Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | RELX PLC |
Entity Central Index Key | 0000929869 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Large Accelerated Filer |
Entity Common Stock, Shares Outstanding | 1,909,526,620 |
Entity Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Entity Shell Company | false |
Entity Interactive Data Current | Yes |
Entity File Number | 1-13334 |
Entity Incorporation, State or Country Code | X0 |
Entity Address, Address Line One | 1-3 Strand |
Entity Address, City or Town | London |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | WC2N 5JR |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Registration Statement | false |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 1438 |
Auditor Name | Ernst & Young LLP |
Auditor Location | London, United Kingdom |
Business Contact | |
Document Information | |
Entity Address, Address Line One | Company Secretary |
Entity Address, City or Town | London |
Entity Address, Country | GB |
Entity Address, Postal Zip Code | WC2N 5JR |
Contact Personnel Name | Henry Udow |
Entity Address, Address Line Two | RELX PLC |
Entity Address, Address Line Three | 1-3 Strand |
Contact Personnel Fax Number | +44 20 7166 5500 |
Contact Personnel Email Address | henry.udow@relx.com |
American Depositary Shares | |
Document Information | |
Title of 12(b) Security | American Depositary Shares(each representing one RELX PLC ordinary share) |
Security Exchange Name | NYSE |
Trading Symbol | RELX |
Ordinary shares | |
Document Information | |
Title of 12(b) Security | Ordinary shares of 14 51/116p each(the “RELX PLC ordinary shares”) |
Security Exchange Name | NYSE |
No Trading Symbol Flag | true |
3.500% Guaranteed Notes due 2023 | |
Document Information | |
Title of 12(b) Security | 3.500% Guaranteed Notes due 2023 |
Security Exchange Name | NYSE |
Trading Symbol | RELX/23 |
1.300% Guaranteed Notes due 2025 | |
Document Information | |
Title of 12(b) Security | 1.300% Guaranteed Notes due 2025 |
Security Exchange Name | NYSE |
Trading Symbol | RELX/25 |
4.000% Guaranteed Notes due 2029 | |
Document Information | |
Title of 12(b) Security | 4.000% Guaranteed Notes due 2029 |
Security Exchange Name | NYSE |
Trading Symbol | RELX/29 |
3.000% Guaranteed Notes due 2030 | |
Document Information | |
Title of 12(b) Security | 3.000% Guaranteed Notes due 2030 |
Security Exchange Name | NYSE |
Trading Symbol | RELX/30 |
4.750% Guaranteed Notes due 2032 | |
Document Information | |
Title of 12(b) Security | 4.750% Guaranteed Notes due 2032 |
Security Exchange Name | NYSE |
Trading Symbol | RELX/32 |
Consolidated Income Statement
Consolidated Income Statement - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement | |||
Revenue | £ 8,553 | £ 7,244 | £ 7,110 |
Cost of sales | (3,045) | (2,562) | (2,487) |
Gross profit | 5,508 | 4,682 | 4,623 |
Selling and distribution costs | (1,385) | (1,197) | (1,212) |
Administration and other expenses | (1,819) | (1,630) | (1,901) |
Share of results of joint ventures | 19 | 29 | 15 |
Operating profit | 2,323 | 1,884 | 1,525 |
Finance income | 4 | 8 | 3 |
Finance costs | (205) | (150) | (175) |
Net finance costs | (201) | (142) | (172) |
Disposals and other non-operating items | (9) | 55 | 130 |
Profit before tax | 2,113 | 1,797 | 1,483 |
Current tax | (534) | (422) | (264) |
Deferred tax | 53 | 96 | (11) |
Tax expense | (481) | (326) | (275) |
Net profit for the year | 1,632 | 1,471 | 1,208 |
Attributable to: | |||
Shareholders | 1,634 | 1,471 | 1,224 |
Non-controlling interests | (2) | (16) | |
Net profit for the year | £ 1,632 | £ 1,471 | £ 1,208 |
Basic earnings per share | |||
Basic earnings per share | £ 0.852 | £ 0.763 | £ 0.635 |
Diluted earnings per share | |||
Diluted earnings per share | £ 0.847 | £ 0.758 | £ 0.632 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Of Comprehensive Income | |||
Net profit for the year | £ 1,632 | £ 1,471 | £ 1,208 |
Items that will not be reclassified to profit or loss: | |||
Actuarial (losses)/gains on defined benefit pension schemes | 164 | 321 | (155) |
Tax on items that will not be reclassified to profit or loss | (43) | (48) | 39 |
Total items that will not be reclassified to profit or loss | 121 | 273 | (116) |
Items that may be reclassified subsequently to profit or loss: | |||
Exchange differences on translation of foreign operations | 427 | 223 | (265) |
Fair value movements on cash flow hedges | (18) | 10 | (6) |
Transfer to profit from cash flow hedge reserve | (17) | (9) | 22 |
Tax on items that may be reclassified to profit or loss | 8 | (1) | (4) |
Total items that may be reclassified to profit or loss | 400 | 223 | (253) |
Other comprehensive (loss)/income for the year | 521 | 496 | (369) |
Total comprehensive income for the year | 2,153 | 1,967 | 839 |
Attributable to: | |||
Shareholders | 2,155 | 1,967 | 855 |
Non-controlling interests | (2) | (16) | |
Total comprehensive income for the year | £ 2,153 | £ 1,967 | £ 839 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash flows from operating activities | |||
Cash generated from operations | £ 3,061 | £ 2,476 | £ 2,264 |
Interest paid (including lease interest) | (169) | (119) | (179) |
Interest received | 4 | 1 | 7 |
Tax paid (net) | (495) | (342) | (496) |
Net cash from operating activities | 2,401 | 2,016 | 1,596 |
Cash flows from investing activities | |||
Acquisitions | (394) | (254) | (869) |
Purchases of property, plant and equipment | (36) | (28) | (43) |
Expenditure on internally developed intangible assets | (400) | (309) | (319) |
Purchase of investments | (66) | (8) | (2) |
Proceeds from disposals of property, plant and equipment | 5 | ||
Gross proceeds from business disposals and sale of investments | 19 | 220 | 54 |
Payments on business disposals | (15) | (30) | (25) |
Dividends received from joint ventures | 33 | 20 | 31 |
Net cash used in investing activities | (859) | (384) | (1,173) |
Cash flows from financing activities | |||
Dividends paid to shareholders | (983) | (920) | (880) |
Distributions to non-controlling interests | (9) | (10) | (6) |
Decrease in short-term bank loans, overdrafts and commercial paper | (101) | (200) | (436) |
Issuance of term debt | 397 | 2,342 | |
Repayment of term debt | (35) | (431) | (1,233) |
Repayment of leases | (79) | (93) | (105) |
Receipts in respect of subleases | 1 | 17 | 15 |
Disposal of non-controlling interest | (1) | ||
Repurchase of ordinary shares | (500) | 0 | (150) |
Purchase of shares by Employee Benefit Trust | (50) | (1) | (37) |
Proceeds on issue of ordinary shares | 26 | 32 | 16 |
Net cash used in financing activities | (1,334) | (1,606) | (474) |
(Decrease)/increase in cash and cash equivalents | 208 | 26 | (51) |
Movement in cash and cash equivalents | |||
At start of year | 113 | 88 | 138 |
(Decrease)/increase in cash and cash equivalents | 208 | 26 | (51) |
Exchange translation differences | 13 | (1) | 1 |
At end of year | £ 334 | £ 113 | £ 88 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Non-current assets | ||
Goodwill | £ 8,388 | £ 7,366 |
Intangible assets | 3,524 | 3,304 |
Investments in joint ventures and associates | 159 | 105 |
Other investments | 127 | 107 |
Property, plant and equipment | 126 | 131 |
Right-of-use assets | 145 | 161 |
Other receivables | 5 | 19 |
Deferred tax assets | 146 | 210 |
Net pension assets | 129 | 46 |
Derivative financial instruments | 11 | 52 |
Non-current assets | 12,760 | 11,501 |
Current assets | ||
Inventories and pre-publication costs | 309 | 253 |
Trade and other receivables | 2,405 | 1,960 |
Derivative financial instruments | 21 | 31 |
Cash and cash equivalents | 334 | 113 |
Current assets | 3,069 | 2,357 |
Total assets | 15,829 | 13,858 |
Current liabilities | ||
Trade and other payables | 4,017 | 3,275 |
Derivative financial instruments | 33 | 2 |
Debt | 870 | 232 |
Taxation | 249 | 192 |
Provisions | 18 | 47 |
Current liabilities | 5,187 | 3,748 |
Non-current liabilities | ||
Derivative financial instruments | 236 | 12 |
Debt | 5,860 | 5,935 |
Deferred tax liabilities | 590 | 591 |
Net pension obligations | 184 | 315 |
Other payables | 3 | 10 |
Provisions | 15 | 23 |
Non-current liabilities | 6,888 | 6,886 |
Total liabilities | 12,075 | 10,634 |
Net assets | 3,754 | 3,224 |
Capital and reserves | ||
Share capital | 279 | 286 |
Share premium | 1,517 | 1,491 |
Shares held in treasury | (414) | (876) |
Translation reserve | 677 | 250 |
Other reserves | 1,717 | 2,081 |
Shareholders' equity | 3,776 | 3,232 |
Non-controlling interests | (22) | (8) |
Total equity | £ 3,754 | £ 3,224 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - GBP (£) £ in Millions | Share capital | Share premium | Shares held in treasury | Translation reserve | Other reserves | Shareholders' equity | Non-controlling interests | Total |
Equity at beginning of period at Dec. 31, 2019 | £ 286 | £ 1,443 | £ (834) | £ 292 | £ 979 | £ 2,166 | £ 24 | £ 2,190 |
Total comprehensive income for the year | (265) | 1,120 | 855 | (16) | 839 | |||
Dividends paid | (880) | (880) | (6) | (886) | ||||
Issue of ordinary shares, net of expenses | 16 | 16 | 16 | |||||
Repurchase of ordinary shares | (87) | (87) | (87) | |||||
Increase in share based remuneration reserve (net of tax) | 27 | 27 | 27 | |||||
Settlement of share awards | 34 | (34) | ||||||
Acquisitions | 2 | 2 | (2) | |||||
Exchange differences on translation of capital and reserves | 2 | 2 | ||||||
Equity at end of period at Dec. 31, 2020 | 286 | 1,459 | (887) | 27 | 1,214 | 2,099 | 2 | 2,101 |
Total comprehensive income for the year | 223 | 1,744 | 1,967 | 1,967 | ||||
Dividends paid | (920) | (920) | (10) | (930) | ||||
Issue of ordinary shares, net of expenses | 32 | 32 | 32 | |||||
Repurchase of ordinary shares | (1) | (1) | (1) | |||||
Increase in share based remuneration reserve (net of tax) | 55 | 55 | 55 | |||||
Settlement of share awards | 12 | (12) | ||||||
Equity at end of period at Dec. 31, 2021 | 286 | 1,491 | (876) | 250 | 2,081 | 3,232 | (8) | 3,224 |
Total comprehensive income for the year | 427 | 1,728 | 2,155 | (2) | 2,153 | |||
Dividends paid | (983) | (983) | (9) | (992) | ||||
Issue of ordinary shares, net of expenses | 26 | 26 | 26 | |||||
Repurchase of ordinary shares | (650) | (650) | (650) | |||||
Purchase of shares by the employee benefit trust | (50) | (50) | (50) | |||||
Cancellation of shares | (7) | 1,127 | (1,120) | |||||
Increase in share based remuneration reserve (net of tax) | 47 | 47 | 47 | |||||
Settlement of share awards | 35 | (35) | ||||||
Disposal of non-controlling interest | (1) | (1) | (1) | |||||
Exchange differences on translation of capital and reserves | (3) | (3) | ||||||
Equity at end of period at Dec. 31, 2022 | £ 279 | £ 1,517 | £ (414) | £ 677 | £ 1,717 | £ 3,776 | £ (22) | £ 3,754 |
Basis of preparation and accoun
Basis of preparation and accounting policies | 12 Months Ended |
Dec. 31, 2022 | |
Basis of preparation and accounting policies | |
Basis of preparation and accounting policies | 1 Basis of preparation and acc ounting policies Basis of preparation The shares of RELX PLC are traded on the London, Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries, joint ventures and associates are together known as ‘RELX’. In preparing the consolidated financial statements, subsidiaries are accounted for under the acquisition method and investments in associates and joint ventures are accounted for under the equity method. All intra-group transactions and balances are eliminated. On acquisition of a subsidiary, or interest in an associate or joint venture, fair values, reflecting conditions at the date of acquisition, are attributed to the net assets, including identifiable intangible assets acquired. Adjustments are made to bring accounting policies into line with those of the Group. The results of subsidiaries sold or acquired are included in the consolidated financial statements up to or from the date that control passes from or to the Group. Non-controlling interests in the net assets of the Group are identified separately from shareholders’ equity. Non-controlling interests consist of the amount of those interests at the date of the original acquisition and the non-controlling share of changes in equity since the date of acquisition. The directors of RELX PLC, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the consolidated financial information for the year ended 31 December 2022. As part of the going concern assessment the directors considered the sufficiency of the group’s liquidity resources, including committed credit facilities, over the 18 month period to 30 June 2024. Please refer to page 95 for further disclosure in respect of going concern. In preparing the Group financial statements management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosure. This included an assessment of assets with indefinite and long lives and how they could be impacted by measures taken to address global warming. Recognising that the Group's operations, and the use of the Group's products, have a relatively low environmental impact, no issues were identified that would impact the carrying values of such assets or have any other material impact on the financial statements. The 2022 annual report and accounts presents multi-year data with the earliest period on the left and the latest period on the right. This aligns with the approach used in our other investor relations material and allows better understanding of multi-year trends. Accounting policies The Group’s consolidated financial statements are prepared in accordance with UK adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The accounting policies under IFRS are included in the relevant notes to the consolidated financial statements. The accounting policies below are applied throughout the financial statements and are unchanged from those applied in preparing the consolidated financial statements for the year ended 31 December 2021. Foreign exchange translation The consolidated financial statements are presented in sterling. Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary assets and liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date of the transaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are recorded in the income statement other than where hedge accounting applies, as set out on pages 189 to 194. Assets and liabilities of foreign operations are translated at exchange rates prevailing on the statement of financial position date. Income and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Significant individual items of income and expense and cash flows in foreign operations are translated at the rate prevailing on the date of transaction. Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are disposed of, the related cumulative translation differences are recognised within the income statement in the period. The Group uses derivative financial instruments, primarily forward contracts, to hedge its exposure to certain foreign exchange risks. Details of the Group’s accounting policies in respect of derivative financial instruments are set out on page 189. Critical judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make judgements and estimates in the application of accounting policies used to report the financial position, results and cash flows of the Group. The actual outcome may differ to these estimates. The critical judgements and key sources of estimation uncertainty are summarised below. Further detail is provided in the notes to the financial statements as referenced. Critical judgements ■ Capitalisation of development spend: assessing the potential value of a development project and determining the costs which are eligible for capitalisation (see note 14) Key sources of estimation uncertainty ■ Taxation: the valuation of provisions related to uncertain tax positions (see note 9) ■ Defined benefit pension obligation: determining an appropriate rate at which the future pension payments are discounted, mortality and inflation assumptions (see note 6) 1 Basis of preparation and accounting policies (continued) Other areas of judgement and accounting estimates The consolidated financial statements include other areas of judgement and accounting estimates. While these do not meet the definition under IAS 1 of critical judgements or significant accounting estimates, key areas of judgement in estimating the values in use of businesses are the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. ■ value in use of the businesses (see note 14). ■ Acquired intangible assets: Judgement is involved in identification of separate intangible assets on acquisition and estimation is required to determine future cashflows and discount rates used in valuation (see note 14). Other significant accounting policies The accounting policy in respect of revenue recognition is also significant in determining the financial condition and results of the Group. The application of this policy is straightforward and is included in note 2. Standards and amendments effective for the year The interpretations and amendments to IFRS effective for 2022 have not had a significant impact on the Group’s accounting policies or reporting. Standards, amendments and interpretations not yet effective A number of amendments and interpretations have been issued which are not expected to have any significant impact on the accounting policies and reporting. |
Revenue and segment analysis
Revenue and segment analysis | 12 Months Ended |
Dec. 31, 2022 | |
Revenue, operating profit and segment analysis | |
Revenue, operating profit and segment analysis | 2 Revenue, operating profit and segment analysis Accounting policy The Group’s reported segments are based on the internal reporting structure and financial information provided to the Board. Adjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating profit is reconciled to operating profit on page 171. Revenue arises from the provision of products and services under contracts with customers. In all cases, revenue is recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and is recognised when the customer obtains control of the goods or service. Revenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer sales taxes and other amounts to be collected on behalf of third-parties. Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are accounted for separately. Where separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling prices or management’s best estimate of relative value where standalone selling prices do not exist. Management estimates may include a cost-plus method or comparable product approach, but must be supported by objective evidence. A residual approach may be applied where it is not possible to derive a reliable management estimate for a specific component. Our subscription and exhibition related revenue streams generally require payment in advance of the service being provided. Payment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts do not contain significant financing components. Contracts for our transactional electronic revenue streams generally have payments that vary with volume of usage. Other than that, our contracts do not involve variable consideration. Revenue is recognised for the various categories as follows: ■ Subscriptions – revenue comprises income derived from the periodic distribution or update of a product. Subscription revenue is generally invoiced in advance and recognised systematically over the period of the subscription. Recognition is either on a straight-line basis where the transaction involves the transfer of goods and services to the customer in a consistent manner over a specific period of time; or based on the value received by the customer where the goods and services are not delivered in a consistent manner ■ Transactional – revenue is recognised when control of the product is passed to the customer or the service has been performed. For exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition revenue is recognised on occurrence of the exhibition 2 Revenue, operating profit and segment analysis (continued) RELX is a global provider of information-based analytics and decision tools for professional and business customers. Operating in four major market segments: Risk provides customers with information-based analytics and decision tools that combine public and industry-specific content with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency; Scientific, Technical & Medical provides information and analytics that help institutions and professionals progress science, advance healthcare and improve performance; Legal provides legal, regulatory and business information and analytics that helps customers increase their productivity, improve decision-making and achieve better outcomes; and Exhibitions combines industry expertise with data and digital tools to help customers connect digitally and face-to-face, learn amount markets, source products and complete transactions. ANALYSIS BY BUSINESS SEGMENT Revenue Adjusted operating profit 2020 2021 2022 2020 2021 2022 £m £m £m £m £m £m Risk 2,417 2,474 2,909 894 915 1,078 Scientific, Technical & Medical 2,692 2,649 2,909 1,021 1,001 1,100 Legal 1,639 1,587 1,782 330 326 372 Exhibitions 362 534 953 (164) 10 162 Sub-total 7,110 7,244 8,553 2,081 2,252 2,712 Unallocated central costs and other operating items – – – (5) (42) (29) Total 7,110 7,244 8,553 2,076 2,210 2,683 Exceptional costs excluded from adjusted operating profit in 2020 are disclosed on page 171. In 2021, unallocated central costs and other operating items includes a £35m one-off charge relating to reductions in our corporate real estate footprint. In 2022, this includes a charge of £24m relating to STM incurred from exchange rate movements from the translation of working capital items such as accounts receivable and payable, and intercompany balances, into relevant functional currencies and the outcome of STM’s hedging programme. The net effect of these amounts was higher in 2022 due to the extent and timing of exchange rate movements in the year and such amounts were insignificant in 2021 and 2020. 2020 Scientific, Technical Risk & Medical Legal Exhibitions Total Revenue by geographical market North America 1,921 1,224 1,119 43 4,307 Europe 327 621 338 83 1,369 Rest of world 169 847 182 236 1,434 Total revenue 2,417 2,692 1,639 362 7,110 Revenue by format Electronic 2,387 2,326 1,422 44 6,179 Face-to-face 19 1 7 318 345 Print 11 365 210 – 586 Total revenue 2,417 2,692 1,639 362 7,110 Revenue by type Subscriptions 944 2,048 1,287 – 4,279 Transactional 1,473 644 352 362 2,831 Total revenue 2,417 2,692 1,639 362 7,110 2021 Scientific, Technical Risk & Medical Legal Exhibitions Total Revenue by geographical market North America 1,957 1,215 1,049 100 4,321 Europe 342 602 341 187 1,472 Rest of world 175 832 197 247 1,451 Total revenue 2,474 2,649 1,587 534 7,244 Revenue by format Electronic 2,453 2,334 1,385 58 6,230 Face-to-face 13 2 9 476 500 Print 8 313 193 – 514 Total revenue 2,474 2,649 1,587 534 7,244 Revenue by type Subscriptions 989 1,970 1,255 – 4,214 Transactional 1,485 679 332 534 3,030 Total revenue 2,474 2,649 1,587 534 7,244 2 Revenue, operating profit and segment analysis (continued) 2022 Scientific, Technical Risk & Medical Legal Exhibitions Total Revenue by geographical market North America 2,317 1,391 1,213 180 5,101 Europe* 384 614 357 445 1,800 Rest of world 208 904 212 328 1,652 Total revenue 2,909 2,909 1,782 953 8,553 Revenue by format Electronic 2,890 2,573 1,582 67 7,112 Face-to-face 11 5 10 886 912 Print 8 331 190 – 529 Total revenue 2,909 2,909 1,782 953 8,553 Revenue by type Subscriptions 1,135 2,139 1,381 – 4,655 Transactional 1,774 770 401 953 3,898 Total revenue 2,909 2,909 1,782 953 8,553 * Europe includes revenue of £ 544 m from the United Kingdom (2021: £ 476 m; 2020: £464 m). Over half of RELX’s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-line basis over the time period covered by the agreement, in line with the provision of services. There are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery milestones or other specified performance obligations. As at 31 December 2022, the aggregate amount of the transaction price of such contracts which relates to performance obligations which have not yet been delivered was approximately £100m (2021: £95m). It is expected that revenue will be recognised in relation to this amount over the next six years. ANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN 2020 2021 2022 £m £m £m North America 4,192 4,204 5,002 Europe 2,436 2,547 2,974 Rest of world 482 493 577 Total 7,110 7,244 8,553 Revenue by geographical origin from the United Kingdom in 2022 was £1,481m (2021: £1,248m; 2020: £1,176m). ANALYSIS BY BUSINESS SEGMENT Expenditure on acquired goodwill and Capital expenditure Amortisation of acquired Total depreciation and intangible assets additions intangible assets other amortisation 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 £m £m £m £m £m £m £m £m £m £m £m £m Risk 822 208 155 93 83 122 192 186 204 98 93 94 Scientific, Technical & Medical 169 58 206 94 87 103 65 63 60 148 144 119 Legal – 12 33 153 145 186 68 27 12 210 220 229 Exhibitions 6 9 – 24 24 28 51 22 20 73 30 49 Total 997 287 394 364 339 439 376 298 296 529 487 491 Capital expenditure comprises additions to property, plant and equipment and internally developed intangible assets. Amortisation of acquired intangible assets includes amounts in respect of joint ventures of £1m (2021: £1m; 2020: nil) in Exhibitions. Depreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and amortisation of internally developed intangible assets and pre-publication costs. In 2020, £38m of depreciation and other amortisation was classified as exceptional in Exhibitions. Excluding this amount gives total depreciation and other amortisation of £491m for 2020. 2 Revenue, operating profit and segment analysis (continued) ANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION 2021 2022 £m £m North America 8,657 9,821 Europe 2,123 2,193 Rest of world 413 460 Total 11,193 12,474 Non-current assets held in the United Kingdom totalled £1,253m (2021: £1,299m; 2020: £1,158m). Non-current assets by geographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments. Operating profit is reconciled to adjusted operating profit as follows: RECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT 2020 2021 2022 £m £m £m Operating profit 1,525 1,884 2,323 Adjustments: Amortisation of acquired intangible assets 376 298 296 Acquisition-related items (12) 21 62 Reclassification of tax in joint ventures 5 7 4 Reclassification of finance income in joint ventures (1) – (2) Exceptional costs in Exhibitions 183 – – Adjusted operating profit 2,076 2,210 2,683 In 2020, Exhibitions incurred exceptional costs of £183m. Of the £183m exceptional costs, £135m were cash costs, of which £25m were paid in 2022 (2021: £52m; 2020: £51m). All costs were included within administration and other expenses in the income statement. Acquisition-related items in 2021 included a gain of £27 m from the revaluation of a put and call option arrangement relating to a non-controlling interest in a subsidiary within Legal. The share of post-tax results of joint ventures of £19m (2021: £29m; 2020: £15m) included in operating profit comprised £10m |
Operating expenses
Operating expenses | 12 Months Ended |
Dec. 31, 2022 | |
Operating expenses | |
Operating expenses | 3 Operating expenses Operating profit is stated after charging/(crediting) the following: 2020 2021 2022 Note £m £m £m Total staff costs 5 2,555 2,549 2,906 Depreciation and amortisation Amortisation of acquired intangible assets 14 376 297 294 Share of joint ventures’ amortisation of acquired intangible assets – 1 2 Amortisation of acquired intangible assets including joint ventures’ share 376 298 296 Amortisation of internally developed intangible assets 14 319 295 309 Depreciation of property, plant and equipment 16 60 52 47 Depreciation of right-of-use assets 88 80 63 Pre-publication amortisation 62 60 72 Total depreciation and other amortisation 2 529 487 491 Total depreciation and amortisation (including amortisation of acquired intangibles) 905 785 787 Other expenses and income Cost of sales including pre-publication costs and inventory expenses 2,487 2,562 3,045 Short-term and low value lease expenses 21 21 19 Operating lease rentals income (1) (1) (1) The amortisation of acquired intangible assets is included within administration and other expenses. In 2020, £38m of depreciation and other amortisation was classified as exceptional in Exhibitions. Excluding this amount gives a total depreciation and other amortisation of £491m for 2020. |
Auditor's remuneration
Auditor's remuneration | 12 Months Ended |
Dec. 31, 2022 | |
Auditor's remuneration. | |
Auditor's remuneration | 4 Auditor’s remuneration 2020 2021 2022 £m £m £m Auditor’s remuneration Payable to the auditors of RELX PLC 0.9 0.9 0.9 Payable to the auditors of the Group’s subsidiaries 8.3 7.7 8.2 Audit services 9.2 8.6 9.1 Audit-related assurance services 0.8 0.5 0.6 Total auditor’s remuneration 10.0 9.1 9.7 Amounts payable to the auditors of the Group’s subsidiaries include amounts for the audit of internal controls over financial reporting in accordance with the US Sarbanes-Oxley Act. The increase in the 2022 audit fee is mainly due to foreign exchange movements. The previously reported 2021 fees paid to EY for audit services have been revised to include additional amounts for expenses incurred and final fees for statutory audits which took place subsequent to the audit of the RELX consolidated accounts. |
Personnel
Personnel | 12 Months Ended |
Dec. 31, 2022 | |
Personnel | |
Personnel | 5 Personnel Accounting policy Share based remuneration The fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income statement on a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected to vest. Market based performance criteria are taken into account when determining the fair value at the date of grant. Non-market based performance criteria are taken into account when estimating the number of shares expected to vest. The fair value of share based remuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate. All of the Group’s share based remuneration is equity settled. 2020 2021 2022 Note £m £m £m Staff costs Wages and salaries 2,173 2,157 2,453 Social security costs 232 214 257 Pensions 6 125 133 150 Share based remuneration 25 45 46 Total staff costs 2,555 2,549 2,906 The Group provides a number of share based remuneration schemes to directors and employees. The principal share based remuneration schemes are the Executive Share Option Schemes (ESOS), the Long-Term Incentive Plan (LTIP) and the Retention Share Plan (RSP). Share options granted under ESOS are exercisable after three years and up to ten years from the date of grant at a price equivalent to the market value of the respective shares at the date of grant. Conditional shares granted under LTIP and RSP are exercisable after three years for nil consideration if conditions are met. Other awards principally relate to all employee share based saving schemes in the UK and the Netherlands. Further details are provided in the Remuneration Report on pages 121 to 142. NUMBER OF PEOPLE EMPLOYED: FULL-TIME EQUIVALENTS* At 31 December Average during the year 2020 2021 2022 2020 2021 2022 Business segment Risk 9,700 10,000 10,800 9,600 9,800 10,400 Scientific, Technical & Medical 8,600 8,700 9,500 8,300 8,600 9,300 Legal 10,400 10,500 11,300 10,500 10,300 10,900 Exhibitions 3,700 3,500 3,300 4,200 3,600 3,300 Sub-total 32,400 32,700 34,900 32,600 32,300 33,900 Corporate/shared functions 800 800 800 800 800 800 Total 33,200 33,500 35,700 33,400 33,100 34,700 Geographical location North America 14,200 14,000 14,900 14,200 13,900 14,500 Europe 9,500 9,300 9,800 9,600 9,400 9,500 Rest of world 9,500 10,200 11,000 9,600 9,800 10,700 Total 33,200 33,500 35,700 33,400 33,100 34,700 * Reported to the nearest 100. The number of UK full-time equivalents as at 31 December 2022 was 5,800 (2021: 5,400; 2020: 5,400) and the average during the year was 5,600 (2021: 5,400; 2020: 5,400). |
