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Irday05 Presentation Irday05 Presentation Presentation Transcript

  • Investor day 16th November 2005
  • Investor day David Levin CEO 16th November 2005
  • Agenda
    • Introduction
    • CMP Asia
    • Coffee
    • CMP Media
    • Balance Sheet
    • Conclusion and Q&A
    • David Levin
    • Peter Sutton
    • Steve Weitzner
    • Nigel Wilson
    • David Levin
  • UBM Today
    • UBM is now a simplified, focused company
      • CMP
      • PRNewswire
    • £750 million assets sold over the last year
    • Invested £100 million in new assets
  • UBM Strategy
    • Connect buyers and sellers through events, print and online
    • Build leading positions in chosen sectors and verticals
    • Continue focus on strong financial returns
  • UBM Connects Buyers and Sellers… Sellers Buyers
    • Online
    • Banners & sponsorship
    • E-mail newsletters
    • Webinars
    • Paid search
    • PRN
    • News distribution
    • Print
    • Controlled circulation magazines
    • Display
    • Classified
    • Directories
    • Listing
    • Subscriptions
    • Events
    • Exhibitions
    • Conferences
    • Training
  • UBM Top 7 Sectors exceed 90% of revenue *2004 Proforma revenue Asia Pacific Leather Fair, HK Jewellery Fair 50 Fashion Cosmoprof Asia, Guitar Player, Private Villas, Miami Cruise 107 Lifestyle PR Newswire 170 News distribution Interiors Show, Marintec China, Intermach, Asian Paper,Tissue World 102 Other Chemical & Food ingredients shows 40 Ingredients ABI, Builder, Barbour Index, IFSEC 118 Built Environment Consultant, Oncology, Diagnostic Imaging, US Psychiatric & Mental Health Congress, Vidal 275 Healthcare Information Week, TechWeb.com, Game Developer, Embedded Systems Conference, CRN, VARBusiness, EE Times 315 Technology Key Brands Revenue* US$m Sector
  • Build Leading Positions
    • Organic business development
    • Acquisitions & JVs that build advantage
    • Operational efficiencies
  • Current Distribution of Revenue 8% 3% 12% 28% 27% 20% 60% 64% 70% 68% 40% 100% UK Continental Europe CMP US Asia / Pacific PRN Source: 2004 proforma Underlying growth 03/04 PRN: 10% CMP Asia: 10% CMPi: 3% CMP: - UBM proforma revenue Print 57% PRN 14% Events 23% Online 6% 24% 16% 33% 11% 15% 100% Online Events Print News
  • Rebalancing the portfolio Q1 Q2 to date 1.4 6.8 41 -36 10 23.5 -45 -35 -25 -15 -5 5 15 25 35 45 Tissue World The Publican France Presse Exchange & Mart Informex Barshow ICMI Light Reading Techonline ABI 2004 Turnover £m
  • Build Leading Positions - Events
    • One team : multiple shows
    • CMPAsia/CMPi
    • One team : multiple shows
    • CMPAsia/CMPi
    Operational Efficiencies
    • Informex, US
    Acquisitions
    • Growing Interiors Show
    • Launched London Interiors
    • Growing Furniture China
    • Launched SHEDS - Property Week Show
    • Launched Building Services Event
    • Growing CPhI
    • Launched CPhI China, CPhI Japan
    • Growing Food Ingredients Europe
    • Launched Fi Central & Eastern Europe, Fi Asia
    Organic development Built Environment Sector Ingredients Sector
  • Build Leading Positions - Print
    • Integrated acquisitions into CMP
    • Merged back office services
    • Rationalised property
    Operational Efficiencies
    • France Presse
    • The Publican
    Acquisitions
    • InformationWeek China
    • EE Times Japan
    • InformationWeek
    • Property Week
    • Pulse
    Organic development New titles launched 05 Titles refreshed/acquired 05
  • Build Leading Positions - Online
    • Embedded online learning across websites
    • Integration of new acquired talent into CMP
    • Back office savings
    Operational Efficiencies
    • TechOnLine.com
    • LightReading.com
    • ABI
    • CyberMedia (JV India)
    Acquisitions/JVs
    • Launch of TV News Show on TechWeb, networkcomputing & informationweek.com
