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Year ended 31 March 2016
Annual Report
2016

Table of contents

  • Page 1
    Annual Report 2016 Year ended 31 March 2016

  • Page 2
    Experian Annual Report 2016 We believe that data has the potential to transform lives. Data is fundamental to the world we live in. We help create clarity from complexity, giving people and businesses the power to achieve their goals. We do this by using data, analytics and technology to help our ...

  • Page 3
    ... A simple banking product making a big change to livelihoods 36 45 Protecting your identity online 51 Bringing transparency to your healthcare bills 53 Making a difference with microfinance Credit Educator in practice - feedback from a customer in the USA 54 55 Bringing business ideas to life

  • Page 4
    ... model Our business activities Our strategy Key performance indicators Principal risks Viability statement Chairman's statement Chief Executive's review North America Latin America UK and Ireland EMEA/Asia Pacific GOVERNANCE 58 60 62 64 82 Chairman's introduction UK Corporate Governance Code Board...

  • Page 5
    Experian Annual Report 2016 03 See page See page 52 CORPORATE RESPONSIBILITY How we help people to gain access to essential, everyday services 58 GOVERNANCE An insight into our governance framework and the Board's activities See page See page 62 BOARD OF DIRECTORS An overview of our ...

  • Page 6
    ... are market-driven and give them a rapid return on their investment. Global reach We support and service both local and global clients, and our people share best practice and innovation across our regions to better serve them and better serve consumers. Operating within a strict data security and...

  • Page 7
    ...1.7bn Benchmark earnings per share US$500m 5.4m people Direct community investment Total shareholder returns Volunteering hours Retail E-commerce 89.1USc Hospitals Physicians US$8m US$972m 38,000 Supported fraud victims Reduced total carbon emissions by One-on-one conversations with consumers...

  • Page 8
    06 Strategic report • Our business activities Our business activities Credit Services 50% Contribution to Group revenue We manage data that helps businesses and organisations to lend fairly, consistently and responsibly, and prevent fraud. This includes information on how people and businesses...

  • Page 9
    ..., volume-tiered charges, data licences and subscription fees. REVENUE BY REGION North America Latin America UK and Ireland EMEA/Asia Pacific 52% 3% 27% 18% Consumer Services 21% Contribution to Group revenue We provide online access to a person's credit report and score, giving them...

  • Page 10
    ... Consumer information Our foundations Consumers at the heart of what we do Broaden our relationships with consumers and diversify product offerings Consumer Services Our goals A culture of winning together Disciplined capital allocation Shape the future of healthcare with data-driven...

  • Page 11
    ...a better tomorrow for our people, our customers and society. Here we outline what we aim to achieve in our growth agenda. p26 Please see the Chief Executive's review for more on how we have implemented our strategy this year. Business information Move beyond the core commercial credit market with...

  • Page 12
    ... to continuing activities only, with numbers reported for 2015 restated to reflect discontinuing activities arising in 2016. Return on capital employed ('ROCE') Aim: To generate good returns and deliver long-term value for shareholders 2016 15 14 13 12 Benchmark PBT per share (US cents) USc 15...

  • Page 13
    Strategic report • Key performance indicators 11 Revenue by customer segment Financial services Direct-to-consumer Retail Healthcare Automotive 31% 19% 8% 6% 5% Telecoms and utilities Insurance Media and technology Government and public sector Other 5% 4% 3% 2% 17% Operating cash flow (US...

  • Page 14
    ... assessment processes, along with strategies developed and actions taken, where possible, to mitigate them. It also reviews the effectiveness of the Group's system of risk management and internal controls that supports the identification, assessment and reporting of risk. the management of global...

  • Page 15
    ... owned and managed within the business, and formally reviewed at least every quarter. To supplement business self-assessments, global governance teams form a second line of defence, executing information security, regulatory compliance and business continuity risk and control reviews. Internal Audit...

  • Page 16
    ..., consistent, quality service and product to our clients. We are also developing a software solution to give managers an enhanced tool for monitoring their risks; provide better live data reporting across the Group; and give our principal governance teams an integrated tool to support their enhanced...

  • Page 17
    ... Chief Information Security Officer. In September 2015, we detected unauthorised access to a server that contained personal identifying information for consumers who applied for certain services with one of our clients, T-Mobile USA. No other clients were affected and our US consumer credit database...

  • Page 18
    ... our reputation. Changes from 2015 We face existing regulatory and government investigations in a number of jurisdictions, as well as new actions and proceedings resulting from the North America security incident. During the year ended 31 March 2016, the number of US class action lawsuits increased...

  • Page 19
    ... actions and/or significant harm to our reputation. Changes from 2015 We continue to take advantage of strategic partnerships, such as with Fair Isaac, to differentiate our offering, and invest in new technology that has returned our North America Consumer Services business to growth. Experian...

  • Page 20
    ... laws may also result in different outcomes from the amounts provided. Potential impact • The USA, UK and Brazil in aggregate contribute 88% of revenue. A reduction in one or more of these consumer and business credit services markets could impact revenue and Total EBIT. • We benefit from the...

  • Page 21
    ... enacting laws requiring us to mail and receive back more expensive return receipt letters, before negative consumer credit information can be added to our database. Whilst we are currently managing the effects associated with return receipt letters, the long-term continuation and proliferation of...

  • Page 22
    ... products and services to our clients could be affected, leading to a materially adverse impact on our business, reputation and/or operating results. Changes from 2015 We continue to enter into long-term contracts with data providers and secure access to data sources through strategic partnerships...

  • Page 23
    ... or in strategically important roles. Potential impact Not having the right people could materially affect our ability to service our clients and grow our business. Changes from 2015 We monitor engagement through a variety of channels. We are delivering the action plans from our 2015 Global People...

  • Page 24
    ... through our planning process and review our growth expectations and the external environment annually as part of the strategic planning process. The Board participates in this process, using the January strategy meeting each year to focus on the Group's strategy. We then develop our annual budget...

  • Page 25
    ...to better manage it, be in line to get better credit deals and achieve your financial goals. And if your credit report isn't that great right now? Be patient. Taking control of your credit history takes time. It will be worth it. 7.8 million telephone conversations with people, including educating...