Pension schemes
Pension schemes | 12 Months Ended |
Dec. 31, 2022 | |
Pension schemes | |
Pension schemes | 6 Pension schemes Accounting policy The expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the projected unit credit method and charged in the income statement as an operating expense, based on actuarial assumptions reflecting market conditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the statement of comprehensive income in the period in which they occur. Past service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and when related restructuring costs or termination benefits are recognised. Settlements are recognised when they occur. Net pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present value of scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities, the net pension assets are separately included in the statement of financial position. Any net pension asset is limited to the extent that the asset is recoverable. The expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred. At 31 December 2022, the Group operates defined benefit pension schemes in the UK and the US. These schemes require management to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the length of each scheme’s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be recognised. Key source of estimation uncertainty Accounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life expectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these factors are used in determining the pension cost and liabilities reported in the financial statements. The estimates made around future developments of each of the critical assumptions are made in conjunction with independent actuaries. Each scheme is subject to a periodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions may have a material effect in determining the defined benefit pension obligation and costs which are reported in the financial statements. Information regarding the more significant assumptions used for valuation is provided below, together with a sensitivity analysis. A number of pension schemes are operated around the world. The largest defined benefit schemes as at 31 December 2022 were in the UK and the US, and are summarised below. Major defined benefit schemes in place at 31 December 2022 The UK scheme is a final salary scheme and is closed to new hires. Members accrue a portion of their final pensionable earnings based on the number of years of service. The US scheme is a cash balance scheme and was closed to future accruals effective 1 January 2019. Each of the major defined benefit schemes is administered by a separate fund that is legally separated from the Group. The trustees of the pension funds in the UK and plan fiduciaries of the US scheme are required by law to act in the interest of the funds’ beneficiaries. In the UK, the level of funding is determined by statutory triennial actuarial valuations in accordance with pensions legislation. Where the scheme falls below 100% funded status, the Group and the scheme trustees must agree on how the deficit is to be remedied. The UK Pensions Regulator has significant powers and sets out in codes and guidance the parameters for scheme funding. As a result of the 2021 triennial valuation, the Group’s remaining deficit funding contributions to the scheme over the period 2023 to 2024 are £76m. The US scheme has an annual statutory valuation which forms the basis for establishing the employer contribution each year (subject to ERISA and IRS minimums). Should the statutory funded status fall to below 100%, the US Pension Protection Act requires the deficit to be rectified with additional contributions over a seven-year period. The US scheme’s funded status is in excess of 100%. Employer cash contributions to defined benefit pension schemes in respect of 2023 are expected to be approximately £63m including a £50m pension deficit funding contribution relating to the UK scheme recovery plan. The pension expense (excluding interest amounts) recognised in the income statement consists of: 2020 2021 2022 £m £m £m Defined benefit pension expense 11 24 19 Defined contribution pension expense 114 109 131 Total 125 133 150 £150m (2021: £133m; 2020: £125m) of the total pension cost is recognised within operating profit. 6 Pension schemes (continued) The amounts recognised in the income statement in respect of defined benefit pension schemes during the year are presented by major scheme as follows: 2020 2021 2022 UK US Total UK US Total UK US Total £m £m £m £m £m £m £m £m £m Service cost 21 3 24 21 3 24 16 3 19 Settlement and past service credits – (13) (13) – – – – – – Defined benefit pension expense 21 (10) 11 21 3 24 16 3 19 Net interest on net defined benefit obligation 9 1 10 8 1 9 4 1 5 Net defined benefit pension expense 30 (9) 21 29 4 33 20 4 24 In 2020, the past service credit relates to changes to the US scheme allowing in-service distributions to be made. Net interest on net defined benefit pension scheme liabilities is presented within net finance costs in the income statement. The significant valuation assumptions, determined for each major scheme in conjunction with the respective independent actuaries, AS AT 31 DECEMBER 2020 2021 2022 UK US UK US UK US Discount rate 1.45 % 2.45 % 1.95 % 2.80 % 4.90 % 5.35 % Inflation 2.80 % 2.50 % 3.30 % 2.50 % 3.20 % 2.50 % Discount rates are set by reference to high-quality corporate bond yields. Mortality assumptions make allowance for future improvements in longevity and have been determined by reference to applicable mortality statistics. The average life expectancy assumptions are set out below: AS AT 31 DECEMBER 2022 Male average life Female average expectancy life expectancy UK US UK US Member currently aged 60 years 85 86 89 88 Member currently aged 45 years 87 86 90 89 6 Pension schemes (continued) The amount recognised in the statement of financial position in respect of defined benefit pension schemes at the start and end of the year and the movements during the year were as follows: 2021 2022 UK US Total UK US Total £m £m £m £m £m £m Defined benefit obligation At start of year (4,668) (1,062) (5,730) (4,629) (992) (5,621) Service cost (21) (3) (24) (16) (3) (19) Interest on pension scheme liabilities (67) (25) (92) (89) (29) (118) Actuarial gain on financial assumptions 155 38 193 1,809 224 2,033 Actuarial loss arising from experience assumptions (152) (1) (153) (81) (7) (88) Contributions by employees (9) – (9) (8) – (8) Benefits paid 133 69 202 127 54 181 Exchange translation differences – (8) (8) – (112) (112) At end of year (4,629) (992) (5,621) (2,887) (865) (3,752) Fair value of scheme assets At start of year 4,076 1,077 5,153 4,390 1,007 5,397 Interest income on plan assets 59 24 83 85 28 113 Return on assets excluding amounts included in interest income 318 (39) 279 (1,573) (247) (1,820) Contributions by employer 61 6 67 69 6 75 Contributions by employees 9 – 9 8 – 8 Benefits paid (133) (69) (202) (127) (54) (181) Exchange translation differences – 8 8 – 114 114 At end of year 4,390 1,007 5,397 2,852 854 3,706 Opening net balance (592) 15 (577) (239) 15 (224) Service cost (21) (3) (24) (16) (3) (19) Net interest on net defined benefit obligation (8) (1) (9) (4) (1) (5) Contributions by employer 61 6 67 69 6 75 Actuarial gains/(losses) 321 (2) 319 155 (30) 125 Exchange translation differences – – – – 2 2 Net pension balance (239) 15 (224) (35) (11) (46) Impact of asset ceiling (3) (42) (45) (5) (4) (9) Overall net pension balance (242) (27) (269) (40) (15) (55) As at 31 December 2022, the defined benefit obligations comprised £3,569m (2021: £5,360m) in relation to funded schemes and £183m (2021: £261m) in relation to unfunded schemes. The weighted average duration of defined benefit scheme liabilities is 15 years in the UK (2021: 19 years) and 9 years in the US A net pension asset has been recognised in relation to the UK and US funded scheme after considering the guidance in IAS 19 – Employee Benefits and IFRIC 14. The UK funded scheme moved into a surplus position for the first time at the interim reporting date of 30 June 2022. The split between net pension obligations and net pension assets is as follows: 2021 2022 £m £m Net pension asset recognised 46 129 Net pension obligation (315) (184) Overall net pension balance (269) (55) 6 Pension schemes (continued) Amounts recognised in the statement of comprehensive income are set out below: 2020 2021 2022 £m £m £m Gains and losses arising during the year: Experience gains/(losses) on scheme liabilities 47 (153) (88) Experience gains/(losses) on scheme assets 426 279 (1,820) Actuarial (losses)/gains on the present value of scheme liabilities due to changes in: – discount rates (671) 463 2,000 – inflation 127 (290) 32 – other actuarial assumptions (47) 20 1 (118) 319 125 Net cumulative losses at start of year (828) (946) (627) Net cumulative losses at end of year (946) (627) (502) In addition, a gain of £39m (2021: £2m) is recognised in the statement of comprehensive income in relation to the asset ceiling. As at 31 December 2022, the impact of the asset ceiling on the overall net pension obligation is £9m (2021: £45m). In 2022 there was a £4m (2021: nil) foreign exchange gain on the asset ceiling. The major categories and fair values of scheme assets at the end of the reporting period are as follows: FAIR VALUE OF SCHEME ASSETS 2021 2022 UK US Total UK US Total £m £m £m £m £m £m Equities 1,595 5 1,600 272 4 276 Liability matching assets 1,704 977 2,681 899 802 1,701 Property funds and ground leases 743 – 743 651 – 651 Direct lending 208 – 208 241 – 241 Cash and cash equivalents 127 25 152 788 17 805 Other 13 – 13 1 31 32 Total 4,390 1,007 5,397 2,852 854 3,706 Included within liability matching assets of the UK scheme are asset backed securities totalling £375m (2021: £593m), other credit assets of £199m (2021: £205m) and government bonds totalling £1,721m (2021: £1,715m) offset by interest rate swaps of £115m (2021: £2m) and short-term sale and repurchase agreements totalling £1,284m (2021: £808m) whereby the UK scheme funds the purchase of government bonds using existing bonds as security. Assets and obligations associated with the schemes are sensitive to changes in the market values of assets and the market-related assumptions used to value scheme liabilities. In particular, adverse changes to asset values, discount rates or inflation could increase future pension costs and funding requirements. Typically, the Group’s schemes are exposed to: investment risks, whereby actual rates of return on plan assets may be below those rates used to determine the defined benefit obligations; and interest rate risks, whereby scheme deficits may increase if bond yields in the UK and the US decline and are not offset by returns in liability matching and other assets. The schemes are also exposed to other risks, such as unanticipated future increases in member longevity patterns and inflation, all potentially leading to an increase in scheme liabilities. Investment policies of each scheme are intended to ensure continuous payment of defined benefit pensions in the short term and long term. Efforts are made to limit risks on marketable securities by adopting investment policies that diversify assets across geographies and among equities, liability matching assets, property funds, cash and other assets. Asset allocations are dependent on a variety of factors including the duration of scheme liabilities and the funded position of the plan. The primary UK scheme uses a liability driven investment (LDI) approach for part of the portfolio, investing primarily in government bonds so that the value of scheme assets change in the same way as the scheme’s liabilities and achieve a matching effect for the most significant plan liability assumptions of interest rates and inflation rates. All equities and bonds have quoted prices in active markets. 6 Pension schemes (continued) Sensitivity analysis The valuation of the Group’s pension scheme liabilities involves significant actuarial assumptions, being the life expectancy of the members, inflation and the rate at which the future pension payments are discounted. Differences arising from actual experience or future changes in assumptions may materially affect future pension charges. In particular, changes in assumptions for discount rates, inflation and life expectancies that are reasonably possible would have the following approximate effects on the defined benefit pension obligations: £m Increase/decrease of 0.5% in discount rate 225 Increase/decrease of 0.25% in the expected inflation rate 64 Increase/decrease of one year in assumed life expectancy 95 The above analysis has been calculated on the same basis used to determine the defined benefit obligation recognised in the statement of financial position. There has been no change in the methods used to prepare the analysis compared with prior years. This sensitivity analysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that changes in the above assumptions would occur in isolation as some of the assumptions may be correlated. |
Net finance costs
Net finance costs | 12 Months Ended |
Dec. 31, 2022 | |
Net finance costs | |
Net finance costs | 7 Net finance costs Accounting policy Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing so as to produce a constant periodic rate of charge. 2020 2021 2022 £m £m £m Interest on short-term bank loans, overdrafts and commercial paper (17) (11) (19) Interest on term debt (122) (106) (157) Interest on lease liabilities (12) (8) (6) Total borrowing costs (151) (125) (182) Losses on loans and derivatives not designated as hedges (13) (16) (9) Fair value losses on designated fair value hedge relationships – – (9) Net financing charge on defined benefit pension schemes and other (11) (9) (5) Finance costs (175) (150) (205) Interest on bank deposits 2 1 4 Interest income on net finance lease receivables 1 – – Fair value gains on designated fair value hedge relationships – 7 – Finance income 3 8 4 Net finance costs (172) (142) (201) Gains of £2m (2021: losses of £1m; 2020: gains of £3m) on derivatives designated as cash flow hedges were recognised in other comprehensive income and accumulated in the hedge reserve, and may be reclassified to the income statement in future periods. Losses of £1m (2021: nil; 2020: £4m) in total were transferred from the hedge reserve in the period. |
Disposals and other non-operati
Disposals and other non-operating items | 12 Months Ended |
Dec. 31, 2022 | |
Disposals and other non-operating items | |
Disposals and other non-operating items | 8 Disposals and other non-operating items Accounting policy Assets of businesses that are available for immediate sale in their current condition and for which a sales process is considered highly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and fair value less costs to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers from potential acquirers. Non-current assets are not amortised or depreciated following their classification as held for sale. Liabilities of businesses held for sale are also separately classified on the statement of financial position. Fair value movements in the venture capital portfolio are reported within disposals and other items – see note 15. 2020 2021 2022 £m £m £m Revaluation of investments 151 16 9 (Loss)/gain on disposal of businesses and assets held for sale (21) 39 (18) Net gain/(loss) on disposals and other non-operating items 130 55 (9) The revaluation of investments relates mainly to venture fund investments, further details of which are provided in note 15. During the year, net proceeds of £9m were received on the disposal of venture fund investments. In 2021, an investment in Palantir Technologies Inc which was valued at £173m on 31 December 2020 was disposed of in February 2021 for gross proceeds of £187m. |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2022 | |
Taxation | |
Taxation | 9 Taxation Accounting policy Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period, outside the income statement (either in other comprehensive income, directly in equity, or through a business combination), in which case the tax appears in the same statement as the transaction that gave rise to it. Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period as adjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or substantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities. Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow will occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of financial position, and the provisions are remeasured as required to reflect current information. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The availability of suitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax liabilities) relating to the same taxation authority and the same taxable entity, that are expected to reverse in the same period as the deductible temporary difference or unused tax losses or credit. Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets and liabilities acquired other than in a business combination. Deferred tax is not discounted. When the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required to be recognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed. The assets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which a business combination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such intangibles and goodwill. In an ‘asset acquisition’, where the buyer acquires the trade and assets of a business, there is often a tax deduction available for the amortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is recognised on the difference between the tax base and the book base of the assets. In a ‘share acquisition’, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets, tax deductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise to a deferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill where that is not deductible for tax purposes. Key source of estimation uncertainty The Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, our tax returns in the countries in which we operate are subject to tax authority audits as a matter of routine. While the Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risk with respect to tax matters under active discussion with tax authorities, or which are otherwise considered to involve uncertainty. The valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax positions are measured using one of the following methods, depending on which of the methods management expects will better predict the amount it will pay over to the tax authority: ■ The Single Best Estimate – where there is a single outcome that is more likely than not to occur. This will happen, for example, where the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of possible outcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to be payable, in which case the provision is nil; or ■ A Probability-Weighted Expected Value – where, on the balance of probabilities, something will be paid to the tax authority but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely than not to occur). In this case, the provision is the sum of the probability-weighted amounts in the range. 9 Taxation (continued) In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts greater or smaller than the liabilities recorded. In particular, although we report cross-border transactions undertaken between Group subsidiaries on an arm’s-length basis in tax returns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is frequently possible for there to be a range of legitimate and reasonable views. This means that it is impossible to be certain that the returns basis will be sustained on examination. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing in a number of our major trading jurisdictions. Although the timing and amount of final resolution of these uncertain tax positions cannot be reliably predicted, no significant impact on the results of the Group is expected in the next year or foreseeable future. Estimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group’s forecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only recognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits against which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each reporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment. 2020 2021 2022 £m £m £m Current tax United Kingdom (80) (46) (102) Rest of world (184) (376) (432) Total current tax charge (264) (422) (534) Deferred tax (11) 96 53 Tax expense (275) (326) (481) Cash tax paid (net) in the year was £495m (2021: £342m; 2020: £496m), which is different to the tax expense for the year set out above. There are a number of reasons why the cash tax payments in a particular year will be different from the tax expense in the accounts: ■ Tax payments relating to a particular year’s profits are typically due partly in the year and partly in the following year. In 2020 there was an acceleration of instalment payments in the UK. ■ Tax expense includes deferred tax, an accounting adjustment where an item is included in the income statement in one year but is taxed in another year. The acquisition of intangible assets often results in deferred tax liabilities, the unwind of which does not result in tax payments. ■ Current tax expense is the best estimate at the end of the period of cash tax expected to be paid. To the extent the final tax liability is different, any cash tax impact will occur in a later period. ■ Some of the benefits of tax deductions related to share based payments, pensions and hedging are credited to equity or other comprehensive income rather than to tax expense. Set out below is a reconciliation of the difference between tax expense for the period and the theoretical expense calculated by multiplying accounting profit by the applicable tax rate. We believe the most meaningful applicable rate is that obtained by multiplying the accounting profits and losses of all consolidated entities by the applicable domestic rate in each of those entities’ jurisdictions. The net tax expense charged on profit before tax differs from the theoretical amount that would arise using the weighted average of tax rates applicable to accounting profits and losses of the consolidated entities, as follows: 2020 2021 2022 £m % £m % £m % Profit before tax 1,483 1,797 2,113 Tax at average applicable rates (331) 22.3 % (418) 23.3 % (498) 23.6 % Tax effect of share of results of joint ventures 3 (0.2) % 6 (0.3) % 3 (0.1) % Income not taxable and expenses not deductible 18 (1.2) % 24 (1.4) % 21 (1.0) % Non-deductible costs of share based remuneration (2) 0.1 % (2) 0.1 % (1) 0.0 % Non-deductible disposal-related gains and losses (2) 0.1 % 1 (0.1) % (2) 0.1 % Deferred tax assets of the period not recognised (19) 1.3 % (8) 0.4 % (17) 0.8 % Change in recognition and measurement of deferred tax 14 (0.9) % 25 (1.4) % 5 (0.2) % Movements in provisions and prior year items 44 (3.0) % 46 (2.5) % 8 (0.4) % Tax expense (275) 18.5 % (326) 18.1 % (481) 22.8 % 9 Taxation (continued) The weighted average applicable tax rate for the year was 23.6% (2021: 23.3%; 2020: 22.3%), reflecting the applicable rates in the countries where the Group operates. The Group’s future tax charge will be sensitive to the geographic mix of profits and losses and the tax rates and laws in force in the jurisdictions in which we operate. In the US, the Inflation Reduction Act enacted in August 2022 introduced a corporate alternative minimum tax. Based on initial guidance, this is not expected to have any material impact on the Group. We will continue to monitor developments. In the UK, an increase in the corporation tax rate from 19% to 25% from April 2023 was enacted in 2021. In the Netherlands, an increase in the corporation tax rate from 25% to 25.8% from 2022 and changes to loss recognition rules were also enacted in 2021. In total, the deferred tax effect of changes in tax rates for the year was a tax credit of £3 m (2021: £8 m; 2020: £14 m) in the income statement. The effective tax rate of 22.8% (2021: 18.1%; 2020: 18.5%) was lower than the weighted average applicable rate of 23.6%. Income not taxable and expenses not deductible include a credit of £13m (2021: £15m; 2020: £16m) relating to research and development and nil (2021: £7m; 2020: £19m) relating to the revaluation of a put and call option arrangement. In 2021, the change in recognition and measurement of deferred tax includes the deferred tax effect of tax rate increases in the UK and the Netherlands of £8m and changes to loss recognition rules in the Netherlands of £15m. In 2020 and 2021, there were tax credits arising from the substantial resolution of prior year tax matters. The following tax has been recognised in other comprehensive income or directly in equity during the year: 2020 2021 2022 £m £m £m Tax on items that will not be reclassified to profit or loss Tax on actuarial movements on defined benefit pension schemes 39 (48) (43) Tax on items that may be reclassified to profit or loss Tax on fair value movements on cash flow hedges (4) (1) 8 Net tax (charge)/credit recognised in other comprehensive income 35 (49) (35) Tax credit on share based remuneration recognised directly in equity 5 12 – The £43m tax charge (2021: £48m) on actuarial movements on defined benefit pension schemes includes a £2m tax charge (2021: £13m tax credit) reflecting the revaluation of pension related deferred tax balances to the UK corporation tax rate of 25% (previously 19%) enacted in 2021. 2021 2022 £m £m Current tax assets 10 15 Current tax liabilities (192) (249) Total (182) (234) Current tax assets and liabilities are net amounts in countries where there is a legally enforceable right to offset assets and liabilities on a net basis. The Group maintained provisions for uncertain tax positions. The total carrying amount of these provisions of £239m (2021: £228m) is comprised of a number of individually immaterial amounts. It is not expected that any resolution of the matters to which the provisions relate, or changes in assumptions relating to the provisions, will have a material impact on the Group’s financial results in the next year. 2021 2022 £m £m Deferred tax assets 210 146 Deferred tax liabilities (591) (590) Total (381) (444) 9 Taxation (continued) Movements in deferred tax liabilities and assets (before taking into consideration the offsetting of balances within the same jurisdiction) are summarised as follows: Deferred tax liabilities Deferred tax assets Acquired Other Acquired Tax losses Other intangible temporary intangible carried Pension temporary assets differences assets forward balances differences Total £m £m £m £m £m £m £m Deferred tax (liability)/asset at 1 January 2021 (710) (283) 174 99 125 200 (395) Credit/(charge) to profit 53 86 (9) 4 (8) (30) 96 (Charge)/credit to equity/other comprehensive income – – – – (48) 7 (41) Acquisitions (33) – – 6 – – (27) Exchange translation differences (4) 1 (8) (2) (1) – (14) Deferred tax (liability)/asset at 1 January 2022 (694) (196) 157 107 68 177 (381) Credit/(charge) to profit 62 20 (30) (17) (10) 28 53 (Charge)/credit to equity/other comprehensive income – (32) – – (10) 3 (39) Acquisitions (32) – – 19 – – (13) Exchange translation differences (71) (23) 5 9 1 15 (64) Deferred tax (liability)/asset at 31 December 2022 (735) (231) 132 118 49 223 (444) The closing deferred tax liability balance of other temporary differences includes those relating to capitalised development costs of £165m (2021: £161m) and pension surplus of £32m (2021: nil). The closing deferred tax asset balance of other temporary differences includes those relating to accruals and provisions of £118m (2021: £92m), share based remuneration provisions of £41m (2021: £41m) and intercompany interest of £14m (2021: £13m). As a result of exemptions on dividends from subsidiaries and capital gains on disposal there are no significant taxable temporary differences associated with investments in subsidiaries, branches, associates and interests in joint arrangements. While a number of entities in Exhibitions suffered losses due to the impact of Covid-19 over the last few years, in no individual country were they material. Following the return to profitability in the Exhibitions business, it is expected that the remaining trading losses will be substantially utilised in the next year. Other deferred tax assets have been recognised including for losses in the US and Netherlands, the majority of which are expected to have been utilised by 2031. Deferred tax assets in respect of tax losses and other deductible temporary differences have only been recognised to the extent that it is more likely than not that sufficient taxable profits will be available to allow the asset to be recovered. Tax losses and temporary differences for which no deferred tax asset was recognised: 2021 2022 £m £m £m £m Gross amount Tax effected Gross amount Tax effected Trading losses and temporary differences expiring Within 10 years 100 29 123 35 More than 10 years – – 1 – Available indefinitely 187 50 208 58 Total 287 79 332 93 State and local tax losses expiring Within 10 years 27 2 19 1 More than 10 years 46 4 89 6 Available indefinitely – – – – Total 73 6 108 7 Capital losses expiring Within 10 years – – – – More than 10 years – – – – Available indefinitely 22 5 22 5 Total 22 5 22 5 |
Earnings per share
Earnings per share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share | |
