Thomson Reuters analysis

7/30/2019 Thomson Reuters analysis

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Thomson Reuters is the worlds leading source ofintelligent information for businesses andprofessionals.

We provide intelligent information to the worlds businesses and professionals, serving four

primary customer groups. We have a leading market position, with well recognized and

respected brands in each of our principal markets.

At Thomson Reuters, we're in the business of turning change

into opportunity.


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Balanced Portfolio of Business

We believe our portfolio of assets is well diversified by product and customer. This chart

illustrates the diversity of our business.

CASH FLOW

In Millions of U.S. Dollars (Unaudited)2011

2012

REVENUE PROFILE


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(Unaudited)


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BUSINESS SEGMENT REVENUE

In Millions of U.S. Dollars (Unaudited)

Twelve Months Ended December 31,

Revenues 2012 2011(1) Change Organic

Trading $ 3,345 $ 3,537 -5% -3%

Investors 2,416 2,472 -2% -2%

Marketplaces 1,213 1,134 7% 1%

Governance, Risk & Compliance 219 154 42% 17%

Financial & Risk 7,193 7,297 -1% -1%

Legal 3,286 3,221 2% 1%

Tax & Accounting 1,206 1,050 15% 5%

Intellectual Property & Science 894 852 5% 3%

Corporate & Other (includes Media) 331 336 -1% 1%

Eliminations (11) (13)

Revenues from Ongoing Businesses(2)efore Currency 12,899 12,743

1%3% 0%

Other Businesses(3) 379 1,064

Revenues $ 13,278 $ 13,807 -4%
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1

Footnotes

1Prior-period amounts have been reclassified to reflect the current presentation.

2Revenues from ongoing businesses are revenues from reportable segments and Corporate &

Other (which includes the Media business) less eliminations. Other businesses (see note (3)

below) are excluded. To facilitate comparison of actual results to the 2012 business outlook,

ongoing businesses include the Financial & Risk segment's Investor Relations, Public Relations

and Multimedia businesses (Corporate Services), which were announced for sale in December

2012.

3Other businesses are businesses that have been or are expected to be exited through sale or

closure that did not qualify for discontinued operations classification, except for Corporate

Services (see note (2) above).

Twelve Months Ended

December 31,

(Millions of U.S. dollars) 2012 2011

Other Businesses

Revenues $ 379 $1,064

Operating Profit 18 238

Depreciation and Amortization of

Computer Software 5 55

EBITDA 23 293

Capital Expenditures Less Proceeds from

Disposals $ 15 $ 75

4Thomson Reuters defines adjusted EBITDA as underlying operating profit excluding the

related depreciation and amortization of computer software but including integration

programs expenses. Adjusted EBITDA margin is adjusted EBITDA expressed as a percentage of

revenues from ongoing businesses. Capital expenditures less proceeds from disposals

(excluding Other businesses (see note (3) above) are also removed to arrive at adjusted

EBITDA less capital expenditures.

5Underlying operating profit is operating profit from reportable segments and Corporate &

Other (includes Media). Underlying operating profit margin is the underlying operating profit

expressed as a percentage of revenues from ongoing businesses.

6Adjusted earnings and adjusted earnings per share include dividends declared on preference

shares and integration programs expenses, but exclude the pre-tax impacts of amortization of


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other identifiable intangible assets as well as the post-tax impacts of fair value adjustments,

other operating (gains) and losses, certain impairment charges, the results of Other

businesses (see note (3) above), other finance (income) costs, Thomson Reuters share of

post-tax earnings and impairment in equity method investees, discontinued operations and

other items affecting comparability. Adjusted earnings per share is calculated using diluted

weighted average shares and does not represent actual earnings or loss per share

attributable to shareholders.

7Free cash flow is net cash provided by operating activities less capital expenditures, other

investing activities and dividends paid on the company's preference shares. Other businesses

(see note (3) above) are also removed to arrive at free cash flow from ongoing businesses

2

Footnotes

1Prior-period amounts have been reclassified to reflect the current presentation.

