- Building Value
- Financial Results
- Non-IFRS Basis Performance Measures
- Cash Flow
- Revenue Profile
- Division and Business Segment Revenue
- Division and Business Segment Adjusted EBITDA
- Division and Business Segment Underlying Operating Profit
- Markets Division Revenue Profile
- Professional Division Revenue Profile
- Consolidated Income Statement
- Consolidated Statement of Financial Position
- Consolidated Statement of Cash Flow
- Dividend History
- Reconciliations
- Reconciliation of Operating (Loss) Profit to Underlying Operating Profit and Adjusted EBITDA
- Reconciliation of (Loss) Earnings from Continuing Operations to Adjusted EBITDA
- Reconciliation of Underlying Operating Profit to Adjusted EBITDA by Division and Business Segment
- Reconciliation of (Loss) Earnings Attributable to Common Shareholders to Adjusted Earnings from Continuing Operations
- Other Businesses
- Reconciliation of Net Cash Provided by Operating Activities to Underlying Free Cash Flow
- Reconciliation of Free Cash Flow to Free Cash Flow from Ongoing Operations
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NON-IFRS BASIS PERFORMANCE MEASURES
In Millions of U.S. Dollars (Unaudited)Revenues from Ongoing Businesses
Adjusted EBITDA
Adjusted EBITDA Margin Percentage
Underlying Operating Profit
Underlying Operating Profit Margin Percentage
Adjusted Earnings Per Share
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Summary Financial Information
- This document includes summary financial information and should not be considered a substitute for our full financial statements, including footnotes, management/auditors’ reports, and related management’s discussion and analysis (MD&A). You can access our 2011 audited financial statements, MD&A and other annual disclosures in the “Investor Relations” section of our website, www.thomsonreuters.com, as well as in our filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
Non-IFRS Financial Measures
- We also use certain non-IFRS financial measures, such as Adjusted EBITDA, underlying operating profit and the related margins and adjusted EPS. These measures exclude our $3.0 billion goodwill impairment charge incurred in the fourth quarter of 2011. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in this annual report and our 2011 annual MD&A. We use these non-IFRS financial measures as supplemental indicators of our operating performance and financial position. These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.
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CASH FLOW
In Millions of U.S. Dollars (Unaudited)2010
2011
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Summary Financial Information
- This document includes summary financial information and should not be considered a substitute for our full financial statements, including footnotes, management/auditors’ reports, and related management’s discussion and analysis (MD&A). You can access our 2011 audited financial statements, MD&A and other annual disclosures in the “Investor Relations” section of our website, www.thomsonreuters.com, as well as in our filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
Non-IFRS Financial Measures
- We also use certain non-IFRS financial measures, such as Adjusted EBITDA, underlying operating profit and the related margins and adjusted EPS. These measures exclude our $3.0 billion goodwill impairment charge incurred in the fourth quarter of 2011. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in this annual report and our 2011 annual MD&A. We use these non-IFRS financial measures as supplemental indicators of our operating performance and financial position. These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.
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REVENUE PROFILE
(Unaudited)CloseDisclaimer
Summary Financial Information
- This document includes summary financial information and should not be considered a substitute for our full financial statements, including footnotes, management/auditors’ reports, and related management’s discussion and analysis (MD&A). You can access our 2011 audited financial statements, MD&A and other annual disclosures in the “Investor Relations” section of our website, www.thomsonreuters.com, as well as in our filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
Non-IFRS Financial Measures
- We also use certain non-IFRS financial measures, such as Adjusted EBITDA, underlying operating profit and the related margins and adjusted EPS. These measures exclude our $3.0 billion goodwill impairment charge incurred in the fourth quarter of 2011. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in this annual report and our 2011 annual MD&A. We use these non-IFRS financial measures as supplemental indicators of our operating performance and financial position. These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.
