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UBS Media Week Conference 2003 PowerPoint Presentation
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UBS Media Week Conference 2003

UBS Media Week Conference 2003

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UBS Media Week Conference 2003

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  1. UBS Media Week Conference 2003

  2. Global No. 1 $2.1bn PartGlobal No. 2 $2.2bn PartGlobal No. 1 $2.2bn US, UK,Common-wealth No. 2/3 $1.6bn Strong Asset Base 2002 revenues

  3. $8.1 $7.8 $7.0 $5.8 $4.8 $4.5 $4.1 Reed Elsevier McGraw-Hill $1.3 Wolters Kluwer Thomson Dun & B’st Pearson Reuters VNU Largest Global Professional Publisher 2002 revenues ($ bn) $1.3 UBM

  4. Positive Fundamentals • Sustained long term growth markets • Strong number 1 or 2 position globally in each sector • Leadership brands and premium content • Targeted single mindedly at professional users • Strong cashflow based on subscription model

  5. Balanced Portfolio 2002 Revenues $8.1 billion 2002 Adjusted Operating Profit $1.8 billion Legal 25% Science & Medical 26% Legal 27% Science & Medical 38% Education 16% Education 20% Business 27% Business 21%

  6. Clear and Consistent Strategy Upgrade organisation effectiveness Infill acquisitions/ alliances Demonstrably superior products Focus on four corebusinesses Strengthen global portfolio Powerful marketing/sales programmes Optimiseoperations/cost efficiency Substantially increased investment

  7. 470+ 420+ 375 390 Investment for Future Revenue Growth 420 $ million 115 85 1998 1999 2000 2001 2002 2003E 2004E

  8. Key Objectives • Maximise above market organic growth from four core businesses • Execute and deliver on all strategic milestones • Improve operating margin further through increased efficiency • Deliver long term double digit earnings growth

  9. Elsevier:Leadership in Science Journals and Health Sciences

  10. Elsevier Science & Technology (2002 revenues: $1.2bn) #1 journals publisher • 1,300 academic journals • 5m articles in digital archive • 300,000 new articles per annum Leading content • ScienceDirect • Over 10 million users Leading online database Health Sciences (2002 revenues: $0.9bn) • 8,000 clinical reference works • 500 journals #1 healthcare publisher Leading online services • MDConsult – used by over 1,500 hospitals worldwide

  11. Elsevier:Growth Momentum • Strong front list publishing • Expand digital collections and electronic services • Enhanced navigation and delivery Superior products • Focused branding and customer relationships • Optimum electronic pricing strategies • Enhance sales force effectiveness Powerful sales & marketing Global expansion • Acquisition of national health publishers • Product geocloning • Widening distribution • Complete product rationalisation • Standardisation of production • Enhanced systems effectiveness Cost efficiency

  12. 5.0 3.3 1.8 1.2 2001 2002 2000 2003* Elsevier:ScienceDirect:Expanding Content • Full text articles (millions) * At 31 October

  13. 150 86 50 28 16 2001 1999 2002 2000 2003* Elsevier:ScienceDirect:Increasing Usage • Article downloads (millions) * 12 months to 31 October

  14. Elsevier:Growth Initiatives Specialist Online Services Navigational Services International Healthcare Interactive Medical Courseware Medical PDA Services Specialist MD-Consult Services Expanding Medical Book Programme Expanding Freedom Collecions Expanding Backfiles Book Series/MRW Online EVOLVE Medical Education

  15. LexisNexis:Leading Global Legal/News & Business Publisher

  16. LexisNexis North America • #2 US Legal publisher • #1 Canadian online Legal publisher • #1 UK Legal publisher • Leading positions in France and Italy • Expanding presence in Germany and central Europe Europe • #1 Legal publisher in: • Hong Kong, Singapore, Malaysia, Australia, New Zealand and South Africa • Leading Latin American Legal publisher Asia/ROW 2002 Revenues: $2.2 billion

  17. LexisNexis:Growth Momentum • More content: dockets, codes, summaries • More functionality: e-filing, e-discovery, company dossier, risk solutions • More customisation: small law, litigation support, Total Search Superior products • Focus on market segmentation • Maintain strong law schools programme • Enhanced sales force effectiveness Powerful sales & marketing Global expansion • Rollout of global delivery platform • Priority countries penetrated/targeted Cost efficiency • Margin improvement programme • Operational/fulfilment improvements

  18. +20% +22% +31% +17% LexisNexis:US Legal Online Usage Growing • Growth in commercial searches 1999 2000 2001 2002 2003* * To 30 June