2Revenues from ongoing businesses are revenues from reportable segments and Corporate &

Other (which includes the Media business) less eliminations. Other businesses (see note (3)

below) are excluded. To facilitate comparison of actual results to the 2012 business outlook,

ongoing businesses include the Financial & Risk segment's Investor Relations, Public Relations

and Multimedia businesses (Corporate Services), which were announced for sale in December

2012.

3Other businesses are businesses that have been or are expected to be exited through sale or

closure that did not qualify for discontinued operations classification, except for CorporateServices (see note (2) above).

Twelve Months Ended

December 31,

(Millions of U.S. dollars) 2012 2011

Other Businesses

Revenues $ 379 $1,064

Operating Profit 18 238

Depreciation and Amortization of Computer

Software 5 55

EBITDA 23 293

Capital Expenditures Less Proceeds from

Disposals $ 15 $ 75


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4Thomson Reuters defines adjusted EBITDA as underlying operating profit excluding the related

depreciation and amortization of computer software but including integration programs

expenses. Adjusted EBITDA margin is adjusted EBITDA expressed as a percentage of revenues

from ongoing businesses. Capital expenditures less proceeds from disposals (excluding Other

businesses (see note (3) above) are also removed to arrive at adjusted EBITDA less capital

expenditures.

5Underlying operating profit is operating profit from reportable segments and Corporate &

Other (includes Media). Underlying operating profit margin is the underlying operating profit

expressed as a percentage of revenues from ongoing businesses.

6Adjusted earnings and adjusted earnings per share include dividends declared on preference

shares and integration programs expenses, but exclude the pre-tax impacts of amortization of

other identifiable intangible assets as well as the post-tax impacts of fair value adjustments,

other operating (gains) and losses, certain impairment charges, the results of Other businesses

(see note (3) above), other finance (income) costs, Thomson Reuters share of post-tax earnings

and impairment in equity method investees, discontinued operations and other items affecting

comparability. Adjusted earnings per share is calculated using diluted weighted average shares

and does not represent actual earnings or loss per share attributable to shareholders.

7Free cash flow is net cash provided by operating activities less capital expenditures, other

investing activities and dividends paid on the company's preference shares. Other businesses

(see note (3) above) are also removed to arrive at free cash flow from ongoing businesses.

BUSINESS SEGMENT ADJUSTED EBITDA(4 )



Adjusted EBITDA 2012 2011(1) Change

Financial & Risk $ 1,842 $ 1,972 -7%

Legal 1,243 1,210 3%

Tax & Accounting 376 332 13%

Intellectual Property & Science 303 296 2%

Corporate & Other (includes Media) (235) (227)

Integration programs expenses - (215)

Adjusted EBITDA $ 3,529 $ 3,368 5%
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BUSINESS SEGMENT UNDERLYING OPERATING PROFIT(5 )



Underlying Operating Profit 2012 2011(1) Change

Financial & Risk $ 1,215 $ 1,396 -13

Legal 964 941 2

Tax & Accounting 261 237 10

Intellectual Property & Science 235 237 -1


Underlying Operating Profit $ 2,405 $ 2,541 -5

BUSINESS SEGMENT ADJUSTED EBITDA(4 )AND ADJUSTED EBITDA LESS CAPITAL

EXPENDITURES



Adjusted EBITDA 2012 2011(1) Change

Financial & Risk $ 1,842 $ 1,972 -7%

Legal 1,243 1,210 3%

Tax & Accounting 376 332 13%

Intellectual Property & Science 303 296 2%


Integration programs expenses - (215)

Adjusted EBITDA 3,529 3,368 5%

Less: Capital expenditures, less proceedsfrom disposals(excluding Other businesses)(3) 962 966 0%
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Adjusted EBITDA less capital

expenditures(4) $ 2,567 $ 2,402 7%

CONSOLIDATED INCOME STATEMENT


2012 2011

Revenues $ 13,278 $ 13,807

Operating Expenses (9,762) (9,997)

Depreciation (429) (438)

Amortization of Computer Software (700) (659)

Amortization of Other Identifiable Intangible Assets (619) (612)

Goodwill Impairment - (3,010)

Other Operating Gains, Net 883 204

Operating Profit (Loss) 2,651 (705)

Finance Costs, Net:

Net Interest Expense (390) (396)

Other Finance Income (Costs) 40 (15)