  • Page 26
    ... sizes. Our Global Data Network helps small to medium sized enterprises to trade with confidence outside of their domestic markets, and we want to double our geographic coverage by 2018. In Consumer Services, I am pleased to report that our efforts to return the North America business to growth are...

  • Page 27
    ...$972m 6% Total shareholder returns Creating shared value Our business prospers when we invest in innovation with the power to change people's lives and create stronger communities. Having a financial identity is vital to unlocking fair and affordable access to essential services. Without one, people...

  • Page 28
    ... services clients by taking a 'One Experian' approach, integrating data, analytics, software and expertise from across multiple business activities. Our strategy of diversifying and building out specialised businesses in new vertical markets continues to produce strong results. Our health business...

  • Page 29
    Strategic report • Chief Executive's review 27 Highlights 2016 5% Total and organic revenue growth 26.7% EBIT margin 2016 US$m 20151 US$m Total growth2 Organic growth2 % % Revenue and EBIT by region, EBIT margin Revenue North America Latin America UK and Ireland EMEA/Asia Pacific Total - ...

  • Page 30
    ... investing during the downturn to develop our business for the longer term. We have restructured our sales approach in order to capture a greater share of the small and medium enterprise market. We are building relationships with consumers to provide new services as well as to collect positive data...

  • Page 31
    Strategic report • Chief Executive's review 29 EMEA/Asia Pacific We have delivered good revenue growth in EMEA/Asia Pacific, with organic revenue growth of 7%. The actions we've taken to improve performance in EMEA/Asia Pacific are paying off with better revenue growth and improving margins. We ...

  • Page 32
    ... return to growth this year, with strong growth coming from the bureau and the health vertical. Consumer Services significantly improved as the year progressed aided by strong growth in Experian.com." Craig Boundy Chief Executive Officer, North America Opening the door to credit for small business...

  • Page 33
    Strategic report • North America 31 Highlights 2016 55% Contribution to Group revenue 3% Organic revenue growth 755m EBIT (US$) with 30.6% margin Consumer Services Both total revenue and organic revenue declined by 3% for the year. There was significant improvement as the year progressed, as ...

  • Page 34
    ... change someone's life. It's really rewarding." Thais Micucci Strategy Planning Analyst, Serasa Experian Brazil Credit Services At constant exchange rates, total and organic revenue growth in Credit Services was 7%, with good growth across both consumer and business information. In Brazil, consumer...

  • Page 35
    ...1 2015 restated for discontinuing activities (see note 3 below for details). 2 Growth at constant exchange rates. 3 Discontinuing activities include the divestment of Consumer Insights. Revenue by activity Credit Services 91% Decision Analytics 6% Marketing Services 3% Total revenue growth 2016 15...

  • Page 36
    ...Strategic report • UK and Ireland UK and Ireland Summary "We delivered good growth this year, driven by both innovation in new products and services, and securing key business-to-business wins through our One Experian approach." Chris Clark Managing Director, UK and Ireland, and EMEA In the UK...

  • Page 37
    Strategic report • UK and Ireland 35 Highlights 2016 22% Contribution to Group revenue 5% Organic revenue growth 300m EBIT (US$) with 31.4% margin Marketing Services At constant exchange rates, total revenue growth in Marketing Services was flat and organic revenue declined by 1%. We ...

  • Page 38
    ... in some markets such as the Nordics and South Africa. Decision Analytics Total and organic revenue growth at constant exchange rates were both 18%. There was significant growth momentum, driven by a number of new client wins for credit risk management software, other credit decisioning tools...

  • Page 39
    Strategic report • EMEA/Asia Pacific 37 Highlights 2016 9% Contribution to Group revenue 7% Organic revenue growth (4)m EBIT (US$) with (1.0)% margin Marketing Services Total and organic revenue growth at constant exchange rates were both 10% as we benefited from new client wins for ...

  • Page 40
    ... 60 basis points. Details of the principal exchange rates used and currency exposures are given in note 9 to the Group financial statements. Commentary on revenue and EBIT performance by region is provided earlier in the Strategic report, within the Chief Executive's and Regional reviews. The table...

  • Page 41
    .... 972m Total shareholder returns (US$) Revenue, Total EBIT and EBIT margin by business segment Growth % 2016 US$m 20151 US$m Total at constant rates Organic at constant rates Year ended 31 March Revenue Credit Services Decision Analytics Marketing Services Consumer Services Continuing activities...

  • Page 42
    ... 7% 7% 5% growth at constant exchange rates (7%) (4%) decline at actual rates 2015 reported revenue Disposals 2015 restated revenue North America Latin America UK and Ireland EMEA/ Asia Pacific 2016 (before FX impact) Foreign 2016 exchange reported impact revenue EBIT margin by region...

  • Page 43
    ...cents), a decrease of 6% at actual exchange rates but an increase of 5% at constant currency. Further information is given in note 17 to the Group financial statements. The total dividend per share for the year is covered 2.2 times by Benchmark EPS (2015: 2.4 times) in accordance with our previously...

  • Page 44
    ... to Benchmark PBT Net capital expenditure Increase in working capital Profit retained in associates Charge for share incentive plans Operating cash flow Net interest paid Tax paid - continuing operations Dividends paid to non-controlling interests Free cash flow Acquisitions Purchase of investments...

  • Page 45
    ... numeric disclosures for foreign exchange, interest rate and credit risk given in notes 9, 14 and 23 respectively. Funds from operations is defined as free cash flow plus organic capital investment (capital expenditure). ROCE (%) 2016 15 14 13 12 15.4% 14.9% Closing capital employed US$5.7bn US...

  • Page 46
    ...derive Benchmark PBT 2016 US$m 2015 US$m Exceptional items: (Profit)/loss on disposal of businesses North America security incident related costs Exceptional items (57) 20 (37) 2 - 2 Note 6(a) to the Group financial statements explains the reasons for the exclusion from our definition of Benchmark...

  • Page 47
    ... mobile devices. • Password protect your phone since it provides access to sensitive information and accounts. • Enable remote location and wiping software on your phone, allowing you to track it and wipe all data if it's lost or stolen. • Review credit reports regularly and watch for signs...

  • Page 48
    ... their teams feeling more strongly connected to their local and the global leadership, so they feel more fully engaged in Experian-wide strategy and plans. As in previous years, we have actions under way at all levels of the business, which fully involve our employees and aim to address the issues...

