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2004 INTERIM RESULTS

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Underlying trading above pre-SARS levels. Active launch programme continues ... Strong recovery from SARS. Leather fair back close to 2002 levels ... – PowerPoint PPT presentation

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Title: 2004 INTERIM RESULTS


1
2004 INTERIM RESULTS
Continuing Strong Growth
2
Financial Results Six months to 30 June
2004
2003
Change
Underlying


Turnover (m) Profit before tax (m) EPS
(p) Operating margin () Dividend per share
(p) Net cash (m)

344.0 45.5 10.6 12.2 3.30 118.9

380.5 65.0 14.9 16.8 3.63 51.6
10.6 42.9 40.6 37.3 10.0 -
4.2
28.8
before amortisation of goodwill and intangible
assets
3
2004 Review of first six monthsOverview
  • Underlying revenue growth in all businesses
  • Increases in volumes, yields and market shares
  • 15 per cent margin target ahead of schedule
  • Achieved 16.8 per cent operating margin
  • Ongoing operational efficiency gains
  • Investment programme on track
  • 2003 acquisitions ahead of plan
  • Healthcare offer extended by product and
    geography
  • Increasing level of investment in new products

4
2004 Review of first six monthsProfessional Media
  • Growth in technology revenue and yields
  • Healthcare acquisition performing well
  • Regulatory changes slowing medical education
  • Underlying trading above pre-SARS levels
  • Active launch programme continues
  • Further revenue, margin and market share gains
  • Good performances from acquisitions
  • Mixed Performance
  • CMP Media
  • CMP Asia
  • CMPi
  • UAP

5
2004 Review of first six months
  • PR Newswire
  • NOP World
  • Strong increase in margin
  • US volumes and yields up
  • Revenue growth from new products
  • RoW approaching break-even
  • Revenues and profits up
  • Syndicated business and Eurisko performing well
  • Healthcare revenue growth
  • Restructuring NOP World to improve margins

6
Strategy
  • A focused business information group
  • Delivering superior operating performance
  • Providing customers with innovative products
  • Increasing level of investment in product
    development and building competitive advantage
  • Leveraging existing content and platforms
  • Acquisitions to add channels, products
    geographies
  • Building value and monetising investments

7
Healthcare in UBM
  • Key sector c25 of pro-forma revenues
    post-MediMedia
  • Professional Media - Healthcare
  • Publications in US, UK, Europe and Asia
  • CME in US
  • Exhibitions in Asia
  • Drug information services in Europe and Asia
  • NOP World Healthcare
  • 25 of UBMs market research revenues
  • PR Newswire - 16 of revenue
  • News channel for pharmacos

8
Trading Outlook
  • Continuing steady revenue improvement
  • Publications and exhibitions
  • Tech revenue and yields growing
  • Healthcare publications strong
  • Asia ahead of pre-SARS levels
  • UK revenue growth and acquisition benefit
  • News distribution
  • Volumes and yields driving margin
  • Eliminating losses in the Rest of the World
  • Market research
  • In line with industry revenue growth rates
  • Syndicated strong, challenging healthcare
    environment
  • Acquisitions and new products delivering
  • Combination of revenue increases and operational
    efficiencies
  • Delivering strong profit growth

9
FINANCIAL REVIEW
10
Financial Results Six months to 30 June
Change
2004
2003


Turnover (m) Operating profit (m) Net
Interest (m) Other finance expense (FRS17) PBT
(m) Taxation (m) EPS (p) Dividend per
share (p)
344.0 42.0 6.2 (2.7) 45.5 (10.0) 10.6 3.30
380.5 63.8 3.2 (2.0) 65.0 (14.2) 14.9 3.63
10.6 51.9 42.9 42.0 40.6 10.0
before amortisation of goodwill and intangible
assets
11
Segmental AnalysisSix months to 30 June 2004
Group Turnover Group Turnover Group Turnover Group Turnover Group Turnover Operating Profit Operating Profit Operating Profit
Total Growth on Prior Year Growth on Prior Year Growth on Prior Year Growth on Prior Year Total Growth Growth
m Reported Currency Acquisition Underlying m Reported Underlying
CMP Media 98.3 (3.4) (11.7) 6.8 2.1 11.9 142.9 316.1
CMP Asia 22.6 61.4 (11.4) - 1.8 6.3 - 7.9
CMPi 82.6 40.7 (3.2) 35.6 5.0 16.8 57.0 1.9
UAP 29.9 1.4 - 1.2 0.2 6.7 (24.7) (9.9)
PR Newswire 47.7 (0.6) (10.4) - 10.9 11.6 45.0 88.6
NOP World 99.4 8.0 (8.0) 11.8 4.5 10.5 2.9 6.0
Total 380.5 10.6 (8.1) 11.3 4.2 63.8 51.9 36.8
11
12
Underlying 2004 Revenue ChangeSix months to 30
June 2004
Acquisitions 39.0 m
Underlying Increase 13.2m 4.2
SARS 8.5m
Biennials 3.6 m
Forex (27.8m)
13
Investing in Growth
  • Net debt capacity around 300m post MediMedia
  • Minimum interest cover of 5 times
  • Conservative approach to financing
  • 250m of debt retired in July, 125m in Sept
  • Acquisition financial criteria
  • 8 post tax hurdle rate
  • Generally eps enhancing first full year
  • Organic investment target paybacks
  • Publishing and events in 1 to 2 years
  • PRN and NOP in 3 to 5 years