Income (Loss) Before Tax and Equity Method Investees 2,301 (1,116)

Share of Post-Tax Earnings and Impairment in Equity MethodInvestees (23) 13

Tax Expense (157) (293)

Earnings (Loss) from Continuing Operations 2,121 (1,396)

Earnings from Discontinued Operations, Net of Tax 2 4

et Earnings (Loss) 2,123 (1,392)
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In Millions of U.S. Dollars, except per share amounts

Earnings (Loss) Per Share

Basic Earnings (Loss) Per Share:

From Continuing Operations $ 2.50 $ (1.68)

From Discontinued Operations - 0.01

Basic Earnings (Loss) Per Share $ 2.50 $ (1.67)

Diluted Earnings (Loss) Per Share:

From Continuing Operations $ 2.49 $ (1.68)

From Discontinued Operations - 0.01

Diluted Earnings (Loss) Per Share $ 2.49 $ (1.67)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

In Millions of U.S. Dollars


Assets 2012 2011

Cash and Cash Equivalents $ 1,301 $ 422

Trade and Other Receivables 1,835 1,984

Other Financial Assets 72 100

Prepaid Expenses and Other Current Assets 641 641

Current Assets Excluding Assets Held for Sale 3,849 3,147

Assets Held for Sale 302 767

Earnings (Loss) Attributable to:

Common Shareholders 2,070 (1,390)

on-Controlling Interests 53 (2)


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Current Assets 4,151 3,914

Computer Hardware and Other Property, Net 1,423 1,509

Computer Software, Net 1,682 1,640

Other Identifiable Intangible Assets, Net 8,135 8,471

Goodwill 16,256 15,932

Other Financial Assets 360 425

Other Non-Current Assets 515 535

Deferred Tax 50 50

Total Assets $ 32,572 $ 32,476

Liabilities and Equity

Liabilities

Current Indebtedness $ 1,008 $ 434

Payables, Accruals and Provisions 2,633 2,675

Deferred Revenue 1,224 1,379

Other Financial Liabilities 95 81

Current Liabilities Excluding LiabilitiesAssociated with Assets Held for Sale 4,960 4,569

Liabilities Associated with Assets Held for Sale 35 35

Current Liabilities 4,995 4,604

Long-Term Indebtedness 6,223 7,160

Provisions and Other Non-Current Liabilities 2,514 2,513

Other Financial Liabilities 37 27


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Deferred Tax 1,305 1,422

Total Liabilities $ 15,074 $ 15,726

Equity

Capital 10,371 10,288

Retained Earnings 8,311 7,633

Accumulated Other Comprehensive Loss (1,537) (1,516)

Total Shareholders Equity 17,145 16,405

on-Controlling Interests 353 345

Total Equity 17,498 16,750

Total Liabilities and Equity $ 32,572 $ 32,476

In Millions of U.S. Dollars


Cash Provided By (Used In): 2012 2011

Operating Activities

et Earnings (Loss) $ 2,123 $ (1,392)

Adjustments for:

Depreciation 429 438

Amortization of Computer Software 700 659

Amortization of Other Identifiable IntangibleAssets 619 612

Goodwill Impairment - 3,010


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Net Gains on Disposals of Businesses andInvestments (829) (388)

Deferred Tax (118) (202)

Other (61) 139

Changes in Working Capital and Other Items (159) (279)

et Cash Provided by Operating Activities 2,704 2,597

Investing Activities

Acquisitions, Net of Cash Acquired (1,301) (1,286)

Proceeds from Other Disposals, Net of TaxesPaid 1,901 415

Capital Expenditures, Less Proceeds fromDisposals (977) (1,041)

Other Investing Activities 13 49

Investing Cash Flows from ContinuingOperations (364) (1,863)

Investing Cash Flows from DiscontinuedOperations 90 56

et Cash Used in Investing Activities (274) (1,807)

Financing Activities

Proceeds from Debt - 349

Repayments of Debt (2) (648)

et (Repayments) Borrowings Under Short-TermLoan Facilities (422) 400

Repurchases of Common Shares (168) (326)


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Dividends Paid on Preference Shares (3) (3)

Dividends Paid on Common Shares (1,021) (960)

Other Financing Activities 65 (39)

et Cash Used in Financing Activities (1,551) (1,227)