Earnings per share | 10 Earnings per share Accounting policy Earnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the total weighted average number of shares. The diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and conditional shares. Adjusted earnings per share is calculated by dividing adjusted net profit attributable to RELX PLC shareholders by the total weighted average number of shares. EARNINGS PER SHARE – FOR THE YEAR 2020 2021 2022 ENDED 31 DECEMBER Weighted Weighted Weighted Net profit average Net profit average Net profit average attributable to number attributable to number attributable to number shareholders of shares EPS shareholders of shares EPS shareholders of shares EPS £m (millions) (pence) £m (millions) (pence) £m (millions) (pence) Basic earnings per share 1,224 1,926.2 63.5 p 1,471 1,928.0 76.3 p 1,634 1,918.5 85.2 p Diluted earnings per share 1,224 1,937.8 63.2 p 1,471 1,939.4 75.8 p 1,634 1,929.3 84.7 p ADJUSTED EARNINGS PER SHARE 2020 2021 2022 Adjusted net Weighted Adjusted net Weighted Adjusted net Weighted profit average profit average profit average attributable to number Adjusted attributable to number Adjusted attributable to number Adjusted shareholders of shares EPS shareholders of shares EPS shareholders of shares EPS £m (millions) (pence) £m (millions) (pence) £m (millions) (pence) Adjusted earnings per share 1,543 1,926.2 80.1 p 1,689 1,928.0 87.6 p 1,961 1,918.5 102.2 p RECONCILIATION OF ADJUSTED NET PROFIT ATTRIBUTABLE TO RELX PLC SHAREHOLDERS 2020 Pre-tax Tax on adjustment adjustment Total £m £m £m Net profit attributable to shareholders 1,224 Adjustments: Amortisation of acquired intangible assets 360 35 395 Other deferred tax credits from intangible assets* – (78) (78) Acquisition-related items (12) (6) (18) Net interest on net defined benefit pension obligation and other 11 (2) 9 Disposals and other non-operating items (130) 3 (127) Exceptional costs in Exhibitions 183 (45) 138 Adjusted net profit attributable to shareholders 1,543 2021 Pre-tax Tax on adjustment adjustment Total £m £m £m Net profit attributable to shareholders 1,471 Adjustments: Amortisation of acquired intangible assets 294 22 316 Other deferred tax credits from intangible assets* – (61) (61) Acquisition-related items 21 (11) 10 Net interest on net defined benefit pension obligation and other 9 (2) 7 Disposals and other non-operating items (55) 1 (54) Adjusted net profit attributable to shareholders 1,689 2022 Pre-tax Tax on adjustment adjustment Total £m £m £m Net profit attributable to shareholders 1,634 Adjustments: Amortisation of acquired intangible assets 296 30 326 Other deferred tax credits from intangible assets* – (64) (64) Acquisition-related items 62 (13) 49 Net interest on net defined benefit pension obligation and other 5 (1) 4 Disposals and other non-operating items 9 3 12 Adjusted net profit attributable to shareholders 1,961 * Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation. |
Statement of cash flows
Statement of cash flows | 12 Months Ended |
Dec. 31, 2022 | |
Statement of cash flow | |
Statement of cash flows | 11 Statement of cash flows Accounting policy Cash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the statement of financial position at fair value. RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS 2020 2021 2022 £m £m £m Operating profit 1,525 1,884 2,323 Share of results of joint ventures (15) (29) (19) Amortisation of acquired intangible assets 376 297 294 Amortisation of internally developed intangible assets 319 295 309 Amortisation of pre-publication costs 62 60 72 Depreciation of property, plant and equipment 60 52 47 Depreciation of right-of-use assets 88 80 63 Share based remuneration 25 45 46 Total non-cash items 930 829 831 Increase in inventories and pre-publication costs (80) (73) (103) (Increase)/decrease in receivables 149 (103) (251) (Decrease)/increase in payables (245) (32) 280 Increase in working capital (176) (208) (74) Cash generated from operations 2,264 2,476 3,061 CASH FLOW ON ACQUISITIONS 2020 2021 2022 Note £m £m £m Purchase of businesses 12 (864) (235) (373) Deferred payments relating to prior year acquisitions (5) (19) (21) Total (869) (254) (394) RECONCILIATION OF NET DEBT Related Cash and derivative Finance cash financial lease 2020 2021 equivalents Debt instruments receivable 2022 £m £m £m £m £m £m £m At start of year (6,191) (6,898) 113 (6,167) 35 2 (6,017) (Decrease)/increase in cash and cash equivalents (51) 26 208 – – – 208 Decrease in short-term bank loans, overdrafts and commercial paper 436 200 – 101 – – 101 Issuance of term debt (2,342) – – (397) – – (397) Repayment of term debt 1,233 431 – 35 – – 35 Repayment of leases 90 76 – 79 – (1) 78 Change in net debt resulting from cash flows (634) 733 208 (182) – (1) 25 Borrowings in acquired businesses (3) – – (3) – – (3) Remeasurement and derecognition of leases (8) (4) – (5) – – (5) Inception of leases (24) (24) – (34) – 5 (29) Fair value and other adjustments to debt and related derivatives (4) 2 – 230 (245) – (15) Exchange translation differences (34) 174 13 (569) (3) (1) (560) At end of year (6,898) (6,017) 334 (6,730) (213) 5 (6,604) Net debt comprises cash and cash equivalents, loan capital, lease liabilities and receivables, promissory notes, bank and other loans and derivative financial instruments that are used to hedge certain borrowings. The Group monitors net debt as part of capital and liquidity management. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2022 | |
Acquisitions | |
Acquisitions | 12 Acquisitions Accounting policy Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which do not qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual assets; skilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the recognition of deferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions. During the year, a number of acquisitions were made. The net assets of the businesses acquired are incorporated at their fair value to the Group. The fair values of the consideration given and of the assets and liabilities acquired are summarised below. Fair value Fair value Fair value 2020 2021 2022 £m £m £m Goodwill 570 131 269 Intangible assets 427 156 125 Property, plant and equipment 3 1 1 Other non-current assets 1 – 3 Current assets 20 4 8 Current liabilities (24) (16) (21) Borrowings (3) – (3) Deferred tax (90) (27) (13) Net assets acquired 904 249 369 Consideration (after taking account of £6 m net cash acquired (2020: £29 m; 2021: £8 m)) 904 249 369 Change in consideration deferred to future years and changes in contingent consideration relating to prior year acquisitions (40) (14) 4 Net cash flow 864 235 373 During 2022, RELX completed several acquisitions for total consideration of £443m (2021: £255m), or £437m (2021: £249m) adjusted for cash acquired. This includes the acquisition of investments in joint ventures and associates of £61m. Refer to note 15 for further details. The businesses acquired in 2022 contributed £19m to revenue, decreased adjusted operating profit by £5m, decreased net profit by £24m (after charging £19m of integration costs and amortisation of acquired intangibles) and decreased net cash inflow from operating activities for the part year under the Group’s ownership and before taking account of acquisition financing costs by £4m. Had the businesses been acquired at the beginning of the year, on a pro forma basis the Group revenues, adjusted operating profit and net profit attributable to RELX PLC shareholders for the year would have been £8,567m, £2,679m and £1,626m respectively, before taking account of acquisition financing costs. |
Equity dividends
Equity dividends | 12 Months Ended |
Dec. 31, 2022 | |
Equity dividends | |
Equity dividends | 13 Equity dividends ORDINARY DIVIDENDS PAID IN THE YEAR 2020 2021 2022 £m £m £m RELX PLC 880 920 983 Ordinary dividends declared and paid in the year ended 31 December 2022, in amounts per ordinary share, comprise: a 2021 final dividend of 35.5p (2021: 33.4p; 2020: 32.1p) and a 2022 interim dividend of 15.7p (2021: 14.3p; 2020: 13.6p), giving a total of 51.2p (2021: 47.7p; 2020: 45.7p;). The Directors of RELX PLC have proposed a final dividend of 38.9p (2021: 35.5p; 2020: 33.4p), giving a total for the financial year of 54.6p (2021: 49.8p; 2020: 47.0p). The total cost of funding the proposed final dividend is expected to be £743m, for which no liability has been recognised at the statement of financial position date. The Employee Benefit Trust has currently waived the right to receive dividends on RELX PLC shares. This waiver has been applied to dividends paid in 2020, 2021 and 2022. |
Intangible assets
Intangible assets | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets | |
Intangible assets | 14 Intangible assets Accounting policy On acquisition of a subsidiary or business, the purchase consideration is allocated between the net tangible and intangible assets other than goodwill on a fair value basis, with any excess purchase consideration representing goodwill. Goodwill is carried at fair value as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their fair value as at the date of acquisition less accumulated amortisation (including impairment). On disposal of a subsidiary or business, the attributable amount of goodwill is included in the determination of profit or loss recognised in the income statement. Management judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-related assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer relationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process research and development); and other intangible assets mainly comprising contract and rights-related assets. The valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation methodologies, including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in estimating valuation of the intangible assets include growth in cash flows over the forecast period, the long-term growth rate assumed thereafter and the discount rate applied to the forecast cash flows. The selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of brands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and the technological and competitive risks that they face. Certain intangible assets are in relation to acquired science and medical publishing businesses that have been determined to have indefinite lives. The longevity of these assets is evidenced by their long- established and well regarded journal titles, and their characteristically stable market positions. Intangible assets, other than journal titles determined to have indefinite lives, are amortised on a straight-line basis over their estimated useful lives. The estimated useful lives of intangible assets with finite lives are: ■ Market-related assets – 1 to 40 years ■ Customer-related assets – 1 to 20 years ■ Editorial content – 1 to 40 years ■ Software and systems – 1 to 10 years ■ Other – 3 to 20 years Journal titles determined to have indefinite lives are not amortised and are subject to impairment review at least annually, including a review of events and circumstances to ensure that they continue to support an indefinite useful life. Internally developed intangible assets typically comprise software and systems development where an identifiable asset is created that is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally developed intangible assets are amortised on a straight line basis over their estimated useful lives of three Impairment reviews Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of all other intangible assets are reviewed where there are indications of possible impairment. An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest management cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows of the CGU to which the asset belongs. Critical judgements and key sources of estimation uncertainty Acquired intangible assets In 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of future cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation uncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions completed during the year. Development spend Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing operating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms and infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable value and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified and directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is required in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and the selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of intangible assets. 14 Intangible assets (continued) Total Total Total internally intangible Software acquired developed assets Market Customer Editorial and intangible intangible excluding related related content technology Other assets assets goodwill Goodwill £m £m £m £m £m £m £m £m COST As at 1 January 2021 7,224 2,391 1,750 614 688 2,381 7,824 3,251 11,075 Acquisitions 131 11 78 11 51 5 156 – 156 Additions – – – – – – – 310 310 Disposals and other (3) (2) 2 (7) – (23) (30) (19) (49) Exchange translation differences 14 15 10 2 1 (13) 15 (31) (16) At 1 January 2022 7,366 2,415 1,840 620 740 2,350 7,965 3,511 11,476 Acquisitions 269 18 43 27 37 – 125 – 125 Additions – – – – – – – 402 402 Disposals and other – (2) (4) – – (9) (15) (84) (99) Exchange translation differences 753 268 197 43 68 177 753 291 1,044 At 31 December 2022 8,388 2,699 2,076 690 845 2,518 8,828 4,120 12,948 ACCUMULATED AMORTISATION As at 1 January 2021 – 1,323 1,054 514 414 2,338 5,643 2,007 7,650 Charge for the year* – 109 79 39 54 16 297 295 592 Disposals and other – (2) (6) 1 – (23) (30) (19) (49) Exchange translation differences – 8 5 2 (1) (12) 2 (23) (21) At 1 January 2022 – 1,438 1,132 556 467 2,319 5,912 2,260 8,172 Charge for the year* – 121 78 29 53 13 294 309 603 Disposals and other – (2) (4) (5) 5 (9) (15) (78) (93) Exchange translation differences – 161 126 37 47 177 548 194 742 At 31 December 2022 – 1,718 1,332 617 572 2,500 6,739 2,685 9,424 NET BOOK AMOUNT At 31 December 2021 7,366 977 708 64 273 31 2,053 1,251 3,304 At 31 December 2022 8,388 981 744 73 273 18 2,089 1,435 3,524 * Includes impairments of acquired intangible assets of £ 1 m (2021: £ 13 m; 2020: £42 m in Legal and £23 m in Exhibitions) and an impairment of internally developed intangible assets of £ 13 m in Exhibitions (2021: nil ; 2020: £ 29 m). Refer to note 2 for further detail on the exceptional costs in Exhibitions in 2020. The carrying amount of goodwill is shown after cumulative amortisation of £1,253m (2021: £1,144m), which was charged prior to the adoption of IFRS, and £9m (2021: £8m) of subsequent impairment charges recorded in prior years. The Legal business has £735m (2021: £663m) of capitalised development costs associated with platforms and infrastructure. Included in market-related intangible assets are £125m (2021: £112m) of journal titles relating to Scientific, Technical & Medical determined to have indefinite lives based on an assessment of their historical longevity and stable market positions. Impairment review There were no charges for impairment of goodwill or indefinite lived intangible assets in 2022 (2021: nil). Goodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level at which goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill arising is allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas have become increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills, knowledge and technology platforms, and the monitoring of goodwill by management. GOODWILL 2021 2022 £m £m Risk 3,675 4,167 Scientific, Technical & Medical 1,683 2,015 Legal 1,406 1,572 Exhibitions 602 634 Total 7,366 8,388 14 Intangible assets (continued) The key assumptions used for each group of CGUs are disclosed below: KEY ASSUMPTIONS 2021 2022 Nominal Nominal Pre-tax long-term Pre-tax long-term discount market discount market rate growth rate rate growth rate Risk 9.8 % 3 % 11.2 % 4 % Scientific, Technical & Medical 9.1 % 3 % 10.5 % 3 % Legal 9.9 % 2 % 10.9 % 3 % Exhibitions 11.7 % 3 % 13.0 % 4 % The pre–tax discount rates used are based on the Group’s weighted average cost of capital, adjusted to reflect a risk premium specific to each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has been estimated by grossing up the post-tax rate. The Group’s weighted average cost of capital is derived from a risk free rate, a market risk premium, therefore, take into account the impact of inflation. The Group’s weighted average cost of capital was calculated as at 30 September 2022 when the impairment review was performed, and there were no indicators of impairment in the intervening period to 31 December 2022. The key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth, operating margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past results adjusted by management based on salient current and future considerations. Cash conversion rates for each CGU are based on historical cash conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years, do not exceed the long-term average growth prospects for the sectors and territories in which the businesses operate. A sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by management: increases in the discount rate of 1.5%; a decrease in the compound annual growth rate for cash flow in the five-year forecast period of 2.0; a decrease in the nominal long-term market growth rates of 1%; and a combined increase in discount rate of 1% and a decrease in the nominal long-term market growth rates of 1%. These sensitivity analyses show that no impairment charges would result from these scenarios. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2022 | |
Investments | |
Investments | 15 Investments Accounting policy Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and other non-operating items in the income statement. All items recognised in the income statement relating to investments, other than investments in joint arrangements and associates, are reported as disposals and other non-operating items. Venture capital investments and equity investments represent interests in listed and unlisted securities. The fair value of listed securities is based on quoted prices in active markets. The fair value of unlisted securities is based on management’s estimate of fair value based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement of financial position at cost as adjusted for post-acquisition changes in the Group’s share of net assets, less any impairment in value. 2021 2022 £m £m Investments in joint ventures and associates 105 159 Venture capital investments 107 127 Total 212 286 The value of venture capital investments and equity investments has been determined by reference to quoted prices in active markets, other observable market inputs or, when these are not available, by reference to inputs we believe would reflect the assumptions market participants would use. 15 Investments (continued) An analysis of changes in the carrying value of investments in joint ventures and associates is set out below: 2021 2022 £m £m At start of year 103 105 Share of results of joint ventures 29 19 Dividends received from joint ventures (20) (33) Acquisitions – 62 Disposals and other (4) 1 Exchange translation differences (3) 5 At end of year 105 159 Summarised aggregate information in respect of the Group’s share of joint ventures and associates is set out below: RELX’s share 2021 2022 £m £m Revenue 78 55 Net profit for the year 29 19 Total assets 136 190 Total liabilities (70) (75) Net assets 66 115 Goodwill 39 44 Total 105 159 The Group’s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2022 and 2021. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment. | |
Property, plant and equipment | 16 Property, plant and equipment Accounting policy Property, plant and equipment are stated in the statement of financial position at cost less accumulated depreciation. No depreciation is provided on freehold land. Freehold buildings and long leaseholds ■ land and buildings: land – not depreciated; leasehold improvements – shorter of life of lease and 10 years ■ fixtures and equipment: plant – 3 to 20 years; office furniture, fixtures and fittings – 5 to 10 years; computer systems, communication networks and equipment – 3 to 7 years 2021 2022 Land and Fixtures and Land and Fixtures and buildings equipment Total buildings equipment Total £m £m £m £m £m £m Cost At start of year 206 527 733 167 516 683 Acquisitions – 1 1 1 – 1 Capital expenditure 5 23 28 3 33 36 Disposals (43) (32) (75) (19) (140) (159) Exchange translation differences (1) (3) (4) 14 43 57 At end of year 167 516 683 166 452 618 Accumulated depreciation At start of year 143 428 571 111 441 552 Charge for the year 6 46 52 6 41 47 Disposals (37) (31) (68) (12) (142) (154) Exchange translation differences (1) (2) (3) 10 37 47 At end of year 111 441 552 115 377 492 Net book amount 56 75 131 51 75 126 Included in land and buildings is freehold land of £10m (2021: £10m). Amounts relating to right-of-use assets under IFRS 16 can be found in note 22. |
Financial instruments
Financial instruments | 12 Months Ended |
Dec. 31, 2022 | |
Financial instruments | |
Financial instruments | 17 Financial instruments Accounting policy Financial instruments comprise investments (other than investments in joint ventures or associates), trade receivables, cash and cash equivalents, payables and accruals, borrowings and derivative financial instruments. Investments (other than investments in joint ventures and associates) are described in note 15. The fair value of such investments is based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and adjusting for risk. (These investments are typically classified as either Level 2 or 3 in the IFRS 13 fair value hierarchy.) Trade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses. Expected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables are recorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss attributable to the hedged risk). Derivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the borrowing using the effective interest method. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement. Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or, where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement. Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position at fair value, with changes in fair value recognised in the income statement. The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of interest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable market rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.) The main financial risks faced by the Group are liquidity risk, market risk – comprising interest rate risk and foreign exchange risk – and credit risk. Financial instruments are used to finance the Group’s businesses and to manage interest rate and foreign exchange risks. The Group’s businesses do not enter into speculative derivative transactions. Details of financial instruments subject to liquidity, market and credit risks are described below. Liquidity risk The Group maintains a range of borrowing facilities and debt programmes to fund its requirements at competitive rates. The balance of long-term debt, short-term debt and committed bank facilities is managed to provide security of funding, taking into account the cash generation cycle of the business and the uncertain size and timing of acquisition spend. To accommodate the significant free cash flow generated by the Group and to capitalise on an inexpensive source of funding, a meaningful portion of the overall debt portfolio is typically kept short term as long as there exists acceptable liquidity in the commercial paper markets and sufficient capacity under committed credit lines. The Group’s treasury policies ensure adequate liquidity by requiring that (a) no more than $2bn of term debt matures in any 12-month period, (b) the sum of term debt maturing over the ensuing 12 months plus short-term borrowings is less than the sum of available cash plus committed facilities and (c) minimum levels of borrowing with maturities over three and five years are maintained. The treasury policies ensure debt efficiency by (a) targeting certain levels of short-term borrowings across a given year, (b) maintaining a weighted average maturity of the gross debt portfolio of approximately five years and (c) minimising surplus cash balances. From time to time, based on cash flow and market conditions, the Group may redeem term debt early or repurchase outstanding debt in the 17 Financial instruments (continued) Debt is issued to meet the funding requirements of various jurisdictions and in the currencies that are needed. It is recognised that debt can act as a natural translation hedge of earnings, net assets and net cash flow in currencies other than the reporting currency. For this reason, the majority of the Group’s net debt is denominated in US dollars and euros, reflecting the Group’s largest geographical markets. There were no changes to the Group’s long-term approach to capital and liquidity management during the year. The remaining contractual maturities for borrowings and derivative financial instruments are shown in the table below. The table shows undiscounted principal and interest cash flows and includes contractual gross cash flows to be exchanged as part of cross-currency interest rate swaps and forward foreign exchange contracts where there is a legal right of set-off. AT 31 DECEMBER 2021 Contractual cash flow (including interest) Carrying Within More than amount 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total £m £m £m £m £m £m £m £m Borrowings Fixed rate borrowings (5,828) (156) (741) (1,106) (704) (709) (3,126) (6,542) Floating rate borrowings (131) (131) – – – – – (131) Lease liabilities (208) (75) (63) (43) (25) (4) (31) (241) Derivative financial liabilities Cash inflows 371 86 103 2 – – 562 Cash outflows (374) (88) (105) (2) – – (569) Forward foreign exchange contracts (7) (3) (2) (2) – – – (7) Interest rate derivatives (5) – – (1) (2) (2) (7) (12) Cross-currency interest rate swaps (2) (32) (34) (14) (501) – – (581) Derivative financial assets Cash inflows 1,399 312 107 26 – – 1,844 Cash outflows (1,367) (294) (102) (25) – – (1,788) Forward foreign exchange contracts 48 32 18 5 1 – – 56 Interest rate derivatives 19 22 10 4 – – – 36 Cross-currency interest rate swaps 16 29 26 7 511 – – 573 Total (6,098) (314) (786) (1,150) (720) (715) (3,164) (6,849) AT 31 DECEMBER 2022 Contractual cash flow (including interest) Carrying Within More than amount 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total £m £m £m £m £m £m £m £m Borrowings Fixed rate borrowings (6,446) (847) (1,188) (772) (769) (704) (3,212) (7,492) Floating rate borrowings (102) (102) – – – – – (102) Lease liabilities (182) (80) (58) (36) (17) (6) (34) (231) Derivative financial liabilities Cash inflows 835 242 122 8 – – 1,207 Cash outflows (870) (262) (127) (8) – – (1,267) Forward foreign exchange contracts (53) (35) (20) (5) – – – (60) Interest rate derivatives (158) (48) (29) (20) (18) (17) (43) (175) Cross-currency interest rate swaps (58) (56) (31) (567) – – – (654) Derivative financial assets Cash inflows 665 199 126 24 1,014 Cash outflows (645) (192) (123) (23) (983) Forward foreign exchange contracts 32 20 7 3 1 – – 31 Interest rate derivatives – 2 – – – – – 2 Cross-currency interest rate swaps – 29 7 538 – – – 574 Total (6,967) (1,117) (1,312) (859) (803) (727) (3,289) (8,107) The carrying amount of derivative financial liabilities comprises £215m (2021: £5m) in relation to fair value hedges, £32m (2021: £7m) in relation to cash flow hedges and £22m (2021: £2m) not designated as hedging instruments. The carrying amount of derivative financial assets comprises nil (2021: £35m) in relation to fair value hedges, £24m (2021: £36m) in relation to cash flow hedges and £8m (2021: £12m) not designated as hedging instruments. The Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance borrowings as they mature and to fund ongoing requirements. At 31 December 2022, the Group had access to a $3.0bn committed bank facility maturing in April 2025, which was undrawn. This facility backs up short-term borrowings, and has pricing linked to three ESG performance targets. All borrowings that mature within the next two years can be covered by the facility and by utilising available cash resources. The committed bank facility is not subject to a financial covenant and there are no financial covenants in any outstanding public bonds. 17 Financial instruments (continued) Market risk The Group’s primary market risks are interest rate fluctuations and exchange rate movements. Derivatives are used to manage the risks associated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Where the impact of derivatives on the income statement and the statement of financial position could be significant, hedge accounting is applied (subject to satisfying the required criteria) as described in ‘Hedge accounting’ below. Derivatives used by the Group for hedging a particular risk are not specialised and are generally available from numerous sources. The Group is also exposed to changes in the market value of its venture capital investments as described in note 15. The impact of market risks on net post-employment benefit obligations and taxation is excluded from the following market risk sensitivity analysis. Interest rate exposure management The Group’s interest rate exposure management policy aims to minimise interest costs with an acceptable level of year-on-year volatility. To achieve this, the Group uses fixed rate term debt and interest rate swaps to give a target mix of fixed rate and floating rate borrowings. Interest rate derivatives are used only to hedge an underlying risk and no net market positions are held. At 31 December 2022, including the effect of interest rate swaps, 58% of gross bank and bond borrowings were at fixed rates. The impact on net equity of a theoretical change in interest rates as at 31 December 2022 is restricted to the change in carrying value of floating rate to fixed rate interest rate derivatives in a designated cash flow hedge relationship and undesignated interest rate derivatives. A 100 basis point reduction in interest rates would result in an estimated decrease in net equity of nil (2021: nil) and a 100 basis point increase in interest rates would increase net equity by an estimated amount of nil (2021: nil). The impact of a change in interest rates on the carrying value of fixed rate borrowings in a designated fair value hedge relationship would be offset by the change in carrying value of the related interest rate derivative. Fixed rate borrowings not in a designated hedging relationship are carried at amortised cost. The Group has assessed the impact of the Interbank Offered Rates (IBOR) reform and concluded that there will be no significant impact on the financial statements. The Group is primarily exposed to IBOR through its derivatives which swap fixed rate bond issuances to a floating rate of interest and which are designated in fair value hedge relationships. The table on page 192 details these interest rate derivatives which swap £1,917m of bonds with weighted average maturity of 3.3 years to a floating rate of interest referencing US dollar LIBOR (3 months) and swap £443m of bonds with weighted average maturity of 1.2 years to a floating rate of interest referencing Euribor (3 months). The Group has adopted the ISDA fallback protocol in respect of these derivatives and the fair value hedge designations are expected to remain highly effective throughout the transition to alternative risk free rates. Foreign currency exposure management Translation exposures arise on the earnings and net assets of individual businesses whose operational currencies are other than sterling. Some of these exposures are offset by denominating borrowings in US dollars, euros and other currencies. Currency exposures on transactions denominated in a foreign currency are generally hedged using forward contracts. In addition, recurring transactions and future investment exposures may be hedged, in advance of becoming contractual. The precise policy differs according to the specific circumstances of the individual businesses. Highly predictable future cash flows may be covered for transactions expected to occur during the next 24 months A theoretical weakening of all currencies by 10% against sterling at 31 December 2022 would decrease the carrying value of net assets, excluding net borrowings, by £892m (2021: £781m). This would be offset to a degree by a decrease in net borrowings of £671m (2021: £677m). A strengthening of all currencies by 10% against sterling at 31 December 2022 would increase the carrying value of net assets, excluding net borrowings, by £892m (2021: £781m) and increase net borrowings by £671m (2021: £677m). A retranslation of the Group’s net profit for the year, assuming a 10% weakening of all foreign currencies against sterling but excluding transactional exposures, would reduce net profit by £126m (2021: £112m). A 10% strengthening of all foreign currencies against sterling on this basis would increase net profit for the year by £126m (2021: £112m). Credit risk The Group seeks to manage interest rate risk and limit foreign exchange risks described above by the use of financial instruments and as a result has a credit risk from the potential non-performance by the counterparties to these financial instruments, which are unsecured. The amount of this credit risk is normally restricted to the amounts of any hedge gain and not the principal amount being hedged. The Group also has a credit exposure to counterparties for the full principal amount of cash and cash equivalents. Credit risks are controlled by monitoring the credit quality of these counterparties, principally licensed commercial banks and investment banks with strong long-term credit ratings, and the amounts outstanding with each of them. The Group has treasury policies in place which do not allow concentrations of risk with individual counterparties and do not allow significant treasury exposures with counterparties which are rated lower than A-/A3 by Standard & Poor’s, Moody’s and Fitch. 