  19. 24.9% c.22.5% 21.3% 20.1% 19.7% 1999 2000 2001 2002 2003* LexisNexis: Optimising Cost Efficiency • Operating margin *Full Year Estimate

  20. LexisNexis: Growth Initiatives Customisation: small law, litigation support Business Intelligence Solutions Navigation Improvements Improved Company Dossier E-Access E-Discovery Annotated Codes Global Platform Knowledge Management Leading Risk Solution Application Court Docket / e-Filing State by State Customisation

  21. Harcourt Education:Leading Educational Publisher

  22. Harcourt Education Harcourt School • Leading position in K-6 Holt Reinhart Winston • Leading position in 6-12 Harcourt Supplemental • Major supplemental publisher • Leader in schools and clinical test preparation Harcourt Assessment Harcourt International • Leader in UK primary and secondary 2002 Revenues: $1.6 billion

  23. Harcourt Education:US Market • Attractive long term growth market • Strong federal and state commitment • Short term market weakness in 2003/2004 • Low point in adoption cycle • State budget pressures • Return to strong growth 2005 / 2006 • Rapid assessment market growth

  24. Harcourt Education: Growth Momentum • Proven programme development process • Expansion across curriculum range • Building online products: e-learning,e-testing, e-professional development Superior products Powerful sales & marketing • Market research embedded in development and sales process • Strengthened Open Territories sales force Global expansion • Product transfer across markets • Acquisition potential Cost efficiency • Greater focus on organisational efficiency • Further supply chain savings targeted

  25. Harcourt Education:Market Outperformance 1998 1999 2000 2001 2002 US Education Market* Growth % 3 13 8 12 - 5 Harcourt US Education Growth % 0 4 33 11 9     Outperform  Note: * US Education Market represent total K-12 textbook sales as reported by Association of American Publishers (AAP).

  26. Harcourt Education: Growth Initiatives New State Testing Wins Market Leading Adoption Programmes Online HRW Basal Stanford 10 E-Professional Training Texas STARgate Alzheimer Quicktest WPPSI III Classroom Based Interim Assessment

  27. Business: Leading Global Business to Business Publisher

  28. Reed Business United States • #1 trade magazine and information publisher United Kingdom • #1 trade magazine and information publisher Netherlands • #1 trade magazine and information publisher Exhibitions • Largest global organiser of exhibitions 2002 Revenues: $2.2 billion

  29. Reed Business:Growth Momentum Superior products • Constant product improvement • New online services • Disciplined customer feedback programmes • Market segmentation and yield management • Enhanced sales force effectiveness Powerful sales & marketing • Leverage global markets • Geocloning of titles and shows • Selective acquisitions Global expansion Cost efficiency • Further supply chain savings • US margin improvement programme

  30. $150m $115m $95m $57m $22m Reed Business:Online Revenue Growth 1999 2000 2001 2002 2003* * Full year estimate

  31. Reed Business: Growth Initiatives Totaljobs.com KellySearch Marketing Alliances RCD Connect 14 Magazines Relaunched 20 New Exhibitions Launched Online Directories Variety Franchise Data Services

  32. 2003 Outlook Overall • On track to deliver above market revenue and double digit adjusted eps growth Elsevier • Sales growth acceleration in second half; success of ScienceDirect; strong medical book programme LexisNexis • Continued investment stimulating above market revenue growth in slower markets; strong risk solutions Harcourt • Leading share of K-12; adoptions trough and state budget pressures; loss of California testing contract Reed Business • Difficult advertising markets; partly offset by online growth, share gains and improving yields; exhibitions resilient

  33. 2004/2005 Outlook • 2004 targets: • Above market revenue growth • Mid to high single digit EPS growth* after $50+m expansion of investment to drive longer term revenue growth • 2005 and beyond: • Stronger market growth from improved economic conditions • Strong growth in US schools adoptions • Above market revenue and double digit EPS growth* *adjusted EPS (stated before amortisation of goodwill and intangible assets and exceptional items)at constant currencies

  34. Reed Elsevier • Sustained long term growth markets • Powerful combination of leadership positions, quality assets and consistent strategies • Powerful focus on investment, product, sales, marketing and costs • Continued good business momentum in challenging climate • Firmly on track for above market revenue and double digit adjusted earnings* growth in 2003 • Strong performance going forward; potential for improvement as economic conditions improve *constant currency

  35. UBS Media Week Conference 2003