  • Page 49
    Strategic report • Our people 47 To achieve this, our people strategy focuses on culture and engagement, and talent. Culture - creating a winning culture through greater collaboration Employee engagement - listening to our people Talent - strengthening and diversifying our talent pool

  • Page 50
    ... business strategy and enables employees to access a wide range of learning and development activities, through our Education Express learning management system. The process encourages ongoing performance and development conversations for continuing personal growth, leading to even stronger business...

  • Page 51
    Strategic report • Our people 49 Global employee split North America Latin America 39% UK and Ireland 18% EMEA/Asia Pacific 23% To continue as a high-performing company, we need to ensure we are developing our greatest asset - our people. It is especially important that we have rich ...

  • Page 52
    ... to our talent strategy, ensuring we have the leadership resources to achieve our strategic objectives. The executive leadership and the Board's Nomination and Corporate Governance Committee regularly review our senior leadership succession plans. Empowering women in Experian Everywoman has been...

  • Page 53
    .... You can also conveniently settle your bills, manage your accounts, schedule appointments and view lab results, all through our online and mobile portals. And the future? Our experts are working on unlocking it for you right now. million eligibility checks every year 995+ Watch our story...

  • Page 54
    ... credit rating. Services like Credit Tracker in the USA and CreditExpert in the UK give millions of people secure online access to their credit history. We support millions more every year through our call centres, websites and social media channels. In North America, our teams of Credit Educators...

  • Page 55
    ... to notify businesses about suspicious information added to our database. In 2016, our new Commercial Credit Score Simulator enabled thousands of small and medium enterprises in the USA to predict the effect of different options on their credit score before applying for a loan. In South Africa, we...

  • Page 56
    ... improved my credit score and have bought my first home!" Opening doors We are investing in innovative products that can open doors for many people and change their lives for the better. Having a financial identity is vital to unlock fair and affordable access to essential services, but in...

  • Page 57
    ... ways we could support them with more than just money. Some of my colleagues and I brought together the business incubator entrepreneurs and another charity, Nos Quartiers ont des Talents, to hold a day of workshops in our Paris offices. We ran workshops on elevator pitches, digital marketing, data...

  • Page 58
    ... credit profiles Community investment* 2016 US$'000 2015 US$'000 Funds from Experian plc Financial donations and investments from Experian subsidiaries Employee time volunteered Gifts in kind Management costs Total from Experian As % of Benchmark PBT Employee fundraising Out of work volunteering...

  • Page 59
    ... Nations' Universal Declaration of Human Rights. Our Global Code of Conduct sets clear expectations for employees to uphold these principles in the way we run our business. The Code is supported by specific policies that cover human rights risks related to human resources, health and safety, anti...

  • Page 60
    ... corporate governance, the oversight of which is the responsibility of the Board under my leadership, is a key foundation of Experian's strategic direction. It defines the framework within which we can develop our strategy, review critical decisions, manage any challenges that the Group faces...

  • Page 61
    ...the context of events or challenges, be directly relevant at the time. This process, together with visits to the business and presentations on topical issues, means that the Board is focused on the right areas. The UK Corporate Governance Code recommends an annual Board effectiveness evaluation, and...

  • Page 62
    ...set out in the Directors' report. The main principles of the UK Corporate Governance Code Section A: Leadership A.1 The board's role: The company should be headed by an effective board which is collectively responsible for the long-term success of the company. A.2 Division of responsibilities: There...

  • Page 63
    ... the Report on directors' remuneration which follows the Corporate governance report contains relevant details. All Board members attend the AGM and are available to meet informally with shareholders who attend, before the meeting starts. We know that shareholders who attend value this opportunity...

  • Page 64
    ... director - Bupa. Previous roles: Chairman - Cabot Credit Management. Chief Executive Officer - Barclays UK banking operation. Board member - Barclays PLC. Various roles - Flemings and BZW. Key skills and experience: Over 20 years' experience leading and managing change at large global businesses...

  • Page 65
    ..., Finance Director, Financial Controller - The Sage Group plc. Non-executive director - Diageo plc, MyTravel Group plc. Ernst & Young. Key skills and experience: Spent 16 years as chief executive officer of a FTSE company, giving a great understanding of the challenges of running a global business...

  • Page 66
    ...of senior regional leaders. Executive management team Nomination and Corporate Governance Committee See Nomination and Corporate Governance Committee report. Operating businesses p74 Internal Audit Internal Audit conducts a range of independent audit reviews throughout the Group during the year...

  • Page 67
    ... 2016, the Board spent time in Nottingham, United Kingdom, for a site visit and business presentations. Role The Board sets the Group's strategic direction and ensures that we have the necessary financial and human resources to achieve our goals. In January each year, senior management presents...

  • Page 68
    ... updates on Group insurance and pension arrangements. • Approved a further capital investment in the Group's Australian credit bureau business. Corporate development • Reviewed and discussed the corporate development pipeline at each Board meeting. • Approved or noted the disposal of a number...

  • Page 69
    ... January 2016, each Board member was asked to evaluate the Board's performance in a number of areas. These included: Board composition and expertise; Board dynamics; time management; strategic oversight; competition; operational oversight; risk management and internal control; executive remuneration...

  • Page 70
    ... an update on executive succession planning Remuneration Renewal of the Group's longterm incentive plans, ensuring that shareholders' views and the recommendations of the revised UK Corporate Governance Code are taken into consideration. Receive thematic presentations covering areas that address...

  • Page 71
    ... March 2016. Business/operations - this included: a global sales overview; a customer service briefing; a data centre tour; a UK and Ireland strategic development and financial overview; and Credit Services, Marketing Services, Decision Analytics, Consumer Services, 41st Parameter, Business Express...

  • Page 72
    ... the Chief Executive Officer, the Chief Financial Officer and other executive management, and ensuring that members of the Board develop an understanding of the views of the Company's major investors. Running the Group's business and developing the Group's strategy and overall commercial objectives...

  • Page 73
    .... Website - the Company's website is an important channel for communicating with shareholders. All material information reported to the regulatory news services is published there, together with copies of annual and half-year results announcements and trading updates. Investor relations app - this...

  • Page 74
    ...our operating environment and internal risks arising from the nature of our business, its controls and processes, and our management decisions Analyse • Produce Board- and Group-level finance reports, including financial summaries, results, forecasts and revenue trends, investor relations analysis...

