Annual Report 2011
Reed Elsevier
Reed Elsevier is a world leading provider of professional information solutions. We leverage deep customer understanding to deliver demonstrably improved outcomes to our professional customers.
We do this by combining content and data with analytics and technology in global platforms, sharing institutional skills, assets and resources across Reed Elsevier.
We aim to build leading positions in long term global growth markets.
Our customer facing activities are grouped into five business areas:
Elsevier’s scientific and medical information and tools help its customers improve outcomes in science and health.
LexisNexis Risk Solutions provides data and analytics that enable its customers to evaluate and manage risks associated with transactions and improve performance.
LexisNexis Legal & Professional provides legal, tax, regulatory and news & business information and analysis to legal, corporate, government, accounting and academic markets.
Reed Exhibitions is the world’s largest events business, with over 475 events in 34 countries.
Reed Business Information is a provider of data services, business information and marketing solutions to business professionals.
Financial summary
|
| 2011 £m | 2010 £m | Change | Change at constant currencies | Change underlying |
|---|---|---|---|---|---|
| Revenue | |||||
| Elsevier | 2,058 | 2,026 | +2% | +1% | +2% |
| LexisNexis Risk Solutions | 908 | 927 | -2% | +1% | +4% |
| LexisNexis Legal & Professional | 1,634 | 1,691 | -3% | -2% | +1% |
| Reed Exhibitions | 707 | 693 | +2% | +1% | 0% |
| Reed Business Information | 695 | 718 | -3% | -4% | +1% |
| 6,002 | 6,055 | -1% | 0% | +2% | |
| Adjusted operating profit | |||||
| Elsevier | 768 | 724 | +6% | +3% | +4% |
| LexisNexis Risk Solutions | 362 | 354 | +2% | +6% | +12% |
| LexisNexis Legal & Professional | 229 | 238 | -4% | -4% | -2% |
| Reed Exhibitions | 167 | 158 | +6% | +4% | +2% |
| Reed Business Information | 110 | 89 | +23% | +22% | +15% |
| Unallocated items | (10) | (8) | |||
| 1,626 | 1,555 | +5% | +4% | +5% |
Adjusted operating profit is presented as an additional performance measure used by management and is stated before amortisation and impairment of acquired intangible assets and goodwill, exceptional restructuring (none in 2011) and acquisition related costs, disposal gains and losses and other non operating items, related tax effects and movements in deferred taxation assets and liabilities that are not expected to crystallise in the near term and include the benefit of tax amortisation where available on acquired goodwill and intangibles assets. Adjusted operating profit is also grossed up to exclude the equity share of taxes in joint ventures. Reconciliations between the reported and adjusted figures are provided in note 10 to the combined financial statements. Underlying growth rates are calculated at constant currencies and exclude the results of all acquisitions and disposals made both in the year and prior year and assets held for sale. Constant currency growth rates are based on 2010 full year exchange and hedge exchange rates.
