Investor Portal

Debt Summary

Analyse our cash flow trends and view a breakdown of our current debt structure. View our latest statements and webcasts in Results & Presentations

  • Cash Flow Dynamics
  • Debt Structure

Strong Visibility and Attractive Cash Flow Dynamics

Informa has visible and predictable revenue streams, with a large proportion of annual income booked in advance through subscriptions or forward bookings for events, which generates highly attractive cash flow characteristics.

  • Cash Conversion %

    Cash conversion
  • Free Cash Flow (£M)

    Free Cashflow

2015 Conversion of Adjusted Profit into Cash

  2015 2014
£m £m
Adjusted operating profit 365.6 334.0
Depreciation of property and equipment 6.1 6.1
Software and product development amortisation 12.8 12.1
Share-based payments 2.6 1.7
Loss on disposal of other assets 0.1 -
Adjusted share of joint venture results 0.1 0.1
Adjusted EBITDA 387.3 354.0
Net capital expenditure (33.5) (14.7)
Working capital movement 23.9 (15.5)
Operating cash flow 377.7 323.8
Restructuring and reorganisation (19.2) (21.0)
Net interest (26.7) (26.0)
Taxation (30.7) (44.3)
Free cash flow 301.1 232.5
Acquisitions and disposals (149.1) (372.8)
Dividends paid to Shareholders (126.0) (114.0)
Dividends paid to non-controlling interest (0.5) (0.9)
Net shares (acquired)/issued (0.4) 204.1
Net funds flow 25.1 (51.1)
Non-cash movements (1.2) (2.4)
Foreign exchange (43.0) (40.1)
Net debt at 1 January (876.2) (782.6)
Net debt at 31 December (895.3) (876.2)

Top of section

Net Debt Analysis and Current Debt Structure

Informa is committed to maintaining a robust and flexible financing framework during the 2014-2017 Growth Acceleration Plan. This is designed to ensure the Group has sufficient liquidity to invest in the business, pursue a targeted acquisitions strategy and meet a commitment to grow dividends by a minimum of 4% per annum in 2016 and 2017 while maintaining a net debt / EBITDA ratio of between 2.0 to 2.5 times.

  2015 2014
£m £m2
Cash at bank and in hand (34.3) (38.6)
Bank overdraft 2.0 3.3
Loans receivable (0.3) -
Private placement loan notes 574.6 462.2
Private placement fees (1.6) (1.2)
Bank borrowings - revolving credit facility 365.6 334.0
Bank loan fees (4.2) (4.7)
Net debt 895.3 876.2

Summary of Debt Instruments

Informa is funded by a mix of bank facilities and US private placement loan notes. 

  • The core bank facility was arranged in October 2014 and is a committed five year, £900m multi-currency revolving credit facility. It was extended by a further year in 2015, meaning it now matures in October 2020
  • The Group had £574.6m of private placement loan notes at 31 December 2015 (31 December 2014: £462.2m) ranging in maturity from December 2017 to October 2025. The average maturity length of the loan notes is 5.5 years (2014: 4.3 years) at a weighted average interest rate of 4.3% (2014: 4.3%).

The currency profile of borrowings is maintained to approximate the Group's assets. The two main financial covenants under the bank facility and the private placement notes are a maximum gearing ratio and minimum interest cover. 

Debt Maturity Profile

  • Debt Maturity Profile
    • Since 2010, the Company’s leverage has been within its 2.0x – 2.5x target range

    • Informa plans to maintain its leverage within the target range during the implementation of the Growth Acceleration Plan

    • Informa has committed to pay a minimum of 4% annual growth in Dividends per Share for 2016 and 2017

    • Informa currently has a NAIC-2 designation which was last reaffirmed in September 2014

Top of section