  • Page 75
    ...report 73 The UK Corporate Governance Code requires companies to review the effectiveness of their risk management and internal control systems each year. As shown below, the Audit Committee performs this review under delegated authority from the Board. Following the review, it is the Board's view...

  • Page 76
    ...considered by the Board to be independent non-executive directors, in accordance with the UK Corporate Governance Code. The Group Human Resources Director and the Director of Investor Relations and Communications are invited to attend certain meetings, as is the Chief Executive Officer, Brian Cassin...

  • Page 77
    ... annual company law and governance update from the Company Secretary. • Considered the re-appointment of Roger Davis as a non-executive director for a one-year term (with any continued appointment to be reviewed annually). The Committee noted in particular Mr Davis's experience as a Board member...

  • Page 78
    ...and one ad hoc meeting to receive an update on the September 2015 data security incident and approve risk appetite statements. The list of Committee members appears above, and the Board considers all of them to be independent non-executive directors, in line with the UK Corporate Governance Code. As...

  • Page 79
    ... and discussing an update from the Head of Group Internal Audit at each Committee meeting, including progress on any overdue audit actions. The Committee received details of the audit strategy, reviewed and approved the annual internal audit plan and, in September 2015, reviewed the conclusions of...

  • Page 80
    ... to all members of the Board. Matter considered Conclusion Tax The Committee received a regular update from management on the adequacy of provisions in respect of significant open tax matters. The review included details of ongoing correspondence with tax authorities in the UK, the USA and Brazil...

  • Page 81
    ... the UK Corporate Governance Code, whether, in its opinion, the Annual Report is fair, balanced and understandable ('FBU') and whether it provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy. A process to support the Audit...

  • Page 82
    ...executive and non-executive Board members, including Lloyd Pitchford (Chief Financial Officer), as well as the Group Financial Controller. The working group was supported by members of the finance, procurement and corporate secretariat management teams. The process involved a number of working group...

  • Page 83
    ..., capital structure and investment strategy (unless audit-related assurance in nature). • Promoting, dealing in, or underwriting shares in the audited entity. • Human resources services for hiring or reference checking key management and finance resource, organisational design and cost control.

  • Page 84
    ... results. More information on this can be found elsewhere in this Annual Report. However, I would like to particularly note the performance of our business in Brazil, which has held up well in the face of the challenging economic environment in the country; and the return to growth in North America...

  • Page 85
    ... Last year shareholders showed support for our long-term incentive arrangements by voting in favour of renewing our existing plans at the 2015 AGM. The plans are directly linked to the business strategy, reflecting three of our key performance indicators (Benchmark PBT per share, operating cash flow...

  • Page 86
    ... £0 2011 2012 2013 2014 2015 2016 How was our performance reflected in our pay? Brian Cassin Lloyd Pitchford £'000 £'000 Kerry Williams US$'000 Outcomes against performance metrics for the year: 924 29 12 1,850 1,011 3,826 Salary Benefits Pension Annual bonus Share-based incentives Total 875...

  • Page 87
    ... Experian plc is incorporated and registered in Jersey, we have drawn up this report in line with Schedule 8 of the UK Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2013, as well as the UK Financial Conduct Authority Listing Rules and the UK Corporate Governance Code...

  • Page 88
    ... allow them to build up a picture of our strategic intentions, for example in terms of future areas of growth or acquisitions. This could be potentially damaging to the Company and therefore not in the interests of our shareholders. As a result, the Committee has historically taken the view not to...

  • Page 89
    ... delivered strong results; and • market shifts in North America which have significantly affected our Consumer Services business and the actions taken by our leadership team to reposition the business which have seen a return to growth. Despite these challenges, we achieved growth in Benchmark PBT...

  • Page 90
    88 Governance • Report on directors' remuneration Annual report on remuneration continued As these awards had not vested at the date this Report was finalised, the reported value of the awards is based on the average share price in the last three months of the financial year to 31 March 2016, ...

  • Page 91
    ...based on the share price at which invested shares were purchased in the market. This price was £12.45. 2 The number of shares awarded to Kerry Williams under the Experian North America Co-investment Plan and to all three executive directors under the PSP was based on the average share price for the...

  • Page 92
    ... metrics therefore provides a direct link to Experian's strategic aims. The use of relative TSR recognises the importance of returning value to shareholders. What clawback provisions apply? (not audited) Clawback applies to the Company's incentive plans, as shown below: 1 April 2016 1 April 2017...

  • Page 93
    ... annual bonus between 2015 and 2016, and how this compares to the average percentage change for our UK and Ireland employees. Consistent with the approach used in previous years, the Committee has selected this group of employees to illustrate the comparison because Experian is a UK listed company...

  • Page 94
    92 Governance • Report on directors' remuneration Annual report on remuneration continued Percentage change from 2015 to 2016 Base salary Taxable benefits Annual bonus CEO UK and Ireland employees 2.9% 2.7% 0% (3.2%) 175% 12.8% The increase in annual bonus paid to the CEO reflects the ...

  • Page 95
    ...1 April each year. However, we have recently aligned pay review dates across the Group and as a result the following executive director salary increases will take effect from 1 June 2016: 1 June 2016 1 April 2015 % increase Brian Cassin Lloyd Pitchford Kerry Williams £900,000 £555,000 US$950,000...

  • Page 96
    ... which the CEO should hold the equivalent of three times his base salary in Experian shares and other executive directors should hold two times their base salary. These guidelines include invested or deferred shares held under the CIP (but not matching shares). Until the shareholding guideline is...

  • Page 97
    ... number of Experian shares held by Kerry Williams at 31 March 2016 includes 128,917 shares, and for Don Robert includes 215,607 shares, awarded to them under the Experian North America Co-investment Plan as a result of their annual bonus deferral elections, in addition to their personal beneficial...

  • Page 98
    ...of this Report. 2 The value of the shares has been converted into US dollars at a rate of £1:US$1.4304, which was the average rate during the last three months of the financial year. Pensions Three former directors of Experian Finance plc (formerly GUS plc) receive unfunded pensions from the Group...