14
Geographic Segmental Analysis Six months to 30
June 2004
Asia Pacific 5
Asia Pacific 10
EMEA 5
EMEA 2
US 55
UK 35
US 49
UK 39
Operating Profit
Revenue
15
Investments DeliveringSix months to 30 June
Organic Initiatives
  • Acquisitions
  • 129.9m invested in 2003
  • 2.9m profit contribution in 2003
  • Set to exceed targeted 13m operating profit in
    2004

16
Six months to 30 June - Unaudited
2004 m
2003 m
Change


Turnover Operating profit




121.8 0.7
133.6 6.2
9.7 -
Audience share up to 6.9 (6.6) Advertising
share up to 8.0 (7.8)
Net book values five 129.6m Other
investments 39.8m
17
Cash ConversionSix months to 30 June
2004 m
Operating profit (before goodwill) Depreciation Ca
pex Working capital/other Operating cash
inflow Cash conversion
63.8 6.4 (2.9) (24.5) 42.8 67.1
18
Cash FlowsSix months to 30 June
2004 m
Operating cash inflow Dividends paid Tax
paid Net interest paid Investments Payments
relating to property and restructuring Foreign
exchange Other Increase in cash in the
period
42.8 (19.7) (4.9) (0.9) (1.2) (6.8) 2.3 (6.5) 5
.1
18
19
Breakdown of Net Cash and Interest
Interest m
30 June 2004 m

4.0 (0.7) 4.7 (9.5) 0.0 4.7 (2.0) 1.2
Cash Debt Cash (in ) Debt (in
) Other Net Cash Loans to five Other
financial expenses - FRS17 PL Interest
138.6 (3.1) 423.2 (518.2) 11.1 51.6 157.5




19
20
OPERATIONAL REVIEW
21
Margin Performance
H1 2004 H2 2003 H1 2003
TOTAL 16.8 14.3 12.2
CMP Media 12.1 9.1 4.8
CMP Asia 27.9 43.8 -
CMPi 20.3 19.1 18.2
UAP 22.4 17.8 30.2
PR Newswire 24.3 11.5 16.7
NOP World 10.6 8.1 11.1
31.3 excluding 3.8m insurance receipt
22
Professional Media CMP Media
Reported Change
Underlying Change
2004 H1
2003 H1
Turnover (m)

101.8


98.3
(3.4)
2.1
Operating Profit (m) Operating Margin ()

4.9 4.8
11.9 12.1
142.9
316.1
151.5
23
CMP Media Tech Product AreasPercentage revenue
change
Excluding discontinued titles
24
CMP Media 2004 Interim Review Technology
  • Underlying technology revenue up 2 per cent
  • Successfully leveraging content across multiple
    channels
  • Growth in publishing, custom and events
  • Online up over 30 per cent tailored and targeted
  • Publishing yields up 3.4 per cent
  • Publishing market share up to 27.4 (26.5)
  • Further operating efficiency gains
  • Growing organic investments 5.3m revenue, 1.7m
    profit

25
CMP Media 2004 Interim Review Healthcare
  • Acquisition now fully integrated with good
    performance
  • CMP Media Healthcare revenue up 71 per cent
  • Continuing Healthcare revenue down 3 per cent
  • Continuing Healthcare (excluding CME) up 10.3 per
    cent
  • Psychiatric Times revenue growth particularly
    strong
  • CME down 16.3 per cent to 7.2m
  • Regulation separating education from marketing

