Experian 2011 Annual Report Download - page 29
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Business review Chief Executive’s review 27
Brazil credit market welcomes
positive data sharing
At the end of last year, the Brazilian government legalised the sharing of positive
data between companies for the purposes of granting credit. Previously,
consumer credit les were only allowed to contain negative information, such
as delinquent accounts, failed cheques or bankruptcy. The change in legislation
brings Brazil into line with other major credit markets, including the US and
UK where positive data accounts for the great majority of information held by
Experian’s credit bureaux.
The ability to record and share full payment histories at account level will enable
Experian to provide much richer credit proles of consumers in Brazil. It opens
the way for more predictive credit scores and a range of advanced customer
management and fraud prevention tools. For clients, the use of positive data
will reduce the risks of lending through more informed decision-making, while
helping to make credit more accessible to Brazilian consumers.
Experian already holds positive data on around 70 million individuals in Brazil
and is now working with banks, retails chains, utility and telecommunication
companies, and other data owners to secure agreements to share their
information and promote the benets of positive data sharing.
In setting our capital allocation strategy
for FY12, we have taken into account
anticipated free cash ow, the likely
future value of the Serasa put option,
the current acquisition pipeline and
the anticipated completion of the
Computec acquisition in calendar year
2011. After adjusting for the Computec
acquisition, FY11 pro forma net debt is
around 2 times EBITDA. We therefore
do not intend to initiate a further
share buyback programme, although
we do expect there to be some share
purchases in respect of employee share
plans that vest.
Dividend
For the year ended 31 March 2011, we are
announcing a second interim dividend
of 19 US cents per share. This gives a
full year dividend of 28 US cents per
share, 2.5 times covered by Benchmark
EPS, in line with our previously
announced increased dividend payout
policy, and up 22%. The second interim
dividend will be paid on 22 July 2011
to shareholders on the register at the
close of business on 24 June 2011.
Board
In accordance with the provisions of
the UK Corporate Governance Code,
the Board has decided that, in future, all
directors should be subject to annual
re-election by shareholders. David
Tyler has notied the Board of his
intention not to stand for re-election
to the Board at the 2012 annual general
meeting, following completion of two
three-year terms as a non-executive
director of the Company.