  • Page 99
    ... Chief Executive Officer. • Received updates on the Company's long-term incentive plans, including in respect of performance conditions, current executive remuneration trends (including a market overview), matters for the Group to consider in 2017, and pension matters. • Agreed: the 2015 bonus...

  • Page 100
    ... March 2016. Willis Towers Watson provides other services to Experian globally, which comprise advice on pensions, benefits, employee engagement and market data. In addition, Kepler (now a brand of Mercer) provided incentive plan award valuations and remuneration data, as well as supporting data for...

  • Page 101
    ... to support expatriates, where they have relocated. The Group provides a range of marketcompetitive benefits that includes, but is not limited to, healthcare, death in service provision, company car or allowance, financial and tax advice and membership fees. In the USA, eligible executive directors...

  • Page 102
    ... payment or pension contribution for executive directors is normally equal to 20% of annual gross salary but may be increased if market practice changes. In the USA, the contribution rate is equivalent to 4% of earnings, up to an annual compensation limit set by the Internal Revenue Service. None.

  • Page 103
    ...' long-term commitment to the Group through personal investment. PSP Use of stretching financial metrics incentivises performance. Aligns with shareholder interests through delivery of shares. Annual award of conditional shares which vest subject to achieving performance targets tested over...

  • Page 104
    ...continued Element and link to strategy Operation Maximum potential value and payment at target Performance metrics, weightings, relevant time period and clawback Share Option Plan ('SOP') Provides focus on increasing Experian's share price over the medium to longer term. Options are granted with an...

  • Page 105
    ... with the UK Corporate Governance Code, all directors (with the exception of Judith Sprieser, who will retire from the Board with effect from the conclusion of the 2016 AGM p62 Research and development Research and development plays a key role in supporting Experian's activities. Details of such...

  • Page 106
    ... a proportion of their fees in shares, until the value of their shareholding equals their annual fee. These shares may not normally be transferred during their period of office. • Where participants in a share-based employee incentive plan operated by Experian are the beneficial owners of the...

  • Page 107
    ...Experian's share-based employee incentive plans contain provisions relating to a change of control. Outstanding awards and options would normally vest and become exercisable, subject to satisfaction of any performance conditions at that time. • The Group is party to a limited number of operational...

  • Page 108
    ... the Annual Report and financial statements, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy. By order of the Board Charles Brown Company Secretary 10 May 2016...

  • Page 109
    ... liabilities 30 Share incentive plans 31 Post-employment benefit plans and related risks 32 Post-employment benefit - IAS 19 information 33 Deferred and current tax 34 Provisions 35 Called up share capital and share premium account 36 Retained earnings and other reserves 37 Notes to the Group cash...

  • Page 110
    ... profit before tax. We conducted work on three full scope reporting units. These three reporting units, together with the corporate function and consolidation at the Group level, where we also conduct audit procedures, accounted for 88% of the Group's revenue and 97% of the Group's profit before tax...

  • Page 111
    ... is also subject to increased levels of consumer claims, especially in Brazil relating to the disclosure and use of credit scores. In addition, the Group is subject to new actions and proceedings resulting from the North America security incident in September 2015. We focused on this area as the...

  • Page 112
    ... businesses within the North America region, Serasa S.A. (in the Latin American region) and Experian Limited (in the UK and Ireland region). The three reporting units, together with the corporate function and consolidation at the Group level, where we also conducted audit procedures, accounted...

  • Page 113
    ...inconsistent with our knowledge of the Group and Company acquired in the course of performing our audit. • The section of the Annual Report, as required by provision C.3.8 of the Code, describing the work of the Audit Committee does not appropriately address matters communicated by us to the Audit...

  • Page 114
    ... the members of Experian plc continued Other voluntary reporting Directors' remuneration The Company voluntarily prepares a report on directors' remuneration in accordance with the provisions of the UK Companies Act 2006. The directors have requested that we audit the part of the report on directors...

  • Page 115
    ...$m Revenue Labour costs Data and information technology costs Amortisation and depreciation charges Marketing and customer acquisition costs Other operating charges Total operating expenses Profit on disposal of businesses Operating profit Interest income Finance expense Net finance costs Share of...

  • Page 116
    ... within other comprehensive income are in respect of continuing operations and, except as reported for post-employment benefit assets and obligations, there is no associated tax. Currency translation items are taken directly to the translation reserve within other reserves. Other items within...

  • Page 117
    ... Post-employment benefit obligations Other financial liabilities Net assets Equity Called up share capital Share premium account Retained earnings Other reserves Attributable to owners of Experian plc Non-controlling interests Total equity These financial statements were approved by the Board on...

  • Page 118
    ... share incentive plans: - value of employee services - shares issued on vesting - other exercises of share awards and options - related tax credit - purchase of shares by employee trusts - other payments Purchase of shares held as treasury shares Transactions with non-controlling interests Dividends...

  • Page 119
    ...statement for the year ended 31 March 2016 Notes 2016 US$m 2015 US$m Cash flows from operating activities Cash generated from operations Interest paid Interest received Dividends received from associates Tax paid Net cash inflow from operating activities - continuing operations Net cash inflow from...

  • Page 120
    ...Experian plc (the 'Company') is the ultimate parent company of the Experian group of companies ('Experian' or the 'Group'). Experian is the leading global information services group. The Company is incorporated and registered in Jersey as a public company limited by shares and is resident in Ireland...

  • Page 121
    ...consistent with Group policies. A list of the significant subsidiaries is given in note 41(a) to these financial statements. (b) Foreign currency translation Experian follows EU-IFRS, including IAS 21 'The effects of changes in foreign exchange rates'. (c) Fair value estimation Experian follows EU...

  • Page 122
    ... - costs directly associated with producing identifiable and unique software products controlled by the Group, and that will generate economic benefits beyond one year, are recognised as intangible assets. These costs are amortised over three to ten years. (f) Property, plant and equipment (note 21...

  • Page 123
    ... social security obligations on employee share incentive plans, other than amounts of a financing nature, are charged or credited within labour costs. Other costs and changes in the fair value of such derivatives are charged or credited within financing fair value remeasurements in the Group income...

  • Page 124
    ... unit credit method. Under this method, and in view of the fact that the principal Experian funded plan is closed to new entrants, the current service cost increases as members approach retirement, due to the plan's ageing active membership. The present value of the defined benefit obligation...