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DIVISION AND BUSINESS SEGMENT REVENUE
In Millions of U.S. Dollars (Unaudited)Twelve Months ended December 31, 2011 2010 Change Organic Legal $ 3,434 $ 3,157 9% 3% Tax & Accounting 1,149 1,006 14% 6% Intellectual Property & Science 852 789 8% 5% Professional Division 5,435 4,952 10% 4% Sales & Trading 3,715 3,543 5% -1% Investment & Advisory 2,208 2,208 0% -2% Enterprise 1,235 1,093 13% 10% Media 336 324 4% 0% Markets Division 7,494 7,168 5% 1% Eliminations (13) (12) Revenues from Ongoing Businesses
Before Currency12,916 12,108 7%
5%2% Other Businesses 891 962 Revenues $ 13,807 $ 13,070 6% CloseDisclaimer
Summary Financial Information
- This document includes summary financial information and should not be considered a substitute for our full financial statements, including footnotes, management/auditors’ reports, and related management’s discussion and analysis (MD&A). You can access our 2011 audited financial statements, MD&A and other annual disclosures in the “Investor Relations” section of our website, www.thomsonreuters.com, as well as in our filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
Non-IFRS Financial Measures
- We also use certain non-IFRS financial measures, such as Adjusted EBITDA, underlying operating profit and the related margins and adjusted EPS. These measures exclude our $3.0 billion goodwill impairment charge incurred in the fourth quarter of 2011. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in this annual report and our 2011 annual MD&A. We use these non-IFRS financial measures as supplemental indicators of our operating performance and financial position. These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.
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Division and Business Segment Adjusted EBITDA
In Millions of U.S. Dollars (Unaudited)Twelve Months ended December 31, 2011 2010 Change Legal $ 1,233 $ 1,161 6% Tax & Accounting 359 307 17% Intellectual Property & Science 296 263 13% Professional Division 1,888 1,731 9% Markets Division 1,992 1,808 10% Corporate Expenses (253) (224) Integration Programs Expenses (215) (463) Adjusted EBITDA $ 3,412 $ 2,852 20% CloseDisclaimer
Summary Financial Information
- This document includes summary financial information and should not be considered a substitute for our full financial statements, including footnotes, management/auditors’ reports, and related management’s discussion and analysis (MD&A). You can access our 2011 audited financial statements, MD&A and other annual disclosures in the “Investor Relations” section of our website, www.thomsonreuters.com, as well as in our filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
Non-IFRS Financial Measures
- We also use certain non-IFRS financial measures, such as Adjusted EBITDA, underlying operating profit and the related margins and adjusted EPS. These measures exclude our $3.0 billion goodwill impairment charge incurred in the fourth quarter of 2011. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in this annual report and our 2011 annual MD&A. We use these non-IFRS financial measures as supplemental indicators of our operating performance and financial position. These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.
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Division and Business Segment Underlying Operating Profit
In Millions of U.S. Dollars (Unaudited)Twelve Months ended December 31, 2011 2010 Change Legal $ 943 $ 892 6% Tax & Accounting 261 223 17% Intellectual Property & Science 237 209 13% Professional Division 1,441 1,324 9% Markets Division 1,411 1,281 10% Corporate Expenses (273) (249) Underlying Operating Profit 2,579 2,356 9% CloseDisclaimer
Summary Financial Information
- This document includes summary financial information and should not be considered a substitute for our full financial statements, including footnotes, management/auditors’ reports, and related management’s discussion and analysis (MD&A). You can access our 2011 audited financial statements, MD&A and other annual disclosures in the “Investor Relations” section of our website, www.thomsonreuters.com, as well as in our filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
Non-IFRS Financial Measures
- We also use certain non-IFRS financial measures, such as Adjusted EBITDA, underlying operating profit and the related margins and adjusted EPS. These measures exclude our $3.0 billion goodwill impairment charge incurred in the fourth quarter of 2011. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in this annual report and our 2011 annual MD&A. We use these non-IFRS financial measures as supplemental indicators of our operating performance and financial position. These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.
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MARKETS DIVISION REVENUE PROFILE
(Unaudited)CloseDisclaimer
Summary Financial Information
- This document includes summary financial information and should not be considered a substitute for our full financial statements, including footnotes, management/auditors’ reports, and related management’s discussion and analysis (MD&A). You can access our 2011 audited financial statements, MD&A and other annual disclosures in the “Investor Relations” section of our website, www.thomsonreuters.com, as well as in our filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
Non-IFRS Financial Measures
- We also use certain non-IFRS financial measures, such as Adjusted EBITDA, underlying operating profit and the related margins and adjusted EPS. These measures exclude our $3.0 billion goodwill impairment charge incurred in the fourth quarter of 2011. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in this annual report and our 2011 annual MD&A. We use these non-IFRS financial measures as supplemental indicators of our operating performance and financial position. These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.