    • Launch of MultiVu (broadcast pr) & MediaAtlas (media database mgt) in news distribution
    • PRN created customer portal
    • Implemented lead generation model in TechWeb
    Organic development
  • Emerging markets strategy
    • Opportunities for PRN & CMP in BRIC countries over time
    • Business development team in Hong Kong
    • UBM office opening in Mumbai
    • PRN – All 25 Nasdaq-listed companies in China are clients
    • Focus on steady flow of small development deals
    • Successful JV track record
  • Strong financial returns UK GAAP DPS EPS 2002 2003 2004 2002 2003 2004
  • CMP Asia Management
    • Peter Sutton – CEO CMP Asia
      • 2004 turnover $80m; operating profit $25m
      • CEO since 2000
      • Exceptional track record of business success in Asia
      • Consistently strong revenue and profit growth
  • Investor day Peter Sutton CEO CMP Asia 16th November 2005
    • Number of staff: 4 55 ; Offices: Hong Kong, Beijing, Guangzhou, Shanghai, Tokyo, Seoul, Singapore, Taipei, Bangkok;
    • Number of exhibitions: 79; Number of publications: 1 8 ;
    • Number of exhibitors: 15,324 ; Number of visitors: 818,398
    CMP Asia: The business today By Country / Region By Sector Exhibitions: 85 % Publishing: 15 % Leather & Fashion
  • Industries served by CMP Asia today
    • Cruise & Shipping
    • Industrial technology
    • Building & Ceramics
    • Food & Pharmaceutical Ingredients
    • Paper
    • Aquatic
    • Jewellery
    • Leather & Fashion
    • Beauty & Natural Health
    • Furniture & Interiors
    Our media serving these industries account for over 75% of CMP Asia’s revenues.
  • B2B media for the four industries in Asia Many small publications and exhibitions, but large exhibitions clearly the preferred marketplace today Estimated annual revenues: US$320m Total B2B media for the four industries served: Exhibitions: 195 Publications: 140 Dedicated commercial websites: 48 Publications CMP Asia: Revenue by type of media CMP Asia has 20% total media market share and 30% share of exhibitions serving these four industries. Exhibitions Online Publications Exhibitions Online
  • CMP Asia: Connecting buyers and sellers
    • The four industries share these characteristics:  
      • B2B trade of consumer products
      • Fashion driven, frequent new designs, high product turnover
      • Many buyers and sellers at different stages of production
      • Global trading, mostly out of Asia today
    • They depend heavily on frequent large trade fairs as key marketplaces where real trading occurs:
      • Many orders are placed during the fair
      • Multiple layers of buyers and sellers
      • Many small and medium sized companies attend
      • New products and designs on display
  • CMP Asia: Creating the marketplaces for each business community
    • The heart of CMP Asia today is to create the big marketplaces that attract thousands of key sellers and buyers to do business
  • CMP Asia: Creating the marketplaces for each business community
    • Total customer base for the four groups: 
    • Over 11,500 exhibitors, bringing 80,000 personnel, from over 60 countries/regions
    • Over 530,000 visitors, from over 130 countries/regions
    We know them all - and mostly what they buy and/or sell
  • Total visitors to the major HK fairs Hong Kong China Asia/N Zealand/ Australia Europe/America/ Africa
  • Multiple layers of buyers and sellers do business at one fair Gems Pearls Diamonds Technology Traders Traders Traders Jewellery manufacturers Jewellery manufacturers Jewellery wholesale & retail exhibitors visitors sell / buy Packaging Technology
  • CMP Asia: The Jewellery Group
    • Exhibitions
    • The main event: Hong Kong Jewellery & Watch Fair, September, 60,000 sqm; exhibitors: 2,000; visitors: 40,000 (50% from outside HK)
      • June Hong Kong Jewellery & Watch Fair