  • Page 125
    ...reported by nature in the Group income statement, reflecting the Group's cost-management control structure. Details of charges within labour costs in respect of share incentive plans are set out in note (r) below. Those for post-employment benefits are set out in note (l) above. Details of the Group...

  • Page 126
    ...in the Strategic report section of this Annual Report, are: • Credit Services; • Decision Analytics; • Marketing Services; and • Consumer Services. The North America and the UK and Ireland operating segments derive revenues from all of the Group's business segments. The EMEA and Asia Pacific...

  • Page 127
    ... average cost of capital ('WACC'). Fair value of derivatives and other financial instruments (note 28) The Group uses valuation techniques to determine the fair value of derivatives and other financial instruments that are not traded in an active market. Management uses its judgment to select...

  • Page 128
    ... adjustments to contingent consideration, exceptional items, financing fair value remeasurements, tax and discontinued operations. It includes the Group's share of continuing associates' pre-tax results. An explanation of the basis on which Experian reports exceptional items is provided below. Other...

  • Page 129
    .... Net funding is total funding less cash held in Group Treasury. (q) Return on capital employed ('ROCE') ROCE is defined as Total EBIT less tax at the Benchmark rate divided by a three-point average of capital employed over the year. Capital employed is net assets less non-controlling interests...

  • Page 130
    ... real or the Colombian peso. The Group also ensures surplus funds are prudently managed and controlled. Market risk Foreign exchange risk The Group is exposed to foreign exchange risk from future commercial transactions, recognised assets and liabilities and investments in, and loans between, Group...

  • Page 131
    ... As part of its internal reporting processes, the Group monitors capital employed by operating segment. The Group's objectives in managing capital are to: • safeguard its ability to continue as a going concern, in order to provide returns for shareholders and benefits for other stakeholders; and...

  • Page 132
    ... March 2016 8. Segment information (a) IFRS 8 disclosures (i) Income statement North America Latin America US$m UK and Ireland US$m EMEA/ Total Central Total Asia operating Activities continuing Pacific segments operations US$m US$m US$m US$m Year ended 31 March 2016 Revenue from external customers...

  • Page 133
    ...750 (132) (3,380) (476) (3,988) 162 (3,217) (183) (3,238) Capital employed 2016 US$m 2015 US$m North America Latin America UK and Ireland EMEA/Asia Pacific Total operating segments Central Activities Non-controlling interests Capital employed attributable to owners 3,363 1,077 786 421 5,647 111...

  • Page 134
    ... information continued (a) IFRS 8 disclosures continued (iii) Capital expenditure, amortisation and depreciation Capital expenditure 2016 US$m 2015 US$m Amortisation 2016 US$m 2015 US$m Depreciation 2016 US$m 2015 US$m North America Latin America UK and Ireland EMEA/Asia Pacific Total operating...

  • Page 135
    ...(b) Information on business segments (including non-GAAP disclosures) Credit Services Decision Analytics US$m Marketing Services US$m Consumer Services US$m Total Central business Activities segments US$m US$m Total continuing operations US$m Year ended 31 March 2016 Revenue from external customers...

  • Page 136
    .... 10. Labour costs and employee numbers (a) Labour costs 2016 US$m 2015 US$m Wages and salaries Social security costs Share incentive plans (note 30(a)) Pension costs - defined benefit plans (note 32(a)) Pension costs - defined contribution plans Employee benefit costs Other labour costs 1,253...

  • Page 137
    ...• Notes to the Group financial statements 135 (b) Average monthly number of employees (including executive directors) 2016 Full-time Part-time Full-time equivalent Full-time 2015 Part-time Full-time equivalent North America Latin America UK and Ireland EMEA/Asia Pacific Total operating segments...

  • Page 138
    ... PBT (a) Net charge for Exceptional items and Other adjustments made to derive Benchmark PBT Notes 2016 US$m 2015 US$m Exceptional items: (Profit)/loss on disposal of businesses North America security incident related costs (Credit)/charge for exceptional items Other adjustments made to derive...

  • Page 139
    ...18) 150 (c) North America security incident related costs In September 2015 Experian North America suffered an unauthorised intrusion to its Decision Analytics computing environment that allowed unauthorised acquisition of certain data belonging to a client, T-Mobile USA, Inc. Experian notified the...

  • Page 140
    ...costs included in profit before tax 2016 US$m 2015 US$m Interest income: Bank deposits, short-term investments and loan notes Interest on opening retirement benefit assets Interest income Finance expense: Eurobonds and notes Bank loans, commercial paper, overdrafts and other Commitment and facility...

  • Page 141
    ... using the local tax rate of the UK, the country in which its shares are listed. The effective tax rate for each year is higher than the main rate of UK corporation tax, with the differences explained in note (c) below. 2016 US$m 2015 US$m Profit before tax Profit before tax multiplied...

  • Page 142
    ... subject to tax. In the normal course of business, the Group has a number of open tax returns with various tax authorities including those in the UK, USA and Brazil, with whom it is in active dialogue. Liabilities relating to these open and judgmental matters are based on an assessment as to whether...

  • Page 143
    ...made to derive Benchmark PBT, net of related tax Benchmark earnings attributable to owners of Experian plc (non-GAAP measure) 753 12 765 (11) 100 854 772 (21) 751 2 177 930 (ii) Attributable to non-controlling interests 2016 US$m 2015 US$m Continuing and discontinued operations Add: amortisation...

  • Page 144
    ... to fair values on prior year acquisitions (note 38(b)) Additions through business combinations - total Disposals At 31 March 4,393 (110) - - - (85) 4,198 4,807 (453) 53 (14) 39 - 4,393 (b) Goodwill by CGU 2016 US$m 2015 US$m North America Latin America UK and Ireland EMEA Asia Pacific At 31...

  • Page 145
    Financial statements • Notes to the Group financial statements 143 (c) Key assumptions for value-in-use calculations by CGU 2016 WACC % Long-term growth rate % p.a. 2015 WACC % Long-term growth rate % p.a. North America Latin America UK and Ireland EMEA Asia Pacific 12.9 17.0 9.5 13.0 12.2 ...

  • Page 146
    ... intangibles Customer and other relationships US$m Acquired software development US$m Marketingrelated assets US$m Databases Internal use software US$m Internally generated software US$m Total US$m US$m Cost At 1 April 2014 Differences on exchange Additions through business combinations...