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PROFESSIONAL DIVISION REVENUE PROFILE
(Unaudited)CloseDisclaimer
Summary Financial Information
- This document includes summary financial information and should not be considered a substitute for our full financial statements, including footnotes, management/auditors’ reports, and related management’s discussion and analysis (MD&A). You can access our 2011 audited financial statements, MD&A and other annual disclosures in the “Investor Relations” section of our website, www.thomsonreuters.com, as well as in our filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
Non-IFRS Financial Measures
- We also use certain non-IFRS financial measures, such as Adjusted EBITDA, underlying operating profit and the related margins and adjusted EPS. These measures exclude our $3.0 billion goodwill impairment charge incurred in the fourth quarter of 2011. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in this annual report and our 2011 annual MD&A. We use these non-IFRS financial measures as supplemental indicators of our operating performance and financial position. These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.
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CONSOLIDATED INCOME STATEMENT
In Millions of U.S. DollarsTwelve Months ended December 31, 2011 2010 Revenues $ 13,807 $ 13,070 Operating Expenses (9,997) (10,061) Depreciation (438) (457) Amortization of Computer Software (659) (572) Amortization of Other Identifiable Intangible Assets (612) (545) Goodwill Impairment (3,010) - Other Operating Gains (Losses), Net 204 (16) Operating (Loss) Profit (705) 1,419 Finance Costs, Net: Net Interest Expense (396) (383) Other Finance (Costs) Income (15) 28 (Loss) Income Before Tax and Equity Method Investees (1,116) 1,064 Share of Post Tax Earnings in Equity Method Investees 13 8 Tax Expense (293) (139) (Loss) Earnings from Continuing Operations (1,396) 933 Earnings from Discontinued Operations, Net of Tax 4 – Net (Loss) Earnings (1,392) 933 (Loss) Earnings Attributable to: Common Shareholders (1,390) 909 Non-Controlling Interests (2) 24 (Loss) Earnings Per Share Basic (Loss) Earnings Per Share: From Continuing Operations $ (1.68) $ 1.09 From Discontinued Operations 0.01 - Basic (Loss) Earnings Per Share $ (1.67) $ 1.09 Diluted (Loss) Earnings Per Share: From Continuing Operations $ (1.68) $ 1.08 From Discontinued Operations 0.01 - Diluted (Loss) Earnings Per Share $ (1.67) $ 1.08 CloseDisclaimer
Summary Financial Information
- This document includes summary financial information and should not be considered a substitute for our full financial statements, including footnotes, management/auditors’ reports, and related management’s discussion and analysis (MD&A). You can access our 2011 audited financial statements, MD&A and other annual disclosures in the “Investor Relations” section of our website, www.thomsonreuters.com, as well as in our filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
Non-IFRS Financial Measures
- We also use certain non-IFRS financial measures, such as Adjusted EBITDA, underlying operating profit and the related margins and adjusted EPS. These measures exclude our $3.0 billion goodwill impairment charge incurred in the fourth quarter of 2011. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in this annual report and our 2011 annual MD&A. We use these non-IFRS financial measures as supplemental indicators of our operating performance and financial position. These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
In Millions of U.S. DollarsTwelve Months ended December 31, Assets 2011 2010 Cash and Cash Equivalents $ 422 $ 864 Trade and Other Receivables 1,984 1,809 Other Financial Assets 100 74 Prepaid Expenses and Other Current Assets 641 912 Current Assets Excluding Assets Held for Sale 3,147 3,659 Assets Held for Sale 767 – Current Assets 3,914 3,659 Computer Hardware and Other Property, Net 1,509 1,567 Computer Software, Net 1,640 1,613 Other Identifiable Intangible Assets, Net 8,471 8,714 Goodwill 15,932 18,892 Other Financial Assets 425 460 Other Non-Current Assets 535 558 Deferred Tax 50 68 Total Assets $ 32,476 $ 35,531 Liabilities and Equity Liabilities Current Indebtedness $ 434 $ 645 Payables, Accruals and Provisions 2,675 2,924 Deferred Revenue 1,379 1,300 Other Financial Liabilities 81 142 Current Liabilities Excluding Liabilities