Translation Adjustments on Cash and CashEquivalents - (5)

Increase (Decrease) in Cash and CashEquivalents 879 (442)

Cash and Cash Equivalents at Beginning ofPeriod 422 864

Cash and Cash Equivalents at End of Period $ 1,301 $ 422

DIVIDEND HISTORY

U.S. Dollars Per Share (Unaudited)


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Thomson Reuters Corporation is amultinationalmedia and information firm based inNew

York City.[3]

It was created by theThomson Corporation's purchase of British-basedReuters

Groupon 17 April 2008.[4]

The Woodbridge Company, a holding company for the Thomson

family of Canada, owns 53% of the group,[5]

which operates in more than 100 countries, and has

more than 60,000 employees.[2]Thomson Reuters was ranked as Canada's "leading corporate

brand" in the 2010InterbrandBest Canadian Brands ranking.[6]It is headquartered at3 Times

Square,Manhattan, New York City.

Contents

[hide]

1 History

o 1.1 The Thomson Corporation

o 1.2 Reuters Group

o 1.3 Post acquisition

2 Operations

3 Market position and antitrust review

4 Purchase process

5 Acquisitions

6 Sponsorships

7 See also

8 References

9 Further reading

10 External links

History[edit source|editbeta]

The Thomson Corporation[edit source|editbeta]

Main article:The Thomson Corporation

The Company was founded byRoy Thomsonin 1934 inOntarioas thepublisherofThe Timmins

Daily Press. In 1953 Thomson acquired theScotsmannewspaper and moved toScotlandthe

following year. He consolidated his media position in Scotland in 1957 when he won

thefranchiseforScottish Television. In 1959 he bought the Kemsley Group, a purchase that

eventually gave him control of theSunday Times. He separately acquired theTimesin 1967. He

moved into the airline business in 1965, when he acquiredBritannia Airwaysand into oil and gas

exploration in 1971 when he participated in a consortium to exploit reserves in theNorth Sea. In

the 1970s, following the death ofLord Thomson, the Company withdrew from media selling

the Times, the Sunday Times and Scottish Television and instead moved into publishing,

buyingSweet & Maxwellin 1988. In 1989, Thomson Newspapers was merged with The

Thomson Corporation. In 1996 The Thomson Corporation effectively doubled its size and

ensured future profitability by purchasingWest Publishing, a purveyor of legal research and

solutions includingWestlaw.[7]

Reuters Group[edit source|editbeta]
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Main article:Reuters Group

The Company was founded byPaul Julius Reuterin 1851 in London as a business transmitting

stock market quotations.[7]Reuter set up his "Submarine Telegraph" office in October 1851 and

negotiated a contract with theLondon Stock Exchangeto provide stock prices from the

continental exchanges in return for access to London prices, which he then supplied tostockbrokers in Paris, France.

[7]In 1865, Reuters in London was the first organization to report

the assassination ofAbraham Lincoln.[7]

The company was involved in developing the use

ofradioin 1923.[7]

It was acquired by the British National & Provincial Press in 1941 and first

listed on the London Stock Exchange in 1984.[7]

Reuters began to grow rapidly in the 1980s,

widening the range of its business products and expanding its global reporting network for

media, financial and economic services: key product launches included Equities 2000

(1987),Dealing 2000-2(1992), Business Briefing (1994), Reuters Television for the financial

markets (1994), 3000 Series (1996) and theReuters 3000 Xtraservice (1999)and Thomson

Reuters Eikon (2011).[7]

Post acquisition[edit source|editbeta]The Thomson Corporation acquired Reuters Group PLC to form Thomson Reuters on April 17,

2008.[8]

Thomson Reuters operated under adual-listed company(DLC) structure and had two

parent companies, both of which were publicly listed Thomson Reuters Corporation and

Thomson Reuters PLC. In 2009, it unified its dual listed company structure and stopped its listing

on the London Stock Exchange andNASDAQ. It is now listed only as Thomson Reuters

Corporation on theNew York Stock ExchangeandToronto Stock Exchange(symbol: TRI).[9][10]

In June 2008, it was reported that it would be launching a news channel to

rivalBloombergandCNBC.[11]

This turned out to be false.

On February 13, 2013, Thomson Reuters announced it will cut 2,500 jobs to cut cost in its Legal,Financial and Risk division.

[12]

Operations[edit source|editbeta]

The Chief executive of the combined company isJim Smith, who was the chief executive for the

Professional Division, and the chairman isDavid Thomson, who was the chairman of

Thomson.[13][14][15]

In late 2011, The company announced a new organizational structure with five divisions:[16]

Financial and Risk Operation:

Financial Professionals & Marketplaces

Enterprise Solutions

Media

Legal:

Formerly North American Legal and Legal & Regulatory; including West, makers

ofWestlaw, andCarswell

Intellectual Property & Science:

FormerlyThomson HealthcareandThomson Scientific
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Thomson Healthcare and Thomson Scientific were merged, then sold in 2012, and is

nowTruven Health Analytics.

Tax & Accounting:

Formerly Thomson Tax & Accounting

Thomson Reuters shares are listed on the Toronto Stock Exchange (TSX: TRI) and the New

York Stock Exchange (NYSE: TRI).

Market position and antitrust review[edit source|editbeta]

Thomson Reuters Building as seen from 8th Avenue.

The transaction was reviewed by theU.S. Department of Justiceand by theEuropean

Commission. On February 19, 2008, both the Department of Justice and the Commission

cleared the transaction subject to minor divestments.[17]The Department of Justice required the

parties to sell copies of the data contained in the following products: Thomson's WorldScope, a

global fundamentals product; Reuters Estimates, an earnings estimates product; and Reuters

Aftermarket (Embargoed) Research Database, an analyst research distribution product. The

proposed settlement further requires the licensing of related intellectual property, access to

personnel, and transitional support to ensure that the buyer of each set of data can continue to

update its database so as to continue to offer users a viable and competitive product.[18]

The

European Commission imposed similar divestments: according to the Commission's pressrelease, "the parties committed to divest the databases containing the content sets of such

financial information products, together with relevant assets, personnel and customer base as

appropriate to allow purchasers of the databases and assets to quickly establish themselves as a

credible competitive force in the marketplace in competition with the merged entity, re-

establishing the pre-merger rivalry in the respective fields."[19]
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Thomson Reuters Building in Canary Wharf, London

These remedies are viewed as very minor given the scope of the transaction. According to the

Financial Times, "the remedy proposed by the competition authorities will affect no more than

$25m of the new Thomson Reuters groups $13bn-plus combined revenues."[20]

The transaction was cleared by the Canadian Competition Bureau.[21]

In November 2009, The European Commission opened formal anti-trust proceedings[22]against

Thomson Reuters concerning a potential infringement of the EC Treaty's rules on abuse of a

dominant market position (Article 82). The Commission investigated Thomson Reuters' practices

in the area of real-time market datafeeds, and in particular whether customers or competitors

were prevented from translating Reuters Instrument Codes (RICs) to alternative identification

codes of other datafeed suppliers (so-called 'mapping') to the detriment of competition. In

December 2012, the European Commission adopted a decision that renders legally binding the

commitments offered by Thomson Reuters to create a new licence ("ERL") allowing customers,

for a monthly fee, to use Reuters Instrument Codes (RICs) in applications for data sourced from

Thomson Reuters' real time consolidated datafeed competitors to which they have moved.[23]

Purchase process[edit source|editbeta]

Historically, no single individual has been permitted to own more than 15% of Reuters, under the

first of the Reuters Principles, which states, "Reuters shall at no time pass into the hands of any

one interest, group or faction."[24]However, that restriction was waived for the purchase by

Thomson, whose family holding company, the Woodbridge Company currently owns 53% of the

enlarged business. Robert Peston, business editor atBBC News, stated that this has worried

Reuters journalists, both because they are concerned that Reuters' journalism business will be

marginalized by the financial data provision business of the combined company, and because of

the threat to Reuters's reputation for unbiased journalism by the appearance of one majority

shareholder.Pehr Gyllenhammar, chairman of the Reuters Founders Share Company, explained

that the Reuters Trust's First Principle had been waived for the Thomson family because of the

poor financial circumstances that Reuters had been in, stating, "The future of Reuters takes

precedence over the principles. If Reuters were not strong enough to continue on its own, the

principles would have no meaning." He stated, not having met David Thomson but having

discussed the matter with Geoff Beattie, the president of Woodbridge, that the Thomson family

had agreed to vote as directed by the Reuters Founders Share Company on any matter that the

trustees might deem to threaten the five principles of the Reuters Trust. Woodbridge will be

allowed an exemption from the First Principle as long as it remains controlled by the Thomson

family.[25][26][27][28]
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Acquisitions[edit source|editbeta]

In July 2009 Thomson Reuters acquired Streamlogics.[29]

Founded in 1999, Streamlogics is a

provider of customizable, high volume, real time data mining solutions[30]

for hundreds of

enterprises across several verticals including financial services, technology and health care/life

sciences. Streamlogics' webcasting solutions are used for training and certification, marketingand lead generation, and corporate communications.

[31]

In August 2009 Thomson Reuters boughtVhayu Technologies. Vhayu is a provider oftickdata

services, and Thomson Reuters had been distributing its Velocity product under the Reuters Tick

Capture Engine label for the four years prior to the acquisition.[32]

On September 21, 2009, Thomson Reuters boughtHugin Group, the

EuropeanIRandPRdistribution group, fromNYSE Euronext. Terms have not been disclosed,

but it has been reported in Danish newspapers that the price was between 40 million and

42m.[33]

In September 2009, Thomson Reuters bought the Abacus software business fromDeloitte, aprovider of corporate taxation software for the U.K., Ireland, the Netherlands, New Zealand, and

Hong Kong, as well as Indirect Tax Reporting software for 20 E.U. countries. Terms of the

transaction were not disclosed.[34]

In November 2009 The Tax & Accounting business acquired Sabrix, Inc, a global provider of

transaction tax management software applications and related services.[35]

In February 2010 Thomson Reuters acquired Aegisoft LLC to improve their electronic trading

capabilities by offeringdirect market access.[36]

In May 2010 Thomson Reuters acquired Point Carbon A/S, a Norwegian company that provides

news and trading analytics for the energy and environmental markets.[37]

In October 2010, Thomson Reuters acquired Serengeti Law, a matter management and ebilling

system.

In November 2010, Thomson Reuters acquired the legal process outsourcing (LPO)

providerPangea3. Pangea3 serves corporate legal departments and law firms worldwide.

Financial Terms of the deal were not disclosed.[38]

In November 2010, Thomson Reuters acquired the banking data and analytic provider Highline

Financial, and GeneGo, a supplier of systems biology databases, software and services.[39]

In 20 June 2011, Thomson Reuters acquired CorpSmart from Deloitte.[40]

In August 2011, Thomson Reuters acquired GFMS.[41]

In December 2011, Thomson Reuters acquiredEmochila, a website development firm in the tax

and accounting space, in order to further integrate its CS suite of products onto a cloud-based

platform.[42]

In January 2012, Thomson Reuters acquired Dr Tax, Canadas largest independently owned

developer of income tax software for accounting firms and consumers.[43][44]

In February 2012, Thomson Reuters acquired RedEgg, a provider of media intelligence solutions

for public relations and marketing professionals.[45]

On 8 June 2012, Thomson Reuters acquiredApsmart, a London-based company specializing indesign and development of mobile solutions.

[46]
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On 25 June 2012, Thomson Reuters acquired Zawya Limited, a regional provider of business

intelligence and unique tools for financial professionals in the Middle East and North Africa .[47]

On 10 July 2012, Thomson Reuters acquired FX Alliance Inc, an independent provider of

electronic foreign exchange trading solutions to corporations and asset managers.[48]

On 26 July 2012, Thomson Reuters announced acquisition ofMarkMonitor, a San Francisco-based company specializing in internet brand protection software and services.

[49]

In 16 April 2013, Thomson Reuters acquired Select TaxWorks Assets of RedGear

Technologies.[50]

In 6 June 2013, Thomson Reuters acquiredPricing Partners, a provider of OTC Derivatives

Pricing Analytics and independent valuation.[51]

In 2 July 2013, Thomson Reuters acquired the foreign exchange options business of

Tradeweb.[52]

Sponsorships
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