  • Page 147
    ... Notes to the Group financial statements 145 21. Property, plant and equipment Freehold properties US$m Short leasehold properties US$m Plant and equipment US$m Total US$m Cost At 1 April 2015 Differences on exchange Additions Disposal of businesses Other disposals At 31 March 2016 Accumulated...

  • Page 148
    ... such receivables in Brazil, 33% (2015: 30%) in the UK and 23% (2015: 17%) in the USA. Together these represent 22% (2015: 19%) of trade receivables, with other balances spread across a number of sectors and geographies. (b) Analysis by nature 2016 US$m 2015 US$m Financial instruments Items other...

  • Page 149
    ... provision (note 22(f)) Net impaired trade receivables 10 5 14 29 (21) 8 8 4 16 28 (25) 3 (f) Movements in the impairment provision 2016 US$m 2015 US$m At 1 April Differences on exchange Disposal of businesses Provision for impairment Provision utilised in respect of debts written off Unused...

  • Page 150
    ... in hand Short-term investments 53 103 156 66 81 147 The effective interest rate at 31 March 2016 is 8.4% (2015: 6.0%). There is no material difference between the fair value and the book value stated above. (b) Analysis by external credit rating 2016 US$m 2015 US$m Counterparty holding of more...

  • Page 151
    ... 3,292 (c) Analysis by currency 2016 US$m 2015 US$m US dollar Sterling Euro Other 2,514 443 100 63 3,120 2,530 620 83 59 3,292 The above analysis takes account of the effect of cross currency swaps and forward foreign exchange contracts and reflects the way in which the Group manages exposures.

  • Page 152
    ...) (a) Analysis by nature 2016 US$m 2015 US$m Cash and cash equivalents (net of overdrafts) Debt due within one year - bank loans Debt due within one year - commercial paper Debt due within one year - finance lease obligations Debt due after more than one year - bonds and notes Debt due after more...

  • Page 153
    ... US$m Net debt US$m US$m US$m US$m At 1 April 2015 Cash inflow Borrowings cash flow Net interest paid Movement on accrued interest Net cash inflow Net share purchases Fair value gains/(losses) Exchange and other movements At 31 March 2016 147 840 (157) (66) - 617 (592) - (16) 156 Cash...

  • Page 154
    ... Group financial statements continued for the year ended 31 March 2016 27. Financial assets and liabilities (a) Available-for-sale financial assets Assets of US$43m (2015: US$40m) include listed investments of US$33m (2015: US$35m) held in the UK to secure certain unfunded pension arrangements (note...

  • Page 155
    ...call options associated with corporate transactions. Following a review of external reporting requirements in this area, amounts in respect of contingent consideration at 31 March 2016 of US$7m (2015: US$11m) have been included within the Level 3 analysis in this note and comparative information has...

  • Page 156
    ... portion of bonds carried at amortised cost is based on quoted market prices, employing a valuation falling within Level 1 of the IFRS 13 fair value hierarchy; • the fair values of long-term floating rate bank loans and finance lease obligations are considered to approximate to the carrying amount...

  • Page 157
    ... 2016 US$m 2015 US$m Share awards Share options Expense recognised (all equity settled) Cost of associated social security obligations Total expense recognised in Group income statement 49 5 54 3 57 42 5 47 4 51 The Group has a number of equity-settled, share-based employee incentive plans...

  • Page 158
    ... preceding valuation and an implied volatility for Experian plc ordinary shares. (ii) Information on share grant valuations Share grants are valued by reference to the market price on the day of award, with no modification for dividend distributions or other factors as participants are entitled...

  • Page 159
    ... 19, which relates only to the Group's defined benefit pension plans and post-employment medical benefits obligations, is set out in note 32. (a) Funded pension plans The Group's principal defined benefit plan is the Experian Pension Scheme, which provides benefits for certain UK employees but was...

  • Page 160
    ... statements Notes to the Group financial statements continued for the year ended 31 March 2016 31. Post-employment benefit plans and related risks continued (d) Related risks Through its defined benefit pension plans and post-retirement medical benefits plan, the Group is exposed to a number of...

  • Page 161
    ... plan assets Present value of obligations Defined benefit pensions - funded US$m Defined benefit pensions - unfunded US$m Postemployment medical benefits US$m Total US$m US$m Net postemployment benefit assets/ (obligations) US$m At 1 April 2014 Income statement (charge)/credit: Current service...

  • Page 162
    ...whilst holding all other assumptions constant. (i) Principal financial actuarial assumptions 2016 % 2015 % Discount rate Inflation rate - based on the UK Retail Prices Index (the 'RPI') Inflation rate - based on the UK Consumer Prices Index (the 'CPI') Increase in salaries Increase for pensions in...

  • Page 163
    ... benefit plans at fair value 2016 US$m % 2015 US$m % Equities Fixed interest securities Investment funds Other 463 455 100 5 1,023 46 44 10 - 100 497 482 107 8 1,094 45 44 10 1 100 The Group's defined benefit plans have no material holdings of unlisted assets and no holdings of ordinary shares...

  • Page 164
    ... Total Assets At 1 April 2014 Differences on exchange Tax recognised in the Group income statement - continuing operations Business combinations Tax recognised within other comprehensive income Tax recognised directly in equity on transactions with owners Transfers At 31 March 2015 US$m US$m US...

  • Page 165
    ... At 31 March Tax recognised directly in equity on transactions with owners relates to employee share incentive plans. (62) (9) (202) - (9) 42 136 - (104) (78) (12) (164) 21 35 - 113 23 (62) 24 (128) (104) 29 (91) (62) 34. Provisions 2016 North America security incident US$m Other liabilities US...

  • Page 166
    ... up share capital and share premium account At 31 March 2016, there were 1,023.0m shares in issue (2015: 1,032.8m). During the year then ended 1.0m (2015: 1.2m) shares were issued and 10.8m shares (2015: nil) were cancelled. Further information on share capital is contained in note P to the Company...

  • Page 167
    ...2015 US$m Profit before tax Share of post-tax profit of associates Net finance costs Operating profit Loss on disposals of fixed assets (Profit)/loss on disposal of businesses (note 13(b)) Depreciation and amortisation (note 11) Charge in respect of share incentive plans Increase in working capital...