      • Asia’s Fashion Jewellery & Accessories Fair, June, Hong Kong
      • Asia’s Fashion Jewellery & Accessories Fair, September, Hong Kong
      • China International Gold, Jewellery & Gem Fair, Shenzhen
      • China International Gold, Jewellery & Gem Fair, Guangzhou
      • China International Gold, Jewellery & Gem Fair, Shanghai
      • Japan Jewellery Fair, Tokyo
    • Publications
      • Jewellery News Asia, Hong Kong
      • Jewellery News Asia – Chinese Edition, Hong Kong
      • Four Seasons of Jewellery, Tokyo
    • Asia’s biggest jewellery fair and publication give mutual sales and promotion exclusivity
    CMP Asia: Media Market Focus
    • Exhibitions
    • The main events : Asia Pacific Leather Fair, Hong Kong, March:
      • Materials, Manufacturing & Technology
      • Fashion Access
    • 43,000 sqm; 2,600 exhibitors; 45,000 visitors (53% from outside HK)
      • Fashion Access, October, Hong Kong
      • All China Leather Exhibition, Shanghai
      • China International Footwear Fair, Shanghai
      • Moda Shanghai
    CMP Asia: The Leather & Fashion Group
    • Exhibitions
    • The main event : Cosmoprof Asia, Hong Kong, November, 40,000 sqm; over 1,000 exhibitors; 40,000 visitors (45% from outside HK)
      • The Natural Health Fair, Hong Kong
    • The main event : Tokyo Health Industry Show, Tokyo March, 26,000 sqm; 510 exhibitors; 46,000 visitors
      • Diet & Beauty Fair, Tokyo
    • Publications
      • The Health Industry News, Tokyo
      • Diet & Beauty, Tokyo
    CMP Asia: The Beauty & Natural Health Group
  • CMP Asia: Media Market Focus Biggest fair and publication are organised by one management team Natural Health Group in Japan:
  • CMP Asia: Furniture & Interiors Group
    • Exhibitions
    • The main event : Furniture China, Shanghai
    • September, 108,000 sqm; 1,420 exhibitors; 60,000 visitors (14% from outside China)
      • Furnishings, Fabrics & Lighting China, Shanghai
      • Furniture Manufacturing & Supply China, Shanghai
      • Office Furniture China, Shanghai
      • Home – Fashion & Design, Shanghai
      • Hotelex, Shanghai
      • Hotelex, Beijing
      • Hotelex, Guangzhou
    • Publications
      • China Furniture
    • Furniture China
    • Hotelex
    • Food Ingredients
    • Pharmaceutical Ingredients
    CMP Sinoexpo: A leading fair organiser in China
    • Joint venture established in 1998
    • Headquarters in Shanghai, with offices in Beijing and Guangzhou
    • 21 exhibitions held every year, organised by 93 staff
    • Most exhibitions are held in Shanghai
    • Co-organisers include leading trade associations
    • Objective to build large must-attend events
    • Ideally to serve both foreign and domestic trade
    • Expo Build China
    • Ceramics China
    • China International Boat Show
    Key exhibitions
  • CMP Asia: Key principles of operation
    • Maintain high quality events through continuous review and innovation
    • Search for new media and new markets through acquisitions
    • Launch new products, mostly extensions into related markets
    • Build strong positions in mainland China
    • Strengthen our position in India
    • Develop further on-line media products
    • Be market focused: Provide the media our customers need
  • Investor day Coffee break 16th November 2005
  • Investor day CMP Media 16th November 2005
  • CMP Media Management
    • Steve Weitzner – CEO CMP Media
      • 2004 turnover $400m; operating profit $50m
      • CEO since 2005
      • Accelerated move to online, webcasting & custom publishing
      • Identified and integrated acquisitions
      • Turned around performance of electronics business
  • Investor day Steve Weitzner President and CEO CMP Media 16th November 2005
  • CMP Media Strategy
    • Connect buyers and sellers through events, print and online
    • Deepen our relationship with our customers: audiences and marketers
    • Diversify product mix through internal development and acquisition
  • Connecting buyers and sellers through market leading print, events and online channels
    • 150 B2B Publications Worldwide
      • 42 U.S. Owned
      • 106 Worldwide Represented or Owned
    • 5.4 Million Subscribers
    • 160+ Websites Worldwide
    • 2.8 Million U.S. Email Newsletter Subscribers
    • 325 eSeminars per year
    • 200+ Events Worldwide
      • Forums
      • Conferences
      • Expos
      • Roundtables
    Print Online Events
  • Connecting sellers to target audiences: over 5 million across a range of markets Enterprise & IT Management IT Solution Providers / Value-Added Resellers Electronic Systems Design & Management Software Developers Call Center Management Educators & MIS/IS/IT in Education Game Developers & Industry Professionals Healthcare Practitioners & Specialists Music Pros & Enthusiasts
      • Microsoft
      • Oracle
      • SAP
      • Component Manufacturers
      • Intel
      • Texas Instruments
    • Symantec
    • Business Objects
    • CA
    CMP Applied Technologies Group CMP Enterprise Group CMP Channel Group CMP Electronics And Software Group CMP Healthcare Group CMP Entertainment Group
    • Pfizer
    • GSK
    • Siemens
    • Merck
    • Novartis
    • GE
    • Fender
    • Crate
    • Yamaha
    • Roland
    Technology
      • Software Companies
    Health- care Lifestyles Sellers Buyers Big Pharma Music Cos . Cruise Operators Health & Beauty Product Developers CMP Princeton Group Sea trade .
    • Seaports
    • Shipbuilders
    • Equipment
    • Food
    • Packaging
    • Design
    • Ingredients
    • Marketing
    Beauty development . Hardware Manufacturers
    • HP
    • Dell
    • Sony
    • Cisco
    • Sun
    • IBM
  • B2B Technology = 68% Revenue Online and Events Revenue Increasing as Share of Total CMP Revenue by Market (1H05) CMP Revenue by Media Channel (%)
  • Builders, Sellers and Users of Technology Networks Software Electronics Channel Enterprise Communications
  • Paths to profitable growth
      • Build new revenue streams, leverage leading positions
      • Use online to broaden and deepen audience relationships
      • Continue to launch new products and weed out weak
      • Deliver custom solutions
      • Acquire online and events companies that broaden our audience reach or product capabilities
  • 1. Lead Generation & Sales Generation 2. DB Marketing & Analytics 6. Vertical industry/technology media offerings Strengthen our leading positions by building out new revenue streams Leveraging InformationWeek Brand and Audience 4. Greatly Expanded Events Business 5. Technology training service 3. Accelerate Online Magazine 500,000 E-Newsletters 367,000 Online 562,000 Global 300,000 Live & Online Events 40,000
  • Online growing rapidly 23.5% CAGR Webcasts (# of events)
  • Online strategy: refine and diversify content delivery, add value to audience database
    • Content Repository allows reuse of content across CMP websites
      • Intelligent content targeting
    • Common Audience Registration System
      • Users identification / tracking
      • Merge data from event & print lists
      • Supports specialized content offerings and DB marketing
    • Added capabilities
      • Audience marketing
      • DB marketing
      • Lead generation
    InformationWeek CRN EE Times Dr. Dobb’s Network Computing etc. Conferences Webcasts Print Subscriptions Net Seminars Supplements Training Common Content Repository Common Audience Registration
  • The News Show – launched 6/05
    • First daily B2B tv show on the Web produced for technology professionals
    • Experienced tech editors from InformationWeek, Network Computing and TechWeb
      • Remote reporting via laptops, any location
    • Information, education and entertainment
    • Unique advertising opportunities
  • Small Business Portal – 1Q06 launch
    • CMP Smart Solutions SMB Portal
    • Target: Firms with 1-100 employees
      • Educational tools
      • Help with technology implementation
    • Over 7.5m small businesses in US
      • Expected to grow at 7% 1 in coming years versus 3% for large businesses
    • Starting with audience of 300,000 already in database
      • 1 Cisco Systems, Press release, August 15, 2005
  • Online acquisitions: adding audiences and business models Content Marketing Free Websites Paid Research Conferences Webinars Tradeshows
    • Entry to communications technology vertical
    • Web-centric platform drives high-margin businesses like research and small events
    • CMP websites remodelled at Light Reading
    • New online businesses: engage audience with education and product evaluation
    • Strengthens electronics group with new functionality and worldwide audience of 355,000 engineers
    eLearning Communities Product Evaluation
  • Customization: meets demands for targeted audiences and breakthrough messaging Revenue Growth 2002-2004 CMP Custom Unit
    • Enables customer to:
      • Solidify brand identity
      • Create dialogue to predict future needs
      • Create a feedback mechanism
      • Motivate buyers to take action
      • Collapse buying process cycle
      • Increase brand loyalty and likelihood of repurchase
    • Provides range of customized traditional and new-media solution
    0 2 4 6 8 10 12 14 16 18 2002 2003 2004 $M
  • Contract Publishing : Microsoft
    • Microsoft and CMP Media publications
      • TechNet
        • Launched Fall 04
        • 100,000 circulation
        • Audience: IT/Network Technology Leadership (including IT Manager/Director, Systems Administrator/Manager, CTO/CTO/CSO), IT Solutions Technical Expert/Staff (including Infrastructure Architect, Developer, Solutions Architect) Corporate Business Management (including CEO, President, CFO)
      • msdn
        • 75,378 circulation
        • Audience: advanced-level application developers, Web developers, and developer managers who perform pivotal functions such as software development, design and analysis.
  • Custom Websites : Building communities for our customers CMP exploits advantages to create custom programs for its key customers. Sites feature editorial from across CMP’s editorial groups And draw on audiences from across technology spectrum
    • IBM’s objectives:
      • Increase awareness among mid-market companies
      • Build preference for IBM's Express products via breakthrough messaging opportunities
    Intel and partners objectives: build a community with leading ISVs to provide a comprehensive set of software tools, services, architecture specifications and training programs to help design better mobile software.
  • Buyer Connection Program leverages relationship with our audiences Webcasts Live Events White Papers Microsites Lead Generation “Events”
    • Basic access to qualified buyers
    • Fast return, easy-to-execute
    • Low cost per lead
    Lead Express
    • Greater level of buyer detail
    • Multiple campaign elements
    • Lead info supplemented with behavioral and demo data
    Lead Optimizer
    • High-end lead program
    • Comprehensive detail
    • Completely customizable
    • Assesses “time with brand”
    Lead Nurture
    • Connects vendors with tech buyers interested in their products and services
    • Guarantees qualified buyers at small, medium, large companies
    • Depth of information about technology buyers unique to CMP Media
  • CMP–CyberMedia Joint Venture
    • Global media portfolio on worldwide services
      • Publication and website – January 2006
      • New York City Event – February 2006
    • JV with CyberMedia, India’s largest IT publisher
      • Cybermedia contributes content, sales to Indian customers
      • CMP contributes audience development in U.S. and Europe, content, events management
    • Leverages CMP’s relationship with existing audience against a new set of sellers
    • North American BPO market to grow to $110 billion by 2009 (Gartner Dataquest)
    www.globalservicesmedia.com
  • CMP Media - Conclusions
    • Our business is connecting sellers with buyers
    • Growth is driven by adding audience and diversifying our product mix
    • Customization supports breakthrough messaging to targeted audiences
    Broad Online Websites Trade Shows Industry Publications Newsletters Conferences/Seminars Corporate Publications Custom Sites NetSeminars Road shows/XChange events Buyer/Seller Encounters Lead Nurture Microsites Vertical Publications Decreasing volume, increasing qualification
  • Investor day Nigel Wilson CFO Balance Sheet Simplification, Transparency and Shareholder Value Creation 16th November 2005
  • Creating value though using our balance sheet strength
    • 1. We have taken a number of actions which have simplified our P&L and balance sheet, these include £730 million of disposals, £100 million of acquisitions, £500 million of buybacks and reduction of the tax creditor by £100 million
    • 2. These actions have helped to increase our share price – however we still retain a very strong balance sheet with positive net cash of around £250 million
    • 3. We remain committed to further transparent shareholder value enhancing transactions
    • - retain our commitment to our acquisition financial criteria
    • - continued emphasis on cash conversion
    • - reduce pension and tax liability – increase transparency
    • - dispose of assets where value is created
    • - continue to return funds where appropriate
  • Acquisitions, Disposals & Financial Transactions Acquisitions in '05 £M France Presse 24 The Publican 21 Light Reading 15 Informex 13 ABI 12 Other 13 98 734 23 SIS 31 SDN 50 E&M/Auto Exchange 247 Five 383 NOP £M Disposals in '05 488 (32) Granada Settlement (100) Reduction in Tax creditor 15 Purchase of Ordinary Shares 84 Bond Buyback 89 Convertible Buyback 300 Special dividend £M Financial Transactions '05
  • Share Price Performance - Last 12 months GBp (Rebased to UBM) Share Price UBM Sector FTSE Last 3 months 2.0% (2.2%) 2.1% Last 6 months 15.5% 1.2% 12.4% Last 12 months 18.2% 3.3% 16.3% Last 3 years 123.5% 23.8% 41.9 % Last 5 years (34.9%) (49.6%) (11.1 %) Market Overview UBM FTSE 350 Media and Entertainment FTSE All Share High: 570p Average: 523p Low: 467p 400 450 500 550 600 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05 28-Jan-05 NOP strategic review announced 27-Jul-05 Interim results and strategy presentation 18-Aug-05 Acquisition of Light Reading, Informex and TechOnline for $57m 20-Jul-05 Sale of stake in Channel 5 announced for £248m 16-Dec-04 David Levin named CEO (from April 2005) 21-Jun-05 Share consolidation and special dividend 25-Feb-05 FY2005 results announced with 24.5% increase in underlying operating profits 15-Apr-05 NOP sale announced for £383m 16-Sep-05 Exchange & Mart sale announced for £50.25m 400 450 500 550 600 Nov-04 Jan-05 Mar-05 May-05 Jul-05 Sep-05 Nov-05
  • Market Overview Summary of Current Analyst Sentiment Historical Broker Recommendations Current Broker Recommendations 19 19 20 20 19 19 21 19 20 20 21 21 Share Price (p) No of Brokers Sell Hold Buy # of Brokers UBM Share Price (p) Target Price (p)
  • Acquisitions: Disciplined approach maintained
    • Financial criteria remain consistent.
    • 1. 8% post tax ROCE
    • 2. Benchmarked against capital return.
    • Business criteria remain consistent
    • 1. Exhibitions that complement our existing portfolio.
    • 2. Rich content that deepens our customer and product offering in specific verticals.
    • Online that allows us to have a product offering more cost effectively than build.
    • Experienced integration teams with pre
    • agreed financial metrics
    * Note: we report actual financial returns achieved, e.g. ’03 acquisitions produced pre tax returns of 13% in 2004 (p 14) B2B Acquisitions 2002-2005 £m
  • Cash conversion: 116% average over 3 years 140.2 91.0 13.8 (10.9) 23.2 64.9 2002 118.6 117.9 0.1 (6.9) 25.3 99.4 2003 61.4 12.9 Depreciation 116.0 102.3 Cash conversion (%) 344.2 135.3 Operating cash inflow 12.5 (1.4) Working Capital/other (26.3) (8.5) CapEx 296.0 132.3 Operating profit Total 2004 £ million
  • Improving transparency of pensions
    • Pensions analysis is complicated by the myriad of measures (MFR, Funding, IAS19, Buyout), however the assets are known (around £360 million) and the cash flow of the liabilities can be calculated
    • FRS17/IAS19 does not necessarily provide either an adequate measure of the financial condition of the pension fund nor an appropriate measure of the cash position
    • The deficit/surplus of our 3 main defined benefit pension funds depends critically on the discount rate chosen, and also the mortality assumption. (Note FRS17 aggregate deficit was estimated to be approx £80m at end 2004)
    • We have made around £12 million of additional contributions in 2005; a further £8 million is planned by year end
  •  
  •  
  •  
  • Tax: Active management key to value creation
    • 1. We have an accounting tax charge of 20%, however our cash paid in ‘03, ‘04 and H1’05 was as follows:
    • In ’05 we purchased £120 million of five’s tax losses for £16 million (£3.1million in H1 ’05) – this will help to reduce the tax cash outflow in future years
    • 3. At Dec ’03 our tax creditor was £308.5 million (p 58AR). At Dec ’04 it was £208.0 million – a reduction of £100.5 million
    • 4. In ’03 Annual Report we said “We do not expect the cash outflow in 2004 in respect of this creditor to exceed £15 million” (p 20AR) – actual outflow was £0.3 million
    • 5. In our ‘04 Annual Report we said “We do not expect the cash outflow in 2005 in respect of this creditor to exceed £20 million” (p 14AR) – actual outflow in H1 was £2.1 million. In addition we have spent a further £13 million in respect of Five losses in H2
    2003 2004 H1 2005 TAX Payments (4.5) (9.7) (5.3) Refunds/Settlements 12.9 (0.3) (2.1) Total 8.4 (10.0) (7.4)
  • Return of cash to shareholders
    • 1. We have increased our dividend per share from 7p in ’02, to 9p in ’03, to 12p in ’04 – a 71% increase in 2 years
    • At the beginning of ’05 we had 335 million ordinary shares and 47.8 million convertible bond shares, in total 382.8 million
      • special dividend of £300 million reduced ordinary shares by 60 million
      • other repurchases reduced ordinary shares by around 3 million
      • convertible repurchases reduced shares by around 19 million
    • 3. As of today we have around 300 million shares (fully diluted) – cancelled shares and bonds
  • Conclusion
    • We remain committed to further transparent shareholder value enhancing transactions
      • retain our commitment to our acquisition financial criteria
      • continued emphasis on cash conversion
      • reduce pension and tax liability – increase transparency
      • dispose of assets where value is created
      • continue to return funds where appropriate
  • Investor day David Levin CEO Conclusions 16th November 2005
  • Summary
    • UBM today is a focused business
    • TSR is one of our management metrics
    • We’re building leading positions
    • We’re investing in growth
    • Our acquisition criteria are strictly disciplined
  • Investor day David Levin CEO Q&A 16th November 2005
  • Investor day 16th November 2005
  • Appendix 1 CMP Asia
  • A sian trade fair market by estimated revenue Estimated Average No. of Events revenue in US$M revenue per fair China 555 623 1.1 Japan 476 593 1.2 Hong Kong 56 191 3.4 Korea 141 142 1.0 India 130 68 0.5 Taiwan 47 63 1.3 Singapore 53 55 1.0 Thailand 65 43 0.7 Indonesia 56 30 0.5 Malaysia 41 28 0.7 Philippines 62 25 0.4 Pakistan 17 10 0.6 Vietnam 48 8 0.2 TOTAL 1,747 1,885 1.1 Source: BSG Research, UFI, July 2005 2004
  • Top 10 organisers in Asia by area sold Revenue Ranking Regional Organiser Position HQ 1 China Foreign Trade Centre Group 1 Guangzhou 2 Hong Kong Trade Development Council 2 Hong Kong 3 CMP Asia 3 Hong Kong 4 China Council for the Promotion of Int’l Trade 7 Beijing 5 Reed Exhibitions 4 Singapore/Beijing 6 Allworld Exhibition – Asia 5 Various 7 Dongguan Famous Furniture Association 11 Dongguan 8 TAITRA 9 Taipei 9 Japan Management Association 6 Tokyo 10 Messe Frankfurt 10 Hong Kong Source: BSG Research, UFI, July 2005 2004
  • Appendix 2 CMP Media
  • Expert insight and targeted access to a diverse audience of more than 5 million Technology Focused Enterprise & IT Management Over 1 million IT & corporate management professionals IT solution providers / Value-Added Resellers Over 300,000 IT solution providers (“the Channel”) across the US and Canada Developers of Electronics Systems Over 200,000 engineers, technical and OEM/EMS managers, across the electronics industries Software Developers Over 500,000 software developers & managers of the applications development process Call Center Management & Support Over 100,000 executives and professionals covering all facets of call center operations Educators & MIS/IS/IT Management in Education Over 150,000 educators and managers, both at district and school level Game Developers & Industry Professionals Over 100,000 subscribers and attendees, reaching 75% of global game developer community Entertainment Technologists Over 200,000 qualified subscribers with interests in audio, video, systems and education Healthcare Practitioners & Specialists More than 1 million physicians, nurse practitioner, clinicians, researchers, and other healthcare specialists Music Professionals & Enthusiasts More than 300,000 musicians, composers, instructors, producers & other professionals and enthusiasts Cruise Shipping Operators 10,000 cruise line owners and operations from over 100 countries, through our industry leading event Health & Beauty Product Developers 20,000 health & beauty professionals in over 60 countries, through HBA event and awards
  • Audience database: share richer understanding of audience with our customers CMP Media Audience Registration Database (CORE) Online Performance Online Registration F2F Events Research WebCasts Print Newsletters Partner Data Data Products CMP Audience Database Support
    • Analytics & Modeling
    • Custom Data Solutions
    • Data Licensing
    • List Rental
    • Overall Audience Growth
  • Leading technology companies demand global capabilities to reach high growth markets
    • 23% of Intel’s 2004 revenue from ‘Americas’ 1; 45% from ‘Asia Pacific’
    • U.S. consumes only 34.4% of IT products & services among top 11 countries ranked by spend 2
    • Media & Entertainment spend in China projected to rise 25% annually to 2010 3
    • Cisco to invest $1 billion in India over next 3 years 4
    • Analyst Estimates of IT Spend 6
      • North America:
        • +7% CAGR 2005-7, Forrester
        • + 5.4% from 2005, CIO Magazine Poll
        • +5.9% CAGR 2006-8, IDC
      • Asia Pacific (excluding Japan)
        • +7.1% CAGR through 2008, Gartner
        • +10%, IDC
      • China -- +15%, IDC
      • India -- +22%, IDC
    ( 1) Intel Corporation 2004 Annual Report, (2) IDC, (3) Price Waterhouse Coopers (4) Cisco Systems Press Release, October 19, 2005 (5) Donn Atkins, IBM General Manager of Global Business Partners (6) 2005 IT Spending Consensus Report , Analyst Views (Mar 2005)
  • Worldwide Integrated Marketing: HP
    • HP Marketing Challenge: Reach out to HP customers and partners around the world, to evangelize HP’s SMB initiatives and relevant products. Editorially, CMP expands on HP’s four core “identifiers” for the SMB market.
    • CMP Solution: Localized and Regionalized content written, by country, and by audience, to HP’s target of IT end users, channel and verticals. Content localized to fit the unique local needs of HP customers around the world.
    • Media Implementation: 4 part, 6-Month Integrated Media Series, 8 countries 22 Publications. Media inclusive of print inserts, 6 global microsites, three white papers.
    Based upon success of ’03 Program, HP increases scale and scope of ’04 Program and repeats in ‘05