17 Financial instruments (continued) The Group also has credit risk with respect to trade receivables due from its customers, which include national and state governments, academic institutions and large and small enterprises including insurance companies, law firms and life science companies. The concentration of credit risk from trade receivables is limited due to the large and broad customer base. Trade receivable exposures are managed locally in the business areas where they arise. Where appropriate, business areas seek to minimise this exposure by taking payment in advance and through management of credit terms. Expected credit losses are based on management’s assessment of the risk taking into account the ageing profile, experience and circumstance. The maximum exposure to credit risk is represented by the carrying amount of each financial asset, including derivative financial instruments, recorded in the statement of financial position. Included within trade receivables are the following amounts which are past due, after considering loss allowance: 2020 2021 2022 £m £m £m Up to one month 170 156 265 2 to 3 months 83 96 115 4 to 6 months 34 35 46 Greater than 6 months 46 18 23 Total past due 333 305 449 Hedge accounting The hedging relationships that are designated under IFRS 9 – Financial Instruments are described below. Fair value hedges The Group has entered into interest rate swaps and cross-currency interest rate swaps to hedge the exposure to changes in the fair value of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement. The table below details the designated fair value hedge relationships that were in place at 31 December 2022, swapping fixed rate term debt issues denominated in US dollars (USD) and euros to floating rate USD and euro debt respectively for the whole or part of their term, together with the related fixed and floating rates. FAIR VALUE HEDGE RELATIONSHIPS 31 December 31 December 2021 2022 Principal Principal amount amount £m £m Fixed rate Floating rate $700m bond and $700m interest rate swaps maturing 2023 (517) (579) 3.5 % USD LIBOR+0.8% €500m bond and €500m interest rate swaps maturing 2024 (421) (443) 1.0 % Euribor+0.7% €600m bond and €600m/$669.3m cross-currency interest rate swaps maturing 2025 (494) (553) 1.3 % USD LIBOR+1.3% $200m bond and $200m interest rate swaps maturing 2027 (148) (165) 7.2 % USD LIBOR+5.8% $750m bond and $750m interest rate swaps maturing 2030 (554) (620) 3.0 % USD LIBOR+1.6% $500m bond and $500m interest rate swaps maturing 2032 – (413) 4.75 % USD SOFR+2.0% (2,134) (2,773) The gains and losses on the borrowings and related derivatives designated as fair value hedges, which are included in the income statement as part of finance costs, together with the total carrying values of the borrowings and related derivatives included in the statement of financial position, for the three years ended 31 December 2020, 2021 and 2022 were as follows: GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES Fair value 1 January movement Exchange 31 December Carrying 2020 gain/(loss) gain/(loss) 2020 values £m £m £m £m £m USD debt (13) (25) 2 (36) (701) Related interest rate swaps 13 25 (2) 36 36 – – – – (665) EUR debt (39) (47) 3 (83) (1,467) Related interest rate swaps 39 47 (3) 83 83 – – – – (1,384) Total relating to USD and EUR debt (52) (72) 5 (119) (2,168) Total related interest rate swaps 52 72 (5) 119 119 Net gain on borrowings and related derivatives/total carrying value – – – – (2,049) 17 Financial instruments (continued) GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES Fair value 1 January movement Exchange 31 December Carrying 2021 gain/(loss) gain/(loss) 2021 values £m £m £m £m £m USD debt (36) 35 – (1) (1,221) Related interest rate swaps 36 (28) – 8 8 – 7 – 7 (1,213) EUR debt (83) 55 1 (27) (940) Related interest rate swaps 83 (55) (1) 27 27 – – – – (913) Total relating to USD and EUR debt (119) 90 1 (28) (2,161) Total related interest rate swaps 119 (83) (1) 35 35 Net gain on borrowings and related derivatives/total carrying value – 7 – 7 (2,126) GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES Fair value 1 January movement Exchange 31 December Carrying 2022 gain/(loss) gain/(loss) 2022 values £m £m £m £m £m USD debt (1) 140 2 141 (1,630) Related interest rate swaps 8 (149) (2) (143) (143) 7 (9) – (2) (1,773) EUR debt (27) 96 1 70 (924) Related interest rate swaps 27 (96) (1) (70) (70) – – – – (994) Total relating to USD and EUR debt (28) 236 3 211 (2,554) Total related interest rate swaps 35 (245) (3) (213) (213) Net gain/(loss) on borrowings and related derivatives/total carrying value 7 (9) – (2) (2,767) All fair value hedges were highly effective throughout the three years ended 31 December 2022. Gross borrowings as at 31 December 2022 included £10m (2021: £12m) in relation to fair value adjustments to borrowings previously designated in a fair value hedge relationship which were de-designated in 2008. The related derivatives were closed out on de-designation with a cash inflow of £62m. £3m (2021: £3m) of these fair value adjustments were amortised in the year as a reduction to finance costs. Cash flow hedges As part of the Group’s interest rate exposure management, it has entered into certain cross-currency interest rate derivatives, individual components of which have been accounted for as cash flow hedges (with the remaining components accounted for as fair value hedges, as described above). These comprised interest rate derivatives which swapped a fixed rate €600m bond, issued in May 2015 and maturing in May 2025, to floating rate USD debt for the whole of its term. The component relating to the swap of the euro credit margin to USD is being accounted for as a cash flow hedge under IFRS 9, with the amount associated with foreign currency basis spreads recorded in the cost of hedging reserve. As part of the Group’s foreign currency exposure management, it has entered into forward foreign exchange contracts which fix the exchange rate on a portion of future foreign currency subscription revenues forecast by the businesses for up to 50 months. These have been accounted for as cash flow hedges under IFRS 9 of the forecast foreign currency revenues, with gains and losses on the forward contracts deferred in the hedge reserve until the related revenue is recognised, at which time the accumulated gains and losses are reclassified to the income statement. Movements in the hedge reserve and the cost of hedging reserve in 2021 and 2022, including gains and losses on cash flow hedging instruments, were as follows: Cost of Foreign Interest rate hedging currency hedge reserve reserve hedge reserve Total £m £m £m £m Hedge reserve at 31 December 2020: gains/(losses) deferred 4 (8) 27 23 (Losses)/gains arising in 2021 (3) 2 11 10 Amounts recognised in income statement – – (9) (9) Hedge reserve at 31 December 2021: gains/(losses) deferred 1 (6) 29 24 (Losses)/gains arising in 2022 (3) 5 (20) (18) Amounts recognised in income statement 1 – (18) (17) Exchange translation differences (1) – 1 – Hedge reserve at 31 December 2022: losses deferred (2) (1) (8) (11) 17 Financial instruments (continued) All cash flow hedges were highly effective throughout the two years ended 31 December 2022. A deferred tax credit of £3m (2021: debit of £5m) in respect of the above gains and losses at 31 December 2022 was also deferred in the hedge reserve. Of the amounts recognised in the income statement in the year, gains of £18m (2021: £9m) were recognised in revenue, and losses of £1m (2021: nil) were recognised in finance costs. A tax debit of £4m (2021: £2m) was recognised in relation to these items. The deferred gains and losses on foreign currency cash flow hedges at 31 December 2022 are currently expected to be recognised in the income statement in future years as shown in the table below, together with the principal amount of hedges relating to each year and their total carrying values included within derivative assets and liabilities in the statement of financial position: Foreign Principal currency amount of Carrying hedge reserve hedges values £m £m £m 2023 4 673 (11) 2024 (10) 459 (10) 2025 (2) 250 (2) 2026 – 36 – Total (8) 1,418 (23) The cash flows for these hedges are expected to occur in line with the recognition of the gains and losses in the income statement, or in the preceding year. These cash flows are included in the table on page 190. |
Inventories and pre-publication
Inventories and pre-publication costs | 12 Months Ended |
Dec. 31, 2022 | |
Inventories and pre-publication costs | |
Inventories and pre-publication costs | 18 Inventories and pre-publication costs Accounting policy Inventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and estimated net realisable value. Such costs typically comprise direct internal labour costs and externally commissioned editorial and other fees. Pre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically reflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years. Annual reviews are carried out to assess the recoverability of carrying amounts. 2021 2022 £m £m Raw materials 2 3 Pre-publication costs 218 264 Finished goods 33 42 Total 253 309 During the year, pre-publication costs of £94m (2021: £73m) were capitalised. The related amortisation charge was £72m (2021: £60m). |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables. | |
Trade and other receivables | 19 Trade and other receivables Accounting policy Trade receivables are stated net of a loss allowance for expected credit losses. 2021 2022 £m £m Trade receivables 1,738 2,193 Loss allowance (106) (118) 1,632 2,075 Prepayments and accrued income 316 310 Current tax receivable 10 15 Net finance lease receivable 2 5 Total 1,960 2,405 Trade receivables are predominantly non-interest bearing and their carrying amounts approximate to their fair value. 19 Trade and other receivables (continued) The movements in the loss allowance during the year were as follows: 2021 2022 £m £m At start of year 99 106 Charge for the year 17 11 Trade receivables written off (8) (7) Exchange translation differences (2) 8 At end of year 106 118 |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables | |
Trade and other payables | 20 Trade and other payables Accounting policy Deferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an amount of consideration, in advance of the goods and services being delivered. Trade payables, accruals and other payables are not interest-bearing and are stated at their nominal values. 2021 2022 £m £m Trade payables 109 129 Accruals 718 844 Social security and other taxes 141 159 Other payables 351 517 Deferred income 1,956 2,368 Total 3,275 4,017 Trade and other payables are predominantly non-interest bearing and their carrying amounts approximate to their fair value. Materially all of the opening deferred income balance has been recognised in the reporting period. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt | |
Debt | 21 Debt Accounting policy Borrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires, is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the borrowing using the effective interest method. 2021 2022 Falling due Falling due Falling due Falling due in within in more than within more than 1 year 1 year Total 1 year 1 year Total £m £m £m £m £m £m Financial liabilities measured at amortised cost: Short-term bank loans, overdrafts and commercial paper 131 – 131 102 – 102 Term debt 32 3,410 3,442 – 3,641 3,641 Lease liabilities 69 139 208 67 115 182 Term debt in fair value hedging relationships – 2,161 2,161 576 1,978 2,554 Term debt previously in fair value hedging relationships – 225 225 125 126 251 Total 232 5,935 6,167 870 5,860 6,730 The total fair value of financial liabilities measured at amortised cost (excluding lease liabilities) is £3,451m (2021: £3,746m). The total fair value of term debt in fair value hedging relationships is £2,688m (2021: £2,268m). The total fair value of term debt previously in fair value hedging relationships is £257m (2021: £255m). RELX PLC has given guarantees in respect of certain long-term and short-term borrowings issued by subsidiaries. Included within term debt above are debt securities issued by RELX Capital Inc., a 100% indirectly owned finance subsidiary of RELX PLC, which have been registered with the US Securities and Exchange Commission. RELX PLC has fully and unconditionally guaranteed these securities, which are not guaranteed by any other subsidiary of RELX PLC. 21 Debt (continued) Analysis by year of repayment 2021 2022 Short-term Short-term bank loans, bank loans, overdrafts overdrafts and and commercial Lease commercial Lease paper Term debt liabilities Total paper Term debt liabilities Total £m £m £m £m £m £m £m £m Within 1 year 131 32 69 232 102 701 67 870 Within 1 to 2 years – 641 40 681 – 1,045 24 1,069 Within 2 to 3 years – 1,012 37 1,049 – 623 25 648 Within 3 to 4 years – 628 29 657 – 660 24 684 Within 4 to 5 years – 626 17 643 – 595 17 612 After 5 years – 2,889 16 2,905 – 2,822 25 2,847 After 1 year – 5,796 139 5,935 – 5,745 115 5,860 Total 131 5,828 208 6,167 102 6,446 182 6,730 Short-term bank loans, overdrafts and commercial paper were backed up at 31 December 2022 by a $3.0bn (£2.5bn) committed bank facility maturing in 2025. The committed bank facility was undrawn. Analysis by currency 2021 2022 Short-term Short-term bank loans, bank loans, overdrafts overdrafts and and commercial Lease commercial Lease paper Term debt liabilities Total paper Term debt liabilities Total £m £m £m £m £m £m £m £m US dollar 68 2,691 79 2,838 2 3,160 65 3,227 Pound sterling – – 51 51 – – 40 40 Euro 15 3,137 47 3,199 – 3,286 57 3,343 Other currencies 48 – 31 79 100 – 20 120 Total 131 5,828 208 6,167 102 6,446 182 6,730 Included in the US dollar amounts for term debt above is £498m (2021: £515m) of debt denominated in euros (€600m) (2021: €600m) that was swapped into US dollars on issuance and against which there are related derivative financial instruments, which, as at 31 December 2022, had a fair value of £55m (2021: £21m). |
Lease arrangements
Lease arrangements | 12 Months Ended |
Dec. 31, 2022 | |
Lease arrangements | |
Lease arrangements | 22 Lease arrangements Accounting policy All leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of financial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding right-of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of the asset. Lease payments are apportioned between finance charges and a reduction of the lease liability. Low-value items and short-term leases with a term of 12 months or less are not required to be recognised on the balance sheet and payments made in relation to these leases are recognised on a straight-line basis in the income statement. The leases held by the Group can be split into two categories: property and non-property. The Group leases various properties, principally offices, which have varying terms and renewal rights that are typical to the territory in which they are located. Non-property includes all other leases, such as cars and printers. 22 Lease arrangements (continued) Right-of-use assets 2021 2022 £m £m At start of year 216 161 Additions 25 34 Acquisitions – 3 Remeasurement 9 8 Disposals (5) (8) Depreciation (66) (63) Impairment (14) – Exchange translation differences (4) 10 At end of year 161 145 Lease liability 2021 2022 £m £m Current Property (67) (65) Non-property (2) (2) Non-current Property (136) (113) Non-property (3) (2) Total (208) (182) Interest expense on the lease liabilities recognised within finance costs was £6m (2021: £8m; 2020: £12m). As at 31 December 2022, RELX was committed to leases with future cash outflows totalling £32m (31 December 2021: £5m) which had not yet commenced and as such are not accounted for as a liability as at 31 December 2022. A liability and corresponding right-of-use asset will be recognised for these leases at the lease commencement date. RELX subleases vacant space available within its leased properties. IFRS 16 specifies conditions whereby a sublease is classed as a finance lease for the sub-lessor. The finance lease receivable balance held is as follows: 2021 2022 £m £m Net finance lease receivable 2 5 Short-term and low-value lease expenses have been included in note 3. Interest income recognised in relation to finance lease receivables is disclosed in note 7. |
Share capital and shares held i
Share capital and shares held in treasury | 12 Months Ended |
Dec. 31, 2022 | |
Share capital and shares held in treasury | |
Share capital and shares held in treasury | 23 Share capital and shares held in treasury Accounting policy Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid, including directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the Employee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity. RELX PLC CALLED UP SHARE CAPITAL – ISSUED AND FULLY PAID 2021 2022 No. of shares £m No. of shares £m At start of year 1,982,299,312 286 1,984,961,632 286 Issue of ordinary shares 2,662,320 – 1,918,456 – Cancellation of ordinary shares – – (52,000,000) (7) At end of year 1,984,961,632 286 1,934,880,088 279 23 Share capital and shares held in treasury (continued) NUMBER OF ORDINARY SHARES Year ended 31 December 2021 2022 Shares in Shares in issue net of issue net of treasury Shares in Treasury treasury shares* issue shares shares* (millions) (millions) (millions) (millions) RELX PLC At start of year 1,926.0 1,985.0 (55.6) 1,929.4 Issue of ordinary shares 2.7 1.9 – 1.9 Repurchase of ordinary shares – – (21.7) (21.7) Net release/(purchase) of shares by the Employee Benefit Trust 0.7 – (0.1) (0.1) Cancellation of ordinary shares – (52.0) 52.0 – At end of year 1,929.4 1,934.9 (25.4) 1,909.5 * At 31 December 2022 the total shares in issue net of treasury shares is 1,909,526,620 (2021: 1,929,425,389 ). During the year, RELX PLC repurchased 21.7 m (2021: nil ; 2020: 7.8 m) RELX PLC ordinary shares for an average price of 2,303 p; repurchased shares are held in treasury. In 2022 the total consideration for the RELX PLC repurchases was £ 500 m (2021: nil ; 2020: £150 m). The Employee Benefit Trust purchases RELX PLC shares which, at the trustees’ discretion, can be used in respect of the exercise of share options and to meet commitments under conditional share awards. During the year, the Employee Benefit Trust purchased 2.2m shares for a total cost of £50m (2021: £1m; 2020: £37m). At 31 December 2022, shares held by the Employee Benefit Trust were £101m (2021: £86m; 2020: £97m) at cost. The issue of ordinary shares in the year relates to the exercise of share options. All of the RELX PLC ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for shares held in treasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares. At 31 December 2022, RELX PLC shares held in treasury related to 5,553,401 (2021: 5,448,564; 2020: 6,192,953) RELX PLC ordinary shares held by the Employee Benefit Trust; and 19,800,067 (2021: 50,087,679; 2020: 50,087,679) RELX PLC ordinary shares held by the parent company. During 2022, 52m (2021: nil; 2020: nil) RELX PLC ordinary shares held in treasury were cancelled. On 9 December 2022, RELX PLC announced a non-discretionary programme to repurchase further ordinary shares up to the value of £150m. At 31 December 2022, an accrual of £150m was recognised in respect of this non-discretionary commitment. A further 6.3m RELX PLC ordinary shares have been repurchased in January and February 2023 under this programme. |
Other reserves and translation
Other reserves and translation reserve | 12 Months Ended |
Dec. 31, 2022 | |
Other reserves and translation reserve | |
Other reserves and translation reserve | 24 Other reserves and translation reserve Translation Hedge Other Total reserve reserve reserves Total 2021 2022 2022 2022 2022 £m £m £m £m £m At start of year 1,241 250 19 2,062 2,331 Profit attributable to shareholders 1,471 – – 1,634 1,634 Dividends paid (920) – – (983) (983) Actuarial gains on defined benefit pension schemes 321 – – 164 164 Fair value movements on cash flow hedges 10 – (18) – (18) Transfer to profit from cash flow hedge reserve (9) – (17) – (17) Tax recognised in other comprehensive income (49) – 8 (43) (35) Exchange differences on translation of foreign operations 223 427 – – 427 Cancellation of shares – – – (1,120) (1,120) Increase in share based remuneration reserve (net of tax) 55 – – 47 47 Settlement of share awards (12) – – (35) (35) Disposal of non ‐ controlling interests – – – (1) (1) At end of year 2,331 677 (8) 1,725 2,394 Other reserves principally comprise retained earnings and the share based remuneration reserve. Movements in reserves during the period includes the effects of profits generated during the period, share repurchases, changes in exchange rates and other items. Dividends paid during 2022 were £983m (2021: £920m). Refer to note 13 for further details. 52m (2021: nil) RELX PLC ordinary shares held in treasury were cancelled resulting in a transfer of £1.1 bn between other reserves and shares held in treasury. The increase of £427m in the translation reserve is due to the net effect of changes in exchange rates during the period which increased net debt by £560m and assets (net of other liabilities) by £987m. |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions | |
Related party transactions | 25 Related party transactions Transactions with related parties were made on normal market terms of trading. Transactions between RELX PLC and subsidiaries of the Group have been eliminated within the consolidated financial statements. Transactions with joint ventures comprise sales of goods and services of £0.4m (2020: nil; 2021: nil) and the rendering and receiving of goods and services of nil (2021: £0.2m; 2020: £0.1m). As at 31 December 2022, amounts owed by joint ventures were £4.2m (2021: £2.4m; 2020: £0.8m) and amounts due to joint ventures were £1.2m (2021: £1.4m; 2020: £0.4m). See note 6 for details of the Group’s participation in defined benefit pension schemes. Key management personnel are also related parties as defined by IAS 24 – Related Party Disclosures and comprise the Executive and Non-Executive Directors of RELX PLC. Key management personnel remuneration is set out below. For reporting purposes, salary, benefits and annual incentive payments are considered short-term employee benefits. KEY MANAGEMENT PERSONNEL REMUNERATION 2020 2021 2022 £m £m £m Salaries, other short-term employee benefits and non-executive fees 6 7 7 Post-employment benefits 1 1 – Share based remuneration* 1 8 7 Total 8 16 14 EXECUTIVE DIRECTORS Annual Share based Salary Benefits incentive remuneration* Pension* Total £’000 £’000 £’000 £’000 £’000 £’000 Total Executive Directors 2020 2,034 99 2,623 595 687 6,038 2021 2,085 97 3,604 7,953 774 14,513 2022 2,137 97 3,251 6,857 268 12,610 * The figures for share based awards are calculated in accordance with the methodology set out in the UK Regulations. The figure for performance-related share based awards includes share price appreciation since the date the award was granted. Please see page 124 for further details. Pension is calculated in accordance with the methodology set out in the UK Regulations. NON-EXECUTIVE DIRECTORS 2020 2021 2022 £’000 £’000 £’000 Fees and benefits 1,558 1,598 1,566 The remuneration of non-executive directors comprises fees for services, and benefits primarily relating to tax filing support in respect |
Exchange rates
Exchange rates | 12 Months Ended |
Dec. 31, 2022 | |
Exchange rates | |
Exchange rates | 26 Exchange rates The following exchange rates have been applied in preparing the consolidated financial statements: Statement of Income statement financial position 2020 2021 2022 2021 2022 Euro to sterling 1.12 1.16 1.17 1.19 1.13 US dollar to sterling 1.28 1.38 1.24 1.35 1.21 |
Approval of financial statement
Approval of financial statements | 12 Months Ended |
Dec. 31, 2022 | |
Approval of financial statements | |
Approval of financial statements | 27 Approval of financial statements The consolidated financial statements were approved and authorised for issue by the Board of Directors on 15 February 2023. |
Related undertakings
Related undertakings | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions | |
Related undertakings | 28 Related undertakings A full list of related undertakings (comprising subsidiaries, joint ventures, associates and other significant holdings) is set out below. Share Reg Company name class office Australia LNRS Data Services (Australia) Pty Ltd Ordinary AUS1 Reed Exhibitions Australia Pty Ltd Ordinary AUS2 Reed International Books Australia Pty Ltd Ordinary AUS2 RELX Australia Pty Ltd Ordinary AUS2 ThreatMetrix Pty Ltd Ordinary AUS2 Austria LexisNexis Verlag ARD ORAC GmbH & Co KG Partnership Interest AUT2 ORAC GmbH Ordinary AUT2 RELX Austria GmbH Ordinary AUT3 RX CEE GmbH Ordinary AUT1 RX Salzburg GmbH Ordinary AUT3 RX Wien GmbH Ordinary AUT1 Standout GmbH Ordinary AUT4 Belgium LexisNexis BV Ordinary BEL1 Brazil Elsevier Editora Ltda Quotas BRA1 Fircosoft Brasil Consultoria e Servicos de Informatica Ltda Quotas BRA2 Gestora de Inteligência de Crédito S.A. (20%) Common, Preferred BRA8 LexisNexis Informações e Sistemas Empresariais Ltda Quotas BRA6 LexisNexis Serviços de Análise de Risco Ltda Quotas BRA7 MLex Brasil Midia Mercadologica Ltda Quotas BRA4 Reed Exhibitions Alcântara Machado Ltda Quotas BRA3 SST Software do Brasil Ltda Quotas BRA5 Canada Elsevier Canada Inc. Common CAN2 LexisNexis Canada Inc. Class B CAN1 RELX Canada Ltd Common CAN1 China Bakery China Exhibitions Co., Ltd (25%) Ordinary CHN1 Beijing Medtime Elsevier Education Technology Co., Ltd (49%) Common CHN2 C-One Energy (Guangzhou) Co., Ltd Ordinary CHN5 ICIS Consulting (Beijing) Co., Ltd (Liquidation in progress) Ordinary CHN18 KeAi Communications Co., Ltd (49%) Ordinary CHN15 LexisNexis Information Technology Co. Ltd Ordinary CHN19 LexisNexis Risk Solutions (Shanghai) Information Technologies Co. Ltd Common CHN7 LNRS Data Services (Shanghai) Co Ltd Ordinary CHN13 Reed Elsevier Information Technology (Beijing) Co., Ltd Common CHN3 Reed Exhibitions (China) Co., Ltd Ordinary CHN4 Reed Exhibitions Hengjin Co., Ltd (51%) Ordinary CHN12 Reed Exhibitions (Shanghai) Co., Ltd Ordinary CHN10 Reed Huabai Exhibitions (Beijing) Co., Ltd (51%) Ordinary CHN4 Reed Huabo Exhibitions (Shenzhen) Co., Ltd (65%) Ordinary CHN16 Reed Huaqun Exhibitions Co., Ltd (52%) Ordinary CHN4 Reed Exhibitions Kuozhan (Shanghai) Co., Ltd (60%) Ordinary CHN8 Reed Sinopharm Exhibitions Co., Ltd (50%) Ordinary CHN4 RELX (China) Investment Co., Ltd Ordinary CHN9 RX (Shenzhen) Co., Ltd Ordinary CHN6 Shanghai Datong Medical Information Technology Co., Ltd Ordinary CHN17 Shanghai SinoReal Exhibitions Co., Ltd (27.5%) Ordinary CHN11 Z&R Exhibitions Co., Ltd (27.5%) Ordinary CHN14 Colombia LexisNexis Risk Solutions SAS Ordinary COL1 Denmark Elsevier A/S Ordinary DNK1 Egypt Elsevier Egypt LLC Ordinary EGY1 Share Reg Company name class office France Closd SAS Ordinary FRA9 Elsevier Holding France SAS Ordinary FRA1 Elsevier Masson SAS Ordinary FRA1 Evoluprint SAS Ordinary FRA2 Fircosoft SAS Ordinary FRA8 GIE EDI Data (83%) Ordinary FRA3 GIE Juris Data Ordinary FRA3 LexisNexis Business Information Solutions SA Ordinary FRA3 LexisNexis Business Information Solutions Holding SA Ordinary FRA5 LexisNexis International Development & Services SAS Ordinary FRA3 LexisNexis SA Ordinary FRA3 Reed Exhibitions ISG SARL Ordinary FRA6 RELX France SA Ordinary FRA6 RELX France Services SAS Ordinary FRA8 RX France SAS Ordinary FRA4 SAFI SA (50%) Ordinary FRA7 Germany BehavioSec GmbH Ordinary DEU7 Elsevier GmbH Ordinary DEU3 Elsevier Information Systems GmbH Ordinary DEU2 IPlytics GmbH Ordinary DEU8 LexisNexis GmbH Ordinary DEU4 PatentSight GmbH Ordinary DEU6 RELX Deutschland GmbH Ordinary DEU1 RX Deutschland GmbH Ordinary DEU1 Tschach Solutions GmbH Ordinary DEU5 Greece Mack Brooks Hellas SA (87.36%) (Liquidation in progress) Ordinary GRE1 Hong Kong Ascend China Holding Ltd Ordinary HNK4 JC Exhibition and Promotion Ltd (65%) Ordinary HNK4 JYLN Sager Ltd Ordinary HNK2 LNRS Data Services (China) Ltd Ordinary HNK1 Reed Exhibitions Ltd Ordinary HNK4 RELX (Greater China) Ltd Ordinary HNK3 India FircoSoft India Private Ltd Ordinary IND2 Next Events Private Ltd Ordinary IND1 Parity Computing India Private Ltd Ordinary IND3 Reed Elsevier Publishing (India) Private Ltd Ordinary IND1 Reed Manch Exhibitions Private Ltd Ordinary IND1 Reed Triune Exhibitions Private Ltd (72%) Ordinary IND4 RELX India Private Ltd Ordinary IND1 Indonesia PT Reed Exhibitions Indonesia (70%) Class A Preferred IDN1 Class B Common PT RELX Information Analytics Indonesia Ordinary IDN2 Irish Republic Elsevier Services Ireland Ltd Ordinary IRL2 LexisNexis Risk Solutions (Europe) Ltd Ordinary IRL1 LexisNexis Risk Solutions (Ireland) Ltd Ordinary IRL1 3D4Medical Ltd Ordinary IRL3 Israel LexisNexis Israel Ltd Ordinary ISR1 Italy Elsevier SRL Registered Capital ITA1 ICIS Italia SRL Ordinary ITA2 RX Italy SRL Ordinary ITA1 28 Related undertakings (continued) Share Reg Company name class office Japan Ascend Japan KK Ordinary JPN1 Elsevier Japan KK Ordinary JPN2 LexisNexis Japan KK Ordinary JPN2 PatentSight Japan Inc. Common JPN2 RX Japan KK Ordinary JPN3 Korea (Republic of) Elsevier Korea LLC Ordinary KOR1 LexisNexis Legal and Professional Service Korea Ltd Ordinary KOR2 Reed Exhibitions Korea Ltd Ordinary KOR3 Reed Exporum Ltd (60%) Ordinary KOR4 Reed K. Fairs Ltd (70%) Ordinary KOR3 Macau Reed Exhibitions Macau Ltd Ordinary MAC1 Malaysia LexisNexis Malaysia Sdn Bhd Ordinary MYS1 Mexico Masson-Doyma Mexico, S.A. Ordinary MEX1 Reed Exhibitions Mexico S.A. de C.V. Fixed MEX2 Netherlands AGRM Solutions C.V. Partnership Interest NLD1 Caselex B.V. Ordinary NLD1 Elsevier B.V. Ordinary NLD1 ICIS Benchmarking Europe B.V. Ordinary NLD1 LexisNexis Business Information Solutions B.V. Ordinary NLD1 LNRS Data Services B.V. Ordinary NLD1 Misset Uitgeverij B.V. (49%) Ordinary NLD2 RELX Employment Company B.V. Ordinary NLD1 RELX Finance B.V. Ordinary NLD1 RELX Holdings B.V. Ordinary