Healthcare 17 of revenue in CMP Media in
H104
26
CMP HealthcareMediMedia Assets
  • Expansion strategy - new platforms, products
    geographies
  • Acquired healthcare businesses from MediMedia
  • Drug information in Europe and Asia
  • Trade press in Germany, Benelux and Asia Pacific
  • Pharma marketing solutions, patient education
  • Extends geographical and product reach
  • Strong and consistent growth trends
  • Recurring revenues from directories, high quality
    earnings
  • Products with 1 positions in their markets
  • Potential revenue synergies with other UBM
    healthcare

27
Professional Media CMP Asia
Reported Change
Underlying Change
2004 H1
2003 H1
Turnover (m)

14.0


22.6
61.4
1.8
Operating Profit (m) Operating Margin ()

(0.7) -
6.3 27.9
-
7.9
-
28
CMP Asia2004 Interim Review
  • Strong recovery from SARS
  • Leather fair back close to 2002 levels
  • Jewellery fair at new record revenues
  • Real underlying performance growth
  • Active launch programme continues
  • Growth from 02 / 03 launches
  • Organic investment continuing into H204
  • Biennials positive H104, negative H204

29
Professional Media CMPi
Reported Change
Underlying Change
2004 H1
2003 H1
Turnover (m)

58.7


82.6
40.7
5.0
Operating Profit (m) Operating Margin ()

10.7 18.2
16.8 20.3
57.0
1.9
11.6
30
CMP Information2004 Interim Review
  • Acquisitions performing well
  • Significant cost synergies achieved
  • Delivering further margin improvement
  • Underlying revenue and profit ahead
  • Growing square footage and yields
  • New launches boosting market share
  • Biennials positive H104, negative H204

31
Professional Media UAP
Reported Change
Underlying Change
2004 H1
2003 H1
Turnover (m)

29.5


29.9
1.4
0.2
Operating Profit (m) Operating Margin ()

8.9 30.2
6.7 22.4
(24.7)
(9.9)
(25.8)
32
UAP2004 Interim Review
  • Total revenue in line with 2003
  • Daltons Weekly strong ad volume growth
  • Daltonsbusiness.com strong online revenue growth
  • Exchange Mart down
  • Copy sales down
  • Auto Exchange revenues up
  • Success of multiple response channels sales
    strategy
  • Margins impacted by
  • Organic investments EM TV
  • Restructuring costs (redundancies)

33
PR Newswire - News DistributionSix months to 30
June
2004 m
2003 m
Reported Change
Underlying Change
Turnover Americas RoW


42.6 5.4 48.0 8.0 - 8.0 16.7
43.2 4.5 47.7 11.9 (0.3) 11.6 24.3
10.9 88.6
1.4 (16.7) (0.6) 48.8 - 45.0 45.9

Operating profit Americas RoW
Margin
34
Quarterly Newswire VolumesCore US News
Distribution in thousands
54.7
54.8
35k-gt
35
PR Newswire News Distribution2004 Interim
Review
  • US wire volumes up 5.4 per cent
  • Yields up 5.5 per cent
  • Strong US1 sales (premium service/wide
    distribution)
  • Attractiveness of First Call morning notes
  • Organic initiatives delivering revenue growth
  • Video news release and contact database products
  • MultiVu and Online MediAtlas both strong
  • RoW approaching breakeven
  • Increasing overall PRN margins

36
NOP World Market ResearchSix months to 30 June
2004 m
2003 m
Reported Change
Underlying Change
Turnover Americas RoW


60.5 31.5 92.0 7.3 2.9 10.2 11.1
55.7 43.7 99.4 6.8 3.7 10.5 10.6
4.5 6.0
(7.9) 38.7 8.0 (6.8) 27.6 2.9 (4.7)

Operating profit Americas RoW
Margin
37
NOP World Market Research2004 Interim Review
  • Total revenue growing in line with industry
  • Syndicated US again very strong
  • Eurisko acquisition performing well
  • Healthcare market challenging
  • Sector restructuring substantially completed
  • To improve margin and drive revenue growth
  • Development of global account management
  • Ongoing commitment to organic investment

38
UBM Delivering our strategy
  • Strong operational performance
  • Consistent implementation of strategy
  • Revenue growth
  • Strong cost control
  • Good margin performance
  • Successful acquisitions and organic investments
  • Strong financial base

39
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