  • Page 168
    166 Financial statements • Notes to the Group financial statements Notes to the Group financial statements continued for the year ended 31 March 2016 37. Notes to the Group cash flow statement continued (b) Increase in working capital 2016 US$m 2015 US$m Inventories Trade and other receivables ...

  • Page 169
    ...GAAP measure) 2016 US$m 2015 US$m Cash generated from operations (note 37(a)) Purchase of other intangible assets Purchase of property, plant and equipment Sale of property, plant and equipment Acquisition expenses paid Dividends received from associates Cash outflow in respect of security incident...

  • Page 170
    ... Holdings Ireland Limited Experian Ireland Investments Limited ConsumerInfo.com Inc. Experian Health, Inc (formerly Passport Health Communications, Inc.) Experian Holdings, Inc. Experian Information Solutions Inc. Experian Marketing Solutions Inc. Experian Services Corporation Holding company...

  • Page 171
    ...-Employee Share Plan and the Experian plc Employee Share Trust are included in the financial statements. • During the year ended 31 March 2016, US$52m (2015: US$50m) was paid by the Group to related undertakings in connection with the provision of post-employment pensions benefits in the UK, USA...

  • Page 172
    ... within one year Net current assets Net assets Equity Called up share capital Share premium account Profit and loss account reserve Total shareholders' funds These financial statements were approved by the Board on 10 May 2016 and were signed on its behalf by: P P Q 78.3 1,189.7 13,280.9 14,548.9 79...

  • Page 173
    ... with owners: Employee share incentive plans: - value of employee services - shares issued on vesting - other exercises of share awards and options - purchase of shares by employee trusts Purchase of shares held as treasury shares Dividends paid Transactions with owners At 31 March 2015 79...

  • Page 174
    ... for the year ended 31 March 2016 A. Corporate information Corporate information for Experian plc (the 'Company') is set out in note 1 to the Group financial statements, with further information given in the Strategic report and the Corporate governance report. B. Basis of preparation The separate...

  • Page 175
    ... to be recoverable. (v) Own shares The Group has a number of equity-settled, share-based employee incentive plans. In connection with these, shares in the Company are held by the Experian plc Employee Share Trust and the Experian UK Approved All-Employee Share Plan. The assets, liabilities and...

  • Page 176
    ... financial statements. G. Staff costs 2016 US$m 2015 US$m Directors' fees Wages and salaries Social security costs Other pension costs 2.4 1.0 0.1 0.1 3.6 2.7 1.0 0.1 0.1 3.9 Executive directors of the Company are employed by other Group undertakings and details of their remuneration, together...

  • Page 177
    ... in note S(i). The Company directly holds interests in the whole of the issued share capital of the following undertakings. Company Experian Holdings (UK) Limited Experian Finance Holdings Limited Experian Group Services Limited Experian Holdings Ireland Limited Experian Ireland Investments Limited...

  • Page 178
    ... subsidiary undertaking, Experian Holdings (UK) Limited ('EHUKL'), at a cost of US$0.1m. The Company subsequently transferred its investment in EIHL to EHUKL at market value and recognised a profit of US$7,967.9m (see note H). These transactions arose in connection with a Group reorganisation...

  • Page 179
    ...• borrowings of Group undertakings of US$3,166m (2015: US$3,346m); • the liabilities of the Experian plc Employee Share Trust and the Experian UK Approved All-Employee Share Plan; and • the retirement benefit obligations of Group undertakings that participate in the Experian Pension Scheme and...

  • Page 180
    ... Experian Information Technology (Beijing) Company Limited Byington Colombia S.A.S. Experian Colombia S.A. Experian Services Costa Rica S.A. Experian A/S 192business Ltd Accolade Unlimited Cardinal Finance Unlimited CCN UK 2005 Limited CCN UK Unlimited Chatsworth Investments Limited EHI 2005 Limited...

  • Page 181
    ... 179 Company Country of incorporation Experian SURBS Investments Limited Experian Technology Limited Experian US Holdings Unlimited Experian US Unlimited G.G.C. Leasing Limited G.U.S. Property Management Limited General Guarantee Corporation Unlimited General Guarantee Finance Limited GUS 1998...

  • Page 182
    ...Credit Information Company of India Private Limited Experian Services India (Private Limited) W2 Software (India) Private PT. Experian Decision Analytics Indonesia Experian Finance Holdings Limited Experian Group Services Limited Experian Holdings Ireland Limited Experian Ireland Investments Limited...

  • Page 183
    ... Experian Credit Advisors, Inc. Experian Data Corp Experian Fraud Prevention Solutions, Inc. Experian Health, Inc (formerly Passport Health Communications, Inc.) Experian Holdings, Inc. Experian Information Solutions Inc Experian Marketing Solutions, Inc. Experian Services Corporation GreenUmbrella...

  • Page 184
    ... stock Experian Information Solutions Inc - common no par value shares Riverleen Finance, Inc. and Search America, Inc. - common stock shares Opt-out Services, LLC - membership interests shares Experian Services Corporation - ordinary no par value shares (iii) Associate undertakings Company Holding...

  • Page 185
    .... Information on the Company's share price is available on the website. Income Access Share ('IAS') arrangements As its ordinary shares are listed on the London Stock Exchange, the Company has a large number of UK resident shareholders. In order that shareholders may receive Experian dividends from...

  • Page 186
    ...information continued Capital Gains Tax ('CGT') base cost for UK shareholders On 10 October 2006, GUS plc separated its Experian business from its Home Retail Group business by way of demerger. GUS plc shareholders were entitled to receive one share in Experian plc and one share in Home Retail Group...

  • Page 187
    ... your dividend direct to your bank account • Update your address details • Buy and sell shares • Register your AGM proxy votes. It only takes a few minutes to register, just visit www.experianplc.com/shares and have your 11-digit Investor Code to hand. Contact details Visit the Experian Share...

  • Page 188
    ... Road Dublin 17 D17 AY61 Ireland T +353 (0) 1 846 9100 F +353 (0) 1 846 9150 Corporate office Experian Cardinal Place 80 Victoria Street London SW1E 5JL United Kingdom Operational headquarters Experian The Sir John Peace Building Experian Way NG2 Business Park Nottingham NG80 1ZZ United Kingdom...