NLD1 RELX Nederland B.V. Ordinary NLD1 RELX Overseas B.V. Ordinary RE NLD1 New Zealand LexisNexis NZ Ltd Ordinary NZL1 Philippines Reed Elsevier Shared Services (Philippines) Inc. Common PHL1 Poland AI Digital Contracts Sp. z.o.o. (75%) Ordinary POL1 Elsevier Sp. z.o.o. Ordinary POL2 Russia Elsevier LLC (Liquidation in progress) Participation Shares RUS2 LexisNexis LLC (Liquidation in progress) Participation Shares RUS3 Real Estate Events Direct LLC (80%) (Liquidation in progress) Participation Shares RUS1 RELX LLC (Liquidation in progress) Participation Shares RUS1 Singapore Elsevier (Singapore) Pte Ltd Ordinary SGP1 Lexis-Nexis Philippines Pte Ltd Ordinary-B, Preference SGP2 LNRS Data Services Pte Ltd Ordinary SGP3 RE (HAPL) Pte Ltd Ordinary SGP1 RELX (Singapore) Pte Ltd Ordinary SGP2 South Africa Globalrange SA (Pty) Ltd Ordinary ZAF1 LexisNexis (Pty) Ltd (78%) A-Ordinary ZAF2 LexisNexis Risk Management (Pty) Ltd (78%) Ordinary ZAF2 LexisNexis South Africa Shared Services (Pty) Ltd Ordinary ZAF2 Share Reg Company name class office Reed Events Management (Pty) Ltd (90%) Ordinary ZAF2 Reed Exhibitions (Pty) Ltd (90%) Ordinary ZAF2 Reed Exhibitions Group (Pty) Ltd (90%) Ordinary ZAF2 Reed Venue Management (Pty) Ltd (90%) Ordinary ZAF2 RELX (Pty) Ltd Ordinary ZAF2 Spain Elsevier Espana SL Participations ESP1 Sweden Behaviometrics AB Ordinary SWE1 Switzerland Fircosoft Schweiz GmbH (Liquidation in progress) Ordinary CHE1 Taiwan Elsevier Taiwan LLC Ordinary TWN1 Thailand Reed Tradex Company Ltd (49%) Ordinary, Preference THA1 RELX Holding (Thailand) Co., Ltd Ordinary THA2 RELX Information Analytics (Thailand) Co., Ltd Ordinary THA3 Turkey Elsevier STM Bilgi Hizmetleri Limited Şirketi Ordinary TUR1 Mack Brooks Fuarcilik A.S. Registered Capital TUR3 Reed Tüyap Fuarcilik A.S. (50%) A Ordinary, B Ordinary TUR2 United Arab Emirates Reed Exhibitions FZ-LLC Ordinary UAE1 RELX Middle East FZ-LLC Ordinary UAE2 United Kingdom 3rd Street Group Ltd Ordinary GBR3 Butterworths Ltd Ordinary GBR4 Cordery Compliance Ltd (71%) Ordinary GBR4 Cordery Ltd (71%) Ordinary GBR4 Crediva Ltd Ordinary GBR5 Digital Foundry Network Ltd (50%) Ordinary GBR3 E & P Events LLP (50%) Membership Interest GBR3 Elsevier Ltd Ordinary GBR6 Emailage Ltd Ordinary GBR5 Gamer Network Ltd Ordinary GBR3 Gapsquare Ltd A Ordinary, B Ordinary GBR2 Hookshot Media Ltd (23.5%) Ordinary GBR8 Interfolio UK Ltd Ordinary GBR10 LexisNexis Risk Solutions UK Ltd Ordinary GBR5 LNRS Data Services Holdings Ltd Ordinary GBR1 LNRS Data Services Ltd Ordinary GBR2 Mack-Brooks Exhibitions Ltd Ordinary GBR3 MCM Expo Ltd Ordinary GBR3 Mendeley Ltd Ordinary GBR6 MLex Ltd Ordinary GBR4 Offshore Europe (Management) Ltd Ordinary GBR3 Offshore Europe Partnership (50%) Partnership Interest GBR3 Out There Gaming Ltd (70%) Ordinary GBR3 Oxford Spires Management Co; Ltd (55%) Ordinary GBR7 RE (HPL) Ltd Ordinary GBR1 RE (RCB) Ltd Ordinary GBR1 RE Secretaries Ltd Ordinary GBR1 RE (SOE) Ltd Ordinary GBR3 Reed Events Ltd Ordinary GBR3 Reed Exhibitions Ltd Ordinary GBR3 Reed Nominees Ltd Ordinary GBR1 RELX Finance Ltd Ordinary GBR1 RELX Group plc Ordinary GBR1 RELX (Holdings) Ltd Ordinary GBR1 28 Related undertakings (continued) Share Reg Company name class office RELX (Investments) plc Ordinary GBR1 RELX Overseas Holdings Ltd Ordinary GBR1 RELX (UK) Ltd Ordinary GBR1 REV GP (UK) LLP Membership Interest GBR1 REV Venture Partners Ltd Ordinary GBR1 REV V LP Partnership Interest GBR1 SciBite Ltd A Ordinary, B Ordinary, C Ordinary GBR9 Tracesmart Ltd Ordinary GBR5 TruNarrative Ltd Ordinary GBR5 United States Accuity Asset Verification Services Inc. Common Stock USA1 Accuity Inc. Common Stock USA1 American Textile Machinery Exhibition International Inc. (40%) Common Stock USA3 Aries Systems Corporation Common Stock USA3 BehavioSec Inc Common Stock USA2 Crop Data Management Systems, Inc. Common Stock USA2 Dunlap-Hanna Publishers (50%) Partnership Interest USA7 Elsevier Holdings Inc. Common Stock USA3 Elsevier Inc. Common Stock USA3 Elsevier Medical Information LLC Membership Interest USA3 Elsevier STM Inc. Common Stock USA3 Emailage Corp. Common Stock USA2 Enclarity, Inc. Common Stock USA2 Flyreel Inc. Common Stock USA2 Gaming Business Asia LLC (50%) Membership Interest USA3 Health Market Science, Inc. Common Stock USA2 ID Analytics LLC Membership Interest USA2 IDG-RBI China Publishers LLC (50%) Membership Interest USA3 Interfolio, Inc. Common Stock USA3 Interfolio Data 180, LLC Membership Interest USA3 Knovel Corporation Common Stock USA3 Knowable Inc (75%) Common Stock USA3 Legal InQuery Solutions Inc. Common Stock USA8 LexisNexis Claims Solutions Inc. Common Stock USA2 LexisNexis Coplogic Solutions Inc. Common Stock USA2 LexisNexis of Puerto Rico Inc. Common Stock USA8 LexisNexis Risk Data Management LLC Membership Interest USA2 LexisNexis Risk Holdings Inc. Common Stock USA2 LexisNexis Risk Solutions Inc. Common Stock USA2 LexisNexis Risk Solutions FL Inc. Common Stock USA2 LexisNexis Special Services Inc. Common Stock USA6 LexisNexis VitalChek Network Inc. Common Stock USA2 LNRS Data Services Inc. Common Stock USA5 Matthew Bender & Company, Inc. Common Stock USA3 MLex US, Inc. Common Stock USA3 Parley Pro Inc. Common Stock USA3 PCLaw Time Matters LLC (51%) Membership Interest USA3 Portfolio Media, Inc. Common Stock USA3 Reed Technology and Information Services LLC Membership Interest USA3 RELX Capital Inc. Common Stock USA4 RELX Inc. Common Stock USA3 RELX Risks Inc. Common Stock USA9 REV IV Partnership LP Partnership Interest USA4 SAFI Americas LLC (50%) Membership Interest USA3 SageStream LLC Membership Interest USA2 The Reed Elsevier Ventures 2005 Partnership LP Partnership Interest USA4 The Reed Elsevier Ventures 2011 Partnership LP Partnership Interest USA4 The Reed Elsevier Ventures 2013 Partnership LP Partnership Interest USA4 The Remick Publishers (50%) Partnership Interest USA7 ThreatMetrix, Inc. Common Stock USA2 World Compliance, Inc. Common Stock USA4 Vietnam Reed Tradex Vietnam LLC (49%) Membership Interest VIE1 Registered offices Australia AUS1: Building B, Level 2, Unit 11, 1 Maitland Place, Baulkham Hills, NSW 2153 AUS2: Tower 2, Level 1, 475 Victoria Avenue, Chatswood NSW 2067 Austria AUT1: Messeplatz 1, 1020, Vienna AUT2: Trabrennstrassee 2ª,1020, Vienna AUT3: Am Messezentrum 6, 5020, Salzburg AUT4: Am Messezentrum 7, 5020, Salzburg Belgium BEL1: Oudenaardseheerweg 129, 9810 Nazareth Brazil BRA1: Rua da Assembleia no 100, 6th Floor, RJ Centro, Rio de Janiero, 20011-904 BRA2: Rua Bela Cintra 2305, São Paulo, 01415-009 BRA3: Rua Bela Cintra no. 1200, 10th floor, São Paulo, 01415-001 BRA4: Avenida Paulista, 2300-Piso Pilotis room 28, São Paulo, 01310-300 BRA5: Rua Cel Fonseca, 203 A-Centro, Botucatu, São Paulo, 18600-200 BRA6: Rua Funchal, 538, conjunto 42, Vila Olímpia, São Paulo - CEP 04551-060 BRA7: Alameda Rio Negro, 161 Alphaville Industrial, Barueri, São Paulo 06.455-000 BRA8: Alphaville, Conjuntos 81-84, Centro Empresarial Araguaia, Barueri, São Paulo 2104, 8-9 Andar Canada CAN1: 111 Gordon Baker Road, Suite 900, Toronto, Ontario, M2H 3R1 CAN2: 26E-1501 av. McGill College, Montreal, Quebec, H3A 3N9 China CHN1: Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan District, Beijing, 100044 CHN2: Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian District, Beijing CHN3: Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit 1-7, Dong Cheng District, Beijing, 100738 CHN4: Ping An International Finance Center, Room 1504, 15th Floor, Tower A-101, 3-24 floor, Xinyuan South Road, Chaoyang District, Beijing, 100027 CHN5: Unit B1303-1 & 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe District Guangzhou CHN6: Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District, Fu Tian District, Shenzhen CHN7: Room 5106, Raffle City, 268 Middle Xizang Road, Huangpu District, Shanghai, 200001 CHN8: Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai, 200070 CHN9: Room 319, 238 Jiangchangsan Road, Jing’an District, Shanghai CHN10: Room 304, Sanlian Building, No.8, Huajing Road, Pudong District, Shanghai, 200070 CHN11: Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm, Chongming County, Shanghai CHN12: Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District, Shanghai CHN13: 4/F Block 3, No 999 Jingzhong Road, Changning District, Shanghai CHN14: A0208, 1st floor, building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan District Beijing CHN15: 16 Donghuangchenggen North Street, Beijing, 100717 CHN16: Shenzhen International Chamber of Commerce Tower, Room 1801-1802, 1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048 CHN17: 5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing District, Shanghai, 200335 CHN18: Room 12B, 7th Floor, Oriental Plaza, 1 East Chang An Avenue, Beijing, 100738 CHN19: 404 F4, No.9 Shangdi 9th Street, Haidian District, Beijing, 100085 Colombia COL1: Philippe Prietocarrizosa & Uria Abogados, Carrera 9 No. 74-08 Oficina 105, Bogota, d.c., 76600 Denmark DNK1: Niels Jernes Vej 10, 9220, Aalborg East Egypt EGY1: Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th Settlement, New Cairo, Cairo 28 Related undertakings (continued) Registered offices France FRA1: 65, rue Camille Desmoulins, 92130, Issy les Moulineaux FRA2: Parc Euronord, 10 rue du Parc, 31150, Bruguieres FRA3: 141 rue de Javel, 75015, Paris FRA4: 52 Quai de Dion Bouton, 92800, Puteaux FRA5: Immeuble Technopolis, 350 rue Georges Besse, 30000, Nimes FRA6: 27-33 quai Alphonse Le Gallo, 92100, Boulogne-Billancourt FRA7: 6-8 Rue Chaptal, 75009, Paris FRA8: 151-155 Rue de Bercy, 75012, Paris FRA9: 168 Rue Saint-Denis, 75002, Paris Germany DEU1: Volklinger Strasse 4, 40219, Dusseldorf DEU2: St. Martin Tower, Wing, 2nd floor, Franklinstrasse 61-63, 60486, Frankfurt am Main Hessen DEU3: Bernhard-Wicki-Strasse 5, 80636, Munich DEU4: Heerdter Sandberg 30, 40549, Dusseldorf DEU5: Steinhauserstrasse 9, 76135, Karlsruhe DEU6: Joseph-Schumpeter-Allee 33, 53227, Bonn DEU7: Fritz-Haber-Strasse 9 OG 13, 06217 Merseburg DEU8: Schopenhauer Strasse 93 e, 14129, Berlin Greece GRE1: 188A, Filolaou Str., Athens. 11632 Hong Kong HNK1: 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon HNK2: Flat 1506, 15/F, Lucky Center, No. 165-171 Wan Chai Road, Wan Chai HNK3: 11/F Oxford House, Taikoo Place, 979 King’s Road, Quarry Bay HNK4: 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay India IND1: 818, 8th Floor, Indraprakash Builing, 21 Barakhamba Road, New Delhi, Delhi, 110001 IND2: Ascendas International Tech Park, Crest Building 12th Floor, Taramani Road, Taramani, Chennai, 600113 IND3: 99/100, Prestige Towers Unit No. 505, Fifth Floor, Residency Road, Bangalore, Karnataka, 560025 IND4: 25, 3rd floor, 8th Main Road, Vasanthnager, Bangalore, Karnataka, 560052 Indonesia IDN1: APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28, Grogol, Pertamburan Jakarta Barat 11470 IDN2: Gedung World Trade Center, 3 LT 20 Spaces JL Jend Sudirman Kav 29-31 RT/RW 008/003, Karet Kuningan, Setiabudi, Jakarta Selatan, DKI Jakarta 12940 Irish Republic IRL1: 80 Harcourt Street, Dublin 2, Dublin, D02 F449 IRL2: Suite 4320, Atlantic Avenue, Westpark Business Campus, Shannon, Clare, V14 YX01 IRL3: 1F Cedarhurst Building, Arkle Road, Sandyford Business Park, Dublin, D18 X6N2 Israel ISR1: Meitar, Attorneys at Law, 16 Abba Hillel Rd. Ramat Gan 5250608 Italy ITA1: Via Marostica 1, 20146, Milan ITA2: Studio Colombo e Associati, Via Cino del Duca 5, 20122, Milan Japan JPN1: Kyodo Tsushin Kaikam 2F, 2-2-5 Toronomon, Minato-ku, Tokyo, 105-0001 JPN2: 1-9-15, Higashi Azabu, Minato-ku Tokyo, 106-0044 JPN3: Shinjuku-Nomura Bldg., 1-26-2 Nishi-shinjuku, Shinjuku-ku, Tokyo, 163-0525 Korea (Republic of) KOR1: Chunwoo Building, 4th floor, 534 Itaewon-dong, Yongsan-gu, Seoul, 140-861 KOR2: 206 Noksapyeong-daero, Yongsan-gu, Seoul, 140-861 KOR3: 1622-24 Block A Terra Tower 2, 201 Songpa-daero, Songpa-gu, Seoul KOR4: 4th floor at 195-6 Jamsil-dong, Songpagu, Seoul Macau MAC1: Rua De Xangai, No. 175 Edif. Associacao Comercial de Macau, 11 Andar, Bloco K Malaysia MYS1: Suite 29-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The Vertical, 59200 Bangsar South City, Kuala Lumpur Registered offices Mexico MEX1: Masson-Doyma Mexico S.A., Av Insurgentes Sur 1388 Piso 8, Col Actipan Mixcoac Del. Benito Juarez, Mexico DF, CP 03230 MEX2: Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico City, 06500 Netherlands NLD1: Radarweg 29, 1043 NX Amsterdam NLD2: Hanzestraat 1, 7006RH Doetinchem New Zealand NZL1: Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011 Philippines PHL1: Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth Avenue, Quezon City, Metro Manila, 1101 Poland POL1: Plac Grunwaldzki 23-27, 50-365 Wroclaw POL2: Al. JJana Pawla II, 22, 00-133, Warszawa Russia RUS1: 2nd Syromyatnichesky per, bld.1, Space I, Room 13, 105120, Moscow RUS2: Building 1, Facility 1, Room 80, 9/26 Shchipok St., Municipal District Zamoskvorechye, 115054, Moscow RUS3: Building 1, facility 1, Room 5, 9/26 Shchipok St., Municipal District Zamoskvorechye, 115054, Moscow Singapore SGP1: 3 Killiney Road, #08-01 Winsland House 1, 239519 SGP2: 80 Robinson Road, #02-00, 068898 SGP3: 1 Changi Business Park Crescent, #06-01 Plaza 8 & CBP, 48602551 South Africa ZAF1: Ground Floor, Pebble Beach, Fourways Golf Park, Roos Street, Fourways Sandton, Johannesburg, Gauteng 2068 ZAF2: Building 8, Country Club Estate Office Park, 21 Woodlands Drive, Woodmead, Gauteng, 2191 Spain ESP1: C/ Josep Tarradellas 20-30, 1º / 20029, Barcelona Sweden SWE1: Aurorum 8A 977 75 Lulea Switzerland CHE1: Bahnhofstrasse 100, 8001 Zurich Taiwan TWN1: Rm N818, 8F, Chia Hsin Building II, No. 9, Lane 3, Minsheng West Road, Taipei 10449 Thailand THA1: Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road, Silom, Bangrak, Bangkok, 10500 THA2: 14th Floor, CTI Tower, 191/70-73 Ratchadapisek Road, Khwaeng Klongtoey, Khet, Klongtoey, Bangkok THA3: 2 Ploenchit Centre, Room 7, Floor G., Sukhumvit Road, Klongtoey, Bangkok, 10110 Turkey TUR1: Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul TUR2: Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mahallesi Eski Hadimkoy Yolu 9/4, 34500 Buyukcekmece, Istanbul TUR3: Esentepe Mah. Ali Kaya SK. Polat Plaza B Blok No: 1/1B Sisli, Istanbul United Arab Emirates UAE1: Office 0225 Podium 2, Yas Creative Hub Tower 2, Abu Dhabi, PO BOX 77899 UAE2: Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media City, Dubai United Kingdom GBR1: 1-3 Strand, London, WC2N 5JR GBR2: Quadrant House, The Quadrant, Sutton, Surrey, SM2 5AS GBR3: Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN GBR4: Lexis House, 30 Farringdon Street, London, EC4A 4HH GBR5: Global Reach, Dunleavy Drive, Cardiff, CF11 0SN GBR6: The Boulevard, Langford Lane, Kidlington, Oxford, OX5 1GB Registered offices GBR7: 40 Kimbolton Road, Bedford, MK40 2NR GBR8: 5 Oakwood Drive, Loughborough, LE11 3QF GBR9: Biodata Innovation Centre Wellcome Genome Campus, Hinxton, Cambridge, CB10 1DR GBR10: The Barn, Horningsea Road, Cambridge, CB5 8SZ United States USA1: 1007 Church Street, Evanston IL 60201 USA2: 1000 Alderman Dr., Alpharetta, GA 30005 USA3: 230 Park Ave, New York, NY 10169 USA4: 1105 North Market St, Wilmington, DE 19801 USA5: 3355 West Alabama Street, Houston, TX 77098 USA6: 1150 18th St, NW, Washington, DC 20036 USA7: 313 Washington Street, Suite 400, Newton, MA 02458 USA8: 9443 Springboro Pike, Miamisburg, OH 45342 USA9: 76 St. Paul Street, Suite 500, Burlington, VT 05401-4477 Vietnam VIE1: 2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22, District. Binh Thanh, Ho Chi Minh City The following UK subsidiaries will take advantage of the audit exemption set out with in Section 479A of the Companies Act 2006 supported by guarantees issued by RELX PLC over their liabilities for the year ended 31 December 2022. Registration Company name number Butterworths Limited 2826955 Crediva Limited 6567484 E&P Events LLP OC328529 Emailage Limited 9282165 Interfolio UK Limited 7820803 Mack-Brooks Exhibitions Limited 967560 MCM Expo Limited 8421024 MLex Limited 5488651 Offshore Europe (Management) Limited 2318214 RE (SOE) Limited 2330299 Reed Events Limited 5893942 RELX (Holdings) Limited 5807690 RELX (Investments) plc 5810043 RELX Overseas Holding Limited 9489059 REV GP (UK) LLP OC437653 REV Venture Partners Limited 4226986 SciBite Limited 7778456 Tracesmart Limited 3827062 TruNarrative Limited 10241297 |
5 year summary
5 year summary | 12 Months Ended |
Dec. 31, 2022 | |
5 year summary | |
5 year summary | 2018 2019 2020 2021 2022 £m £m £m £m £m RELX consolidated financial information Growth rates Underlying revenue growth +4 % +4 % -9 % +7 % +9 % Underlying adjusted operating profit growth +6 % +5 % -18 % +13 % +15 % Adjusted earnings per share growth (at constant currency) +7 % +7 % -15 % +17 % +10 % Adjusted figures Revenue 7,492 7,874 7,110 7,244 8,553 Operating profit 2,346 2,491 2,076 2,210 2,683 Operating margin 31.3 % 31.6 % 29.2 % 30.5 % 31.4 % Profit before tax 2,145 2,200 1,916 2,077 2,489 Net profit attributable to shareholders 1,674 1,808 1,543 1,689 1,961 Net margin 22.3 % 23.0 % 21.7 % 23.3 % 22.9 % Cash flow 2,243 2,402 2,009 2,230 2,709 Cash flow conversion 96 % 96 % 97 % 101 % 101 % Return on invested capital 13.2 % 13.6 % 10.8 % 11.9 % 12.5 % Earnings per share 84.7 p 93.0 p 80.1 p 87.6 p 102.2 p Dividend Ordinary dividend per share 42.1 p 45.7 p 47.0 p 49.8 p 54.6 p Reported figures Revenue 7,492 7,874 7,110 7,244 8,553 Operating profit 1,964 2,101 1,525 1,884 2,323 Profit before tax 1,720 1,847 1,483 1,797 2,113 Net profit attributable to shareholders 1,422 1,505 1,224 1,471 1,634 Net margin 19.0 % 19.1 % 17.2 % 20.3 % 19.1 % Net debt 6,177 6,191 6,898 6,017 6,604 Earnings per share (pence) 71.9 p 77.4 p 63.5 p 76.3 p 85.2 p (1) Adjusted figures are presented as additional performance measures used by management. Further details on the adjusted measures can be found in the Alternative performance measures section on pages 216 to 224. (2) Dividend per ordinary share is based on the interim dividend and proposed final dividend for the relevant year. |
Basis of preparation and acco_2
Basis of preparation and accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Basis of preparation and accounting policies | |
Basis of preparation | Basis of preparation The shares of RELX PLC are traded on the London, Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries, joint ventures and associates are together known as ‘RELX’. In preparing the consolidated financial statements, subsidiaries are accounted for under the acquisition method and investments in associates and joint ventures are accounted for under the equity method. All intra-group transactions and balances are eliminated. On acquisition of a subsidiary, or interest in an associate or joint venture, fair values, reflecting conditions at the date of acquisition, are attributed to the net assets, including identifiable intangible assets acquired. Adjustments are made to bring accounting policies into line with those of the Group. The results of subsidiaries sold or acquired are included in the consolidated financial statements up to or from the date that control passes from or to the Group. Non-controlling interests in the net assets of the Group are identified separately from shareholders’ equity. Non-controlling interests consist of the amount of those interests at the date of the original acquisition and the non-controlling share of changes in equity since the date of acquisition. The directors of RELX PLC, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in operational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the consolidated financial information for the year ended 31 December 2022. As part of the going concern assessment the directors considered the sufficiency of the group’s liquidity resources, including committed credit facilities, over the 18 month period to 30 June 2024. Please refer to page 95 for further disclosure in respect of going concern. In preparing the Group financial statements management has considered the impact of climate change, taking into account the relevant disclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related Financial Disclosure. This included an assessment of assets with indefinite and long lives and how they could be impacted by measures taken to address global warming. Recognising that the Group's operations, and the use of the Group's products, have a relatively low environmental impact, no issues were identified that would impact the carrying values of such assets or have any other material impact on the financial statements. The 2022 annual report and accounts presents multi-year data with the earliest period on the left and the latest period on the right. This aligns with the approach used in our other investor relations material and allows better understanding of multi-year trends. |
Accounting policies | Accounting policies The Group’s consolidated financial statements are prepared in accordance with UK adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The accounting policies under IFRS are included in the relevant notes to the consolidated financial statements. The accounting policies below are applied throughout the financial statements and are unchanged from those applied in preparing the consolidated financial statements for the year ended 31 December 2021. |
Foreign exchange translation | Foreign exchange translation The consolidated financial statements are presented in sterling. Transactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary assets and liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date of the transaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are recorded in the income statement other than where hedge accounting applies, as set out on pages 189 to 194. Assets and liabilities of foreign operations are translated at exchange rates prevailing on the statement of financial position date. Income and expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Significant individual items of income and expense and cash flows in foreign operations are translated at the rate prevailing on the date of transaction. Exchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are disposed of, the related cumulative translation differences are recognised within the income statement in the period. The Group uses derivative financial instruments, primarily forward contracts, to hedge its exposure to certain foreign exchange risks. Details of the Group’s accounting policies in respect of derivative financial instruments are set out on page 189. |
Critical judgements and key sources of estimation uncertainty | Critical judgements and key sources of estimation uncertainty The preparation of financial statements requires management to make judgements and estimates in the application of accounting policies used to report the financial position, results and cash flows of the Group. The actual outcome may differ to these estimates. The critical judgements and key sources of estimation uncertainty are summarised below. Further detail is provided in the notes to the financial statements as referenced. Critical judgements ■ Capitalisation of development spend: assessing the potential value of a development project and determining the costs which are eligible for capitalisation (see note 14) Key sources of estimation uncertainty ■ Taxation: the valuation of provisions related to uncertain tax positions (see note 9) ■ Defined benefit pension obligation: determining an appropriate rate at which the future pension payments are discounted, mortality and inflation assumptions (see note 6) 1 Basis of preparation and accounting policies (continued) Other areas of judgement and accounting estimates The consolidated financial statements include other areas of judgement and accounting estimates. While these do not meet the definition under IAS 1 of critical judgements or significant accounting estimates, key areas of judgement in estimating the values in use of businesses are the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. ■ value in use of the businesses (see note 14). ■ Acquired intangible assets: Judgement is involved in identification of separate intangible assets on acquisition and estimation is required to determine future cashflows and discount rates used in valuation (see note 14). |
Other significant accounting policies | Other significant accounting policies The accounting policy in respect of revenue recognition is also significant in determining the financial condition and results of the Group. The application of this policy is straightforward and is included in note 2. |
Standards and amendments effective for the year | Standards and amendments effective for the year The interpretations and amendments to IFRS effective for 2022 have not had a significant impact on the Group’s accounting policies or reporting. |
Standards, amendments and interpretations not yet effective | Standards, amendments and interpretations not yet effective A number of amendments and interpretations have been issued which are not expected to have any significant impact on the accounting policies and reporting. |
Revenue, operating profit and segment analysis | Accounting policy The Group’s reported segments are based on the internal reporting structure and financial information provided to the Board. Adjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating profit is reconciled to operating profit on page 171. Revenue arises from the provision of products and services under contracts with customers. In all cases, revenue is recognised to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, and is recognised when the customer obtains control of the goods or service. Revenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer sales taxes and other amounts to be collected on behalf of third-parties. Where the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are accounted for separately. Where separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling prices or management’s best estimate of relative value where standalone selling prices do not exist. Management estimates may include a cost-plus method or comparable product approach, but must be supported by objective evidence. A residual approach may be applied where it is not possible to derive a reliable management estimate for a specific component. Our subscription and exhibition related revenue streams generally require payment in advance of the service being provided. Payment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts do not contain significant financing components. Contracts for our transactional electronic revenue streams generally have payments that vary with volume of usage. Other than that, our contracts do not involve variable consideration. Revenue is recognised for the various categories as follows: ■ Subscriptions – revenue comprises income derived from the periodic distribution or update of a product. Subscription revenue is generally invoiced in advance and recognised systematically over the period of the subscription. Recognition is either on a straight-line basis where the transaction involves the transfer of goods and services to the customer in a consistent manner over a specific period of time; or based on the value received by the customer where the goods and services are not delivered in a consistent manner ■ Transactional – revenue is recognised when control of the product is passed to the customer or the service has been performed. For exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition revenue is recognised on occurrence of the exhibition |
Share based remuneration | Accounting policy Share based remuneration The fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income statement on a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected to vest. Market based performance criteria are taken into account when determining the fair value at the date of grant. Non-market based performance criteria are taken into account when estimating the number of shares expected to vest. The fair value of share based remuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate. All of the Group’s share based remuneration is equity settled. |
Pension schemes | Accounting policy The expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the projected unit credit method and charged in the income statement as an operating expense, based on actuarial assumptions reflecting market conditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the statement of comprehensive income in the period in which they occur. Past service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and when related restructuring costs or termination benefits are recognised. Settlements are recognised when they occur. Net pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present value of scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities, the net pension assets are separately included in the statement of financial position. Any net pension asset is limited to the extent that the asset is recoverable. The expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred. At 31 December 2022, the Group operates defined benefit pension schemes in the UK and the US. These schemes require management to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the length of each scheme’s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be recognised. Key source of estimation uncertainty Accounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life expectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these factors are used in determining the pension cost and liabilities reported in the financial statements. The estimates made around future developments of each of the critical assumptions are made in conjunction with independent actuaries. Each scheme is subject to a periodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions may have a material effect in determining the defined benefit pension obligation and costs which are reported in the financial statements. Information regarding the more significant assumptions used for valuation is provided below, together with a sensitivity analysis. |
Borrowing costs | Accounting policy Interest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing so as to produce a constant periodic rate of charge. |
Assets and liabilities held for sale | Accounting policy Assets of businesses that are available for immediate sale in their current condition and for which a sales process is considered highly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and fair value less costs to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers from potential acquirers. Non-current assets are not amortised or depreciated following their classification as held for sale. Liabilities of businesses held for sale are also separately classified on the statement of financial position. Fair value movements in the venture capital portfolio are reported within disposals and other items – see note 15. |