Associated with Assets Held for Sale4,569 5,011 Liabilities Associated with Assets Held for Sale 35 - Current Liabilities 4,604 5,011 Long-Term Indebtedness 7,160 6,873 Provisions and Other Non-Current Liabilities 2,513 2,217 Other Financial Liabilities 27 71 Deferred Tax 1,422 1,684 Total Liabilities $ 15,726 $ 15,856 Equity Capital 10,288 10,284 Retained Earnings 7,633 10,518 Accumulated Other Comprehensive Loss (1,516) (1,480) Total Shareholders’ Equity 16,405 19,322 Non-Controlling Interests 345 353 Total Equity 16,750 19,675 Total Liabilities and Equity $ 32,476 $ 35,531 CloseDisclaimer
Summary Financial Information
- This document includes summary financial information and should not be considered a substitute for our full financial statements, including footnotes, management/auditors’ reports, and related management’s discussion and analysis (MD&A). You can access our 2011 audited financial statements, MD&A and other annual disclosures in the “Investor Relations” section of our website, www.thomsonreuters.com, as well as in our filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
Non-IFRS Financial Measures
- We also use certain non-IFRS financial measures, such as Adjusted EBITDA, underlying operating profit and the related margins and adjusted EPS. These measures exclude our $3.0 billion goodwill impairment charge incurred in the fourth quarter of 2011. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in this annual report and our 2011 annual MD&A. We use these non-IFRS financial measures as supplemental indicators of our operating performance and financial position. These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.
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CONSOLIDATED STATEMENT OF CASH FLOW
In Millions of U.S. DollarsTwelve Months ended December 31, Cash Provided By (Used In): 2011 2010 Operating Activities Net (Loss) Earnings $ (1,392) $ 933 Adjustments for: Depreciation 438 457 Amortization of Computer Software 659 572 Amortization of Other Identifiable Intangible Assets 612 545 Goodwill Impairment 3,010 – Net Gains on Disposals of Business and Investments (388) (26) Deferred Tax (202) (205) Other 139 440 Changes in Working Capital and Other Items (279) (38) Operating Cash Flows from Continuing Operations 2,597 2,678 Operating Cash Flows from Discontinued Operations – (6) Net Cash Provided by Operating Activities $ 2,597 $ 2,672 Investing Activities Acquisitions, Net of Cash Acquired (1,286) (612) Proceeds from Other Disposals, Net of Taxes Paid 415 26 Capital Expenditures, Less Proceeds from Disposals (1,041) (1,114) Other Investing Activities 49 8 Investing Cash Flows from Continuing Operations (1,863) (1,692) Investing Cash Flows from Discontinued Operations 56 – Net Cash Used in Investing Activities $ (1,807) $ (1,692) Financing Activities Proceeds from Debt 349 1,367 Repayments of Debt (648) (1,683) Net Borrowings Under Short-Term Loan Facilities 400 5 Repurchases of Common Shares (326) – Dividends Paid on Preference Shares (3) (3) Dividends Paid on Common Shares (960) (898) Other Financing Activities (39) (7) Net Cash Used in Financing Activities (1,227) (1,219) Translation Adjustments on Cash and Cash Equivalents (5) (8) Decrease in Cash and Cash Equivalents (442) (247) Cash and Cash Equivalents at Beginning of Period 864 1,111 Cash and Cash Equivalents at End of Period $ 422 $ 864 CloseDisclaimer
Summary Financial Information
- This document includes summary financial information and should not be considered a substitute for our full financial statements, including footnotes, management/auditors’ reports, and related management’s discussion and analysis (MD&A). You can access our 2011 audited financial statements, MD&A and other annual disclosures in the “Investor Relations” section of our website, www.thomsonreuters.com, as well as in our filings with the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission.
Non-IFRS Financial Measures
- We also use certain non-IFRS financial measures, such as Adjusted EBITDA, underlying operating profit and the related margins and adjusted EPS. These measures exclude our $3.0 billion goodwill impairment charge incurred in the fourth quarter of 2011. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in this annual report and our 2011 annual MD&A. We use these non-IFRS financial measures as supplemental indicators of our operating performance and financial position. These measures do not have any standardized meaning prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS.