
Other intangible assets
Property and equipment
Right of use assets
Deferred tax assets
Trade and other receivables1
Other receivable relating to share option settlement1,2
Cash and cash equivalents
Trade and other payables
Other payable relating to share option settlement
Tax liabilities
Deferred income
Provisions
Borrowings
Lease liabilities
Deferred tax liabilities
Total identifiable net assets acquired
Goodwill
Non-controlling interests
Total consideration
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
2. Share options relating to Novantas vested prior to the acquisition date, with proceeds and settlement occurring after the acquisition date
Satisfied by:
Fair value of non-controlling interest in Informa’s FBX business
Deferred payment for update to working capital
Total consideration
Net cash inflow arising on acquisition
Cash paid at closing
Deferred payment for update to working capital
Less: cash and cash equivalents balances acquired
The provisional value of consideration includes an estimate of the fair value of additional rights held by Inflexion over
distributions at an exit event.
92.6
8.2
2.8
9.6
6.3
7.1
39.2
4.3
(3.8)
(39.8)
(0.1)
(9.8)
(0.1)
(33.7)
(9.6)
(23.8)
49.4
161.5
(108.2)
102.7
£m
101.7
1.0
102.7
–
(1.0)
4.3
3.3
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 210
18. BUSINESS COMBINATIONS CONTINUED
The provisional value of goodwill arising from the acquisition has been identified as relating to the following factors:
• Increased scale and specialisation in the financial intelligence retail banking market through access to new US, Canadian,
UK and Australian bank relationships, where Informa previously had less access to deposit data, by broadening the current
product offerings and customer base
• Synergy opportunities from incremental revenue cross-selling opportunities
• Access to an experienced and skilled workforce
No acquisition costs were incurred by Informa. None of the goodwill recognised is expected to be deductible for tax purposes.
There was cash acquired of £4.3m and the fair value debt acquired as part of transaction of £33.7m, representing a $50.0m
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
from the date of acquisition to 31 December 2021. If the acquisition had completed on the first day of the financial year, it would
have generated a £5.2m loss after tax and £44.7m of revenue for the year ended 31 December 2021.
Acquisition of Netline Corporation
On 30 November 2021 the Group acquired 100% of the ordinary share capital of NetLine Corporation, an online B2B multi-
channel content marketing network providing targeted branding and high quality lead generation. NetLine forms part of the
Informa Tech Division. Cash consideration was £43.0m ($59.2m), and is subject to the finalisation of working capital amounts.
The fair value of deferred contingent consideration was estimated at £2.0m ($2.8m) and there was £1.8m ($2.4m) of cash acquired.
Provisional goodwill of £30.0m arising on the acquisition has been identified as relating to the following factors:
• Access to NetLine’s business and capabilities which enhance Informa’s digital offerings and provide support to Informa’s
digital growth strategies
• Synergy opportunities arising from leveraging NetLine’s lead-generating capabilities and from incremental revenue cross-
selling opportunities
• Access to NetLine’s experienced and skilled workforce
Acquisition costs charged to operating profit amounted to £2.0m. None of the goodwill recognised is expected to be deductible
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
the period from the date of acquisition to 31 December 2021. If the acquisition had completed on the first day of the financial
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
On 30 September 2021 the Group acquired 100% of the ordinary share capital of Clinerion AG, a leader in medical data
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.
Provisional goodwill of £17.7m arising on the acquisition has been identified as relating to the following factors:
• Access to high quality patient data which will feed into and enhance existing Informa products
• Expanding the footprint of Pharma Intelligence outside of US markets
Acquisition costs charged to operating profit amounted to £0.4m. None of the goodwill recognised is expected to be deductible
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
period from the date of acquisition to 31 December 2021. If the acquisition had completed on the first day of the financial year,
it would have generated a £1.7m loss after tax and £2.3m of revenue for the year ended 31 December 2021.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 211
Other Business Combinations made in 2021
There were two other acquisitions completed in the year ended 31 December 2021, which related to the Premiere Shows
business and the China Bakery Exhibition business.
The China Bakery Exhibition acquisition involved purchasing 50% of the business and taking control of the business. The total
consideration was £2.6m, with 50% paid in the period (£1.3m) and 50% deferred by one year until May 2022.
The Premiere Shows acquisition involved purchasing the trade and assets of Premiere Show Group LLC for £18.6m, of which
£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
In the year ended 31 December 2021 there were contingent and deferred net cash payments of £1.7m relating to acquisitions
completed in prior years.
Equity Transactions
When there is a change in ownership of a subsidiary without a change in control, the difference between the consideration paid/
received and the relevant share of the carrying amount of net assets acquired/disposed of the subsidiary is recorded in equity.
The carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative
interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair
value of the consideration paid is recognised directly in equity.
Cash paid
19. PROPERTY AND EQUIPMENT
Cost
At 1 January 2020
Additions1
Disposals
Exchange differences
At 1 January 2021
Additions1
Acquisitions
Disposals
Exchange differences
At 31 December 2021
Depreciation
At 1 January 2020
Charge for the year
Disposals
Impairment
Exchange differences
At 1 January 2021
Charge for the year
Disposals
Impairment
Exchange differences
At 31 December 2021
Carrying amount
At 31 December 2021
At 31 December 2020
2021
£m
(1.5)
2020
£m
(44.9)
Freehold land
and buildings
£m
Leasehold
land and
buildings
£m
Equipment,
fixtures and
fittings
£m
Total property
and
equipment
£m
3.1
–
–
–
3.1
–
–
–
–
3.1
69.9
5.4
(6.6)
(1.7)
67.0
1.1
0.7
(13.7)
0.2
55.3
51.3
5.3
(7.7)
(1.7)
47.2
5.9
2.1
(12.8)
1.3
43.7
(0.7)
(19.0)
(35.6)
–
–
–
–
(0.7)
–
–
–
–
(0.7)
2.4
2.4
(7.4)
4.6
(7.8)
0.9
(28.7)
(5.4)
13.4
(4.2)
(0.3)
(25.2)
30.1
38.3
(9.4)
5.6
(1.0)
1.6
(38.8)
(7.3)
12.4
(0.2)
(0.8)
(34.7)
9.0
8.4
124.3
10.7
(14.3)
(3.4)
117.3
7.0
2.8
(26.5)
1.5
102.1
(55.3)
(16.8)
10.2
(8.8)
2.5
(68.2)
(12.7)
25.8
(4.4)
(1.1)
(60.6)
41.5
49.1
1. Cash paid in relation to additions was £6.9m (2020: £10.7m)
The Group does not have any of its property and equipment pledged as security over bank loans.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION
212
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:
At 1 January
Arising on disposal of associates
Arising on acquisition of associates
Dividends received from associates
Addition in share of associates
Share of profit/(loss) of joint ventures
Share of profit of associates
Foreign exchange
At 31 December
2021
£m
20.0
–
7.0
(1.7)
0.6
0.4
2.6
0.2
29.1
2020
£m
19.8
(0.7)
–
–
–
(0.5)
1.3
0.1
20.0
There was no comprehensive income from joint ventures and associates. All amounts in 2021 and 2020 relate to
continuing operations.
The Group’s investments in joint ventures at 31 December 2021 were as follows:
Company
Independent Materials Handling Exhibitions Limited
Guzhen Lighting Expo Co. Ltd
GML Exhibition (Thailand) Co. Ltd
Guangdong International Exhibitions Ltd
Lloyd’s Maritime Information Services Ltd
Division
Informa Markets
Informa Markets
Informa Markets
Informa Markets
Informa Intelligence
Country of
incorporation
and operation
Class of
shares
held
Shareholding
or share of
operation
UK
China
China
China
UK
Ordinary
Ordinary
Ordinary
Ordinary
Ordinary
50%
35.7%
49%
27.5%
50%
No joint venture is considered individually material to the Group.
The Group’s investments in associates at 31 December 2021 were as follows:
Company
Independent Television News Limited
PA Media Group Ltd
Bridge Events Technologies Limited
Division
Informa Markets
Informa Markets
Informa Connect
Country of
incorporation
and operation
Class of
shares
held
Shareholding
or share of
operation
Accounting
year end
UK
UK
UK
Ordinary
Ordinary
Ordinary
20.0% 31 December
18.2% 31 December
14.9% 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:
At 1 January
Additions in year
Fair value loss
Foreign exchange
At 31 December
2021
£m
7.3
–
(1.0)
(0.2)
6.1
2020
£m
10.1
0.9
(3.9)
0.2
7.3
Other investments include investments in unlisted equity securities and convertible loan notes which are redeemable through
the issue of equity.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 213
21. DISPOSAL OF SUBSIDIARIES AND OPERATIONS
During the year, the Group generated the following profit/(loss) on disposal of subsidiaries and operations:
Barbour EHS
Barbour ABI
Asset Intelligence
Informa Markets Trust
Life Sciences media brands portfolio
Agribusiness Intelligence portfolio
Media assets portfolio
Other operations profit/(loss) on disposal
Profit/(loss) for the year from disposal of subsidiaries and operations
2021
£m
16.3
28.3
71.0
(3.5)
0.2
(0.2)
–
(1.0)
111.1
2020
£m
–
–
–
–
(1.1)
(2.6)
(5.0)
0.3
(8.4)
The sale of Barbour EHS completed on 30 July 2021. The net consideration, including estimated working capital, was £32.0m
which was received entirely in cash. The profit on disposal was £16.3m. The business was part of the Informa Intelligence
Division and had previously been disclosed as held for sale in the Consolidated Balance Sheet at 30 June 2021.
The sale of Barbour ABI completed on 31 October 2021. The consideration, including estimated working capital, was £75.7m
which was received entirely in cash. The business was part of the Informa Intelligence Division and the profit on disposal
was £28.3m.
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
Accelerated capital allowances
Intangibles
Pensions
Losses
Other
1. Restated for SaaS (see Note 4)
The movement in deferred tax balance during the year is:
Net deferred tax liability at 1 January
Charge/(credit) to other comprehensive income for the year
Acquisitions and additions
Disposals
Charge/(credit) to profit or loss for the year
Foreign exchange movements
Net deferred tax liability at 31 December
1. Restated for SaaS (see Note 4)
Consolidated Balance Sheet at
31 December
Consolidated Income
Statement year ended
31 December
2021
£m
1.7
613.7
(3.6)
(157.0)
(33.0)
421.8
20201
£m
–
622.9
(14.6)
(174.5)
(39.0)
394.8
2021
£m
1.4
(29.7)
0.8
25.3
8.9
6.7
2021
£m
394.8
10.3
25.2
(15.5)
6.7
0.3
421.8
20201
£m
0.1
(36.3)
0.9
(88.7)
(3.7)
(127.7)
20201
£m
530.7
(16.2)
5.6
(0.4)
(127.7)
2.8
394.8
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 214
22. DEFERRED TAX CONTINUED
Certain deferred tax assets and liabilities have been offset. The analysis of deferred tax balances for the Consolidated Balance
Sheet is set out below:
Deferred tax liability
Deferred tax asset
1. Restated for SaaS (see Note 4)
2021
£m
422.5
(0.7)
421.8
20201
£m
406.0
(11.2)
394.8
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
• £24.7m (2020: £29.1m) of Brazilian 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.
The aggregate amount of withholding tax on post-acquisition undistributed earnings for which deferred tax liabilities have not
been recognised was £3.6m (2020: £3.7m). No liability has been recognised because the Group, being in a position to control the
timing of the distribution of intra-Group dividends, has no intention to distribute intra-Group dividends in the foreseeable future
that would trigger withholding tax.
23. TRADE AND OTHER RECEIVABLES
Current
Trade receivables
Less: provision
Trade receivables net
Other receivables
Accrued income
Prepayments
Total current
Non-current
Other receivables
Less: provision
Other receivables net
2021
£m
275.0
(49.1)
225.9
20.5
37.7
74.7
358.8
30.5
(6.8)
23.7
382.5
2020
£m
264.2
(47.7)
216.5
39.7
26.3
75.6
358.1
27.0
(6.8)
20.2
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 215
24. DERIVATIVE FINANCIAL INSTRUMENTS
Financial assets – non-current
Cross currency swaps designated in a hedging relationship
Financial liabilities – current
Currency forwards – economic hedge
Financial liabilities – non-current
Cross currency swaps designated in a hedging relationship
2021
£m
3.4
3.4
(0.4)
(0.4)
(40.7)
(40.7)
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
relationships; please refer to Note 32 for details.
25. INVENTORY
Work in progress
Finished goods and goods for resale
2021
£m
7.9
19.5
27.4
2020
£m
44.6
44.6
(0.2)
(0.2)
(7.5)
(7.5)
2020
£m
7.9
23.4
31.3
The write-down of inventory during the year amounted to £2.1m (2020: £2.3m). The cost of inventories recognised as a cost of
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
Increase in cash and cash equivalents in the year (including cash acquired)
Cash flows from net drawdown of borrowings and derivatives associated with debt
Change in net debt resulting from cash flows
Non-cash movements including foreign exchange
Movement in net debt in the period
Net debt at beginning of the year
Net lease additions in year
Net debt at end of the year
2021
£m
585.9
34.3
620.2
(6.4)
613.8
2020
£m
103.2
535.6
638.8
1.3
640.1
(2,029.6)
(2,657.6)
(18.8)
(12.1)
(1,434.6)
(2,029.6)
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 216
27. MOVEMENTS IN NET DEBT
Net debt consists of cash and cash equivalents and includes bank overdrafts when applicable, borrowings, derivatives
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.
Cash and cash equivalents
Other financing assets
Derivative assets associated with borrowings
Finance lease receivables
Total other financing assets
Other financing liabilities
Bond borrowings due in more than one year
Bank loans due in more than one year
Bond borrowing fees
Bank loan fees due in more than one year
Derivative liabilities associated with borrowings
Lease liabilities
Total other financing liabilities
Total net financing liabilities
At
1 January
2021
£m
299.4
Non-cash
Movements
£m
Cash flow
£m
Exchange
movements
£m
At
31 December
2021
£m
–
585.9
(0.5)
884.8
44.6
7.9
52.5
(2,111.1)
–
15.3
2.6
(7.5)
(280.8)
(2,381.5)
(2,329.0)
(41.2)
0.3
(40.9)
–
(35.2)
(3.6)
0.6
(33.2)
(19.1)
(90.5)
(131.4)
–
(1.9)
(1.9)
–
0.1
0.4
0.1
–
35.6
36.2
34.3
–
0.1
0.1
109.8
(1.7)
–
0.1
–
(1.6)
106.6
106.7
3.4
6.4
9.8
(2,001.3)
(36.8)
12.1
3.4
(40.7)
(265.9)
(2,329.2)
(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)
of private placement repayments. Bank loans include the Curinos debt acquired as part of the Novantas transaction (see Note
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
Cash and cash equivalents
2021
£m
884.8
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:
Non-current
Bank borrowings – revolving credit facility
Bank borrowings – other
Bank debt issue costs
Bank borrowings – non-current
Euro Medium Term Note (€650.0m) – due July 2023
Euro Medium Term Note (€700m) – due October 2025
Euro Medium Term Note (£450.0m) – due July 2026
Euro Medium Term Note (€500.0m) – due April 2028
EMTN borrowings issue costs
EMTN borrowings – non-current
Total borrowings
Notes
27
27
2021
£m
–
36.8
(3.4)
33.4
545.0
587.0
450.0
419.3
(12.1)
2020
£m
–
–
(2.6)
(2.6)
583.6
628.5
450.0
449.0
(15.3)
1,989.2
2,022.6
2,095.8
2,093.2
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued
217
Following debt repayments in November 2020 there are no longer any financial covenants on any Group level borrowings.
The Group does not have any of its property and equipment and other intangible assets pledged as security over loans.
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
payable at LIBOR plus a margin
• £52.6m (2020: £109.7m) comprising a number of bilateral bank uncommitted facilities that can be drawn down to meet
short-term financing needs, of which £nil (2020: £nil) was drawn at 31 December 2021. These facilities consist of £10.0m
(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
(2020: SGD 2.3m). Interest is payable at the local base rate plus a margin
• 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)
The effective interest rate on total borrowing for the year ended 31 December 2021 was 2.9% (2020: 3.3%).
The Group transitioned from LIBOR during 2021 on the existing revolving credit facility. The transition has an immaterial impact
to the Group as no borrowings have been drawn down.
The Group’s exposure to liquidity risk is disclosed in Note 32(g).
30. PROVISIONS
At 1 January 20201
Increase in year
Utilisation
Release
At 1 January 2021
Increase in year
Acquisitions of subsidiaries
Utilisation
Release
At 31 December 2021
2021
Current liabilities
Non-current liabilities
2020
Current liabilities
Non-current liabilities
Contingent
consideration
£m
Acquisition &
integration
£m
Property
leases
£m
Restructuring
provision
£m
Onerous
contract
provision
£m
Other
provision1
£m
18.7
1.9
(13.7)
(0.2)
6.7
4.2
5.4
(1.6)
–
14.7
7.1
7.6
0.4
6.3
0.5
21.2
(20.8)
(0.1)
0.8
11.9
–
(12.3)
(0.1)
0.3
0.3
–
0.8
–
6.6
35.4
(7.4)
(2.5)
32.1
12.3
(0.1)
(8.9)
(4.9)
30.5
6.1
24.4
7.3
24.8
4.2
47.6
(29.8)
(1.0)
21.0
4.5
(0.2)
(22.5)
(2.0)
0.8
0.8
–
20.6
0.4
–
47.3
(44.2)
–
3.1
9.4
–
(10.9)
–
1.6
1.6
–
3.1
–
24.1
9.6
(6.2)
(1.7)
25.8
0.3
1.5
(2.0)
(7.1)
18.5
7.3
11.2
12.5
13.3
Total1
£m
54.1
163.0
(122.1)
(5.5)
89.5
42.6
6.6
(58.2)
(14.1)
66.4
23.2
43.2
44.7
44.8
The contingent consideration is based on future business valuations and profit multiples (both Level 3 fair value measurements)
and has been estimated on an acquisition by acquisition basis using available profit forecasts (a significant unobservable input).
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
for contingent consideration would be £15.9m (2020: £8.9m). Of the £7.6m non-current £4.2m is expected to be paid in 2023 and
£3.4m in 2024.
Acquisition & integration provisions relate to the costs and fees incurred in acquiring businesses and subsequently integrating
these into the Group. Of the £11.9m increase in the year £3.3m relates to acquisitions and the remaining £8.6m is associated
with the integration of UBM, Trialscope and in-year acquisitions.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 218
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
release of a VAT penalty provisions. Of the £11.2m non-current provision, £8.8m is expected to be utilised within three years
with the remaining £2.4m within five years.
31. TRADE AND OTHER PAYABLES AND DEFERRED INCOME
Trade and other payables
Current
Deferred consideration
Trade payables1
Accruals
Other payables
Total current
Non-current
Deferred consideration
Other payables
Total non-current
2021
£m
4.1
123.0
320.7
49.5
497.3
0.4
17.1
17.5
514.8
2020
£m
0.2
62.7
248.9
31.9
343.7
–
16.2
16.2
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
postponed events
Trade payables and accruals principally comprise amounts outstanding for trade purchases and ongoing costs. The average
credit period taken for trade purchases is 50 days (2020: 45 days). There are no suppliers who represent more than 10% of the
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
fair value.
Deferred Income
Total current
Total non-current
Total
2021
£m
725.5
5.4
730.9
2020
£m
700.6
2.7
703.3
Deferred income relates to payments received or to be received in advance of the satisfaction of a performance obligation.
Non-current amounts relate to payments in advance received or to be received for biennial and triennial events and exhibitions.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 219
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
• Liquidity 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.
The Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management
framework. The Board has established a Treasury Committee which is responsible for developing and monitoring the
Group’s financial risk management policies. The Treasury Committee meets regularly and reports to the Audit Committee
on its activities.
The Group Treasury function provides services to the Group’s businesses, co-ordinates access to domestic and international
financial markets, and monitors and manages the financial risks relating to the operations of the Group. These risks include
market risk (including currency risk, interest risk and price risk), credit risk and liquidity risk.
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
or sell assets to reduce debt.
The capital structure of the Group consists of net debt, which includes borrowings (Note 29), and cash and cash equivalents
(Note 28), and equity attributable to equity holders of the parent, comprising issued capital (Note 35), reserves and
retained earnings.
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
covenant-adjusted EBITDA of 3.5 times and minimum EBITDA interest cover of 4.0 times.
Under these previous financial covenant ratios at 31 December 2021, the ratio of net debt (using average exchange rates) to
covenant-adjusted EBITDA was 2.8 times (2020: 5.6 times). The ratio of covenant-adjusted EBITDA to net interest payable in the
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 220
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,
financial liability and equity instrument, are disclosed in Note 2.
Financial assets
Trade receivables
Other receivables
Finance lease receivables
Cash and cash equivalents
Derivative assets
Investments in unquoted companies
Total financial assets
Financial liabilities
Bank borrowings
Bond borrowings
Lease liabilities
Derivative liabilities
Trade payables
Accruals
Other payables
Deferred consideration
Contingent consideration
Total financial liabilities
(c) Market Risk
Notes
23
23
38
28
24
20
29
29
38
24
31
31
31
31
30
2021
£m
225.9
44.2
6.4
884.8
3.4
6.1
1,170.8
33.4
1,989.2
265.9
41.1
123.0
320.7
66.6
4.5
14.7
2020
£m
216.5
59.9
7.9
299.4
44.6
7.3
635.6
(2.6)
2,095.8
280.8
7.7
62.7
248.9
48.1
0.2
6.7
2,859.1
2,748.3
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
policies approved by the Board of Directors. There has been no change to the Group’s exposure to market risks or the manner
in which these risks are managed and measured.
(d) Interest Rate Risk
The Group has no significant interest-bearing assets at floating rates, except cash, but is exposed to interest rate risk as entities
in the Group borrow funds at both fixed and floating interest rates. Borrowings issued at variable rates expose the Group to
cash flow interest rate risk. Borrowings issued at or converted to fixed rates expose the Group to fair value 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
in the liquidity risk section of this note.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 221
The following table details financial liabilities by interest category:
Bank borrowings
Bond borrowings
Lease liabilities
Derivatives liabilities
Trade payables
Accruals
Other payables
Deferred consideration
Contingent consideration
Fixed
rate
£m
–
1,989.2
265.9
41.1
–
–
–
–
–
2021
Floating
rate
£m
Non-interest
bearing
£m
33.4
–
–
–
–
–
–
–
–
–
–
–
–
123.0
320.7
66.6
4.5
14.7
Total
£m
33.4
1,989.2
265.9
41.1
123.0
320.7
66.6
4.5
14.7
Fixed
rate
£m
–
2,095.8
280.8
7.7
–
–
–
–
–
2020
Floating
rate
£m
Non-interest
bearing
£m
(2.6)
–
–
–
–
–
–
–
–
–
–
–
–
62.7
248.9
48.1
0.2
6.7
Total
£m
(2.6)
2,095.8
280.8
7.7
62.7
248.9
48.1
0.2
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
99% (2020: 100%) of total borrowings are at fixed interest rates; hence the Group’s interest rate sensitivity would only be
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
net investment in its principal overseas subsidiaries by borrowing in those subsidiaries’ functional currencies, primarily USD.
This policy has the effect of partially protecting the Group’s Consolidated Balance Sheet from movements in those currencies
to the extent that the associated net assets are hedged by derivatives.
The carrying amounts of the Group’s foreign currency denominated assets and liabilities at the reporting date are as follows:
USD
EUR
CNY
Other
Assets
Liabilities
2021
£m
963.0
41.3
105.1
180.3
1,290.3
2020
£m
446.7
46.9
104.4
103.6
701.6
2021
£m
(650.1)
(1,682.4)
(119.8)
(927.4)
2020
£m
(509.1)
(1,798.7)
(130.5)
(940.5)
(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.
USD
EUR
Average rate
Closing rate
2021
1.38
1.16
2020
1.29
1.13
2021
1.35
1.19
2020
1.37
1.11
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 222
32. FINANCIAL INSTRUMENTS CONTINUED
Foreign Currency Sensitivity Analysis
In 2021, the Group earned approximately 58% (2020: 63%) of its revenues and incurred approximately 48% (2020: 48%) of its
costs in USD or currencies pegged to USD. The Group is therefore sensitive to movements in USD against GBP. In 2021, each
$0.01 movement in the USD to GBP exchange rate has a circa £8m (2020: £8m) impact on revenue, a circa £3m (2020: £3m)
impact on adjusted operating profit and a circa £27m (2020: £27m) impact on equity.
Derivatives Designated in Hedge Relationships
Cross currency swaps – derivative financial assets
Cross currency swaps – derivative financial liabilities
2021
£m
3.4
(40.7)
2020
£m
44.6
(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
for $588.9m
• A fixed rate of interest on €150.0m of EMTN borrowings with a maturity of July 2023 and pays a fixed rate of interest
for $174.1m
• A fixed rate of interest on €500m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest
for $551.6m
• A fixed rate of interest on €700.0m of EMTN borrowings with a maturity of October 2025 and pays a fixed rate of interest
for $821.6m
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
synthetic cross currency swaps, whereby the EUR to GBP legs are hedging the cash flow risk on the EUR debt and GBP to USD
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
average foreign exchange rate of $1.29:£1.
Of the amounts in hedging relationships, there was a £140.6m (2020: £98.2m) loss within the net investment hedging reserve,
a £55.9m (2020: £1.4m) gain within the cash flow hedging reserve and a £0.4m (2020: £2.8m) gain within the cost of hedging
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
for the period. No other significant sources of ineffectiveness have emerged from these hedging relationships.
These hedges were assessed to be highly effective at 31 December 2021 with no amounts recognised in the Income Statement.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 223
In accordance with the requirements of IFRS 7, certain additional information about hedge accounting is disaggregated by risk
type and hedge designation type in the tables below:
Opening balance 1 January 2020
Change in fair value of hedging instrument recognised in OCI
Change in value of hedged item recognised in OCI
Costs of hedging recognised in OCI
Amounts reclassified from OCI to profit or loss
Deferred tax
Closing balance 31 December 2020
Change in fair value of hedging instrument recognised in OCI
Change in value of hedged item recognised in OCI
Costs of hedging recognised in OCI
Amounts reclassified from OCI to profit or loss
Deferred tax
Closing balance 31 December 2021
(f) Credit Risk
Cash flow
hedge reserve
£m
Cost of
hedging
reserve
£m
Net
investment
hedging
reserve
£m
2.5
11.9
–
–
(13.0)
–
1.4
(37.0)
–
–
91.5
–
55.9
1.5
–
–
1.3
–
–
2.8
–
–
(2.4)
–
–
0.4
(56.2)
28.5
(70.5)
–
–
11.9
(86.3)
(59.6)
17.2
–
–
(1.9)
(130.6)
The Group’s principal financial assets are trade and other receivables (Note 23) and cash and cash equivalents (Note 28), which
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.
Predominantly all of the Group’s cash and cash equivalents are held in investment grade counterparties; where this is not the
case approval is required by the Group Treasury Committee.
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
The Group’s credit risk is primarily attributable to its trade receivables and the amounts presented in the Consolidated Balance
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
of each customer. The Group does not have significant credit risk exposure to any single counterparty or any group of
counterparties having similar characteristics. Concentration of credit risk did not exceed 5% of gross trade receivables at
any time during the year and we have not experienced a significant increase in concentration of credit risk as a result of
the COVID-19 pandemic.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 224
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
liquidation or has entered into bankruptcy proceedings. None of the trade receivables that have been written off are subject to
enforcement activities. Subsequent recoveries of amounts previously written off are credited against the provision account.
Changes in the carrying amount of the provision are recognised in the Consolidated Income Statement.
We have assessed the impact of the COVID-19 pandemic on our ECL and concluded that there were no significant changes
required in the estimation techniques or significant assumptions during the current reporting period.
The Directors consider that the carrying amount of trade and other receivables approximates to their fair value.
Ageing of trade receivables:
Not past due
Past due 0–30 days
Past due over 31 days
Books provision (see below)
Total
Gross
2021
£m
123.1
59.8
92.1
275.0
–
275.0
Provision
2021
£m
–
–
(30.3)
(3.03)
(18.8)
(49.1)
Gross
2020
£m
123.6
54.8
85.8
264.2
–
264.2
Provision
2020
£m
–
–
(32.5)
(32.5)
(15.2)
(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
of £24.9m (2020: £22.2m) which the Group has not provided for, as there has not been a significant change in the credit quality
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:
1 January
Provision recognised
Receivables written off as uncollectible
Amounts recovered during the year
31 December
2021
£m
47.7
18.5
(7.1)
(10.0)
49.1
2020
£m
34.4
28.5
(5.1)
(10.1)
47.7
There are no customers who represent more than 5% of the total gross balance of trade receivables in either 2021 or 2020.
Non-Current Other Receivables
Non-current other receivables mainly arise from disposals made in the current and prior years. The Audit Committee reviews
these receivables and the credit quality of the counterparties on a regular basis. The movement in the provision representing the
ECL on non-current other receivables is as follows:
1 January
Provision recognised
31 December
2021
£m
6.8
–
6.8
2020
£m
3.4
3.4
6.8
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 225
(g) Liquidity Risk
Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. Ultimate responsibility
for liquidity risk management rests with the Board of Directors, though operationally it is managed by Group Treasury with
oversight by the Treasury Committee. Group Treasury has built an appropriate liquidity risk management framework for the
management of the Group’s short, medium and long-term funding. The Group manages liquidity risk by maintaining adequate
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
at its disposal.
Historically and for the foreseeable future the Group has been, and is expected to continue to be, in a net borrowing position.
The Group’s policy is to fulfil its borrowing requirements by borrowing in the currencies in which it operates, principally USD
and EUR; thereby providing a natural hedge against projected future surplus USD cash inflows.
(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.
31 December 2021
Non-derivative financial assets
Lease receivable
Non-interest bearing
Derivative financial assets
Cross currency swaps – receipts
Cross currency swaps – payments
Total financial assets
31 December 2020
Non-derivative financial assets
Lease receivable
Non-interest bearing
Derivative financial assets
Cross currency swaps – receipts
Cross currency swaps – payments
Total financial assets
Carrying
amount
£m
Contractual
cash flows1
£m
Less than
1 year
£m
1–2 years
£m
2–5 years
£m
Greater than
5 years
£m
6.4
1,161.0
1,167.4
3.4
3.4
7.1
1,154.9
1,162.0
171.2
(168.8)
2.4
2.2
1,131.2
1,133.4
4.7
(5.4)
(0.7)
1,170.8
1,164.4
1,132.7
7.9
583.1
591.0
44.6
44.6
635.6
8.4
575.8
584.2
1,358.2
(1,375.4)
(17.2)
567.0
1.7
555.6
557.3
23.5
(39.7)
(16.2)
541.1
1.2
23.7
24.9
4.7
(5.4)
(0.7)
24.2
1.7
20.2
21.9
23.5
(39.7)
(16.2)
5.7
2.2
–
2.2
161.8
(158.0)
3.8
6.0
2.7
–
2.7
696.8
(715.6)
(18.8)
(16.1)
1.5
–
1.5
–
–
–
1.5
2.3
–
2.3
614.4
(580.4)
34.0
36.3
1. Under IFRS 7 contractual cash flows are undiscounted and therefore may not agree with the carrying amounts in the Consolidated Balance Sheet
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 226
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.
31 December 2021
Non-derivative financial liabilities
Bank borrowings
Bond borrowings
Lease liabilities
Trade and other payables
Deferred consideration
Contingent consideration
Derivative financial liabilities
Currency forwards
Cross currency swaps – receipts
Cross currency swaps – payments
Total financial liabilities
31 December 2020
Non-derivative financial liabilities
Bank borrowings
Bond borrowings
Lease liabilities
Trade and other payables
Deferred consideration
Contingent consideration
Derivative financial liabilities
Currency forwards
Cross currency swaps – receipts
Cross currency swaps – payments
Carrying
amount
£m
Contractual
cash flows1
£m
Less than
1 year
£m
1–2 years
£m
2–5 years
£m
Greater than
5 years
£m
(33.4)
(53.1)
(1,989.2)
(2,157.3)
(265.9)
(510.3)
(4.5)
(14.7)
(380.5)
(510.3)
(4.5)
(14.7)
(3.7)
(40.0)
(39.7)
(493.2)
(4.1)
(7.1)
(3.6)
(580.9)
(35.7)
(17.1)
–
(4.2)
(8.2)
(1,110.3)
(79.5)
–
(0.4)
(3.4)
(37.6)
(426.1)
(225.6)
–
–
–
(2,818.0)
(3,120.4)
(587.8)
(641.5)
(1,201.8)
(689.3)
(0.4)
(40.7)
(41.1)
(0.4)
1,556.9
(1,674.5)
(118.0)
(0.4)
28.8
(54.3)
(25.9)
(2,859.1)
(3,238.4)
(613.7)
2.6
(7.0)
(2,095.8)
(2,315.6)
(280.8)
(359.7)
(0.2)
(6.7)
(419.0)
(359.7)
(0.2)
(6.7)
(1.7)
(41.9)
(44.3)
(343.5)
(0.2)
(0.4)
–
153.6
(180.3)
(26.7)
(668.2)
(1.7)
(41.9)
(37.0)
(16.2)
–
(6.3)
–
948.5
(1,013.4)
(64.9)
(1,266.7)
(3.5)
(1,312.9)
(82.2)
–
–
–
–
426.0
(426.5)
(0.5)
(689.8)
(0.1)
(918.9)
(255.5)
–
–
–
(2,740.6)
(3,108.2)
(432.0)
(103.1)
(1,398.6)
(1,174.5)
(0.2)
(7.5)
(7.7)
(0.2)
491.3
(505.1)
(14.0)
(0.2)
11.4
(19.5)
(8.3)
–
11.4
(19.5)
(8.1)
–
163.8
(171.3)
(7.5)
–
304.7
(294.8)
9.9
Total financial liabilities
(2,748.3)
(3,122.2)
(440.3)
(111.2)
(1,406.1)
(1,164.6)
1. Under IFRS 7 contractual cash flows are undiscounted and therefore may not agree with the carrying amounts in the Consolidated Balance Sheet
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 227
(i) Fair Values and Fair Value Hierarchy
Valuation techniques use observable market data where it is available and rely as little as possible on entity-specific estimates.
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.
The fair values of put options over non-controlling interests (including exercise price) and contingent and deferred consideration
on acquisitions are measured using discounted cash flow models with inputs derived from the projected financial performance
in relation to the specific contingent consideration criteria for each acquisition, as no observable market data is available.
The fair values are most sensitive to the projected financial performance of each acquisition; management makes a best
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
on acquisitions is not significantly sensitive to a reasonable change in the forecast performance. The potential undiscounted
amount for all future payments that the Group could be required to make under the contingent consideration arrangements for
all acquisitions is disclosed in Note 30.
Financial instruments that are measured subsequently to initial recognition at fair value are grouped into Levels 1 to 3, based on
the degree to which the fair value is observable, as follows:
Level 1 fair value measurements are those derived from unadjusted quoted prices in active markets for identical assets
or liabilities.
Level 2 fair value measurements are those derived from inputs, other than quoted prices included within Level 1, that are
observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).
Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that
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
assessment. The fair value of put options over non-controlling interest uses the present value of the latest cash flow forecast for
each business.
Financial assets and liabilities measured at fair value in the Consolidated Balance Sheet and their categorisation in the fair value
hierarchy 31 December 2021 and 31 December 2020:
Financial assets
Derivative financial instruments in designated hedge accounting relationships1
Equity investments in unquoted companies (Note 20)
Financial liabilities at fair value through profit or loss
Derivative financial instruments in designated hedge accounting relationships1
Unhedged derivative financial instruments
Deferred consideration on acquisitions2
Contingent consideration on acquisitions (Note 30)
Level 1
2021
£m
Level 2
2021
£m
Level 3
2021
£m
Total
2021
£m
–
–
–
–
–
–
–
–
3.4
–
3.4
40.7
0.4
–
–
41.1
–
6.1
6.1
–
–
4.5
14.7
19.2
3.4
6.1
9.5
40.7
0.4
4.5
14.7
60.3
1. Amounts relates to interest rate swaps associated with Euro Medium Term Notes. Refer to Note 29
2. £4.3m increase from the prior year reflects a £6.9m increase from current year acquisitions and offset by £2.6m decrease from payments relating to prior
year acquisitions
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 228
32. FINANCIAL INSTRUMENTS CONTINUED
Financial assets
Derivative financial instruments in designated hedge accounting relationships1
Equity investments in unquoted companies (Note 20)
Financial liabilities at fair value through profit or loss
Derivative financial instruments in designated hedge accounting relationships1
Unhedged derivative financial instruments
Deferred consideration on acquisitions
Contingent consideration on acquisitions (Note 30)
Level 1
2020
£m
Level 2
2020
£m
Level 3
2020
£m
–
–
–
–
–
–
–
–
44.6
–
44.6
7.5
0.2
–
–
7.7
–
7.3
7.3
–
–
0.2
6.7
6.9
Total
2020
£m
44.6
7.3
51.9
7.5
0.2
0.2
6.7
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
is either close to current market rates or the instruments are short-term in nature. Significant differences were identified for the
following instruments at 31 December 2021 and 31 December 2020:
Financial liabilities
Bond borrowings
Total
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
1,989.2
1,989.2
2,058.2
2,058.2
2,095.8
2,095.8
2,186.7
2,186.7
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued
229
33. NOTES TO THE CASH FLOW STATEMENT
Profit/(loss) before tax
Adjustments for:
Depreciation of property and equipment
Depreciation of right of use asset
Amortisation of other intangible assets
Impairment – goodwill
Impairment – investments
Impairment – acquisition intangible assets
Impairment – property and equipment
Impairment – IFRS 16 right of use assets
Share-based payments
Subsequent remeasurement of contingent consideration
Lease modifications
(Profit)/loss on disposal of businesses
Loss on disposal of property and equipment and software
Finance income
Finance costs
Share of adjusted results of joint ventures and associates
Operating cash inflow before movements in working capital
Decrease in inventories
Decrease in receivables
Increase/(decrease) in payables
Movements in working capital
Pension deficit recovery contributions
Cash generated by operations
1. Restated for SaaS (see Note 4)
34. RETIREMENT BENEFIT SCHEMES
(a) Charge to Operating Profit
Notes
19
38
17
8
17
38
10
8
21
11
12
20
34
2021
£m
137.1
12.7
24.2
309.0
–
–
7.9
4.4
11.8
15.0
4.2
(5.0)
(111.1)
0.2
(5.7)
73.5
(3.0)
475.2
4.1
24.7
95.5
124.3
(6.3)
593.2
20201
£m
(1,140.9)
16.8
30.3
327.6
592.9
3.9
38.5
8.8
36.1
11.2
(3.1)
(2.2)
8.4
0.9
(15.3)
266.2
(0.8)
179.3
7.2
114.8
(148.5)
(26.5)
(6.2)
146.6
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),
the Taylor & Francis Group Pension and Life Assurance Scheme, the UBM Pension Scheme (UBMPS) and the United Newspapers
Executive Pension Scheme (UNEPS). These are for qualifying UK colleagues and provide benefits based on final pensionable
pay. The Group has two defined benefit schemes in the US: the Penton, Inc. Retirement Plan and the Penton Media, Inc.
Supplemental Executive Retirement Plan (together, the US Schemes). All schemes (the Group Schemes) are closed to future
accruals. Contributions to the UK Schemes are determined following triennial valuations undertaken by a qualified actuary using
the Projected Unit Credit Method. Contributions to the US Schemes are assessed annually following valuations undertaken by a
qualified actuary.
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
Rules, which sets out their powers. The Trustees of the UK Schemes are required to act in the best interests of the beneficiaries
of the Group Schemes. There is a requirement that one third of the Trustees are nominated by the members of the UK Schemes.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 230
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.
The investment strategies adopted by the Trustees of the UK Schemes include some exposure to index-linked gilts and corporate
bonds. The investment objectives of the US Schemes are to maximise plan assets within designated risk and return profiles.
The current asset allocation of all schemes consists primarily of equities, bonds, property, diversified growth funds, credit funds,
LIBOR funds, bespoke funds and annuity contracts. All assets are managed by a third-party investment manager according to
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 bond yields; however, the Group Schemes invest significantly in equities. These assets are expected to outperform
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: The Trustees are required to review their investment strategy on a regular basis
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:
Overall duration (years)
2021
2020
Informa FSS
and T&F
Schemes
UBMPS
and UNEPS
Schemes
19
14
US
Schemes
14
Informa FSS
and T&F
Schemes
UBMPS
and UNEPS
Schemes
20
14
US
Schemes
15
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 231
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:
Discount rate
Rate of price inflation
Rate of increase for deferred pensions
Rate of increase for pensions in payment
Life expectancy:
For an individual aged 65 – male (years)
For an individual aged 65 – female (years)
2021
Informa FSS
and T&F
Schemes
UBMPS and
UNEPS
Schemes
1.90%
1.90%
2.65% (CPI)
2.65% (CPI)
3.35% (RPI)
3.35% (RPI)
2.30%
2.30%
2.30–3.25% 2.30–3.25%
87
89
87
89
2020
Informa FSS
and T&F
Schemes
UBMPS and
UNEPS
Schemes
1.30%
1.30%
2.10% (CPI)
2.10% (CPI)
2.90% (RPI)
2.90% (RPI)
2.10%
2.10%
1.90–3.50%
1.90–3.50%
87
89
87
89
US
Schemes
2.50%
n/a
n/a
n/a
n/a
85
87
US
Schemes
2.05%
n/a
n/a
n/a
n/a
84
86
For the UK Schemes, mortality assumptions used in the IAS 19 valuations are taken from tables published by Continuous
Mortality Investigation (CMI). The UBMPS UK Scheme uses 101%/105% (male/female) of the ‘SAPS’ S3 tables (2020: 105% S2)
based on the year of birth and the Informa FSS and T&F UK Schemes use ‘SAPS’ S3 tables with a scaling factor of 100%
(2020: 100%). All UK Schemes use life expectancy improvements taken from CMI 2020 (2020: CMI 2019) with an initial addition
parameter of 0.25% (2020: 0.25%), a weighting of 10% to 2020 mortality data (2020: n/a) and the long-term rate of improvement
of 1.25% (2020: 1.25%). For the valuation of US Scheme liabilities, life expectancy has been taken from the PRI-2012 base
mortality tables (amounts weighted) by the Society of Actuaries in 2020 (2019: PRI-2012 base mortality tables), with life
expectancy improvements projected generationally using Scale MP-2020 (2019: Scale MP-2019).
(d) Defined Benefit Schemes – Individual Defined Benefit Scheme Details
Latest valuation date
Funding (shortfall)/surplus at valuation date and agreed recovery plan
amounts for UK Schemes5
Informa
FSS1
31.3.2020
T&F
GPS2
30.9.2020
UBMPS3
31.3.2020
UNEPS4
5.4.2020
£(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)
3. UBM Pension Scheme (UBMPS)
4. United Newspapers Executive Pension Scheme (UNEPS)
5. Recovery plan amounts were agreed allowing for post-valuation experience, calculated using 31 December 2020 conditions for UBMPS (with a shortfall of
£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:
Sensitivity analysis at 31 December 2021
Discount rate – Decrease by 0.25%
Rate of price inflation pre-retirement – Increase by 0.25%
Life expectancy – Increase by 1 year
Impact on Scheme liabilities: Increase amounts
Informa
FSS
£m
6.0
4.7
4.0
T&F
GPS
£m
1.5
1.0
1.2
UBMPS
£m
UNEPS
£m
Penton
£m
17.9
7.3
23.9
0.2
0.3
1.6
0.9
n/a
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 232
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:
Recognised in profit before tax
Past service credit and administrative expenses
Interest cost on net pension deficit (Note 12)
Recognised in the Consolidated Statement of Comprehensive Income
Actuarial gain on scheme assets
Experience (loss)/gain
Change in demographic actuarial assumptions
Change in financial actuarial assumptions
Actuarial gain/(loss)
Movement in net deficit during the year
Net deficit in schemes at beginning of the year (before irrecoverable element of pension surplus)
Past service credit and administrative expenses
Net finance cost
Actuarial gain/(loss)
Cash payments from Scheme for Scheme costs
Contributions from the employer to fund Scheme costs
Deficit recovery contributions from the employer to the Schemes
Effect of movement in foreign currencies
Net surplus/(deficit) in Schemes at end of the year (before irrecoverable element of pension surplus)
Irrecoverable element of pension surplus
Net surplus/(deficit) in schemes at end of the year after irrecoverable element of pension surplus
2021
£m
0.4
1.5
2021
£m
48.7
(0.6)
(7.1)
36.0
77.0
2021
£m
(69.8)
(0.4)
(1.5)
77.0
–
–
6.3
(0.2)
11.4
(9.8)
1.6
2020
£m
(0.7)
0.7
2020
£m
28.8
0.1
1.6
(78.1)
(47.6)
2020
£m
(27.7)
0.7
(0.7)
(47.6)
(1.4)
0.8
5.4
0.7
(69.8)
(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.
The amounts recognised in the Consolidated Balance Sheet in respect of the Group Schemes are as follows:
Present value of defined benefit obligations
Fair value of Scheme assets
Irrecoverable element of pension surplus
Net deficit
Reported as:
Retirement benefit surplus recognised in the Consolidated Balance Sheet
Deficit in scheme and liability recognised in the Consolidated Balance Sheet
Net surplus/(deficit)
2021
£m
(735.2)
746.6
(9.8)
1.6
15.5
(13.9)
1.6
2020
£m
(786.8)
717.0
(1.6)
(71.4)
–
(71.4)
(71.4)
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 233
Changes in the present value of defined benefit obligations are as follows:
Opening present value of defined benefit obligation at 1 January
Past service credit
Interest cost
Benefits paid
Actuarial gain/(loss)
Effect of movement in foreign currencies
2021
£m
(786.8)
–
(10.3)
34.2
28.3
(0.6)
2020
£m
(730.8)
0.7
(14.9)
32.9
(76.4)
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:
Opening fair value of Scheme assets at 1 January
Return on Scheme assets
Actuarial gain
Benefits paid
Other payments from Schemes
Contributions from the employer to the Schemes
Effect of movement in foreign currencies
Closing fair value of Scheme assets at 31 December
2021
£m
717.0
8.8
48.7
(34.2)
(0.4)
6.3
0.4
746.6
2020
£m
703.1
14.2
28.8
(32.9)
(1.4)
6.2
(1.0)
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.
The assets of the UBM Pension Scheme assets are held in equity funds, absolute return bonds and bespoke liability driven
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
Investors Jersey Unit Trusts and M&G Investment Management Limited (M&G), an illiquid credit fund with M&G, annuities to
cover a small number of pension members and cash.
The assets of the United Newspapers Executive Pension Scheme assets are held in an insurance buy-in policy with Aviva Life &
Pensions UK Limited and a Sterling Liquidity Fund with LGIM.
The assets of the Informa Media, Inc. Retirement Plan are primarily invested in private commingled group trust funds operated by
Aon with various investment managers serving as sub-managers within each fund. The Penton Media, Inc. Supplemental Executive
Retirement Plan is funded on a pay-as-you-go method (i.e. is unfunded).
The fair values of the assets held are as follows:
31 December 2021
Equities
Bonds and gilts
Property
Diversified growth fund
Illiquid credit funds
Absolute return bond fund
Bespoke funds (LDI and hedge funds)
Annuity contracts
Cash
Total
Informa
FSS
£m
54.5
–
11.7
29.1
1.2
–
12.8
–
7.2
116.5
T&F
GPS
£m
13.3
–
4.6
8.1
0.4
–
4.3
–
2.1
32.8
UBMPS
£m
167.0
–
80.1
140.4
49.5
–
105.2
5.5
2.4
550.1
UNEPS
£m
Penton
£m
–
–
–
–
–
–
–
13.7
1.4
15.1
13.2
11.6
4.5
–
–
–
2.2
–
0.6
32.1
Total
£m
248.0
11.6
100.9
177.6
51.1
–
124.5
19.2
13.7
746.6
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 234
34. RETIREMENT BENEFIT SCHEMES CONTINUED
31 December 2020
Equities
Bonds and gilts
Property
Diversified growth fund
Illiquid credit funds
Absolute return bond fund
Bespoke funds (LDI and hedge funds)
Annuity contracts
Cash
Total
Informa
FSS
£m
49.0
–
9.7
26.2
2.3
–
11.5
–
6.5
105.2
T&F
GPS
£m
12.8
–
3.8
7.7
0.7
–
3.9
–
1.3
30.2
UBMPS
£m
158.4
–
73.8
130.8
48.3
1.4
114.5
6.1
2.6
535.9
UNEPS
£m
–
–
–
–
–
–
–
13.4
1.6
15.0
Penton
£m
13.0
11.1
4.2
–
–
–
2.0
–
0.4
30.7
Total
£m
233.2
11.1
91.5
164.7
51.3
1.4
131.9
19.5
12.4
717.0
All the assets listed above have a quoted market price in an active market, with the exception of annuities and cash. The Group
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.
Issued, authorised and fully paid
1,503,112,804 (2020: 1,502,137,804) ordinary shares of 0.1p each
At 1 January
Issue of new shares in relation to share placements in 2020
Other issue of shares
At 31 December
Share Premium
Issued, authorised and fully paid
At 1 January
Issue in the year
At 31 December
2021
£m
1.5
2020
£m
1.5
2021
Number of
shares
2020
Number of
shares
1,502,137,804 1,251,798,534
–
250,318,000
975,000
21,270
1,503,112,804 1,502,137,804
2021
£m
1,878.8
(0.2)
1,878.6
2020
£m
905.3
973.5
1,878.8
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 235
36. OTHER RESERVES
This note provides further explanation for the ‘Other reserves’ listed in the Consolidated Statement of Changes in Equity.
At 1 January 2020
Share award expense (equity–settled)
Own shares purchased
Transfer of vested LTIPs
Fair value movements on derivatives in
hedging relationships
At 1 January 2021
Share award expense (equity–settled)
Own shares purchased
Transfer of vested LTIPs
Fair value movements on derivatives in
hedging relationships
At 31 December 2021
Reserves for
shares to be
Issued
£m
17.7
11.2
(1.3)
(4.9)
–
22.7
15.0
(2.5)
(10.4)
–
24.8
Employee
Share Trust
and
ShareMatch
shares
£m
Other reserve
£m
(2,157.6)
(20.9)
–
–
–
–
–
–
–
–
Merger
reserve
£m
4,125.4
–
–
–
–
4,125.4
(2,157.6)
(20.9)
–
–
–
–
–
–
–
–
–
–
–
–
4,125.4
(2,157.6)
(20.9)
Cash flow
hedging
reserve
£m
Cost of
hedging
reserve
£m
Total1
£m
2.5
–
–
–
(1.1)
1.4
–
–
–
54.5
55.9
1.5
1,968.6
–
–
–
1.3
2.8
–
–
–
(2.4)
0.4
11.2
(1.3)
(4.9)
0.2
1,973.8
15.0
(2.5)
(10.4)
52.1
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
recorded. On 2 November 2016, the Group acquired Penton Information Services and the £82.2m share premium on the shares
issued to the vendors was recorded as an increase in the merger reserve in accordance with the merger relief rules of the
Companies Act 2006. There were 427,536,794 shares issued on 18 June 2018 in connection with the acquisition of UBM plc, which
at the acquisition-date closing share price of 829p resulted in an increase in the merger reserve of £3,544.6m. From 19 July 2018
to 13 December 2018 there were 256,689 shares issued in connection with the satisfaction of Save As You Earn (SAYE) awards in
the UBM business which resulted in an increase in the merger reserve of £2.2m.
Other Reserve
The other reserve includes the inversion accounting reserve of £2,189.9m which was created from an issue of shares under
a Scheme of Arrangement in May 2014.
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)
matching ordinary shares in the Company at a market value of £5.6m (2020: £3.9m). At 31 December 2021, the Group held 0.1%
(2020: 0.1%) of its own called up share capital.
Hedging Reserves
The cash flow hedging reserves and cost of hedging reserve arises from the Group’s hedging arrangements, as described In
Note 32.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 236
37. NON-CONTROLLING INTERESTS
The Group has subsidiary undertakings where there are non-controlling interests. At 31 December 2021, these non-controlling
interests were composed entirely of equity interests and represented the following holding of minority shares by
non-controlling interests:
• APLF Ltd (40%, 2020: 40%)
• China International Exhibitions Company Limited
(30%, 2020: 30%)
• Cosmoprof Asia Limited (50%, 2020: 50%)
• Curinos, Inc. (US) (43.76%)
• Curinos Inc. (Canada) (43.76%)
• Curinos Australia Pty Ltd (43.76%)
• Curinos Ltd (43.76%)
• FBX Novantas Holdings, Inc. (43.76%)
• Fort Lauderdale Convention Services, Inc. (10%, 2020: 10%)
• Guangzhou Sinobake International Exhibition Co. Limited
• Monaco Yacht Show S.A.M. (10%, 2020: 10%)
• PT UBM Pameran Niaga Indonesia (33%, 2020: 33%)
• Sea Asia Singapore Pte Limited (10%, 2020: 10%)
• Shanghai Baiwen Exhibitions Co., Ltd (15%, 2020: 15%)
• Shanghai Informa Markets Showstar Exhibition Co. Limited
(China) (30%, 2020: 30%)
• Shanghai Meisheng Culture Broadcasting Co., Ltd
(15%, 2020: 15%) Shanghai Sinoexpo Informa Markets
International Exhibitions Co., Ltd (30%, 2020: 30%)
• Shanghai Yingye Exhibitions Co., Ltd (40%, 2020: 40%)
• Shenzhen Informa Markets Creativity Exhibition Co. Limited
(50%, 2020: 0%)
(China) (35%, 2020: 35%)
• Guangzhou Citiexpo Jianke Exhibition Co., Ltd
• Shenzhen UBM Herong Exhibition Company Limited
(40%, 2020: 40%)
(30%, 2020: 30%)
• Hong Kong Sinoexpo Informa Markets Limited
• Sinoexpo Newco for Ecommerce Business Co., Limited
(30%, 2020: 30%)
(30%, 2020: 30%)
• Southern Convention Services, Inc. (10%, 2020: 10%)
• UBM Asia (Thailand) Co., Ltd (51%, 2020: 51%)
• UBM Mexico Exposiciones, S.A.P.I. (20%, 2020: 20%)
• Yachting Promotions, Inc. (10%, 2020: 10%)
• Informa Ibis, Inc. (43.76%)
• Informa Ibis Holdings, Inc. (43.76%)
• Informa Marine Holdings, Inc. (10%, 2020: 10%)
• Informa Markets Art, LLC (10%, 2020: 10%)
• Informa Markets BN Co., Ltd (40%, 2020: 40%)
• Informa Tech Founders Limited (45%, 2020: 45%)
• Informa Tharawat Limited (51%, 2020: 51%)
• Informa Tianyi Exhibitions (Chengdu) Co., Ltd
(40%, 2020: 40%)
• Informa Wiener Exhibitions (Chengdu) Co., Ltd
(40%, 2020: 40%)
• ITF2 Limited (45%, 2020: 45%)
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 237
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
1 January 2020
Depreciation
Additions
Impairment (Note 8)
Disposals
Foreign exchange movement
1 January 2021
Depreciation
Additions
Impairment (Note 8)
Disposals
Foreign exchange movement
At 31 December 2021
Lease Liabilities
1 January 2020
Repayment of lease liabilities
Interest on lease liabilities
Additions
Disposals
Foreign exchange movement
1 January 2021
Repayment of lease liabilities
Interest on lease liabilities
Additions
Disposals
Foreign exchange movement
At 31 December 2021
2020
Current lease liabilities
Non-current lease liabilities
At 31 December 2020
2021
Current lease liabilities
Non-current lease liabilities
At 31 December 2021
Property
leases
£m
160.9
(26.8)
18.5
(36.1)
(27.0)
1.9
91.4
(20.3)
27.7
(11.8)
(3.6)
–
83.4
Property
leases
£m
(210.2)
42.1
(8.0)
(13.9)
29.6
0.8
Other
leases1
£m
103.5
(3.5)
22.5
–
–
(4.0)
118.5
(3.9)
–
–
–
1.3
115.9
Other
leases1
£m
(106.4)
7.2
(4.2)
(22.5)
–
4.7
Total
£m
264.4
(30.3)
41.0
(36.1)
(27.0)
(2.1)
209.9
(24.2)
27.7
(11.8)
(3.6)
1.3
199.3
Total
£m
(316.6)
49.3
(12.2)
(36.4)
29.6
5.5
(159.6)
(121.2)
(280.8)
40.9
(5.9)
(23.6)
4.5
0.1
(143.6)
(33.0)
(126.6)
(159.6)
(29.5)
(114.1)
(143.6)
5.1
(4.5)
–
–
(1.7)
(122.3)
(0.4)
(120.8)
(121.2)
(0.5)
(121.8)
(122.3)
46.0
(10.4)
(23.6)
4.5
(1.6)
(265.9)
(33.4)
(247.4)
(280.8)
(30.0)
(235.9)
(265.9)
1. Other leases relate to event venue-related leases
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
year ended 31 December 2021 to discount lease liabilities was 4.1% (2020: 4.4%).
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 238
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
1 January 2020
Rent receipt
Interest income
Additions
Disposals
Foreign exchange movement
1 January 2021
Rent receipt
Interest income
Additions
Disposals
Foreign exchange movement
At 31 December 2021
2020
Current finance lease receivable
Non-current finance lease receivable
At 31 December 2020
2021
Current finance lease receivable
Non-current finance lease receivable
At 31 December 2021
Property
leases
£m
15.3
(2.4)
0.1
0.4
(5.8)
0.3
7.9
(2.1)
0.2
1.0
(0.7)
0.1
6.4
1.5
6.4
7.9
1.9
4.5
6.4
The Group entered into finance leasing arrangements as a lessor for sub-leases on property leases. The average term of IFRS 16
finance sub-leases entered is 3.6 years (2020: 4.1 years).
(c) Low Value and Short-Term Lease Income and Expense for the year ended 31 December
2020
Low value and short-term sublease rent income
Low value and short-term rent expense1
2021
Low value and short-term sublease rent income
Low value and short-term rent expense1
1. Includes event venue-related leases
Total
£m
2.5
(51.0)
1.8
(59.2)
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 239
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.
See Note 21 for further details.
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 240
40. SUBSIDIARIES
The listing below shows the subsidiary undertakings as at 31 December 2021:
Company Name
Centre for Asia Pacific
Aviation Pty Limited
Centre for Aviation Pty
Limited
Curinos Australia Pty
Limited
Country
Australia
Ownership
100.00%
Australia
100.00%
Australia
56.24%
Datamonitor Pty Limited
Australia
Australia
100.00%
100.00%
Company Name
Informa Weiner Exhibitions
(Chengdu) Co. Ltd
Shanghai Baiwen
Exhibitions Co., Ltd
Shanghai Informa Markets
ShowStar Exhibition
Co., Ltd
Country
China
China
China
Shanghai Meisheng Culture
Broadcasting Co., Ltd
China
Ownership
Registered
Office
60.00%
CH16
85.00%
CH17
70.00%
CH18
85.00%
CH19
China
70.00%
CH20
Registered
Office
AU1
AU1
AU3
AU2
AU2
AU1
AU2
BH1
BA1
BM1
BR1
CA3
CA1
CA2
CA2
CH1
CH2
CH3
iNet Interactive Canada Inc. Canada
Informa Canada Inc.
Canada
Informa Tech Canada Inc.
Canada
Informa Australia Pty
Limited
Informa Holdings
(Australia) Pty Limited
Ovum Pty Limited
International Exhibition
Holdings Limited
(in liquidation)
Arabian Exhibition
Management W.L.L.
Informa Middle East
Limited
Informa Markets Ltda
Curinos Inc
China International
Exhibitions Co., Ltd
Guangzhou CitiExpo Jianke
Exhibition Co., Ltd
Guangzhou Informa Yi Fan
Exhibitions Co., Ltd
Guangzhou Sinobake
International Exhibition
Co., Ltd
IBC Conferences and Event
Management Services
(Shanghai) Co., Ltd
Informa Data Service
(Shanghai) Co., Ltd
Informa Enterprise
Management (Shanghai)
Co., Ltd
Informa Exhibitions
(Beijing) Co., Ltd
Informa Information
Technology (Shanghai)
Co., Ltd
Informa Market China
e-Commerce (Shanghai)
Co., Ltd
Informa Markets China
(Chengdu) Co., Ltd
Informa Markets China
(Guangzhou) Co., Ltd
Informa Markets China
(Hangzhou) Co., Ltd
Informa Markets China
(Shanghai) Co., Ltd
Informa Markets China
(Shenzhen) Co., Ltd
Informa Tianyi Exhibitions
(Chengdu) Co., Ltd
Australia
100.00%
Australia
Bahamas
100.00%
100.00%
Bahrain
100.00%
Bermuda
100.00%
Brazil
Canada
China
China
China
China
100.00%
56.24%
100.00%
100.00%
100.00%
70.00%
60.00%
100.00%
China
100.00%
CH4
China
China
China
China
100.00%
100.00%
100.00%
100.00%
CH5
CH6
CH7
CH8
China
100.00%
CH9
China
China
China
China
China
China
100.00%
CH10
100.00%
CH11
100.00%
CH12
100.00%
CH13
100.00%
CH14
60.00%
CH15
60.00%
CH21
65.00%
CH22
70.00%
CH23
70.00%
CH24
100.00%
CH25
Shanghai SinoExpo
Informa Markets
International Exhibitions
Co., Ltd
Shanghai Yingye
Exhibitions Co., Ltd
Shenzhen Informa Markets
Creativity Exhibition
Co., Ltd
Shenzhen UBM Herong
Exhibition Co., Ltd
Sinoexpo Newco for
Ecommerce Business
Co., Ltd
UBM China (Beijing)
Exhibition Co., Ltd
Stormcliff Limited
Informa Egypt LLC
Euromedicom SAS
Eurovir SAS
New AG International
S.à.r.l.
Informa Holding Germany
GmbH
Informa Tech Germany
GmbH
UBM Canon Deutschland
GmbH
Datamonitor Publications
(HK) Limited
Great Tactic Limited
Hong Kong Sinoexpo
Informa Markets Limited
Informa Global Markets
(Hong Kong) Limited
Informa Limited
Informa Markets Asia
Group Limited
Informa Markets Asia
Holdings (HK) Limited
Informa Markets Asia
Limited
Informa Markets Asia
Partnership
China
China
China
China
China
Cyprus
Egypt
France
France
France
Germany
Germany
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
60.00%
50.00%
100.00%
100.00%
70.00%
Germany
100.00%
Germany
100.00%
Hong Kong
Hong Kong
Hong Kong
Hong Kong
100.00%
Hong Kong
Hong Kong
100.00%
100.00%
Hong Kong
100.00%
Hong Kong
100.00%
Hong Kong
100.00%
APLF Limited
Hong Kong
Cosmoprof Asia Limited
Hong Kong
Informa Markets South
China Limited
MAI Brokers (Asia & Pacific)
Limited
Hong Kong
100.00%
Hong Kong
100.00%
CY1
EG1
FR1
FR1
FR1
DE1
DE1
DE1
DE2
HK1
HK1
HK1
HK1
HK1
HK1
HK1
HK1
HK1
HK1
HK1
HK1
HK1
50.00%
CH26
EBD Group GmbH
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 241
Company Name
Country
Ownership
Registered
Office
Company Name
Hong Kong
100.00%
HK1
UBM Limited
Ownership
Registered
Office
Mills & Allen Holdings
(Far East) Limited
Penton Media Asia Limited Hong Kong
Informa Markets India
Private Limited
Taylor & Francis Books
India Private Limited
Taylor & Francis
Technology Services LLP
India
India
India
UBM Exhibitions India LLP
India
PT Pamerindo Indonesia
Indonesia
PT UBM Pameran Niaga
Indonesia
Chartbay Unlimited
Company (in strike off)
Colwiz Limited
CX Properties Unlimited
Company (in strike off)
Donytel Unlimited
Company
F1000 Open Science
Platforms Limited
Garragie Investments
Unlimited Company
Hickdale Unlimited
Company
Indonesia
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Maypond Holdings Limited Ireland
Maypond Limited
Tanahol Unlimited
Company
UBM Financial Services
Ireland Unlimited Company
UBM IP Ireland Unlimited
Company (in strike off)
UBM Ireland No 1
Unlimited Company
UBM Ireland No 2
Unlimited Company
UBM Ireland No 3
Unlimited Company
UBM Ireland No 4
Unlimited Company
UBM Ireland No 5
Unlimited Company
UBM Ireland No 6
Unlimited Company
UBM Ireland No 8
Unlimited Company
UBM Ireland No 9
Unlimited Company
UNM International
Holdings Limited
UNM Overseas Holdings
Limited
Informa Global Markets
(Japan) Limited
Informa Intelligence Godo
Kaisha
Informa Markets Japan
Co. Ltd
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Ireland
Japan
Japan
Japan
Taylor & Francis Japan G.K.
Japan
Informa Jersey Limited
UBM (Jersey) Limited
Jersey
Jersey
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
67.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Isle of Man
100.00%
Isle of Man
100.00%
Country
Jersey
Luxembourg
Luxembourg
CMP Holdings S.à.r.l.
CMP Intermediate Holdings
S.à.r.l.
UBM Finance S.à r.l.
Luxembourg
UBM IP Luxembourg S.à r.l.
Luxembourg
Luxembourg
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
United CP Holdings S.à.r.l.
Luxembourg
Luxembourg
100.00%
100.00%
United Brazil Holdings
S.à.r.l.
United Commonwealth
Holdings S.à.r.l.
United Consumer Media
Holdings S.à.r.l.
United News Distribution
S.à.r.l.
United Professional Media
S.à.r.l.
UNM Holdings S.à.r.l.
Vavasseur International
Holdings S.à.r.l.
Informa Markets Malaysia
Sdn Bhd
Malaysian Exhibition
Services Sdn Bhd
Luxembourg
100.00%
Luxembourg
100.00%
Luxembourg
100.00%
Luxembourg
Luxembourg
100.00%
100.00%
Malaysia
100.00%
Malaysia
100.00%
UBMMG Holdings Sdn Bhd Malaysia
UBM Tech Research
Malaysia Sdn Bhd
Malaysia
UBM Mexico Exposiciones,
S.A.P.I.
Mexico
Informa Monaco S.A.M
Monaco
Monaco Yacht Show S.A.M Monaco
Myanmar Trade Fair
Management Company
Limited
IIR South Africa B.V.
Informa Europe B.V.
Informa Finance B.V.
Informa Markets B.V.
UBM Asia B.V.
Dove Medical Press (NZ)
Limited
Myanmar
Netherlands
Netherlands
Netherlands
Netherlands
Netherlands
New Zealand
Informa Healthcare A.S.
Norway
Colwiz Pakistan Private
Limited
Pakistan
100.00%
100.00%
80.00%
100.00%
90.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
99.98%
UBM Exhibitions
Philippines Inc
Philippines
100.00%
Informa Tharawat Limited Qatar
Informa Markets BN Co.,
Ltd
Informa Markets Korea
Corporation
Republic of
Korea
Republic of
Korea
49.00%
60.00%
100.00%
Informa Tech Korea Co., Ltd Republic of
100.00%
Informa Saudi Arabia
Limited
Informa Saudi Arabia LLC
(in liquidation)
IBC Asia (S) Pte Limited
Informa Exhibitions Pte
Limited
Informa Global Markets
(Singapore) Pte Limited
Korea
Saudi Arabia
100.00%
Saudi Arabia
100.00%
Singapore
Singapore
100.00%
100.00%
Singapore
100.00%
HK1
IN1
IN2
IN3
IN1
ID1
ID2
IR1
IR2
IR1
IR1
IR1
IR1
IR1
IR1
IR1
IR1
IR1
IR1
IR1
IR1
IR1
IR1
IR1
IR1
IR1
IR1
IM1
IM1
JP1
JP2
JP3
JP4
JE1
JE2
JE2
LX1
LX1
LX1
LX1
LX1
LX1
LX1
LX1
LX1
LX1
LX1
LX1
MA1
MA1
MA1
MA1
ME1
MC1
MC1
MY1
NL1
NL1
NL1
NL2
NL1
NZ1
NO1
PK1
PH1
QA1
RK2
RK2
RK1
SU1
SU2
SG1
SG1
SG1
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 242
Registered
Office
Company Name
Country
Ownership
Registered
Office
Informa Exhibitions
Limited
Informa Final Salary
Pension Trustee Company
Limited
Informa Finance Australia
Limited
Informa Finance Brazil
Limited
Informa Finance Egypt
Limited
Informa Finance Mexico
Limited
Informa Finance UK
Limited
Informa Finance USA
Limited
Informa Global Markets
(Europe) Limited
Informa Group Holdings
Limited
Informa Group Limited
Informa Holdings Limited
Informa Investment Plan
Trustees Limited
Informa Manufacturing
Europe Holdings Limited
Informa Manufacturing
Europe Limited
Informa Manufacturing
Holdings Limited (in strike
off)
Informa Markets (Europe)
Limited
Informa Markets (Maritime)
Limited
Informa Markets (UK)
Limited
Informa Markets Limited
Informa Overseas
Investments Limited
Informa Property
(Colchester) Limited
Informa Six Limited
Informa Tech Founders
Limited
Informa Tech Research
Limited
Informa Telecoms & Media
Limited
Informa Three Limited
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
55.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
55.00%
100.00%
100.00%
100.00%
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
56.24%
56.24%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
100.00%
UK1
Informa UK Limited
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Informa United Finance
Limited
Informa US Holdings
Limited
ITF2 Limited
James Dudley International
Limited
Light Reading UK Limited
London On-Water Ltd
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
40. SUBSIDIARIES CONTINUED
Company Name
Sea Asia Singapore Pte
Limited
Singapore Exhibition
Services (Pte) Limited
Taylor & Francis (S) Pte
Limited
Marketworks Datamonitor
(Pty) Limited
Institute for International
Research Espana S.L.
Co-Action Publishing AB
Taylor & Francis AB
Clinerion AG
Informa IP GmbH
Informa Tech Taiwan
Limited
Bangkok Exhibition
Services Ltd
Country
Singapore
Ownership
90.00%
Singapore
100.00%
Singapore
100.00%
South Africa
100.00%
Spain
100.00%
Sweden
Sweden
Switzerland
Switzerland
Taiwan
100.00%
100.00%
100.00%
100.00%
100.00%
Thailand
100.00%
UBM Asia (Thailand) Co. Ltd Thailand
Clinerion Turkey Teknoloji
Arastirma Limited Sirketi
UBM Istanbul Fuarcılık ve
Gösteri Hizmetleri A.Ş.
Turkey
Turkey
UBM Rotaforte Uluslararası
Fuarcılık Anonim Şirketi
Turkey
49.00%
100.00%
100.00%
100.00%
SG2
SG3
SG1
SA1
SP1
SE1
SE1
SW2
SW1
TA1
TH1
TH2
TU3
TU1
TU2
Informa Middle East Media
FZ LLC
United Arab
Emirates
100.00%
UAE1
ABI Building Data Limited
Afterhurst Limited
Blessmyth Limited
C&D Intelligence U.K.
Limited
Canrak Books Limited
Colonygrove Limited
Colwiz UK Limited
Crosswall Nominees
Limited
Curinos International
Limited
Curinos Limited
Datamonitor Limited
Design Junction Limited
DIVX Express Limited
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
Dove Medical Press Limited UK
E-Health Media Limited
F1000 Research Limited
Futurum Media Limited
GNC Media Investments
Limited
Green Thinking (Services)
Limited
Hirecorp Limited
IBC (Ten) Limited
IBC (Twelve) Limited
IBC Fourteen Limited
IIR (U.K. Holdings) Limited
IIR Management Limited
Informa Connect Limited
Informa Cosec Limited
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 243
Company Name
Country
Ownership
Registered
Office
Company Name
Country
Ownership
Registered
Office
100.00%
UK1
Fort Lauderdale
Convention Services, Inc.
100.00%
UK1
Ibis JV, LP
MAI Luxembourg UK
Societas
Miller Freeman Worldwide
Limited
MRO Exhibitions Limited
MRO Network Limited
MRO Publications Limited
Novantas Limited
OES Exhibitions Limited
OTC Publications Limited
Penton Communications
Europe Limited
Pharma Intelligence U.K.
Limited
Roamingtarget Limited
Routledge Books Limited
Taylor & Francis Books
Limited
Taylor & Francis Group
Limited
Taylor & Francis Limited
Taylor & Francis Publishing
Services Limited
TU-Automotive Holdings
Limited
TU-Automotive Limited
Turtle Diary Limited
UBM (GP) No1 Limited
UBM Aviation Worldwide
Limited
UBM International
Holdings UK Societas
UBM Property Limited
UBM Property Services
Limited
UBM Shared Services
Limited
UBM Trustees Limited
UBMG Holdings
UBMG Limited
UBMG Services Limited
United Consumer Media
UK Societas
United Executive Trustees
Limited
United Newspapers
Publications Limited
United Trustees Limited
UNM Investments Limited
Vavasseur Overseas
Holdings Limited
Advanstar
Communications, Inc.
Clinerion, Inc.
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
UK
USA
USA
CMP Child Care Center, Inc USA
Curinos, Inc.
Curinos LLC
Duke Investments, Inc.
Farm Progress Limited
USA
USA
USA
USA
FBX Novantas Holdings Inc. USA
100.00%
100.00%
100.00%
56.24%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
56.24%
56.24%
100.00%
100.00%
56.24%
UK1
UK1
UK1
UK2
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
UK1
US6
US1
US6
US1
US1
US3
US1
US1
USA
USA
USA
USA
USA
Informa Business
Intelligence, Inc.
Informa Business Media
Holdings, Inc.
Informa Business Media,
Inc.
Informa Data Sources, Inc. USA
Informa Exhibitions
Holding Corp.
Informa Exhibitions, LLC
Informa Exhibitions U.S.
Construction & Real Estate,
Inc.
Informa Global Sales, Inc.
Informa Ibis GP, LLC
Informa Ibis Holdings Inc.
Informa Ibis Inc.
Informa Life Sciences
Exhibitions, Inc.
Informa Marine Holdings,
Inc.
Informa Markets Art, LLC
Informa Markets Fashion
(East) LLC
Informa Markets France,
Inc.
Informa Markets Holdings,
Inc.
Informa Markets
Investments, Inc
Informa Markets
Manufacturing LLC
Informa Markets Medica
LLC
Informa Media, Inc.
Informa Operating
Holdings, Inc.
Informa Pop Culture
Events, Inc.
Informa Princeton, LLC
Informa Support Services,
Inc.
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
Informa Tech Holdings LLC USA
Informa Tech LLC
Informa USA, Inc.
Internet World Media, Inc.
Knect365 US, Inc.
Ludgate USA LLC
NetLine Corporation
Ovum, Inc.
Roast LLC
Rocket Holdings, Inc.
Southern Convention
Services. Inc.
Spectrum ABM Corp.
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
USA
Taylor & Francis Group, LLC USA
UBM Community
Connection Foundation
UBM Delaware LLC
USA
USA
90.00%
56.24%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
56.24%
56.24%
100.00%
90.00%
90.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
90.00%
100.00%
100.00%
100.00%
100.00%
US4
US1
US2
US1
US1
US1
US1
US1
US1
US1
US1
US1
US1
US1
US1
US1
US1
US1
US1
US1
US1
US1
US1
US1
US1
US6
US1
US1
US1
US2
US1
US6
US1
US7
US2
US1
US1
US4
US1
US1
US5
US1
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 244
40. SUBSIDIARIES CONTINUED
Country
Ownership
Registered
Office
Registered
Office
Registered Office address
Company Name
UBM Finance, Inc.
UBM UK LLC
Yachting Promotions, Inc.
SES Vietnam Exhibition
Services Company Limited
USA
USA
USA
Vietnam
100.00%
100.00%
90.00%
100.00%
US1
US1
US4
VE1
Registered
Office
Registered Office address
AU1
AU2
AU3
BH1
BA1
BM1
BR1
CA1
CA2
CA3
CH1
CH2
CH3
CH4
CH5
CH6
CH7
CH8
CH9
CH10
CH11
CH12
CH13
CH14
CH15
CH16
CH17
CH18
c/o LBW & Partners, Level 3, 845 Pacific Highway,
Chatswood, NSW 2067, Australia
Level 4, 24 York Street, Sydney, NSW 2000, Australia
c/o Kelly Partners (Northern Beaches) Pty Ltd, Unit 15,
117 Old Pittwater Road, Brookvale NSW 2100, Australia
M B & H Corporate Services Limited, Mareva House,
4 George Street, Nassau, Bahamas
Building 1, Road 22, Block 414, Al-Daih, PO Box 20200,
Jidhafs, Bahrain
Victoria Place, 5th Floor, 31 Victoria Street, Hamilton, HM10,
Bermuda
Avenida Doutora Ruth Cardoso, 7221 22 Andar Conjunto
2301 e 23 Andar Conjunto 2401, Edificio Birmann 21, São
Paulo, SP, CEP 05425-902, Brazil
c/o McMillan LLP, 1500 Royal Centre, 1055 W. Georgia Street,
Vancouver, BC V6E 4N7, Canada
12th Floor, 20 Eglinton Avenue West, Yonge Eglinton Centre,
Toronto, ON M4R 1K8, Canada
181 University Avenue, Suite 1100, Toronto, ON M5H 3M7,
Canada
Floor 7/8, Urban Development International Tower, No. 355
Hong Qiao Road, Xu Hui District, Shanghai, 200030, China
Room 902, No. 996 East Xingang Road, Haizhu District,
Guangzhou, China
No. 1111, Building 11, 2433 Xingang East Road, Zuhai District,
Guangzhou, China
Room 2072, 2nd Floor, 124 Building, No. 960 Zhong Xing
Road, Jing’an District, Shanghai, China
Room 6396 No. 650 Dingxi Road, Changning District,
Shanghai, China
Room 2201 Hong Kong New Tower, No. 300 Huai Hai Middle
Road, Huang Pu District, Shanghai, China
Unit 802 Comfort Plaza, No. 4 of Worker’s Stadium North
Road, Chaoyang District, Beijing 100027, China
West-South Area Fl. 3, No. 2123 Pudong Avenue, Free Trade
Zone, Shanghai, China
Room 501-503, No.1556 West Yanan Road, Changning
District, Shanghai, China
China (Sichuan) Pilot Free Trade Zone, East Section of Ningbo
Road, Zhengxing Street, Tianfu New District, Chengdu, China
Room 1159-1164, China Hotel Office Tower, Liu Hua Road,
Guangzhou, China
Room 123, Floor 1, Building 1, No.108 Kangqiao Road,
Gongshu District, Hangzhou, China
Room 207, No. 453 Fahuazhen Road, Shanghai, China
V3 East, Level 17 Daqing Building, Tian’an Shatou Street,
Futian District, Shenzhen, China
No 502, 5th Floor, Building 4, 99 Guangfu Road, Wuhou
District, Chengdu, China
Room 1009, Western Tower No. 19, Way 4, South People
Road, Chengdu City, China
Room 1010, 10F, No. 993 West Nanjing Road, Jingan District,
Shanghai, China
9/F Ciro’s Plaza, 388 West Nanjing Road, Huangpu District,
Shanghai 200003, China
CH19
CH20
CH21
CH22
CH23
CH24
CH25
CH26
CY1
EG1
FR1
DE1
DE2
HK1
IN1
IN2
IN3
ID1
ID2
IR1
IR2
IM1
JP1
JP2
JP3
JP4
JE1
JE2
LX1
MA1
ME1
MC1
MY1
NL1
NL2
NZ1
Room 101-75, No. 15 Jia, No. 152 Alley, Yanchang Road,
Jing’an District, Shanghai, China
Room 608, Block A, No. 1 Building, No. 3000 Longdong
Avenue, Pilot Free Trade Zone, Shanghai, China
Room 234, 2nd Floor, M-Zone, 1st Building, No 3398
Hu Qing Ping Road, Zhao Xiang Town, Qing Pu District,
Shanghai, China
Unit 201, Building A, No. 1 Qianwan Road One, Qianhai
Shenzhen & Hong Kong Cooperation Zone, Shenzhen, China
Room 607, East Block, Coastal Building, Haide 3rd Road,
Nanshan District, Shenzhen, Guangdong 518054, China
8/F UDIT, 355 Hong Qiao Road, Shanghai 200030, China
Room 1557, Unit 01-06, 15th Floor, Block A, Building 9
Dongdagiao Road, Beijing, Chaoyang District, China
Room 2807, No. 1022 East Xingang Road, Haizhu District,
Guangzhou, China
2nd Floor, Sotiri Tofini 4, Agios Athanasios, Limassol,
4102, Cyprus
7H Building, Street 263, New Maadj, Cairo, Egypt
37 avenue de Friedland, 75008, Paris, France
Westenriederstraße 19, 80331 Munich, Germany
Friedensplatz 13, 53721 Siegburg, Germany
Room 812, Silvercord, Tower 1, 30 Canton Road, Tsimshatsui,
Kowloon, Hong Kong
Solitaire-XIV Building, B-Wing, 1st Floor, Unit No. 3 & 4, Guru
Hargovindji Marg, Chakala, Andheri (East), Mumbai 400093,
India
2nd & 3rd floor, The National Council of YMCAs of India,
1, Jai Singh Road, New Delhi 110001, India
No. 143, 144 Hosur Main Road, Industrial Layout,
Koramangala, Bangalore 560 095, Karnataka, India
Menara Utara Gedung Menara Jamsotek, Lt. 12 Unit TA
12-04, Jl. Jend., Gabot Subroto No. 38, Jakarta, Indonesia
Jalan Sultan Iskandar Muda, No 7 Arteri Pondok Indah,
Kebayoran Lama, Jakarta Selantan, 12240, Indonesia
68 Merrion Square, Dublin 2, D02 W983, Ireland
70 Sir John Rogerson’s Quay, Dublin 2, Ireland
First Names House, Victoria Road, Douglas, Isle of Man,
IM2 4DF, Isle of Man
4F, Shin-Kokusai Building, 3-4-1 Marunouchi, Chiyoda-Ku,
Tokyo, 100-0005, Japan
Otemachi Financial City, North Tower 21F, 1-9-5 Otemachi,
Chiyoda-ku, Tokyo, 100-0004, Japan
Kanda 91 Building, 1-8-3 Kajicho, Chiyoda-ku, Tokyo,
101-0044, Japan
1-54-4, Kanda, Jimbocho, Chiyoda-ku, Tokyo, Japan
22 Grenville Street, St Helier JE4 8PX, Jersey
44 The Esplanade, St Helier, JE4 9WG, Jersey
21–25 Allee Scheffer, L-2520, Luxembourg
Unit 30-01, Level 30, Tower A, Vertical Business Suite,
Avenue 3, Bangsar South, No. 8, Jalan Kerinchi, 59200 Kuala
Lumpur, Malaysia
Av. Benjamin Franklin 235-4, Mexico, DF06100, Mexico
Le Suffren, 7 rue Suffren-Reymond, Monaco, 98000,
Monaco
No.42/A Pantra Street, Dagon Township, Yangon, Myanmar
Coengebouw, Suite 8.04, Kabelweg 37, 1014 BA Amsterdam,
Netherlands
de Entree 73, 1101 BH, Toren A, Amsterdam, Netherlands
HPCA Limited, 1 ihumata Road, Milford, Auckland, 0620,
New Zealand
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Consolidated Financial Statements for the year ended 31 December 2021continued 245
Registered
Office
Registered Office address
NO1
PK1
PH1
QA1
RK1
RK2
SU1
SU2
SG1
SG2
SG3
SA1
SP1
SE1
SW1
SW2
TA1
TH1
TH2
TU1
TU2
TU3
c/o Advokat Merete Bardsen, Wahl-Larson Advokatfirma AS,
Fridtjof Nansens plass 5, Oslo, 0160, Norway
6th Floor, Citi View, Block 3, Bahadur Yar Jung Cooperative
Housing Society, Shaheed-e-Millat Road, Karachi Sindh,
Pakistan
Unit 1 Mezzanine Floor Fly Ace Corporate Center, 13 Coral
Way Barangay 76, Pasay City NCR, Fourth District
Philippines, 1300, Philippines
P.O. Box 545, Doha, Qatar
#801, 8/F Korea Design Center, 322 Yanghyeon-Ro,
Bundang-Gu, Seongnam-si, Gyeonggi-do, 13496, Republic
of Korea
8F, Woodo Building, 214 Mangu-ro, Jungnang-gu, Seoul,
02121, Republic of Korea
Office 109, 1st Floor, Aban Center, King Abdulaziz Road,
AlGhadir District, Riyadh, 13311, Saudi Arabia
Marei bin Mahfouz Group Regional Office Building, Al aziziya
intersection of Tahlia & Siteen Str nearby Ikea, PO Box 4100,
Jeddah 21491, Saudi Arabia
#04-01, Visioncrest Commercial, 103 Penang Road, 238467,
Singapore
10 Kallang Avenue, #09-16 Aperia Tower 2, 339510,
Singapore
80 Robinson Road, #02-00, 068898, Singapore
Broadacres Business Centre, Corner Cedar, 3rd Avenue
Broadacres, Sandton Gauteng, Johannesburg, 2021,
South Africa
Calle Azcona, 36, Bajo de Madrid, Madrid 28028, Spain
Box 3255, 103 65, Stockholm, Sweden
Suurstoffi 37, 6343 Rotkreuz, Switzerland
Elisabethenanlage 11, 4051 Basel, Switzerland
Floor 10, No. 66, Second 1, Neihu Rd, Neiting District,
Taipei, Taiwan
252 SPE Tower, 9th Floor, Phaholyothin Road, Samsennai,
Phayathai, Bangkok, Thailand
428 Ari Hills Building, 18th Floor, Phahonyothin Road,
Samsen Nai, Phaya Thai, Bangkok 10400, Thailand
Rüzgarlıbaçe Mah. Kavak Sok, Smart Plaza B Blok, No: 31/1
Kat: 8, 34805 Kavacik-Beykoz, Istanbul, Turkey
Molla Fenari Mah, Bab-i Ali Cad, No:9 K:3-4, Fatih 34120,
Istanbul, Turkey
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
UK2
US1
US2
US3
US4
US5
US6
US7
VE1
5 Howick Place, London SW1P 1WG, United Kingdom
c/o Wilkin Chapman LLP, The Maltings, 11–15 Brayford Wharf
East, Lincoln LN5 7AY, United Kingdom
c/o Corporation Service Company, 251 Little Falls Drive,
Wilmington, DE 19808, USA
c/o Corporation Service Company, 84 State Street, Boston,
MA 02109, USA
c/o Corporation Service Company, 1900 W. Littleton
Boulevard, Littleton, CO 80120, USA
c/o Corporation Service Company, 1201 Hays Street,
Tallahassee, FL 32301, USA
c/o The Prentice-Hall Corporation System, Inc., 251 Little
Falls Drive, Wilmington, DE 19808, USA
c/o Corporation Service Company, 80 State Street, Albany,
NY 12207-2543, USA
c/o Corporation Service Company, 2710 Gateway Oaks
Drive, Suite 150N, Sacramento, CA 95833, USA
10th Floor, Ha Phan Building, 17-17A-19, Ton That Tung
Street, District 1, HCMC, Vietnam
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 246
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
up to £100m towards buybacks. As part of the full-year results, the Group confirmed this tranche had been completed and
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 2021continuedINFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 247
Parent Company Balance Sheet as at 31 December 2021
Fixed assets
Investment in subsidiary undertakings
Other debtors: amounts falling due after one year
Current assets
Debtors due within one year
Cash and cash equivalents
Creditors: amounts falling due within one year
Net current assets
Creditors: amounts falling due after more than one year
Net assets
Capital and reserves
Share capital
Share premium account
Reserve for shares to be issued
Merger reserve
Capital redemption reserve
Profit and loss account
Equity Shareholders’ funds
Notes
3
4
5
6
7
8
9
9
9
2021
£m
7,886.7
1,859.3
9,746.0
4,550.4
0.2
4,550.6
(130.0)
4,420.6
(2,894.9)
11,271.7
1.5
1,878.6
22.2
4,501.9
(17.4)
4,884.9
11,271.7
2020
£m
7,316.8
1,913.0
9,229.8
1,239.9
0.2
1,240.1
(34.6)
1,205.5
(2,967.8)
7,467.5
1.5
1,878.8
20.1
4,501.9
(17.4)
1,082.6
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
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 248
Parent Company Statement of Changes in Equity for the year ended 31 December 2021
At 1 January 2020
Loss for the year
Total comprehensive expense for the year
Issue of share capital
Share award expense
Equity dividends
Transfer of vested LTIPs
At 1 January 2021
Profit for the year
Total comprehensive income for the year
Costs related to 2020 share issue
Share award expense
Equity dividends
Transfer of vested LTIPs
At 31 December 2021
Share
capital
£m
1.3
–
–
0.2
–
–
–
–
–
973.5
–
–
–
1.5
1,878.8
–
–
–
–
–
–
–
–
(0.2)
–
–
–
1.5
1,878.6
Share
premium
account
£m
905.3
Reserve for
shares to be
issued
£m
15.0
Merger
reserve
£m
4,501.9
Capital
redemption
reserve
£m
(17.4)
–
–
–
10.0
–
(4.9)
20.1
–
–
–
12.7
–
(10.6)
22.2
–
–
–
–
–
–
–
–
–
–
–
–
4,501.9
(17.4)
–
–
–
–
–
–
–
–
–
–
–
–
Profit
and loss
account
£m
1,885.5
(807.8)
(807.8)
–
–
–
4.9
1,082.6
3,791.7
3,791.7
–
–
–
10.6
Total
£m
7,291.6
(807.8)
(807.8)
973.7
10.0
–
–
7,467.5
3,791.7
3,791.7
(0.2)
12.7
–
–
4,501.9
(17.4)
4,884.9
11,271.7
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 249
Notes to the Parent Company Financial Statements 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
the London Stock Exchange. The Company is a public company limited by shares and is registered in England and Wales with
registration number 08860726. The address of the registered office is 5 Howick Place, London SW1P 1WG.
Principal Activity and Business Review
Informa PLC is the Parent Company of the Informa Group (the Group) and its principal activity is to act as the ultimate holding
company of the Group.
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
and related party transactions. The Directors’ Report, Corporate Governance Statement and Directors’ Remuneration Report
disclosures are on pages 156 to 158, 100 to 131 and 132 to 155 respectively of this report. The financial statements have been
prepared on the historical cost basis except for the remeasurement of certain financial instruments which are measured at fair
value at the end of each reporting period. Having assessed the principal risks and the other matters discussed in connection
with the Group viability statement, the Directors have considered it appropriate to adopt the going concern basis of accounting
in preparing the financial statements.
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
merger reserve accounting treatment arising from the Scheme of Arrangement in 2014. The Company’s financial statements
are presented in pounds sterling, being the Company’s functional currency.
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
or Statement of Comprehensive Income for the year. The Company’s revenue for the year is £nil (2020: £nil), and profit after tax
for the year is £3,791.7m (2020: £807.8m loss).
Share-based payment amounts that relate to employees of subsidiary Group companies are recorded as capital contributions to
the relevant Group company.
Investments in Subsidiaries and Impairment Reviews
Investments held as fixed assets are stated at cost less any provision for impairment. Where the recoverable amount of the
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 250
3. INVESTMENTS IN SUBSIDIARY UNDERTAKINGS
Cost
At 1 January
Additions – other1
Impairment
Reversal of impairment loss
At 31 December
2021
£m
7,316.8
9.8
–
560.1
7,886.7
2020
£m
7,868.5
8.4
(560.1)
–
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 year
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
calculations derived from the latest Group cash flow projections. This review resulted in no impairment of investments in
subsidiary undertakings (2020: £560.1m impairment).
In 2021 as a result of the improved medium to long-term trading outlook forecast by the Group the £560.1m impairment of
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.
Further detail on the estimates associated with this are noted in the Group accounts, in Accounting Policies (Note 2) and
Goodwill (Note 16).
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
Informa Switzerland Limited
Informa Global Sales, Inc.
UBM Limited
Jersey
USA
Jersey
Principal activity
Holding company
Domestic international sales corporation
Holding company
Ordinary
shares held
100%
100%
100%
Details of subsidiaries controlled by the Company are disclosed in the Consolidated Financial Statements (Note 40).
4. DEBTORS FALLING DUE AFTER ONE YEAR
Amounts due from Group undertakings
Derivative financial instruments
2021
£m
1,855.9
3.4
1,859.3
2020
£m
1,868.4
44.6
1,913.0
Amounts due from Group undertakings falling due after one year are unsecured, non-interest bearing and repayable on
demand. The amounts owed by Group undertakings have been assessed for 12 month expected credit losses. Due to the
low credit risk, the expected credit loss is considered immaterial.
5. DEBTORS FALLING DUE WITHIN ONE YEAR
Amounts owed from Group undertakings
2021
£m
2020
£m
4,550.4
1,239.9
Amounts owed from Group undertakings falling due within one year are unsecured, non-interest bearing and repayable
on demand. The interest rate on amounts owed from Group undertakings is 0% (2020: 0%). The amounts owed by Group
undertakings have been assessed for 12-month expected credit losses. Due to the low credit risk, the expected credit loss
is considered immaterial.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Parent Company Financial Statements for the year ended 31 December 2021continued
251
6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Amounts owed to Group undertakings
Other creditors and accruals
2021
£m
95.2
34.8
130.0
2020
£m
–
34.6
34.6
Amounts owed to Group undertakings falling due within one year are unsecured, non-interest bearing and repayable
on demand.
7. CREDITORS: AMOUNTS FALLING DUE AFTER ONE YEAR
Revolving credit facility (RCF)1
Euro Medium Term Notes2
Derivative financial instruments
Amounts owed to Group undertakings
Other payables
1. Stated net of arrangement fees of £2.0m (2020: £2.6m)
2. Stated net of arrangement fees of £12.1m (2020: £15.3m)
2021
£m
(2.0)
1,989.2
40.7
867.0
–
2020
£m
(2.6)
2,095.8
7.5
867.1
–
2,894.9
2,967.8
Amounts owed to Group undertakings falling due after one year are unsecured, non-interest bearing and repayable on demand.
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.
On 26 November 2020, the Group’s RCF was increased by £150m to £1,050m. On 14 December 2020, there were extensions to
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
for $588.9m
• A fixed rate of interest on €150.0m of EMTN borrowings with a maturity of July 2023 and pays a fixed rate of interest
for $174.1m
• A fixed rate of interest on €500m of EMTN borrowings with a maturity of April 2028 and pays a fixed rate of interest
for $551.6m
• A fixed rate of interest on €700.0m of EMTN borrowings with a maturity of October 2025 and pays a fixed rate of interest
for $821.6m
• At 31 December 2021, the fair value of these swaps was a financial liability of £37.3m (2020: asset £37.1m)
8. SHARE CAPITAL
Issued, authorised and fully paid
1,503,112,804 (2020: 1,502,137,804) ordinary shares of 0.1p each
At 1 January
Issue of new shares in relation to share placements in 2020
Issue of new shares to Employee Share Trust
Other issue of shares
At 31 December
2021
£m
1.5
2020
£m
1.5
2021
Number of
shares
2020
Number of
shares
1,502,137,804 1,251,798,534
–
250,318,000
975,000
–
–
21,270
1,503,112,804 1,502,137,804
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 252
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
the Penton acquisition. The shares were issued at 441p each and raised gross proceeds before expenses of £715.5m.
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
of UBM plc, which at the acquisition date had a closing share price of 829p. The Company also issued 256,689 shares in 2018 to
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 Trust.
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
of transaction costs) of £973.3m. Share premium relating to the 2020 issues of 21,270 shares to Non-Executive Directors of the
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.
On 2 November 2016, the Company acquired Penton Information Services and the Group issued 12,829,146 ordinary shares to
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021Notes to the Parent Company Financial Statements for the year ended 31 December 2021continued 253
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
individuals, while shares relating to the Deferred Share Bonus Plan have been allocated to individuals as set out in the Directors’
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
service contracts and Directors’ liability insurance. Details of Directors’ remuneration are disclosed in the Remuneration Report.
The Company has taken advantage of the exemption that transactions with wholly owned subsidiaries do not need to
be disclosed.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 254
Audit Exemption
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
ABI Building Data Limited
Afterhurst Limited
Blessmyth Limited
Canrak Books Limited
Colonygrove Limited
Colwiz UK Limited
Curinos Limited
Registration
number
Audit exempt company
Registration
number
02385277
Informa Tech Research Limited
01609566
Informa Telecoms & Media Limited
03805559
Informa Three Limited
03194381
Informa UK Limited
04109768
Informa United Finance Limited
08164609
Informa US Holdings Limited
04159695
ITF2 Limited
Curinos International Limited
04757016
James Dudley International Limited
Datamonitor Limited
Design Junction Limited
DIVX Express Limited
Dove Medical Press Limited
E-Health Media Limited
F1000 Research Limited
Futurum Media Limited
GNC Media Investments Limited
Green Thinking (Services) Limited
Hirecorp Limited
IBC (Ten) Limited
IBC (Twelve) Limited
IBC Fourteen Limited
IIR (U.K. Holdings) Limited
IIR Management Limited
Informa Connect Limited
Informa Exhibitions Limited
Informa Finance Australia Limited
Informa Finance Brazil Limited
Informa Finance Egypt Limited
Informa Finance Mexico Limited
Informa Finance UK Limited
Informa Finance USA Limited
Informa Global Markets (Europe) Limited
Informa Group Limited
Informa Holdings Limited
Informa Manufacturing Europe Limited
Informa Manufacturing Europe Holdings Limited
Informa Markets Limited
Informa Markets (Europe) Limited
Informa Markets (Maritime) Limited
Informa Markets (UK) Limited
Informa Overseas Investments Limited
Informa Property (Colchester) Limited
Informa Six Limited
Informa Tech Founders Limited
02306113
Light Reading UK Limited
07634779
London-on-Water Limited
03212879
MAI Luxembourg UK Societas
04967656
Miller Freeman Worldwide Limited
04214439
MRO Exhibitions Limited
08322928
MRO Network Limited
09813559
MRO Publications Limited
03085849
OES Exhibitions Limited
05803263
OTC Publications Limited
04790559
Penton Communications Europe Limited
01844717
Roamingtarget Limited
03007085
Routledge Books Limited
Taylor & Francis Books Limited
Taylor & Francis Group Limited
Taylor & Francis Publishing Services Limited
TU-Automotive Holdings Limited
TU-Automotive Limited
UBM (GP) No 1 Limited
UBM International Holdings UK Societas
UBM Property Services Limited
UBMG Holdings
UBMG Limited
UBMG Services Limited
UBM Shared Services Limited
United Consumer Media UK Societas
United Newspapers Publications Limited
03119071
02748477
02922734
01835199
05202490
12008055
12007958
12008044
12008165
08774672
08940353
03094797
03099067
03849198
09893244
10025028
02972059
08851438
00495334
00370721
05845568
03610056
04606229
12302369
11971005
00991704
04595951
01072954
00948730
09319013
12294578
02394118
08823359
10621549
SE000010
01750865
02737787
09375001
02732007
09958003
02765878
02805376
05419444
03177762
03215483
02280993
03674840
09823826
09798474
03259390
SE000009
03212363
00152298
01693134
03666160
04957131
SE000008
00235544
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 255
Glossary of Terms: Alternative Performance Measures
The Group provides adjusted results and underlying measures in addition to statutory measures, in order to provide additional
useful information on business performance trends to Shareholders. The Board considers these non-GAAP measures as an
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 terms ‘adjusted’ and ‘underlying’ are not defined terms under IFRSs and may not therefore be comparable with
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
with the prior year.
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 results are prepared for the following measures which are provided in the Consolidated Income Statement on page 171:
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
• Covenant-adjusted EBITDA for Informa interest cover purposes under the Group’s previous financial covenants on debt
facilities is earnings before interest, tax, depreciation and amortisation and adjusting items. It is adjusted to be on a
pre-IFRS 16 basis
• Covenant-adjusted EBITDA for Informa leverage purposes under the Group’s previous financial covenants on debt facilities is
earnings before interest, tax, depreciation and amortisation and adjusting items. It is adjusted to include a full year’s trading
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,
which is provided as an additional useful metric for readers on the Group’s tax position.
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
debt issues or repayments. Free cash flow is one of the Group’s key performance indicators, and is an indicator of operational
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 256
Glossary of terms: alternative performance measures
continued
INFORMA INTEREST COVER
Debt covenants ceased to apply to all the Group’s borrowing facilities from November 2020 following the repayment of debt
subject to financial covenants. Informa interest cover is calculated according to the Group’s previous financial covenants on debt
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
The Informa leverage ratio is calculated according to the Group’s previous financial covenants on debt facilities and is the ratio of net
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
on page 95 reconciles operating cash flow to statutory measures.
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
of events in the current year. Where an event originally scheduled for 2020 or 2021 was either cancelled or postponed there was
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
events in the current year. Where an event originally scheduled for 2020 or 2021 was either cancelled or postponed there was an
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.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 257
Five-Year summary
Results from operations
Revenue
Adjusted operating profit
Statutory operating profit/(loss)
Statutory profit/(loss) before tax
Profit/(loss) attributable to equity holders of the parent
Free cash flow
Net assets
Non-current assets
Current assets
Current liabilities
Non-current liabilities
Net assets
Key statistics from continuing operations (pence)
Earnings per share
Diluted earnings per share
Adjusted diluted earnings per share
Dividends per share
1. Restated for impact of Software as a Service (see Note 4)
2021
£m
1,798.7
388.4
93.8
137.1
77.9
438.7
8,924.4
1,273.2
(1,350.0)
(2,801.7)
6,045.9
5.2
5.2
16.7
–
20201
£m
2019
£m
2018
£m
2017
£m
1,660.8
266.6
(881.6)
(1,140.9)
(1,042.5)
(153.9)
9,022.6
695.2
(1,200.6)
(2,889.2)
5,628.0
(73.4)
(73.4)
9.8
–
2,890.3
2.369.5
1,756.8
933.1
538.1
318.7
225.5
722.1
732.1
363.2
282.1
207.9
503.2
544.9
344.7
268.2
310.8
400.9
9,988.1
721.9
(1,584.6)
(3,300.4)
5,825.0
10,328.7
715.1
(1,530.8)
(3,441.4)
6,071.6
4,356.6
460.5
(1,117.7)
(1,470.4)
2,229.0
17.9
17.8
51.0
7.5
19.6
19.5
48.8
21.8
37.5
37.4
45.7
20.3
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 258
Shareholder Information
ANNUAL GENERAL MEETING
DIVIDEND AND DIVIDEND
Informa PLC’s 2022 AGM will be held at
our offices at 240 Blackfriars Road, London
SE1 8BF on Thursday 16 June 2022 at 11.00am.
The Notice of AGM setting out the resolutions
being proposed will be sent to Shareholders
and made available on the Informa website at
www.informa.com at least 20 working days
before the date of the AGM.
REGISTRAR
All general enquiries about holdings of
ordinary shares in Informa PLC should be
addressed to our registrar, Computershare:
Computershare Investor Services PLC
The Pavilions, Bridgwater Road
Bristol BS99 6ZZ
Helpline: +44 (0)370 707 1679
www.investorcentre.co.uk
The helpline is available Monday and Friday,
8.30am to 5.30pm.
To access shareholding details online,
go to Computershare’s website at
www.investorcentre.co.uk. To register to use
the website, you will need your shareholder
reference number, shown on share
certificates or dividend vouchers.
The website enables you to:
• View and manage all your shareholdings
• Register for electronic communications
• Buy and sell shares online with the
dealing service
• Deal with other matters such as a change
of address, transferring shares or replacing
a lost certificate
ELECTRONIC SHAREHOLDER
COMMUNICATIONS
As part of Informa’s commitment to the
responsible use of natural resources and
reducing our environmental impact, we offer
all Shareholders the opportunity to elect to
register for electronic communications. To do
so, please visit www.investorcentre.co.uk
REINVESTMENT
Shareholders can have dividends paid
directly into a bank or building society
account. To do this, complete the dividend
mandate instruction form available at
www.investorcentre.co.uk or contact
our registrar.
To receive dividends in a different currency,
you will need to register for the global
payments service provided by our registrar.
Further information is available at
www.investorcentre.co.uk
Informa offers a Dividend Reinvestment
Plan, or DRIP, where cash dividends can be
automatically reinvested in further Informa
shares. Further details and full terms and
conditions, including eligibility for
Shareholders based outside of the UK, are
available at www.investorcentre.co.uk
SHARE DEALING
Shareholders can buy or sell Informa PLC
shares using a share dealing facility operated
by our registrar. Dealing can be carried out
online or by telephone. Further information,
including details of eligibility and costs, can
be found on www.investorcentre.co.uk or by
calling +44 (0)370 703 0084 between 8.00am
and 4.30pm Monday to Friday. Have your
shareholder reference number to hand when
logging on or calling.
UK regulations require the registrar to check
that you have read and accepted the terms
and conditions before being able to trade,
which could delay your first telephone trade.
You may therefore wish to please register
online at www.computershare.trade before
visiting www.investorcentre.co.uk
SHAREGIFT
ShareGift (registered charity no. 1052686)
is an independent charity which takes
unwanted holdings of shares, aggregates
those shares and sells them for the benefit
of thousands of charities. If you have a small
shareholding in Informa and would like to
support this initiative, see the ShareGift
website at www.Sharegift.org. You can
also contact ShareGift via email at
help@sharegift.org or by telephone on
+44 (0)20 7930 3737.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 259
If you think you may have been targeted,
report the matter to the FCA as soon as
possible. Further information can be found
on the FCA’s website at www.fca.org.uk or
by calling its helpline on 0800 111 6768
(freephone) or 0300 500 8082 from UK or
+44 (0)20 7066 1000 from outside the UK.
You should also notify the registrar by
calling 0370 707 1679.
Tips on protecting your shareholding:
• Ensure all your certificates are kept
in a safe place or hold your shares
electronically in CREST via a nominee
• Keep all documentation containing
personal share information in a safe place
and destroy any correspondence you do
not wish to keep by shredding it
• Know when the dividends are paid and
consider having your dividend paid directly
into your bank rather than by cheque
• If you change address or bank account,
inform the registrar immediately. If you
receive a letter from the registrar regarding
a change of address or bank details that
you did not instigate, contact them
immediately on +44 (0)370 707 1679
• If you are buying or selling shares, only deal
with brokers registered in the UK or in your
country of residence
ADR PROGRAMME FOR US INVESTORS
Since 2013 Informa has maintained a
Level I American Depositary Receipt (ADR)
programme with BNY Mellon. Each Informa
ADR represents two ordinary shares and
they trade on the over-the-counter market
in the US under the symbol IFJPY, ISIN:
US45672B2060. Information on
Informa’s ADRs can be found at
www.bnymellon.com/dr
Informa’s ordinary shares continue to trade
on the premium segment of the London
Stock Exchange under the symbol INF, ISIN:
GB00BMJ6DW54.
PROTECTING YOUR INVESTMENT FROM
SHARE FRAUD
UK law means that companies are required to
make their shareholder registers public, and
it is not possible to control who inspects the
register and how that information is used.
There are reports that shareholders in
many different companies have received
unsolicited phone calls or correspondence
about investment matters, and it is highly
recommended to be very wary of any
approaches that involve unsolicited
investment advice or offers to buy or sell
any shares.
If you receive any unsolicited phone calls
or correspondence:
• Do not give out or confirm any
personal information
• Make a note of the name of the person who
contacted you and their organisation
• Do not hand over any money without
checking that the organisation is properly
authorised by the Financial Conduct
Authority (FCA) and making your own
enquiries. You can check whether firms
are authorised via the FCA website at
www.fca.org.uk
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021STRATEGIC REPORTGOVERNANCE REPORTFINANCIAL STATEMENTSCOMPANY INFORMATION 260
Advisers
PRINCIPAL SOLICITORS
Clifford Chance LLP
10 Upper Bank Street
London E14 5JJ
UK
www.cliffordchance.com
AUDITOR
Deloitte LLP
1 New Street Square
London EC4A 3HQ
UK
www.deloitte.com
JOINT STOCKBROKER
STRATEGIC FINANCIAL ADVICE
BAML
2 King Edward Street
London EC1A 1HQ
UK
www.bofaml.com
JOINT STOCKBROKER
Morgan Stanley
25 Cabot Square
London E14 5AB
UK
www.morganstanley.com
DEPOSITORY BANK
BNY Mellon
Depositary Receipts
101 Barclay Street, 22nd Floor
New York NY 10286
United States
www.adrbnymellon.com
Goldman Sachs International
Plumtree Court
25 Shoe Lane
London EC4A 4AU
UK
www.goldmansachs.com
COMMUNICATIONS ADVISERS
Teneo
6 More London Place
London SE1 2DA
UK
www.teneo.com
REGISTRAR
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol BS99 6ZZ
UK
www.computershare.com
LEGAL NOTICES
Notice concerning forward-looking statements
This Annual Report contains forward-looking statements. Although the Group believes that the expectations reflected in such
forward-looking statements are reasonable, these statements are not guarantees of future performance and are subject to a
number of risks and uncertainties and actual results and events could differ materially from those currently being anticipated
as reflected in such forward-looking statements. The terms ‘expect’, ‘estimate’, ‘forecast’, ‘target’, ‘believe’, ‘should be’, ‘will be’
and similar expressions are intended to identify forward-looking statements. Factors which may cause future outcomes to differ
from those foreseen in forward-looking statements include, but are not limited to, those identified under ‘Principal Risks and
Uncertainties’ on pages 73 to 79 of this Annual Report. The forward-looking statements contained in this Annual Report speak
only as of the date of publication of this Annual Report and the Group therefore cautions readers not to place undue reliance
on any forward-looking statements.
Except as required by any applicable law or regulation, the Group expressly disclaims any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements contained in this document to reflect any change in the
Group’s expectations or any change in events, conditions or circumstances on which any such statement is based.
Website
Informa’s website www.informa.com gives additional information on the Group. Information made available on the website does
not constitute part of this Annual Report.
INFORMA PLC ANNUAL REPORT AND ACCOUNTS 2021 Informa is grateful to the following for their
support and contribution to the production
of this Annual Report:
All information in this report is © Informa PLC
2022 and may not be used in whole or part
without prior permission.
Consultancy, design and production
by Luminous www.luminous.co.uk
Cover and illustrations created by
Beatrix Hatcher www.beatrixhatcher.com
All photography of Informa Board members
– by Chris Warren at CWA Studios
Photograph on page 13 – Alamy
Colleagues and Culture photo on page 32
– Jenny Chen, Informa Colleague,
Guangzhou office
Colleagues and Culture photo on page 35
– Simon Jarrett
Investors photo on page 43 – Pennie Withers
All other photography contributed by our
colleagues and teams across the Group
Printed by Pureprint Group, an ISO 14001, FSC® and CarbonNeutral® accredited printing company.
This document was printed using its Pureprint® environmental printing technology. 100% vegetable-based inks and a water-
based coating were used. 99% of the dry waste and 95% of cleaning solvents associated with the production were recycled.
This document is printed on Revive 100 Uncoated, a fully recycled material from Denmaur Paper. The carbon produced in
the manufacturing process and delivery to Pureprint has been offset with the World Land Trust. The paper and the printing
are therefore carbon neutral.
Both the paper mill and printer are registered to the Environmental Management System ISO 14001 and are Forest Stewardship
Council® (FSC®) chain-of-custody certified.
The outer cover has not been laminated to make the document 100% recyclable.
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Vegetable-based inks
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WHERE WE WORK: INFORMA OFFICE HUBS
Middle East/Australasia
Istanbul
Smart Plaza B Blok,
Rüzgarlıbahçe Mah.
Kavak Sok, Kavacık Beykoz
Bahrain
Building 1, Road 22, Block 414
Al-Diah, Jidhafs
Cairo
7H Building, Street 263
New Maadi, Cairo
Dubai
Level 20, World Trade Centre
Tower, PO Box 9292, Dubai
Mumbai
Times Square, Andheri-Kurla
Road, Mumbai 400 059
New Delhi
1 Jai Singh Road,
New Delhi 110001
Hong Kong
17/F China Resources Building,
26 Harbour Road, Wanchai
Shanghai
Hong Kong New World Tower,
No. 300 Huai Hai Middle Road,
Shanghai 200021
Singapore
Visioncrest Building, 103
Penang, Singapore 238467
Kuala Lumpur
Sunway Visio Tower, Lingkaran
SV, Sunway, Velocity 55100,
Kuala Lumpur
Tokyo
Kanda 91 Building, Chiyoda-ku,
Tokyo 101-0044
Sydney
24 York Street, NSW 2000
Europe
London (Registered Office)
5 Howick Place, SW1P 1WG
+44 (0)20 8052 0400
info@informa.com
www.informa.com
London Blackfriars
240 Blackfriars, SE1 8BF
Colchester
Sheepen Place, Essex,
CO3 3LP
Milton Park
4 Park Square, Milton Park,
OX14 4RN
Amsterdam
De Entreé 73, 1101 B,
Amsterdam
Monaco
7, rue Suffren-Reymond
Le Suffren, MC 98000
Americas
New York
605 Third Avenue, New York,
NY 10158
Washington DC
2121 K Street NW, Washington
DC, DC 20037
Philadelphia
530 Walnut Street,
Philadelphia,
PA 19106
Boca Raton
6000 Broken Sound, Parkway
NW, Boca Raton, FL
Kansas City
22701 West 68th Terrace
Shawnee, KS 66226
Boulder
5541 Central Avenue, Boulder,
CO 80301
Phoenix
2020 North Central Avenue,
Phoenix, AZ 85004
Dallas
222 West Las Colinas
Boulevard, Irving, TX 75039
San Francisco
Suite 500, 85 2nd Street,
San Francisco, CA 94105
Santa Monica
28th St, Suite 100, Santa
Monica, CA 90405
Toronto
20 Eglinton Avenue West,
Toronto
Mexico City
Lago Alberto 319, Colonia
Granada, Delegacion Miguel
Hidalgo, Mexico City 11520
São Paulo
Avenida Dra Ruth Cardoso,
7221, Pinheiros, São Paulo
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