Taxation | Accounting policy Tax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement except to the extent that the tax arises from a transaction or event which is recognised, in the same or a different period, outside the income statement (either in other comprehensive income, directly in equity, or through a business combination), in which case the tax appears in the same statement as the transaction that gave rise to it. Current tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period as adjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or substantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where appropriate on the basis of amounts expected to be paid to the tax authorities. Current tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of the uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow will occur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of financial position, and the provisions are remeasured as required to reflect current information. Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or substantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset is realised or the deferred tax liability is settled. Deferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary differences arising on investments in subsidiaries, associates and joint ventures where the reversal of the temporary difference can be controlled and it is probable that the difference will not reverse in the foreseeable future. Deferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible temporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The availability of suitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax liabilities) relating to the same taxation authority and the same taxable entity, that are expected to reverse in the same period as the deductible temporary difference or unused tax losses or credit. Deferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets and liabilities acquired other than in a business combination. Deferred tax is not discounted. When the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required to be recognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed. The assets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which a business combination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such intangibles and goodwill. In an ‘asset acquisition’, where the buyer acquires the trade and assets of a business, there is often a tax deduction available for the amortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is recognised on the difference between the tax base and the book base of the assets. In a ‘share acquisition’, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets, tax deductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise to a deferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill where that is not deductible for tax purposes. Key source of estimation uncertainty The Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, our tax returns in the countries in which we operate are subject to tax authority audits as a matter of routine. While the Group is confident that tax returns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risk with respect to tax matters under active discussion with tax authorities, or which are otherwise considered to involve uncertainty. The valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax positions are measured using one of the following methods, depending on which of the methods management expects will better predict the amount it will pay over to the tax authority: ■ The Single Best Estimate – where there is a single outcome that is more likely than not to occur. This will happen, for example, where the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of possible outcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to be payable, in which case the provision is nil; or ■ A Probability-Weighted Expected Value – where, on the balance of probabilities, something will be paid to the tax authority but the possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely than not to occur). In this case, the provision is the sum of the probability-weighted amounts in the range. 9 Taxation (continued) In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and previous experience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts greater or smaller than the liabilities recorded. In particular, although we report cross-border transactions undertaken between Group subsidiaries on an arm’s-length basis in tax returns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is frequently possible for there to be a range of legitimate and reasonable views. This means that it is impossible to be certain that the returns basis will be sustained on examination. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing in a number of our major trading jurisdictions. Although the timing and amount of final resolution of these uncertain tax positions cannot be reliably predicted, no significant impact on the results of the Group is expected in the next year or foreseeable future. Estimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group’s forecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only recognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits against which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each reporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment. |
Earnings per share | Accounting policy Earnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the total weighted average number of shares. The diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and conditional shares. Adjusted earnings per share is calculated by dividing adjusted net profit attributable to RELX PLC shareholders by the total weighted average number of shares. |
Cash and cash equivalents | Accounting policy Cash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the statement of financial position at fair value. |
Acquisitions | Accounting policy Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which do not qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual assets; skilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the recognition of deferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions. |
Intangible assets | Accounting policy On acquisition of a subsidiary or business, the purchase consideration is allocated between the net tangible and intangible assets other than goodwill on a fair value basis, with any excess purchase consideration representing goodwill. Goodwill is carried at fair value as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their fair value as at the date of acquisition less accumulated amortisation (including impairment). On disposal of a subsidiary or business, the attributable amount of goodwill is included in the determination of profit or loss recognised in the income statement. Management judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-related assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer relationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process research and development); and other intangible assets mainly comprising contract and rights-related assets. The valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation methodologies, including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in estimating valuation of the intangible assets include growth in cash flows over the forecast period, the long-term growth rate assumed thereafter and the discount rate applied to the forecast cash flows. The selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of brands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and the technological and competitive risks that they face. Certain intangible assets are in relation to acquired science and medical publishing businesses that have been determined to have indefinite lives. The longevity of these assets is evidenced by their long- established and well regarded journal titles, and their characteristically stable market positions. Intangible assets, other than journal titles determined to have indefinite lives, are amortised on a straight-line basis over their estimated useful lives. The estimated useful lives of intangible assets with finite lives are: ■ Market-related assets – 1 to 40 years ■ Customer-related assets – 1 to 20 years ■ Editorial content – 1 to 40 years ■ Software and systems – 1 to 10 years ■ Other – 3 to 20 years Journal titles determined to have indefinite lives are not amortised and are subject to impairment review at least annually, including a review of events and circumstances to ensure that they continue to support an indefinite useful life. Internally developed intangible assets typically comprise software and systems development where an identifiable asset is created that is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally developed intangible assets are amortised on a straight line basis over their estimated useful lives of three Impairment reviews Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for impairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the income statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount and not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying amounts of all other intangible assets are reviewed where there are indications of possible impairment. An impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest management cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses are the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the discount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows and discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates are made based on the cash flows of the CGU to which the asset belongs. Critical judgements and key sources of estimation uncertainty Acquired intangible assets In 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of future cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation uncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions completed during the year. Development spend Development spend encompasses investment in new products and other initiatives, ranging from the building of online delivery platforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing operating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms and infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable value and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified and directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is required in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and the selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and discount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of intangible assets. |
Investments | Accounting policy Investments, other than investments in joint arrangements and associates, are stated in the statement of financial position at fair value. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and other non-operating items in the income statement. All items recognised in the income statement relating to investments, other than investments in joint arrangements and associates, are reported as disposals and other non-operating items. Venture capital investments and equity investments represent interests in listed and unlisted securities. The fair value of listed securities is based on quoted prices in active markets. The fair value of unlisted securities is based on management’s estimate of fair value based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate. All joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the arrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement of financial position at cost as adjusted for post-acquisition changes in the Group’s share of net assets, less any impairment in value. |
Property, plant and equipment | Accounting policy Property, plant and equipment are stated in the statement of financial position at cost less accumulated depreciation. No depreciation is provided on freehold land. Freehold buildings and long leaseholds ■ land and buildings: land – not depreciated; leasehold improvements – shorter of life of lease and 10 years ■ fixtures and equipment: plant – 3 to 20 years; office furniture, fixtures and fittings – 5 to 10 years; computer systems, communication networks and equipment – 3 to 7 years |
Financial instruments | Accounting policy Financial instruments comprise investments (other than investments in joint ventures or associates), trade receivables, cash and cash equivalents, payables and accruals, borrowings and derivative financial instruments. Investments (other than investments in joint ventures and associates) are described in note 15. The fair value of such investments is based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to maximising the use of observable inputs and adjusting for risk. (These investments are typically classified as either Level 2 or 3 in the IFRS 13 fair value hierarchy.) Trade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses. Expected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables are recorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss attributable to the hedged risk). Derivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place against changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable to the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The offsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement within finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the borrowing using the effective interest method. Changes in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are recognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to foreign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm commitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or liability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive income are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or a liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged item affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement. Cash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other comprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or, where a hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement. Derivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position at fair value, with changes in fair value recognised in the income statement. The fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of interest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable market rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.) |
Inventories and pre-publication costs | Accounting policy Inventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and estimated net realisable value. Such costs typically comprise direct internal labour costs and externally commissioned editorial and other fees. Pre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically reflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years. Annual reviews are carried out to assess the recoverability of carrying amounts. |
Trade and other receivables | Accounting policy Trade receivables are stated net of a loss allowance for expected credit losses. |
Trade and other payables | Accounting policy Deferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an amount of consideration, in advance of the goods and services being delivered. Trade payables, accruals and other payables are not interest-bearing and are stated at their nominal values. |
Debt | Accounting policy Borrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings in designated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires, is sold or terminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the borrowing using the effective interest method. |
Lease arrangements | Accounting policy All leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of financial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding right-of-use asset is recognised. The right-of-use asset is depreciated over the shorter of the lease term or the useful life of the asset. Lease payments are apportioned between finance charges and a reduction of the lease liability. Low-value items and short-term leases with a term of 12 months or less are not required to be recognised on the balance sheet and payments made in relation to these leases are recognised on a straight-line basis in the income statement. The leases held by the Group can be split into two categories: property and non-property. The Group leases various properties, principally offices, which have varying terms and renewal rights that are typical to the territory in which they are located. Non-property includes all other leases, such as cars and printers. |
Shares held in treasury | Accounting policy Shares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid, including directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the Employee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity. |
Revenue and segment analysis (T
Revenue and segment analysis (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue, operating profit and segment analysis | |
Summary of analysis by business segments | ANALYSIS BY BUSINESS SEGMENT Revenue Adjusted operating profit 2020 2021 2022 2020 2021 2022 £m £m £m £m £m £m Risk 2,417 2,474 2,909 894 915 1,078 Scientific, Technical & Medical 2,692 2,649 2,909 1,021 1,001 1,100 Legal 1,639 1,587 1,782 330 326 372 Exhibitions 362 534 953 (164) 10 162 Sub-total 7,110 7,244 8,553 2,081 2,252 2,712 Unallocated central costs and other operating items – – – (5) (42) (29) Total 7,110 7,244 8,553 2,076 2,210 2,683 |
Summary of classification of revenue | 2020 Scientific, Technical Risk & Medical Legal Exhibitions Total Revenue by geographical market North America 1,921 1,224 1,119 43 4,307 Europe 327 621 338 83 1,369 Rest of world 169 847 182 236 1,434 Total revenue 2,417 2,692 1,639 362 7,110 Revenue by format Electronic 2,387 2,326 1,422 44 6,179 Face-to-face 19 1 7 318 345 Print 11 365 210 – 586 Total revenue 2,417 2,692 1,639 362 7,110 Revenue by type Subscriptions 944 2,048 1,287 – 4,279 Transactional 1,473 644 352 362 2,831 Total revenue 2,417 2,692 1,639 362 7,110 2021 Scientific, Technical Risk & Medical Legal Exhibitions Total Revenue by geographical market North America 1,957 1,215 1,049 100 4,321 Europe 342 602 341 187 1,472 Rest of world 175 832 197 247 1,451 Total revenue 2,474 2,649 1,587 534 7,244 Revenue by format Electronic 2,453 2,334 1,385 58 6,230 Face-to-face 13 2 9 476 500 Print 8 313 193 – 514 Total revenue 2,474 2,649 1,587 534 7,244 Revenue by type Subscriptions 989 1,970 1,255 – 4,214 Transactional 1,485 679 332 534 3,030 Total revenue 2,474 2,649 1,587 534 7,244 2 Revenue, operating profit and segment analysis (continued) 2022 Scientific, Technical Risk & Medical Legal Exhibitions Total Revenue by geographical market North America 2,317 1,391 1,213 180 5,101 Europe* 384 614 357 445 1,800 Rest of world 208 904 212 328 1,652 Total revenue 2,909 2,909 1,782 953 8,553 Revenue by format Electronic 2,890 2,573 1,582 67 7,112 Face-to-face 11 5 10 886 912 Print 8 331 190 – 529 Total revenue 2,909 2,909 1,782 953 8,553 Revenue by type Subscriptions 1,135 2,139 1,381 – 4,655 Transactional 1,774 770 401 953 3,898 Total revenue 2,909 2,909 1,782 953 8,553 * Europe includes revenue of £ 544 m from the United Kingdom (2021: £ 476 m; 2020: £464 m). |
Summary of analysis of revenue by geographical origin | ANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN 2020 2021 2022 £m £m £m North America 4,192 4,204 5,002 Europe 2,436 2,547 2,974 Rest of world 482 493 577 Total 7,110 7,244 8,553 |
Summary of analysis by business segment expenditure | ANALYSIS BY BUSINESS SEGMENT Expenditure on acquired goodwill and Capital expenditure Amortisation of acquired Total depreciation and intangible assets additions intangible assets other amortisation 2020 2021 2022 2020 2021 2022 2020 2021 2022 2020 2021 2022 £m £m £m £m £m £m £m £m £m £m £m £m Risk 822 208 155 93 83 122 192 186 204 98 93 94 Scientific, Technical & Medical 169 58 206 94 87 103 65 63 60 148 144 119 Legal – 12 33 153 145 186 68 27 12 210 220 229 Exhibitions 6 9 – 24 24 28 51 22 20 73 30 49 Total 997 287 394 364 339 439 376 298 296 529 487 491 |
Summary of analysis of non-current assets by geographical location | ANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION 2021 2022 £m £m North America 8,657 9,821 Europe 2,123 2,193 Rest of world 413 460 Total 11,193 12,474 |
Summary of reconciliation of operating profit to adjusted operating profit | RECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT 2020 2021 2022 £m £m £m Operating profit 1,525 1,884 2,323 Adjustments: Amortisation of acquired intangible assets 376 298 296 Acquisition-related items (12) 21 62 Reclassification of tax in joint ventures 5 7 4 Reclassification of finance income in joint ventures (1) – (2) Exceptional costs in Exhibitions 183 – – Adjusted operating profit 2,076 2,210 2,683 |
Operating expenses (Tables)
Operating expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Operating expenses | |
Disclosure of detailed information about operating profit | Operating profit is stated after charging/(crediting) the following: 2020 2021 2022 Note £m £m £m Total staff costs 5 2,555 2,549 2,906 Depreciation and amortisation Amortisation of acquired intangible assets 14 376 297 294 Share of joint ventures’ amortisation of acquired intangible assets – 1 2 Amortisation of acquired intangible assets including joint ventures’ share 376 298 296 Amortisation of internally developed intangible assets 14 319 295 309 Depreciation of property, plant and equipment 16 60 52 47 Depreciation of right-of-use assets 88 80 63 Pre-publication amortisation 62 60 72 Total depreciation and other amortisation 2 529 487 491 Total depreciation and amortisation (including amortisation of acquired intangibles) 905 785 787 Other expenses and income Cost of sales including pre-publication costs and inventory expenses 2,487 2,562 3,045 Short-term and low value lease expenses 21 21 19 Operating lease rentals income (1) (1) (1) |
Auditor's remuneration (Tables)
Auditor's remuneration (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Auditor's remuneration. | |
Disclosure of detailed information about auditors' remuneration | 2020 2021 2022 £m £m £m Auditor’s remuneration Payable to the auditors of RELX PLC 0.9 0.9 0.9 Payable to the auditors of the Group’s subsidiaries 8.3 7.7 8.2 Audit services 9.2 8.6 9.1 Audit-related assurance services 0.8 0.5 0.6 Total auditor’s remuneration 10.0 9.1 9.7 |
Personnel (Tables)
Personnel (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Personnel | |
Disclosure of information about staff cost | 2020 2021 2022 Note £m £m £m Staff costs Wages and salaries 2,173 2,157 2,453 Social security costs 232 214 257 Pensions 6 125 133 150 Share based remuneration 25 45 46 Total staff costs 2,555 2,549 2,906 |
Disclosure of detailed information about number of people employed | NUMBER OF PEOPLE EMPLOYED: FULL-TIME EQUIVALENTS* At 31 December Average during the year 2020 2021 2022 2020 2021 2022 Business segment Risk 9,700 10,000 10,800 9,600 9,800 10,400 Scientific, Technical & Medical 8,600 8,700 9,500 8,300 8,600 9,300 Legal 10,400 10,500 11,300 10,500 10,300 10,900 Exhibitions 3,700 3,500 3,300 4,200 3,600 3,300 Sub-total 32,400 32,700 34,900 32,600 32,300 33,900 Corporate/shared functions 800 800 800 800 800 800 Total 33,200 33,500 35,700 33,400 33,100 34,700 Geographical location North America 14,200 14,000 14,900 14,200 13,900 14,500 Europe 9,500 9,300 9,800 9,600 9,400 9,500 Rest of world 9,500 10,200 11,000 9,600 9,800 10,700 Total 33,200 33,500 35,700 33,400 33,100 34,700 |
Pension schemes (Tables)
Pension schemes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Pension schemes | |
Schedule of pension expense excluding interest amounts | 2020 2021 2022 £m £m £m Defined benefit pension expense 11 24 19 Defined contribution pension expense 114 109 131 Total 125 133 150 |
Schedule of defined benefit pension schemes | 2020 2021 2022 UK US Total UK US Total UK US Total £m £m £m £m £m £m £m £m £m Service cost 21 3 24 21 3 24 16 3 19 Settlement and past service credits – (13) (13) – – – – – – Defined benefit pension expense 21 (10) 11 21 3 24 16 3 19 Net interest on net defined benefit obligation 9 1 10 8 1 9 4 1 5 Net defined benefit pension expense 30 (9) 21 29 4 33 20 4 24 |
Summary of defined benefit pension assumptions | AS AT 31 DECEMBER 2020 2021 2022 UK US UK US UK US Discount rate 1.45 % 2.45 % 1.95 % 2.80 % 4.90 % 5.35 % Inflation 2.80 % 2.50 % 3.30 % 2.50 % 3.20 % 2.50 % |
Summary of average life expectancy assumptions | AS AT 31 DECEMBER 2022 Male average life Female average expectancy life expectancy UK US UK US Member currently aged 60 years 85 86 89 88 Member currently aged 45 years 87 86 90 89 |
Amounts recognised in the statement of financial position in respect of defined | 2021 2022 UK US Total UK US Total £m £m £m £m £m £m Defined benefit obligation At start of year (4,668) (1,062) (5,730) (4,629) (992) (5,621) Service cost (21) (3) (24) (16) (3) (19) Interest on pension scheme liabilities (67) (25) (92) (89) (29) (118) Actuarial gain on financial assumptions 155 38 193 1,809 224 2,033 Actuarial loss arising from experience assumptions (152) (1) (153) (81) (7) (88) Contributions by employees (9) – (9) (8) – (8) Benefits paid 133 69 202 127 54 181 Exchange translation differences – (8) (8) – (112) (112) At end of year (4,629) (992) (5,621) (2,887) (865) (3,752) Fair value of scheme assets At start of year 4,076 1,077 5,153 4,390 1,007 5,397 Interest income on plan assets 59 24 83 85 28 113 Return on assets excluding amounts included in interest income 318 (39) 279 (1,573) (247) (1,820) Contributions by employer 61 6 67 69 6 75 Contributions by employees 9 – 9 8 – 8 Benefits paid (133) (69) (202) (127) (54) (181) Exchange translation differences – 8 8 – 114 114 At end of year 4,390 1,007 5,397 2,852 854 3,706 Opening net balance (592) 15 (577) (239) 15 (224) Service cost (21) (3) (24) (16) (3) (19) Net interest on net defined benefit obligation (8) (1) (9) (4) (1) (5) Contributions by employer 61 6 67 69 6 75 Actuarial gains/(losses) 321 (2) 319 155 (30) 125 Exchange translation differences – – – – 2 2 Net pension balance (239) 15 (224) (35) (11) (46) Impact of asset ceiling (3) (42) (45) (5) (4) (9) Overall net pension balance (242) (27) (269) (40) (15) (55) |
Summary of net pension obligations and net pension assets | 2021 2022 £m £m Net pension asset recognised 46 129 Net pension obligation (315) (184) Overall net pension balance (269) (55) |
Amounts recognized in statement of comprehensive income | 2020 2021 2022 £m £m £m Gains and losses arising during the year: Experience gains/(losses) on scheme liabilities 47 (153) (88) Experience gains/(losses) on scheme assets 426 279 (1,820) Actuarial (losses)/gains on the present value of scheme liabilities due to changes in: – discount rates (671) 463 2,000 – inflation 127 (290) 32 – other actuarial assumptions (47) 20 1 (118) 319 125 Net cumulative losses at start of year (828) (946) (627) Net cumulative losses at end of year (946) (627) (502) |
Summary of fair value of scheme assets | FAIR VALUE OF SCHEME ASSETS 2021 2022 UK US Total UK US Total £m £m £m £m £m £m Equities 1,595 5 1,600 272 4 276 Liability matching assets 1,704 977 2,681 899 802 1,701 Property funds and ground leases 743 – 743 651 – 651 Direct lending 208 – 208 241 – 241 Cash and cash equivalents 127 25 152 788 17 805 Other 13 – 13 1 31 32 Total 4,390 1,007 5,397 2,852 854 3,706 |
Sensitivity analysis of actuarial assumptions | £m Increase/decrease of 0.5% in discount rate 225 Increase/decrease of 0.25% in the expected inflation rate 64 Increase/decrease of one year in assumed life expectancy 95 |
Net finance costs (Tables)
Net finance costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Net finance costs | |
Summary of net finance costs | 2020 2021 2022 £m £m £m Interest on short-term bank loans, overdrafts and commercial paper (17) (11) (19) Interest on term debt (122) (106) (157) Interest on lease liabilities (12) (8) (6) Total borrowing costs (151) (125) (182) Losses on loans and derivatives not designated as hedges (13) (16) (9) Fair value losses on designated fair value hedge relationships – – (9) Net financing charge on defined benefit pension schemes and other (11) (9) (5) Finance costs (175) (150) (205) Interest on bank deposits 2 1 4 Interest income on net finance lease receivables 1 – – Fair value gains on designated fair value hedge relationships – 7 – Finance income 3 8 4 Net finance costs (172) (142) (201) |
Disposals and other non-opera_2
Disposals and other non-operating items (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disposals and other non-operating items | |
Summary of disposals and other non-operating items | 2020 2021 2022 £m £m £m Revaluation of investments 151 16 9 (Loss)/gain on disposal of businesses and assets held for sale (21) 39 (18) Net gain/(loss) on disposals and other non-operating items 130 55 (9) |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Taxation | |
Summary of tax expense | 2020 2021 2022 £m £m £m Current tax United Kingdom (80) (46) (102) Rest of world (184) (376) (432) Total current tax charge (264) (422) (534) Deferred tax (11) 96 53 Tax expense (275) (326) (481) |
Summary of weighted average of tax rates applicable to accounting profits and losses | 2020 2021 2022 £m % £m % £m % Profit before tax 1,483 1,797 2,113 Tax at average applicable rates (331) 22.3 % (418) 23.3 % (498) 23.6 % Tax effect of share of results of joint ventures 3 (0.2) % 6 (0.3) % 3 (0.1) % Income not taxable and expenses not deductible 18 (1.2) % 24 (1.4) % 21 (1.0) % Non-deductible costs of share based remuneration (2) 0.1 % (2) 0.1 % (1) 0.0 % Non-deductible disposal-related gains and losses (2) 0.1 % 1 (0.1) % (2) 0.1 % Deferred tax assets of the period not recognised (19) 1.3 % (8) 0.4 % (17) 0.8 % Change in recognition and measurement of deferred tax 14 (0.9) % 25 (1.4) % 5 (0.2) % Movements in provisions and prior year items 44 (3.0) % 46 (2.5) % 8 (0.4) % Tax expense (275) 18.5 % (326) 18.1 % (481) 22.8 % |
Summary of tax recognised in other comprehensive income or directly in equity | 2020 2021 2022 £m £m £m Tax on items that will not be reclassified to profit or loss Tax on actuarial movements on defined benefit pension schemes 39 (48) (43) Tax on items that may be reclassified to profit or loss Tax on fair value movements on cash flow hedges (4) (1) 8 Net tax (charge)/credit recognised in other comprehensive income 35 (49) (35) Tax credit on share based remuneration recognised directly in equity 5 12 – |
Summary of current tax assets and liabilities | 2021 2022 £m £m Current tax assets 10 15 Current tax liabilities (192) (249) Total (182) (234) |
Summary of deferred tax assets and liabilities | 2021 2022 £m £m Deferred tax assets 210 146 Deferred tax liabilities (591) (590) Total (381) (444) |
Summary of movements in deferred tax liabilities and assets | Deferred tax liabilities Deferred tax assets Acquired Other Acquired Tax losses Other intangible temporary intangible carried Pension temporary assets differences assets forward balances differences Total £m £m £m £m £m £m £m Deferred tax (liability)/asset at 1 January 2021 (710) (283) 174 99 125 200 (395) Credit/(charge) to profit 53 86 (9) 4 (8) (30) 96 (Charge)/credit to equity/other comprehensive income – – – – (48) 7 (41) Acquisitions (33) – – 6 – – (27) Exchange translation differences (4) 1 (8) (2) (1) – (14) Deferred tax (liability)/asset at 1 January 2022 (694) (196) 157 107 68 177 (381) Credit/(charge) to profit 62 20 (30) (17) (10) 28 53 (Charge)/credit to equity/other comprehensive income – (32) – – (10) 3 (39) Acquisitions (32) – – 19 – – (13) Exchange translation differences (71) (23) 5 9 1 15 (64) Deferred tax (liability)/asset at 31 December 2022 (735) (231) 132 118 49 223 (444) |
Schedule of tax losses for which no deferred tax is recognised | 2021 2022 £m £m £m £m Gross amount Tax effected Gross amount Tax effected Trading losses and temporary differences expiring Within 10 years 100 29 123 35 More than 10 years – – 1 – Available indefinitely 187 50 208 58 Total 287 79 332 93 State and local tax losses expiring Within 10 years 27 2 19 1 More than 10 years 46 4 89 6 Available indefinitely – – – – Total 73 6 108 7 Capital losses expiring Within 10 years – – – – More than 10 years – – – – Available indefinitely 22 5 22 5 Total 22 5 22 5 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings per share | |
Summary of earnings per share | EARNINGS PER SHARE – FOR THE YEAR 2020 2021 2022 ENDED 31 DECEMBER Weighted Weighted Weighted Net profit average Net profit average Net profit average attributable to number attributable to number attributable to number shareholders of shares EPS shareholders of shares EPS shareholders of shares EPS £m (millions) (pence) £m (millions) (pence) £m (millions) (pence) Basic earnings per share 1,224 1,926.2 63.5 p 1,471 1,928.0 76.3 p 1,634 1,918.5 85.2 p Diluted earnings per share 1,224 1,937.8 63.2 p 1,471 1,939.4 75.8 p 1,634 1,929.3 84.7 p |
Summary of adjusted earnings per share | ADJUSTED EARNINGS PER SHARE 2020 2021 2022 Adjusted net Weighted Adjusted net Weighted Adjusted net Weighted profit average profit average profit average attributable to number Adjusted attributable to number Adjusted attributable to number Adjusted shareholders of shares EPS shareholders of shares EPS shareholders of shares EPS £m (millions) (pence) £m (millions) (pence) £m (millions) (pence) Adjusted earnings per share 1,543 1,926.2 80.1 p 1,689 1,928.0 87.6 p 1,961 1,918.5 102.2 p |
Summary of reconciliation of adjusted net profit attributable to parent | RECONCILIATION OF ADJUSTED NET PROFIT ATTRIBUTABLE TO RELX PLC SHAREHOLDERS 2020 Pre-tax Tax on adjustment adjustment Total £m £m £m Net profit attributable to shareholders 1,224 Adjustments: Amortisation of acquired intangible assets 360 35 395 Other deferred tax credits from intangible assets* – (78) (78) Acquisition-related items (12) (6) (18) Net interest on net defined benefit pension obligation and other 11 (2) 9 Disposals and other non-operating items (130) 3 (127) Exceptional costs in Exhibitions 183 (45) 138 Adjusted net profit attributable to shareholders 1,543 2021 Pre-tax Tax on adjustment adjustment Total £m £m £m Net profit attributable to shareholders 1,471 Adjustments: Amortisation of acquired intangible assets 294 22 316 Other deferred tax credits from intangible assets* – (61) (61) Acquisition-related items 21 (11) 10 Net interest on net defined benefit pension obligation and other 9 (2) 7 Disposals and other non-operating items (55) 1 (54) Adjusted net profit attributable to shareholders 1,689 2022 Pre-tax Tax on adjustment adjustment Total £m £m £m Net profit attributable to shareholders 1,634 Adjustments: Amortisation of acquired intangible assets 296 30 326 Other deferred tax credits from intangible assets* – (64) (64) Acquisition-related items 62 (13) 49 Net interest on net defined benefit pension obligation and other 5 (1) 4 Disposals and other non-operating items 9 3 12 Adjusted net profit attributable to shareholders 1,961 * Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation. |
Statement of cash flows (Tables
Statement of cash flows (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement of cash flow | |
Schedule of reconciliation of operating profit to cash generated from operations | RECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS 2020 2021 2022 £m £m £m Operating profit 1,525 1,884 2,323 Share of results of joint ventures (15) (29) (19) Amortisation of acquired intangible assets 376 297 294 Amortisation of internally developed intangible assets 319 295 309 Amortisation of pre-publication costs 62 60 72 Depreciation of property, plant and equipment 60 52 47 Depreciation of right-of-use assets 88 80 63 Share based remuneration 25 45 46 Total non-cash items 930 829 831 Increase in inventories and pre-publication costs (80) (73) (103) (Increase)/decrease in receivables 149 (103) (251) (Decrease)/increase in payables (245) (32) 280 Increase in working capital (176) (208) (74) Cash generated from operations 2,264 2,476 3,061 |
Schedule of cash flow on acquisitions | CASH FLOW ON ACQUISITIONS 2020 2021 2022 Note £m £m £m Purchase of businesses 12 (864) (235) (373) Deferred payments relating to prior year acquisitions (5) (19) (21) Total (869) (254) (394) |
Schedule of reconciliation of net debt | RECONCILIATION OF NET DEBT Related Cash and derivative Finance cash financial lease 2020 2021 equivalents Debt instruments receivable 2022 £m £m £m £m £m £m £m At start of year (6,191) (6,898) 113 (6,167) 35 2 (6,017) (Decrease)/increase in cash and cash equivalents (51) 26 208 – – – 208 Decrease in short-term bank loans, overdrafts and commercial paper 436 200 – 101 – – 101 Issuance of term debt (2,342) – – (397) – – (397) Repayment of term debt 1,233 431 – 35 – – 35 Repayment of leases 90 76 – 79 – (1) 78 Change in net debt resulting from cash flows (634) 733 208 (182) – (1) 25 Borrowings in acquired businesses (3) – – (3) – – (3) Remeasurement and derecognition of leases (8) (4) – (5) – – (5) Inception of leases (24) (24) – (34) – 5 (29) Fair value and other adjustments to debt and related derivatives (4) 2 – 230 (245) – (15) Exchange translation differences (34) 174 13 (569) (3) (1) (560) At end of year (6,898) (6,017) 334 (6,730) (213) 5 (6,604) |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Acquisitions | |
Summary of consideration paid for acquiring assets and liabilities | Fair value Fair value Fair value 2020 2021 2022 £m £m £m Goodwill 570 131 269 Intangible assets 427 156 125 Property, plant and equipment 3 1 1 Other non-current assets 1 – 3 Current assets 20 4 8 Current liabilities (24) (16) (21) Borrowings (3) – (3) Deferred tax (90) (27) (13) Net assets acquired 904 249 369 Consideration (after taking account of £6 m net cash acquired (2020: £29 m; 2021: £8 m)) 904 249 369 Change in consideration deferred to future years and changes in contingent consideration relating to prior year acquisitions (40) (14) 4 Net cash flow 864 235 373 |
Equity dividends (Tables)
Equity dividends (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity dividends | |
Summary of ordinary dividends paid | ORDINARY DIVIDENDS PAID IN THE YEAR 2020 2021 2022 £m £m £m RELX PLC 880 920 983 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Intangible assets | |
Schedule of intangible assets | Total Total Total internally intangible Software acquired developed assets Market Customer Editorial and intangible intangible excluding related related content technology Other assets assets goodwill Goodwill £m £m £m £m £m £m £m £m COST As at 1 January 2021 7,224 2,391 1,750 614 688 2,381 7,824 3,251 11,075 Acquisitions 131 11 78 11 51 5 156 – 156 Additions – – – – – – – 310 310 Disposals and other (3) (2) 2 (7) – (23) (30) (19) (49) Exchange translation differences 14 15 10 2 1 (13) 15 (31) (16) At 1 January 2022 7,366 2,415 1,840 620 740 2,350 7,965 3,511 11,476 Acquisitions 269 18 43 27 37 – 125 – 125 Additions – – – – – – – 402 402 Disposals and other – (2) (4) – – (9) (15) (84) (99) Exchange translation differences 753 268 197 43 68 177 753 291 1,044 At 31 December 2022 8,388 2,699 2,076 690 845 2,518 8,828 4,120 12,948 ACCUMULATED AMORTISATION As at 1 January 2021 – 1,323 1,054 514 414 2,338 5,643 2,007 7,650 Charge for the year* – 109 79 39 54 16 297 295 592 Disposals and other – (2) (6) 1 – (23) (30) (19) (49) Exchange translation differences – 8 5 2 (1) (12) 2 (23) (21) At 1 January 2022 – 1,438 1,132 556 467 2,319 5,912 2,260 8,172 Charge for the year* – 121 78 29 53 13 294 309 603 Disposals and other – (2) (4) (5) 5 (9) (15) (78) (93) Exchange translation differences – 161 126 37 47 177 548 194 742 At 31 December 2022 – 1,718 1,332 617 572 2,500 6,739 2,685 9,424 NET BOOK AMOUNT At 31 December 2021 7,366 977 708 64 273 31 2,053 1,251 3,304 At 31 December 2022 8,388 981 744 73 273 18 2,089 1,435 3,524 * Includes impairments of acquired intangible assets of £ 1 m (2021: £ 13 m; 2020: £42 m in Legal and £23 m in Exhibitions) and an impairment of internally developed intangible assets of £ 13 m in Exhibitions (2021: nil ; 2020: £ 29 m). Refer to note 2 for further detail on the exceptional costs in Exhibitions in 2020. |
Schedule of breakdown of goodwill into cash generating units | GOODWILL 2021 2022 £m £m Risk 3,675 4,167 Scientific, Technical & Medical 1,683 2,015 Legal 1,406 1,572 Exhibitions 602 634 Total 7,366 8,388 |
Schedule of key assumptions used for each group of cash generating units | The key assumptions used for each group of CGUs are disclosed below: KEY ASSUMPTIONS 2021 2022 Nominal Nominal Pre-tax long-term Pre-tax long-term discount market discount market rate growth rate rate growth rate Risk 9.8 % 3 % 11.2 % 4 % Scientific, Technical & Medical 9.1 % 3 % 10.5 % 3 % Legal 9.9 % 2 % 10.9 % 3 % Exhibitions 11.7 % 3 % 13.0 % 4 % |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Investments | |
Summary of investments | 2021 2022 £m £m Investments in joint ventures and associates 105 159 Venture capital investments 107 127 Total 212 286 |
Summary of information about joint ventures | 2021 2022 £m £m At start of year 103 105 Share of results of joint ventures 29 19 Dividends received from joint ventures (20) (33) Acquisitions – 62 Disposals and other (4) 1 Exchange translation differences (3) 5 At end of year 105 159 RELX’s share 2021 2022 £m £m Revenue 78 55 Net profit for the year 29 19 Total assets 136 190 Total liabilities (70) (75) Net assets 66 115 Goodwill 39 44 Total 105 159 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, plant and equipment. | |
Summary of property, plant and equipment | 2021 2022 Land and Fixtures and Land and Fixtures and buildings equipment Total buildings equipment Total £m £m £m £m £m £m Cost At start of year 206 527 733 167 516 683 Acquisitions – 1 1 1 – 1 Capital expenditure 5 23 28 3 33 36 Disposals (43) (32) (75) (19) (140) (159) Exchange translation differences (1) (3) (4) 14 43 57 At end of year 167 516 683 166 452 618 Accumulated depreciation At start of year 143 428 571 111 441 552 Charge for the year 6 46 52 6 41 47 Disposals (37) (31) (68) (12) (142) (154) Exchange translation differences (1) (2) (3) 10 37 47 At end of year 111 441 552 115 377 492 Net book amount 56 75 131 51 75 126 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Financial instruments | |
Summary of remaining contractual maturities for borrowings and derivative financial instruments | AT 31 DECEMBER 2021 Contractual cash flow (including interest) Carrying Within More than amount 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total £m £m £m £m £m £m £m £m Borrowings Fixed rate borrowings (5,828) (156) (741) (1,106) (704) (709) (3,126) (6,542) Floating rate borrowings (131) (131) – – – – – (131) Lease liabilities (208) (75) (63) (43) (25) (4) (31) (241) Derivative financial liabilities Cash inflows 371 86 103 2 – – 562 Cash outflows (374) (88) (105) (2) – – (569) Forward foreign exchange contracts (7) (3) (2) (2) – – – (7) Interest rate derivatives (5) – – (1) (2) (2) (7) (12) Cross-currency interest rate swaps (2) (32) (34) (14) (501) – – (581) Derivative financial assets Cash inflows 1,399 312 107 26 – – 1,844 Cash outflows (1,367) (294) (102) (25) – – (1,788) Forward foreign exchange contracts 48 32 18 5 1 – – 56 Interest rate derivatives 19 22 10 4 – – – 36 Cross-currency interest rate swaps 16 29 26 7 511 – – 573 Total (6,098) (314) (786) (1,150) (720) (715) (3,164) (6,849) AT 31 DECEMBER 2022 Contractual cash flow (including interest) Carrying Within More than amount 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years Total £m £m £m £m £m £m £m £m Borrowings Fixed rate borrowings (6,446) (847) (1,188) (772) (769) (704) (3,212) (7,492) Floating rate borrowings (102) (102) – – – – – (102) Lease liabilities (182) (80) (58) (36) (17) (6) (34) (231) Derivative financial liabilities Cash inflows 835 242 122 8 – – 1,207 Cash outflows (870) (262) (127) (8) – – (1,267) Forward foreign exchange contracts (53) (35) (20) (5) – – – (60) Interest rate derivatives (158) (48) (29) (20) (18) (17) (43) (175) Cross-currency interest rate swaps (58) (56) (31) (567) – – – (654) Derivative financial assets Cash inflows 665 199 126 24 1,014 Cash outflows (645) (192) (123) (23) (983) Forward foreign exchange contracts 32 20 7 3 1 – – 31 Interest rate derivatives – 2 – – – – – 2 Cross-currency interest rate swaps – 29 7 538 – – – 574 Total (6,967) (1,117) (1,312) (859) (803) (727) (3,289) (8,107) |
Summary of trade receivables past due | 2020 2021 2022 £m £m £m Up to one month 170 156 265 2 to 3 months 83 96 115 4 to 6 months 34 35 46 Greater than 6 months 46 18 23 Total past due 333 305 449 |
Summary of fair value hedges | FAIR VALUE HEDGE RELATIONSHIPS 31 December 31 December 2021 2022 Principal Principal amount amount £m £m Fixed rate Floating rate $700m bond and $700m interest rate swaps maturing 2023 (517) (579) 3.5 % USD LIBOR+0.8% €500m bond and €500m interest rate swaps maturing 2024 (421) (443) 1.0 % Euribor+0.7% €600m bond and €600m/$669.3m cross-currency interest rate swaps maturing 2025 (494) (553) 1.3 % USD LIBOR+1.3% $200m bond and $200m interest rate swaps maturing 2027 (148) (165) 7.2 % USD LIBOR+5.8% $750m bond and $750m interest rate swaps maturing 2030 (554) (620) 3.0 % USD LIBOR+1.6% $500m bond and $500m interest rate swaps maturing 2032 – (413) 4.75 % USD SOFR+2.0% (2,134) (2,773) |
Summary of gains and losses on borrowings and related derivatives designated as fair value hedges | GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES Fair value 1 January movement Exchange 31 December Carrying 2020 gain/(loss) gain/(loss) 2020 values £m £m £m £m £m USD debt (13) (25) 2 (36) (701) Related interest rate swaps 13 25 (2) 36 36 – – – – (665) EUR debt (39) (47) 3 (83) (1,467) Related interest rate swaps 39 47 (3) 83 83 – – – – (1,384) Total relating to USD and EUR debt (52) (72) 5 (119) (2,168) Total related interest rate swaps 52 72 (5) 119 119 Net gain on borrowings and related derivatives/total carrying value – – – – (2,049) 17 Financial instruments (continued) GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES Fair value 1 January movement Exchange 31 December Carrying 2021 gain/(loss) gain/(loss) 2021 values £m £m £m £m £m USD debt (36) 35 – (1) (1,221) Related interest rate swaps 36 (28) – 8 8 – 7 – 7 (1,213) EUR debt (83) 55 1 (27) (940) Related interest rate swaps 83 (55) (1) 27 27 – – – – (913) Total relating to USD and EUR debt (119) 90 1 (28) (2,161) Total related interest rate swaps 119 (83) (1) 35 35 Net gain on borrowings and related derivatives/total carrying value – 7 – 7 (2,126) GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES AND CARRYING VALUES Fair value 1 January movement Exchange 31 December Carrying 2022 gain/(loss) gain/(loss) 2022 values £m £m £m £m £m USD debt (1) 140 2 141 (1,630) Related interest rate swaps 8 (149) (2) (143) (143) 7 (9) – (2) (1,773) EUR debt (27) 96 1 70 (924) Related interest rate swaps 27 (96) (1) (70) (70) – – – – (994) Total relating to USD and EUR debt (28) 236 3 211 (2,554) Total related interest rate swaps 35 (245) (3) (213) (213) Net gain/(loss) on borrowings and related derivatives/total carrying value 7 (9) – (2) (2,767) |
Summary of movements in the hedge reserve including gains and losses on cash flow hedging instruments | Cost of Foreign Interest rate hedging currency hedge reserve reserve hedge reserve Total £m £m £m £m Hedge reserve at 31 December 2020: gains/(losses) deferred 4 (8) 27 23 (Losses)/gains arising in 2021 (3) 2 11 10 Amounts recognised in income statement – – (9) (9) Hedge reserve at 31 December 2021: gains/(losses) deferred 1 (6) 29 24 (Losses)/gains arising in 2022 (3) 5 (20) (18) Amounts recognised in income statement 1 – (18) (17) Exchange translation differences (1) – 1 – Hedge reserve at 31 December 2022: losses deferred (2) (1) (8) (11) |
Summary of deferred gains and losses on cash flow hedges currently expected to recognized in future period | Foreign Principal currency amount of Carrying hedge reserve hedges values £m £m £m 2023 4 673 (11) 2024 (10) 459 (10) 2025 (2) 250 (2) 2026 – 36 – Total (8) 1,418 (23) |
Inventories and pre-publicati_2
Inventories and pre-publication costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories and pre-publication costs | |
Summary of inventories and pre-publication costs | 2021 2022 £m £m Raw materials 2 3 Pre-publication costs 218 264 Finished goods 33 42 Total 253 309 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other receivables. | |
Summary of trade and other receivables | 2021 2022 £m £m Trade receivables 1,738 2,193 Loss allowance (106) (118) 1,632 2,075 Prepayments and accrued income 316 310 Current tax receivable 10 15 Net finance lease receivable 2 5 Total 1,960 2,405 |
Summary of movements in loss allowance | 2021 2022 £m £m At start of year 99 106 Charge for the year 17 11 Trade receivables written off (8) (7) Exchange translation differences (2) 8 At end of year 106 118 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Trade and other payables | |
Summary of trade and other payables | 2021 2022 £m £m Trade payables 109 129 Accruals 718 844 Social security and other taxes 141 159 Other payables 351 517 Deferred income 1,956 2,368 Total 3,275 4,017 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt | |
Summary of types of borrowings both current and non-current | 2021 2022 Falling due Falling due Falling due Falling due in within in more than within more than 1 year 1 year Total 1 year 1 year Total £m £m £m £m £m £m Financial liabilities measured at amortised cost: Short-term bank loans, overdrafts and commercial paper 131 – 131 102 – 102 Term debt 32 3,410 3,442 – 3,641 3,641 Lease liabilities 69 139 208 67 115 182 Term debt in fair value hedging relationships – 2,161 2,161 576 1,978 2,554 Term debt previously in fair value hedging relationships – 225 225 125 126 251 Total 232 5,935 6,167 870 5,860 6,730 |
Summary of repayment years for borrowings | 2021 2022 Short-term Short-term bank loans, bank loans, overdrafts overdrafts and and commercial Lease commercial Lease paper Term debt liabilities Total paper Term debt liabilities Total £m £m £m £m £m £m £m £m Within 1 year 131 32 69 232 102 701 67 870 Within 1 to 2 years – 641 40 681 – 1,045 24 1,069 Within 2 to 3 years – 1,012 37 1,049 – 623 25 648 Within 3 to 4 years – 628 29 657 – 660 24 684 Within 4 to 5 years – 626 17 643 – 595 17 612 After 5 years – 2,889 16 2,905 – 2,822 25 2,847 After 1 year – 5,796 139 5,935 – 5,745 115 5,860 Total 131 5,828 208 6,167 102 6,446 182 6,730 |
Analysis of borrowings by currency | 2021 2022 Short-term Short-term bank loans, bank loans, overdrafts overdrafts and and commercial Lease commercial Lease paper Term debt liabilities Total paper Term debt liabilities Total £m £m £m £m £m £m £m £m US dollar 68 2,691 79 2,838 2 3,160 65 3,227 Pound sterling – – 51 51 – – 40 40 Euro 15 3,137 47 3,199 – 3,286 57 3,343 Other currencies 48 – 31 79 100 – 20 120 Total 131 5,828 208 6,167 102 6,446 182 6,730 |
Lease arrangements (Tables)
Lease arrangements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Lease arrangements | |
Summary of right-of-use assets | Right-of-use assets 2021 2022 £m £m At start of year 216 161 Additions 25 34 Acquisitions – 3 Remeasurement 9 8 Disposals (5) (8) Depreciation (66) (63) Impairment (14) – Exchange translation differences (4) 10 At end of year 161 145 |
Summary of lease liability | Lease liability 2021 2022 £m £m Current Property (67) (65) Non-property (2) (2) Non-current Property (136) (113) Non-property (3) (2) Total (208) (182) |
Summary of net finance lease receivable | RELX subleases vacant space available within its leased properties. IFRS 16 specifies conditions whereby a sublease is classed as a finance lease for the sub-lessor. The finance lease receivable balance held is as follows: 2021 2022 £m £m Net finance lease receivable 2 5 |
Share capital, share premium an
Share capital, share premium and shares held in treasury (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share capital and shares held in treasury | |
Summary of called up share capital issued and fully paid | RELX PLC CALLED UP SHARE CAPITAL – ISSUED AND FULLY PAID 2021 2022 No. of shares £m No. of shares £m At start of year 1,982,299,312 286 1,984,961,632 286 Issue of ordinary shares 2,662,320 – 1,918,456 – Cancellation of ordinary shares – – (52,000,000) (7) At end of year 1,984,961,632 286 1,934,880,088 279 |
Summary of share capital | NUMBER OF ORDINARY SHARES Year ended 31 December 2021 2022 Shares in Shares in issue net of issue net of treasury Shares in Treasury treasury shares* issue shares shares* (millions) (millions) (millions) (millions) RELX PLC At start of year 1,926.0 1,985.0 (55.6) 1,929.4 Issue of ordinary shares 2.7 1.9 – 1.9 Repurchase of ordinary shares – – (21.7) (21.7) Net release/(purchase) of shares by the Employee Benefit Trust 0.7 – (0.1) (0.1) Cancellation of ordinary shares – (52.0) 52.0 – At end of year 1,929.4 1,934.9 (25.4) 1,909.5 |
Other reserves (Tables)
Other reserves (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Other reserves and translation reserve | |
Summary of other reserves and translation reserve | Translation Hedge Other Total reserve reserve reserves Total 2021 2022 2022 2022 2022 £m £m £m £m £m At start of year 1,241 250 19 2,062 2,331 Profit attributable to shareholders 1,471 – – 1,634 1,634 Dividends paid (920) – – (983) (983) Actuarial gains on defined benefit pension schemes 321 – – 164 164 Fair value movements on cash flow hedges 10 – (18) – (18) Transfer to profit from cash flow hedge reserve (9) – (17) – (17) Tax recognised in other comprehensive income (49) – 8 (43) (35) Exchange differences on translation of foreign operations 223 427 – – 427 Cancellation of shares – – – (1,120) (1,120) Increase in share based remuneration reserve (net of tax) 55 – – 47 47 Settlement of share awards (12) – – (35) (35) Disposal of non ‐ controlling interests – – – (1) (1) At end of year 2,331 677 (8) 1,725 2,394 |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions | |
Summary of key management personnel remuneration | KEY MANAGEMENT PERSONNEL REMUNERATION 2020 2021 2022 £m £m £m Salaries, other short-term employee benefits and non-executive fees 6 7 7 Post-employment benefits 1 1 – Share based remuneration* 1 8 7 Total 8 16 14 |
Summary of executive directors remuneration | EXECUTIVE DIRECTORS Annual Share based Salary Benefits incentive remuneration* Pension* Total £’000 £’000 £’000 £’000 £’000 £’000 Total Executive Directors 2020 2,034 99 2,623 595 687 6,038 2021 2,085 97 3,604 7,953 774 14,513 2022 2,137 97 3,251 6,857 268 12,610 * The figures for share based awards are calculated in accordance with the methodology set out in the UK Regulations. The figure for performance-related share based awards includes share price appreciation since the date the award was granted. Please see page 124 for further details. Pension is calculated in accordance with the methodology set out in the UK Regulations. |
Summary of non-executive directors remuneration | NON-EXECUTIVE DIRECTORS 2020 2021 2022 £’000 £’000 £’000 Fees and benefits 1,558 1,598 1,566 |
Exchange rates (Tables)
Exchange rates (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Exchange rates | |
Summary of exchange rates in preparing consolidated financial statements | Statement of Income statement financial position 2020 2021 2022 2021 2022 Euro to sterling 1.12 1.16 1.17 1.19 1.13 US dollar to sterling 1.28 1.38 1.24 1.35 1.21 |
Related undertakings (Tables)
Related undertakings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related party transactions | |
Summary of full list of related undertakings | Share Reg Company name class office Australia LNRS Data Services (Australia) Pty Ltd Ordinary AUS1 Reed Exhibitions Australia Pty Ltd Ordinary AUS2 Reed International Books Australia Pty Ltd Ordinary AUS2 RELX Australia Pty Ltd Ordinary AUS2 ThreatMetrix Pty Ltd Ordinary AUS2 Austria LexisNexis Verlag ARD ORAC GmbH & Co KG Partnership Interest AUT2 ORAC GmbH Ordinary AUT2 RELX Austria GmbH Ordinary AUT3 RX CEE GmbH Ordinary AUT1 RX Salzburg GmbH Ordinary AUT3 RX Wien GmbH Ordinary AUT1 Standout GmbH Ordinary AUT4 Belgium LexisNexis BV Ordinary BEL1 Brazil Elsevier Editora Ltda Quotas BRA1 Fircosoft Brasil Consultoria e Servicos de Informatica Ltda Quotas BRA2 Gestora de Inteligência de Crédito S.A. (20%) Common, Preferred BRA8 LexisNexis Informações e Sistemas Empresariais Ltda Quotas BRA6 LexisNexis Serviços de Análise de Risco Ltda Quotas BRA7 MLex Brasil Midia Mercadologica Ltda Quotas BRA4 Reed Exhibitions Alcântara Machado Ltda Quotas BRA3 SST Software do Brasil Ltda Quotas BRA5 Canada Elsevier Canada Inc. Common CAN2 LexisNexis Canada Inc. Class B CAN1 RELX Canada Ltd Common CAN1 China Bakery China Exhibitions Co., Ltd (25%) Ordinary CHN1 Beijing Medtime Elsevier Education Technology Co., Ltd (49%) Common CHN2 C-One Energy (Guangzhou) Co., Ltd Ordinary CHN5 ICIS Consulting (Beijing) Co., Ltd (Liquidation in progress) Ordinary CHN18 KeAi Communications Co., Ltd (49%) Ordinary CHN15 LexisNexis Information Technology Co. Ltd Ordinary CHN19 LexisNexis Risk Solutions (Shanghai) Information Technologies Co. Ltd Common CHN7 LNRS Data Services (Shanghai) Co Ltd Ordinary CHN13 Reed Elsevier Information Technology (Beijing) Co., Ltd Common CHN3 Reed Exhibitions (China) Co., Ltd Ordinary CHN4 Reed Exhibitions Hengjin Co., Ltd (51%) Ordinary CHN12 Reed Exhibitions (Shanghai) Co., Ltd Ordinary CHN10 Reed Huabai Exhibitions (Beijing) Co., Ltd (51%) Ordinary CHN4 Reed Huabo Exhibitions (Shenzhen) Co., Ltd (65%) Ordinary CHN16 Reed Huaqun Exhibitions Co., Ltd (52%) Ordinary CHN4 Reed Exhibitions Kuozhan (Shanghai) Co., Ltd (60%) Ordinary CHN8 Reed Sinopharm Exhibitions Co., Ltd (50%) Ordinary CHN4 RELX (China) Investment Co., Ltd Ordinary CHN9 RX (Shenzhen) Co., Ltd Ordinary CHN6 Shanghai Datong Medical Information Technology Co., Ltd Ordinary CHN17 Shanghai SinoReal Exhibitions Co., Ltd (27.5%) Ordinary CHN11 Z&R Exhibitions Co., Ltd (27.5%) Ordinary CHN14 Colombia LexisNexis Risk Solutions SAS Ordinary COL1 Denmark Elsevier A/S Ordinary DNK1 Egypt Elsevier Egypt LLC Ordinary EGY1 Share Reg Company name class office France Closd SAS Ordinary FRA9 Elsevier Holding France SAS Ordinary FRA1 Elsevier Masson SAS Ordinary FRA1 Evoluprint SAS Ordinary FRA2 Fircosoft SAS Ordinary FRA8 GIE EDI Data (83%) Ordinary FRA3 GIE Juris Data Ordinary FRA3 LexisNexis Business Information Solutions SA Ordinary FRA3 LexisNexis Business Information Solutions Holding SA Ordinary FRA5 LexisNexis International Development & Services SAS Ordinary FRA3 LexisNexis SA Ordinary FRA3 Reed Exhibitions ISG SARL Ordinary FRA6 RELX France SA Ordinary FRA6 RELX France Services SAS Ordinary FRA8 RX France SAS Ordinary FRA4 SAFI SA (50%) Ordinary FRA7 Germany BehavioSec GmbH Ordinary DEU7 Elsevier GmbH Ordinary DEU3 Elsevier Information Systems GmbH Ordinary DEU2 IPlytics GmbH Ordinary DEU8 LexisNexis GmbH Ordinary DEU4 PatentSight GmbH Ordinary DEU6 RELX Deutschland GmbH Ordinary DEU1 RX Deutschland GmbH Ordinary DEU1 Tschach Solutions GmbH Ordinary DEU5 Greece Mack Brooks Hellas SA (87.36%) (Liquidation in progress) Ordinary GRE1 Hong Kong Ascend China Holding Ltd Ordinary HNK4 JC Exhibition and Promotion Ltd (65%) Ordinary HNK4 JYLN Sager Ltd Ordinary HNK2 LNRS Data Services (China) Ltd Ordinary HNK1 Reed Exhibitions Ltd Ordinary HNK4 RELX (Greater China) Ltd Ordinary HNK3 India FircoSoft India Private Ltd Ordinary IND2 Next Events Private Ltd Ordinary IND1 Parity Computing India Private Ltd Ordinary IND3 Reed Elsevier Publishing (India) Private Ltd Ordinary IND1 Reed Manch Exhibitions Private Ltd Ordinary IND1 Reed Triune Exhibitions Private Ltd (72%) Ordinary IND4 RELX India Private Ltd Ordinary IND1 Indonesia PT Reed Exhibitions Indonesia (70%) Class A Preferred IDN1 Class B Common PT RELX Information Analytics Indonesia Ordinary IDN2 Irish Republic Elsevier Services Ireland Ltd Ordinary IRL2 LexisNexis Risk Solutions (Europe) Ltd Ordinary IRL1 LexisNexis Risk Solutions (Ireland) Ltd Ordinary IRL1 3D4Medical Ltd Ordinary IRL3 Israel LexisNexis Israel Ltd Ordinary ISR1 Italy Elsevier SRL Registered Capital ITA1 ICIS Italia SRL Ordinary ITA2 RX Italy SRL Ordinary ITA1 28 Related undertakings (continued) Share Reg Company name class office Japan Ascend Japan KK Ordinary JPN1 Elsevier Japan KK Ordinary JPN2 LexisNexis Japan KK Ordinary JPN2 PatentSight Japan Inc. Common JPN2 RX Japan KK Ordinary JPN3 Korea (Republic of) Elsevier Korea LLC Ordinary KOR1 LexisNexis Legal and Professional Service Korea Ltd Ordinary KOR2 Reed Exhibitions Korea Ltd Ordinary KOR3 Reed Exporum Ltd (60%) Ordinary KOR4 Reed K. Fairs Ltd (70%) Ordinary KOR3 Macau Reed Exhibitions Macau Ltd Ordinary MAC1 Malaysia LexisNexis Malaysia Sdn Bhd Ordinary MYS1 Mexico Masson-Doyma Mexico, S.A. Ordinary MEX1 Reed Exhibitions Mexico S.A. de C.V. Fixed MEX2 Netherlands AGRM Solutions C.V. Partnership Interest NLD1 Caselex B.V. Ordinary NLD1 Elsevier B.V. Ordinary NLD1 ICIS Benchmarking Europe B.V. Ordinary NLD1 LexisNexis Business Information Solutions B.V. Ordinary NLD1 LNRS Data Services B.V. Ordinary NLD1 Misset Uitgeverij B.V. (49%) Ordinary NLD2 RELX Employment Company B.V. Ordinary NLD1 RELX Finance B.V. Ordinary NLD1 RELX Holdings B.V. Ordinary NLD1 RELX Nederland B.V. Ordinary NLD1 RELX Overseas B.V. Ordinary RE NLD1 New Zealand LexisNexis NZ Ltd Ordinary NZL1 Philippines Reed Elsevier Shared Services (Philippines) Inc. Common PHL1 Poland AI Digital Contracts Sp. z.o.o. (75%) Ordinary POL1 Elsevier Sp. z.o.o. Ordinary POL2 Russia Elsevier LLC (Liquidation in progress) Participation Shares RUS2 LexisNexis LLC (Liquidation in progress) Participation Shares RUS3 Real Estate Events Direct LLC (80%) (Liquidation in progress) Participation Shares RUS1 RELX LLC (Liquidation in progress) Participation Shares RUS1 Singapore Elsevier (Singapore) Pte Ltd Ordinary SGP1 Lexis-Nexis Philippines Pte Ltd Ordinary-B, Preference SGP2 LNRS Data Services Pte Ltd Ordinary SGP3 RE (HAPL) Pte Ltd Ordinary SGP1 RELX (Singapore) Pte Ltd Ordinary SGP2 South Africa Globalrange SA (Pty) Ltd Ordinary ZAF1 LexisNexis (Pty) Ltd (78%) A-Ordinary ZAF2 LexisNexis Risk Management (Pty) Ltd (78%) Ordinary ZAF2 LexisNexis South Africa Shared Services (Pty) Ltd Ordinary ZAF2 Share Reg Company name class office Reed Events Management (Pty) Ltd (90%) Ordinary ZAF2 Reed Exhibitions (Pty) Ltd (90%) Ordinary ZAF2 Reed Exhibitions Group (Pty) Ltd (90%) Ordinary ZAF2 Reed Venue Management (Pty) Ltd (90%) Ordinary ZAF2 RELX (Pty) Ltd Ordinary ZAF2 Spain Elsevier Espana SL Participations ESP1 Sweden Behaviometrics AB Ordinary SWE1 Switzerland Fircosoft Schweiz GmbH (Liquidation in progress) Ordinary CHE1 Taiwan Elsevier Taiwan LLC Ordinary TWN1 Thailand Reed Tradex Company Ltd (49%) Ordinary, Preference THA1 RELX Holding (Thailand) Co., Ltd Ordinary THA2 RELX Information Analytics (Thailand) Co., Ltd Ordinary THA3 Turkey Elsevier STM Bilgi Hizmetleri Limited Şirketi Ordinary TUR1 Mack Brooks Fuarcilik A.S. Registered Capital TUR3 Reed Tüyap Fuarcilik A.S. (50%) A Ordinary, B Ordinary TUR2 United Arab Emirates Reed Exhibitions FZ-LLC Ordinary UAE1 RELX Middle East FZ-LLC Ordinary UAE2 United Kingdom 3rd Street Group Ltd Ordinary GBR3 Butterworths Ltd Ordinary GBR4 Cordery Compliance Ltd (71%) Ordinary GBR4 Cordery Ltd (71%) Ordinary GBR4 Crediva Ltd Ordinary GBR5 Digital Foundry Network Ltd (50%) Ordinary GBR3 E & P Events LLP (50%) Membership Interest GBR3 Elsevier Ltd Ordinary GBR6 Emailage Ltd Ordinary GBR5 Gamer Network Ltd Ordinary GBR3 Gapsquare Ltd A Ordinary, B Ordinary GBR2 Hookshot Media Ltd (23.5%) Ordinary GBR8 Interfolio UK Ltd Ordinary GBR10 LexisNexis Risk Solutions UK Ltd Ordinary GBR5 LNRS Data Services Holdings Ltd Ordinary GBR1 LNRS Data Services Ltd Ordinary GBR2 Mack-Brooks Exhibitions Ltd Ordinary GBR3 MCM Expo Ltd Ordinary GBR3 Mendeley Ltd Ordinary GBR6 MLex Ltd Ordinary GBR4 Offshore Europe (Management) Ltd Ordinary GBR3 Offshore Europe Partnership (50%) Partnership Interest GBR3 Out There Gaming Ltd (70%) Ordinary GBR3 Oxford Spires Management Co; Ltd (55%) Ordinary GBR7 RE (HPL) Ltd Ordinary GBR1 RE (RCB) Ltd Ordinary GBR1 RE Secretaries Ltd Ordinary GBR1 RE (SOE) Ltd Ordinary GBR3 Reed Events Ltd Ordinary GBR3 Reed Exhibitions Ltd Ordinary GBR3 Reed Nominees Ltd Ordinary GBR1 RELX Finance Ltd Ordinary GBR1 RELX Group plc Ordinary GBR1 RELX (Holdings) Ltd Ordinary GBR1 28 Related undertakings (continued) Share Reg Company name class office RELX (Investments) plc Ordinary GBR1 RELX Overseas Holdings Ltd Ordinary GBR1 RELX (UK) Ltd Ordinary GBR1 REV GP (UK) LLP Membership Interest GBR1 REV Venture Partners Ltd Ordinary GBR1 REV V LP Partnership Interest GBR1 SciBite Ltd A Ordinary, B Ordinary, C Ordinary GBR9 Tracesmart Ltd Ordinary GBR5 TruNarrative Ltd Ordinary GBR5 United States Accuity Asset Verification Services Inc. Common Stock USA1 Accuity Inc. Common Stock USA1 American Textile Machinery Exhibition International Inc. (40%) Common Stock USA3 Aries Systems Corporation Common Stock USA3 BehavioSec Inc Common Stock USA2 Crop Data Management Systems, Inc. Common Stock USA2 Dunlap-Hanna Publishers (50%) Partnership Interest USA7 Elsevier Holdings Inc. Common Stock USA3 Elsevier Inc. Common Stock USA3 Elsevier Medical Information LLC Membership Interest USA3 Elsevier STM Inc. Common Stock USA3 Emailage Corp. Common Stock USA2 Enclarity, Inc. Common Stock USA2 Flyreel Inc. Common Stock USA2 Gaming Business Asia LLC (50%) Membership Interest USA3 Health Market Science, Inc. Common Stock USA2 ID Analytics LLC Membership Interest USA2 IDG-RBI China Publishers LLC (50%) Membership Interest USA3 Interfolio, Inc. Common Stock USA3 Interfolio Data 180, LLC Membership Interest USA3 Knovel Corporation Common Stock USA3 Knowable Inc (75%) Common Stock USA3 Legal InQuery Solutions Inc. Common Stock USA8 LexisNexis Claims Solutions Inc. Common Stock USA2 LexisNexis Coplogic Solutions Inc. Common Stock USA2 LexisNexis of Puerto Rico Inc. Common Stock USA8 LexisNexis Risk Data Management LLC Membership Interest USA2 LexisNexis Risk Holdings Inc. Common Stock USA2 LexisNexis Risk Solutions Inc. Common Stock USA2 LexisNexis Risk Solutions FL Inc. Common Stock USA2 LexisNexis Special Services Inc. Common Stock USA6 LexisNexis VitalChek Network Inc. Common Stock USA2 LNRS Data Services Inc. Common Stock USA5 Matthew Bender & Company, Inc. Common Stock USA3 MLex US, Inc. Common Stock USA3 Parley Pro Inc. Common Stock USA3 PCLaw Time Matters LLC (51%) Membership Interest USA3 Portfolio Media, Inc. Common Stock USA3 Reed Technology and Information Services LLC Membership Interest USA3 RELX Capital Inc. Common Stock USA4 RELX Inc. Common Stock USA3 RELX Risks Inc. Common Stock USA9 REV IV Partnership LP Partnership Interest USA4 SAFI Americas LLC (50%) Membership Interest USA3 SageStream LLC Membership Interest USA2 The Reed Elsevier Ventures 2005 Partnership LP Partnership Interest USA4 The Reed Elsevier Ventures 2011 Partnership LP Partnership Interest USA4 The Reed Elsevier Ventures 2013 Partnership LP Partnership Interest USA4 The Remick Publishers (50%) Partnership Interest USA7 ThreatMetrix, Inc. Common Stock USA2 World Compliance, Inc. Common Stock USA4 Vietnam Reed Tradex Vietnam LLC (49%) Membership Interest VIE1 Registered offices Australia AUS1: Building B, Level 2, Unit 11, 1 Maitland Place, Baulkham Hills, NSW 2153 AUS2: Tower 2, Level 1, 475 Victoria Avenue, Chatswood NSW 2067 Austria AUT1: Messeplatz 1, 1020, Vienna AUT2: Trabrennstrassee 2ª,1020, Vienna AUT3: Am Messezentrum 6, 5020, Salzburg AUT4: Am Messezentrum 7, 5020, Salzburg Belgium BEL1: Oudenaardseheerweg 129, 9810 Nazareth Brazil BRA1: Rua da Assembleia no 100, 6th Floor, RJ Centro, Rio de Janiero, 20011-904 BRA2: Rua Bela Cintra 2305, São Paulo, 01415-009 BRA3: Rua Bela Cintra no. 1200, 10th floor, São Paulo, 01415-001 BRA4: Avenida Paulista, 2300-Piso Pilotis room 28, São Paulo, 01310-300 BRA5: Rua Cel Fonseca, 203 A-Centro, Botucatu, São Paulo, 18600-200 BRA6: Rua Funchal, 538, conjunto 42, Vila Olímpia, São Paulo - CEP 04551-060 BRA7: Alameda Rio Negro, 161 Alphaville Industrial, Barueri, São Paulo 06.455-000 BRA8: Alphaville, Conjuntos 81-84, Centro Empresarial Araguaia, Barueri, São Paulo 2104, 8-9 Andar Canada CAN1: 111 Gordon Baker Road, Suite 900, Toronto, Ontario, M2H 3R1 CAN2: 26E-1501 av. McGill College, Montreal, Quebec, H3A 3N9 China CHN1: Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan District, Beijing, 100044 CHN2: Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian District, Beijing CHN3: Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit 1-7, Dong Cheng District, Beijing, 100738 CHN4: Ping An International Finance Center, Room 1504, 15th Floor, Tower A-101, 3-24 floor, Xinyuan South Road, Chaoyang District, Beijing, 100027 CHN5: Unit B1303-1 & 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe District Guangzhou CHN6: Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District, Fu Tian District, Shenzhen CHN7: Room 5106, Raffle City, 268 Middle Xizang Road, Huangpu District, Shanghai, 200001 CHN8: Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai, 200070 CHN9: Room 319, 238 Jiangchangsan Road, Jing’an District, Shanghai CHN10: Room 304, Sanlian Building, No.8, Huajing Road, Pudong District, Shanghai, 200070 CHN11: Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm, Chongming County, Shanghai CHN12: Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District, Shanghai CHN13: 4/F Block 3, No 999 Jingzhong Road, Changning District, Shanghai CHN14: A0208, 1st floor, building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan District Beijing CHN15: 16 Donghuangchenggen North Street, Beijing, 100717 CHN16: Shenzhen International Chamber of Commerce Tower, Room 1801-1802, 1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048 CHN17: 5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing District, Shanghai, 200335 CHN18: Room 12B, 7th Floor, Oriental Plaza, 1 East Chang An Avenue, Beijing, 100738 CHN19: 404 F4, No.9 Shangdi 9th Street, Haidian District, Beijing, 100085 Colombia COL1: Philippe Prietocarrizosa & Uria Abogados, Carrera 9 No. 74-08 Oficina 105, Bogota, d.c., 76600 Denmark DNK1: Niels Jernes Vej 10, 9220, Aalborg East Egypt EGY1: Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th Settlement, New Cairo, Cairo 28 Related undertakings (continued) Registered offices France FRA1: 65, rue Camille Desmoulins, 92130, Issy les Moulineaux FRA2: Parc Euronord, 10 rue du Parc, 31150, Bruguieres FRA3: 141 rue de Javel, 75015, Paris FRA4: 52 Quai de Dion Bouton, 92800, Puteaux FRA5: Immeuble Technopolis, 350 rue Georges Besse, 30000, Nimes FRA6: 27-33 quai Alphonse Le Gallo, 92100, Boulogne-Billancourt FRA7: 6-8 Rue Chaptal, 75009, Paris FRA8: 151-155 Rue de Bercy, 75012, Paris FRA9: 168 Rue Saint-Denis, 75002, Paris Germany DEU1: Volklinger Strasse 4, 40219, Dusseldorf DEU2: St. Martin Tower, Wing, 2nd floor, Franklinstrasse 61-63, 60486, Frankfurt am Main Hessen DEU3: Bernhard-Wicki-Strasse 5, 80636, Munich DEU4: Heerdter Sandberg 30, 40549, Dusseldorf DEU5: Steinhauserstrasse 9, 76135, Karlsruhe DEU6: Joseph-Schumpeter-Allee 33, 53227, Bonn DEU7: Fritz-Haber-Strasse 9 OG 13, 06217 Merseburg DEU8: Schopenhauer Strasse 93 e, 14129, Berlin Greece GRE1: 188A, Filolaou Str., Athens. 11632 Hong Kong HNK1: 5/F, Manulife Place, 348 Kwun Tong Road, Kowloon HNK2: Flat 1506, 15/F, Lucky Center, No. 165-171 Wan Chai Road, Wan Chai HNK3: 11/F Oxford House, Taikoo Place, 979 King’s Road, Quarry Bay HNK4: 17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry Bay India IND1: 818, 8th Floor, Indraprakash Builing, 21 Barakhamba Road, New Delhi, Delhi, 110001 IND2: Ascendas International Tech Park, Crest Building 12th Floor, Taramani Road, Taramani, Chennai, 600113 IND3: 99/100, Prestige Towers Unit No. 505, Fifth Floor, Residency Road, Bangalore, Karnataka, 560025 IND4: 25, 3rd floor, 8th Main Road, Vasanthnager, Bangalore, Karnataka, 560052 Indonesia IDN1: APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28, Grogol, Pertamburan Jakarta Barat 11470 IDN2: Gedung World Trade Center, 3 LT 20 Spaces JL Jend Sudirman Kav 29-31 RT/RW 008/003, Karet Kuningan, Setiabudi, Jakarta Selatan, DKI Jakarta 12940 Irish Republic IRL1: 80 Harcourt Street, Dublin 2, Dublin, D02 F449 IRL2: Suite 4320, Atlantic Avenue, Westpark Business Campus, Shannon, Clare, V14 YX01 IRL3: 1F Cedarhurst Building, Arkle Road, Sandyford Business Park, Dublin, D18 X6N2 Israel ISR1: Meitar, Attorneys at Law, 16 Abba Hillel Rd. Ramat Gan 5250608 Italy ITA1: Via Marostica 1, 20146, Milan ITA2: Studio Colombo e Associati, Via Cino del Duca 5, 20122, Milan Japan JPN1: Kyodo Tsushin Kaikam 2F, 2-2-5 Toronomon, Minato-ku, Tokyo, 105-0001 JPN2: 1-9-15, Higashi Azabu, Minato-ku Tokyo, 106-0044 JPN3: Shinjuku-Nomura Bldg., 1-26-2 Nishi-shinjuku, Shinjuku-ku, Tokyo, 163-0525 Korea (Republic of) KOR1: Chunwoo Building, 4th floor, 534 Itaewon-dong, Yongsan-gu, Seoul, 140-861 KOR2: 206 Noksapyeong-daero, Yongsan-gu, Seoul, 140-861 KOR3: 1622-24 Block A Terra Tower 2, 201 Songpa-daero, Songpa-gu, Seoul KOR4: 4th floor at 195-6 Jamsil-dong, Songpagu, Seoul Macau MAC1: Rua De Xangai, No. 175 Edif. Associacao Comercial de Macau, 11 Andar, Bloco K Malaysia MYS1: Suite 29-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The Vertical, 59200 Bangsar South City, Kuala Lumpur Registered offices Mexico MEX1: Masson-Doyma Mexico S.A., Av Insurgentes Sur 1388 Piso 8, Col Actipan Mixcoac Del. Benito Juarez, Mexico DF, CP 03230 MEX2: Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico City, 06500 Netherlands NLD1: Radarweg 29, 1043 NX Amsterdam NLD2: Hanzestraat 1, 7006RH Doetinchem New Zealand NZL1: Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011 Philippines PHL1: Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth Avenue, Quezon City, Metro Manila, 1101 Poland POL1: Plac Grunwaldzki 23-27, 50-365 Wroclaw POL2: Al. JJana Pawla II, 22, 00-133, Warszawa Russia RUS1: 2nd Syromyatnichesky per, bld.1, Space I, Room 13, 105120, Moscow RUS2: Building 1, Facility 1, Room 80, 9/26 Shchipok St., Municipal District Zamoskvorechye, 115054, Moscow RUS3: Building 1, facility 1, Room 5, 9/26 Shchipok St., Municipal District Zamoskvorechye, 115054, Moscow Singapore SGP1: 3 Killiney Road, #08-01 Winsland House 1, 239519 SGP2: 80 Robinson Road, #02-00, 068898 SGP3: 1 Changi Business Park Crescent, #06-01 Plaza 8 & CBP, 48602551 South Africa ZAF1: Ground Floor, Pebble Beach, Fourways Golf Park, Roos Street, Fourways Sandton, Johannesburg, Gauteng 2068 ZAF2: Building 8, Country Club Estate Office Park, 21 Woodlands Drive, Woodmead, Gauteng, 2191 Spain ESP1: C/ Josep Tarradellas 20-30, 1º / 20029, Barcelona Sweden SWE1: Aurorum 8A 977 75 Lulea Switzerland CHE1: Bahnhofstrasse 100, 8001 Zurich Taiwan TWN1: Rm N818, 8F, Chia Hsin Building II, No. 9, Lane 3, Minsheng West Road, Taipei 10449 Thailand THA1: Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road, Silom, Bangrak, Bangkok, 10500 THA2: 14th Floor, CTI Tower, 191/70-73 Ratchadapisek Road, Khwaeng Klongtoey, Khet, Klongtoey, Bangkok THA3: 2 Ploenchit Centre, Room 7, Floor G., Sukhumvit Road, Klongtoey, Bangkok, 10110 Turkey TUR1: Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul TUR2: Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mahallesi Eski Hadimkoy Yolu 9/4, 34500 Buyukcekmece, Istanbul TUR3: Esentepe Mah. Ali Kaya SK. Polat Plaza B Blok No: 1/1B Sisli, Istanbul United Arab Emirates UAE1: Office 0225 Podium 2, Yas Creative Hub Tower 2, Abu Dhabi, PO BOX 77899 UAE2: Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media City, Dubai United Kingdom GBR1: 1-3 Strand, London, WC2N 5JR GBR2: Quadrant House, The Quadrant, Sutton, Surrey, SM2 5AS GBR3: Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN GBR4: Lexis House, 30 Farringdon Street, London, EC4A 4HH GBR5: Global Reach, Dunleavy Drive, Cardiff, CF11 0SN GBR6: The Boulevard, Langford Lane, Kidlington, Oxford, OX5 1GB Registered offices GBR7: 40 Kimbolton Road, Bedford, MK40 2NR GBR8: 5 Oakwood Drive, Loughborough, LE11 3QF GBR9: Biodata Innovation Centre Wellcome Genome Campus, Hinxton, Cambridge, CB10 1DR GBR10: The Barn, Horningsea Road, Cambridge, CB5 8SZ United States USA1: 1007 Church Street, Evanston IL 60201 USA2: 1000 Alderman Dr., Alpharetta, GA 30005 USA3: 230 Park Ave, New York, NY 10169 USA4: 1105 North Market St, Wilmington, DE 19801 USA5: 3355 West Alabama Street, Houston, TX 77098 USA6: 1150 18th St, NW, Washington, DC 20036 USA7: 313 Washington Street, Suite 400, Newton, MA 02458 USA8: 9443 Springboro Pike, Miamisburg, OH 45342 USA9: 76 St. Paul Street, Suite 500, Burlington, VT 05401-4477 Vietnam VIE1: 2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22, District. Binh Thanh, Ho Chi Minh City |
Summary of subsidiaries taking advantage of audit exemption | Registration Company name number Butterworths Limited 2826955 Crediva Limited 6567484 E&P Events LLP OC328529 Emailage Limited 9282165 Interfolio UK Limited 7820803 Mack-Brooks Exhibitions Limited 967560 MCM Expo Limited 8421024 MLex Limited 5488651 Offshore Europe (Management) Limited 2318214 RE (SOE) Limited 2330299 Reed Events Limited 5893942 RELX (Holdings) Limited 5807690 RELX (Investments) plc 5810043 RELX Overseas Holding Limited 9489059 REV GP (UK) LLP OC437653 REV Venture Partners Limited 4226986 SciBite Limited 7778456 Tracesmart Limited 3827062 TruNarrative Limited 10241297 |
5 year summary (Tables)
5 year summary (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
5 year summary | |
Summary of 5 year summary | 2018 2019 2020 2021 2022 £m £m £m £m £m RELX consolidated financial information Growth rates Underlying revenue growth +4 % +4 % -9 % +7 % +9 % Underlying adjusted operating profit growth +6 % +5 % -18 % +13 % +15 % Adjusted earnings per share growth (at constant currency) +7 % +7 % -15 % +17 % +10 % Adjusted figures Revenue 7,492 7,874 7,110 7,244 8,553 Operating profit 2,346 2,491 2,076 2,210 2,683 Operating margin 31.3 % 31.6 % 29.2 % 30.5 % 31.4 % Profit before tax 2,145 2,200 1,916 2,077 2,489 Net profit attributable to shareholders 1,674 1,808 1,543 1,689 1,961 Net margin 22.3 % 23.0 % 21.7 % 23.3 % 22.9 % Cash flow 2,243 2,402 2,009 2,230 2,709 Cash flow conversion 96 % 96 % 97 % 101 % 101 % Return on invested capital 13.2 % 13.6 % 10.8 % 11.9 % 12.5 % Earnings per share 84.7 p 93.0 p 80.1 p 87.6 p 102.2 p Dividend Ordinary dividend per share 42.1 p 45.7 p 47.0 p 49.8 p 54.6 p Reported figures Revenue 7,492 7,874 7,110 7,244 8,553 Operating profit 1,964 2,101 1,525 1,884 2,323 Profit before tax 1,720 1,847 1,483 1,797 2,113 Net profit attributable to shareholders 1,422 1,505 1,224 1,471 1,634 Net margin 19.0 % 19.1 % 17.2 % 20.3 % 19.1 % Net debt 6,177 6,191 6,898 6,017 6,604 Earnings per share (pence) 71.9 p 77.4 p 63.5 p 76.3 p 85.2 p (1) Adjusted figures are presented as additional performance measures used by management. Further details on the adjusted measures can be found in the Alternative performance measures section on pages 216 to 224. (2) Dividend per ordinary share is based on the interim dividend and proposed final dividend for the relevant year. |
Revenue, operating profit and s
Revenue, operating profit and segment analysis - Additional information (Details) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 GBP (£) segment | Dec. 31, 2021 GBP (£) | Dec. 31, 2020 GBP (£) | |
Disclosure of operating segments | |||
Number of operating segments | segment | 4 | ||
Aggregate amount of transaction price for performance obligations not yet delivered | £ 100 | £ 95 | |
Revenue recognition period | 6 years | ||
Depreciation and other amortisation, excluding exceptional | £ 491 | ||
Gain on the revaluation of a put and call option arrangement | 27 | ||
Exceptional costs | 183 | ||
Share of post-tax results of joint ventures | £ 19 | 29 | 15 |
Exhibitions | |||
Disclosure of operating segments | |||
Depreciation and other amortisation, exceptional | 38 | ||
Exceptional costs | 183 | ||
Exceptional cash costs | 135 | ||
Exceptional cash costs paid during the period | 25 | 52 | 51 |
Share of post-tax results of joint ventures | 10 | 19 | 10 |
Legal | |||
Disclosure of operating segments | |||
Share of post-tax results of joint ventures | 7 | 6 | 4 |
Risk | |||
Disclosure of operating segments | |||
Share of post-tax results of joint ventures | £ 2 | £ 4 | £ 1 |
Revenue, operating profit and_2
Revenue, operating profit and segment analysis - Summary of analysis by business segment (Details) - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of operating segments | |||||
Revenue | £ 8,553 | £ 7,244 | £ 7,110 | £ 7,874 | £ 7,492 |
Adjusted operating profit | 2,683 | 2,210 | 2,076 | £ 2,491 | £ 2,346 |
Risk | |||||
Disclosure of operating segments | |||||
Revenue | 2,909 | 2,474 | 2,417 | ||
Scientific, technical & medical | |||||
Disclosure of operating segments | |||||
Revenue | 2,909 | 2,649 | 2,692 | ||
Legal | |||||
Disclosure of operating segments | |||||
Revenue | 1,782 | 1,587 | 1,639 | ||
Exhibitions | |||||
Disclosure of operating segments | |||||
Revenue | 953 | 534 | 362 | ||
Operating segments | |||||
Disclosure of operating segments | |||||
Revenue | 8,553 | 7,244 | 7,110 | ||
Adjusted operating profit | 2,712 | 2,252 | 2,081 | ||
Operating segments | Risk | |||||
Disclosure of operating segments | |||||
Revenue | 2,909 | 2,474 | 2,417 | ||
Adjusted operating profit | 1,078 | 915 | 894 | ||
Operating segments | Scientific, technical & medical | |||||
Disclosure of operating segments | |||||
Revenue | 2,909 | 2,649 | 2,692 | ||
Adjusted operating profit | 1,100 | 1,001 | 1,021 | ||
Operating segments | Legal | |||||
Disclosure of operating segments | |||||
Revenue | 1,782 | 1,587 | 1,639 | ||
Adjusted operating profit | 372 | 326 | 330 | ||
Operating segments | Exhibitions | |||||
Disclosure of operating segments | |||||
Revenue | 953 | 534 | 362 | ||
Adjusted operating profit | 162 | 10 | (164) | ||
Unallocated central costs and other operating items | |||||
Disclosure of operating segments | |||||
Adjusted operating profit | (29) | (42) | £ (5) | ||
One-off charge related to reduction in the corporate real estate footprint | £ 35 | ||||
Charge related to STM, incurred from exchange rate movements from translation of working capital items and outcome of hedging program | £ 24 |
Revenue, operating profit and_3
Revenue, operating profit and segment analysis - Summary of classification of revenue (Details) - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | |||||
Revenue | £ 8,553 | £ 7,244 | £ 7,110 | £ 7,874 | £ 7,492 |
Subscriptions | |||||
Revenue | |||||
Revenue | 4,655 | 4,214 | 4,279 | ||
Transactional | |||||
Revenue | |||||
Revenue | 3,898 | 3,030 | 2,831 | ||
Electronic | |||||
Revenue | |||||
Revenue | 7,112 | 6,230 | 6,179 | ||
Face-to-face | |||||
Revenue | |||||
Revenue | 912 | 500 | 345 | ||
Revenue | |||||
Revenue | 529 | 514 | 586 | ||
North America | |||||
Revenue | |||||
Revenue | 5,101 | 4,321 | 4,307 | ||
Europe | |||||
Revenue | |||||
Revenue | 1,800 | 1,472 | 1,369 | ||
United Kingdom | |||||
Revenue | |||||
Revenue | 544 | 476 | 464 | ||
Rest of world | |||||
Revenue | |||||
Revenue | 1,652 | 1,451 | 1,434 | ||
Risk | |||||
Revenue | |||||
Revenue | 2,909 | 2,474 | 2,417 | ||
Risk | Subscriptions | |||||
Revenue | |||||
Revenue | 1,135 | 989 | 944 | ||
Risk | Transactional | |||||
Revenue | |||||
Revenue | 1,774 | 1,485 | 1,473 | ||
Risk | Electronic | |||||
Revenue | |||||
Revenue | 2,890 | 2,453 | 2,387 | ||
Risk | Face-to-face | |||||
Revenue | |||||
Revenue | 11 | 13 | 19 | ||
Risk | Print | |||||
Revenue | |||||
Revenue | 8 | 8 | 11 | ||
Risk | North America | |||||
Revenue | |||||
Revenue | 2,317 | 1,957 | 1,921 | ||
Risk | Europe | |||||
Revenue | |||||
Revenue | 384 | 342 | 327 | ||
Risk | Rest of world | |||||
Revenue | |||||
Revenue | 208 | 175 | 169 | ||
Scientific, technical & medical | |||||
Revenue | |||||
Revenue | 2,909 | 2,649 | 2,692 | ||
Scientific, technical & medical | Subscriptions | |||||
Revenue | |||||
Revenue | 2,139 | 1,970 | 2,048 | ||
Scientific, technical & medical | Transactional | |||||
Revenue | |||||
Revenue | 770 | 679 | 644 | ||
Scientific, technical & medical | Electronic | |||||
Revenue | |||||
Revenue | 2,573 | 2,334 | 2,326 | ||
Scientific, technical & medical | Face-to-face | |||||
Revenue | |||||
Revenue | 5 | 2 | 1 | ||
Scientific, technical & medical | Print | |||||
Revenue | |||||
Revenue | 331 | 313 | 365 | ||
Scientific, technical & medical | North America | |||||
Revenue | |||||
Revenue | 1,391 | 1,215 | 1,224 | ||
Scientific, technical & medical | Europe | |||||
Revenue | |||||
Revenue | 614 | 602 | 621 | ||
Scientific, technical & medical | Rest of world | |||||
Revenue | |||||
Revenue | 904 | 832 | 847 | ||
Legal | |||||
Revenue | |||||
Revenue | 1,782 | 1,587 | 1,639 | ||
Legal | Subscriptions | |||||
Revenue | |||||
Revenue | 1,381 | 1,255 | 1,287 | ||
Legal | Transactional | |||||
Revenue | |||||
Revenue | 401 | 332 | 352 | ||
Legal | Electronic | |||||
Revenue | |||||
Revenue | 1,582 | 1,385 | 1,422 | ||
Legal | Face-to-face | |||||
Revenue | |||||
Revenue | 10 | 9 | 7 | ||
Legal | Print | |||||
Revenue | |||||
Revenue | 190 | 193 | 210 | ||
Legal | North America | |||||
Revenue | |||||
Revenue | 1,213 | 1,049 | 1,119 | ||
Legal | Europe | |||||
Revenue | |||||
Revenue | 357 | 341 | 338 | ||
Legal | Rest of world | |||||
Revenue | |||||
Revenue | 212 | 197 | 182 | ||
Exhibitions | |||||
Revenue | |||||
Revenue | 953 | 534 | 362 | ||
Exhibitions | Transactional | |||||
Revenue | |||||
Revenue | 953 | 534 | 362 | ||
Exhibitions | Electronic | |||||
Revenue | |||||
Revenue | 67 | 58 | 44 | ||
Exhibitions | Face-to-face | |||||
Revenue | |||||
Revenue | 886 | 476 | 318 | ||
Exhibitions | North America | |||||
Revenue | |||||
Revenue | 180 | 100 | 43 | ||
Exhibitions | Europe | |||||
Revenue | |||||
Revenue | 445 | 187 | 83 | ||
Exhibitions | Rest of world | |||||
Revenue | |||||
Revenue | £ 328 | £ 247 | £ 236 |
Revenue, operating profit and_4
Revenue, operating profit and segment analysis - Summary of analysis of revenue by geographical origin (Details) - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Geographical Areas | |||||
Revenue | £ 8,553 | £ 7,244 | £ 7,110 | £ 7,874 | £ 7,492 |
North America | |||||
Disclosure Of Geographical Areas | |||||
Revenue | 5,002 | 4,204 | 4,192 | ||
Europe | |||||
Disclosure Of Geographical Areas | |||||
Revenue | 2,974 | 2,547 | 2,436 | ||
United Kingdom | |||||
Disclosure Of Geographical Areas | |||||
Revenue | 1,481 | 1,248 | 1,176 | ||
Rest of world | |||||
Disclosure Of Geographical Areas | |||||
Revenue | £ 577 | £ 493 | £ 482 |
Revenue, operating profit and_5
Revenue, operating profit and segment analysis - Summary of analysis by business segment expenditure (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of operating segments | |||
Expenditure on acquired goodwill and intangible assets | £ 394 | £ 287 | £ 997 |
Capital expenditure additions | 439 | 339 | 364 |
Amortisation of acquired intangible assets | 296 | 298 | 376 |
Total depreciation and other amortisation | 491 | 487 | 529 |
Share of joint ventures' amortisation of acquired intangible assets | 2 | 1 | 0 |
Risk | |||
Disclosure of operating segments | |||
Expenditure on acquired goodwill and intangible assets | 155 | 208 | 822 |
Capital expenditure additions | 122 | 83 | 93 |
Amortisation of acquired intangible assets | 204 | 186 | 192 |
Total depreciation and other amortisation | 94 | 93 | 98 |
Scientific, technical & medical | |||
Disclosure of operating segments | |||
Expenditure on acquired goodwill and intangible assets | 206 | 58 | 169 |
Capital expenditure additions | 103 | 87 | 94 |
Amortisation of acquired intangible assets | 60 | 63 | 65 |
Total depreciation and other amortisation | 119 | 144 | 148 |
Legal | |||
Disclosure of operating segments | |||
Expenditure on acquired goodwill and intangible assets | 33 | 12 | |
Capital expenditure additions | 186 | 145 | 153 |
Amortisation of acquired intangible assets | 12 | 27 | 68 |
Total depreciation and other amortisation | 229 | 220 | 210 |
Exhibitions | |||
Disclosure of operating segments | |||
Expenditure on acquired goodwill and intangible assets | 9 | 6 | |
Capital expenditure additions | 28 | 24 | 24 |
Amortisation of acquired intangible assets | 20 | 22 | 51 |
Total depreciation and other amortisation | 49 | 30 | 73 |
Share of joint ventures' amortisation of acquired intangible assets | £ 1 | £ 1 | £ 0 |
Revenue, operating profit and_6
Revenue, operating profit and segment analysis - Summary of analysis of non-current Assets by geographical location (Details) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Geographical Areas | |||
Non-current assets | £ 12,474 | £ 11,193 | |
North America | |||
Disclosure Of Geographical Areas | |||
Non-current assets | 9,821 | 8,657 | |
Europe | |||
Disclosure Of Geographical Areas | |||
Non-current assets | 2,193 | 2,123 | |
United Kingdom | |||
Disclosure Of Geographical Areas | |||
Non-current assets | 1,253 | 1,299 | £ 1,158 |
Rest of world | |||
Disclosure Of Geographical Areas | |||
Non-current assets | £ 460 | £ 413 |
Revenue, operating profit and_7
Revenue, operating profit and segment analysis - Summary of reconciliation of operating profit to adjusted operating profit (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, operating profit and segment analysis | |||||
Operating profit | £ 2,323 | £ 1,884 | £ 1,525 | £ 2,101 | £ 1,964 |
Adjustments: | |||||
Amortisation of acquired intangible assets | 296 | 298 | 376 | ||
Acquisition-related items | 62 | 21 | (12) | ||
Reclassification of tax in joint ventures | 4 | 7 | 5 | ||
Reclassification of finance income in joint ventures | (2) | (1) | |||
Exceptional costs in Exhibitions | 183 | ||||
Adjusted operating profit | £ 2,683 | £ 2,210 | £ 2,076 | £ 2,491 | £ 2,346 |
Operating expenses - Disclosure
Operating expenses - Disclosure of detailed information about operating profit (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Staff costs | |||
Total staff costs | £ 2,906 | £ 2,549 | £ 2,555 |
Depreciation and amortisation | |||
Amortisation of acquired intangible assets | 294 | 297 | 376 |
Share of joint ventures' amortisation of acquired intangible assets | 2 | 1 | 0 |
Amortisation of acquired intangible assets including joint ventures' share | 296 | 298 | 376 |
Amortisation of internally developed intangible assets | 309 | 295 | 319 |
Depreciation, property, plant and equipment | 47 | 52 | 60 |
Depreciation of right-of-use assets | 63 | 80 | 88 |
Pre-publication amortisation | 72 | 60 | 62 |
Total depreciation and other amortisation | 491 | 487 | 529 |
Total depreciation and amortisation (including amortisation of acquired intangibles) | 787 | 785 | 905 |
Other expenses and income | |||
Cost of sales including pre-publication costs and inventory expenses | 3,045 | 2,562 | 2,487 |
Short-term and low value lease expenses | 19 | 21 | 21 |
Operating lease rentals income | £ (1) | £ (1) | £ (1) |
Operating expenses - Additional
Operating expenses - Additional information (Details) £ in Millions | 12 Months Ended |
Dec. 31, 2020 GBP (£) | |
Statement | |
Depreciation and other amortisation, excluding exceptional | £ 491 |
Exhibitions | |
Statement | |
Depreciation and other amortisation, exceptional | £ 38 |
Auditor's remuneration (Details
Auditor's remuneration (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Auditor's remuneration. | |||
Payable to the auditors of RELX PLC | £ 0.9 | £ 0.9 | £ 0.9 |
Payable to the auditors of the Group's subsidiaries | 8.2 | 7.7 | 8.3 |
Audit services | 9.1 | 8.6 | 9.2 |
Audit-related assurance services | 0.6 | 0.5 | 0.8 |
Total auditor's remuneration | £ 9.7 | £ 9.1 | £ 10 |
Personnel - Staff costs (Detail
Personnel - Staff costs (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Staff costs | |||
Wages and salaries | £ 2,453 | £ 2,157 | £ 2,173 |
Social security costs | 257 | 214 | 232 |
Pensions | 150 | 133 | 125 |
Share based remuneration | 46 | 45 | 25 |
Total staff costs | £ 2,906 | £ 2,549 | £ 2,555 |
Personnel - Disclosure of detai
Personnel - Disclosure of detailed information about number of people employed (Details) - employee | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employees | |||
Number of employees | 35,700 | 33,500 | 33,200 |
Average number of employees during the year | 34,700 | 33,100 | 33,400 |
North America | |||
Employees | |||
Number of employees | 14,900 | 14,000 | 14,200 |
Average number of employees during the year | 14,500 | 13,900 | 14,200 |
Europe | |||
Employees | |||
Number of employees | 9,800 | 9,300 | 9,500 |
Average number of employees during the year | 9,500 | 9,400 | 9,600 |
United Kingdom | |||
Employees | |||
Number of employees | 5,800 | 5,400 | 5,400 |
Average number of employees during the year | 5,600 | 5,400 | 5,400 |
Rest of world | |||
Employees | |||
Number of employees | 11,000 | 10,200 | 9,500 |
Average number of employees during the year | 10,700 | 9,800 | 9,600 |
Operating segments | |||
Employees | |||
Number of employees | 34,900 | 32,700 | 32,400 |
Average number of employees during the year | 33,900 | 32,300 | 32,600 |
Operating segments | Risk | |||
Employees | |||
Number of employees | 10,800 | 10,000 | 9,700 |
Average number of employees during the year | 10,400 | 9,800 | 9,600 |
Operating segments | Scientific, technical & medical | |||
Employees | |||
Number of employees | 9,500 | 8,700 | 8,600 |
Average number of employees during the year | 9,300 | 8,600 | 8,300 |
Operating segments | Legal | |||
Employees | |||
Number of employees | 11,300 | 10,500 | 10,400 |
Average number of employees during the year | 10,900 | 10,300 | 10,500 |
Operating segments | Exhibitions | |||
Employees | |||
Number of employees | 3,300 | 3,500 | 3,700 |
Average number of employees during the year | 3,300 | 3,600 | 4,200 |
Corporate/shared functions | |||
Employees | |||
Number of employees | 800 | 800 | 800 |
Average number of employees during the year | 800 | 800 | 800 |
Pension schemes - Additional in
Pension schemes - Additional information (Details) £ in Millions | 12 Months Ended |
Dec. 31, 2022 GBP (£) | |
Disclosure of defined benefit plans | |
Estimate of contributions expected to be paid to plan for next annual reporting period | £ 63 |
United Kingdom | |
Disclosure of defined benefit plans | |
Percentage of funded status below which action needs to be taken to remedy deficit | 100% |
Estimate of contributions expected to be paid to plan for next annual reporting period, pension deficit funding | £ 50 |
United Kingdom | 2023-2024 | |
Disclosure of defined benefit plans | |
Deficit funding contributions | £ 76 |
United States | |
Disclosure of defined benefit plans | |
Percentage of funded status below which action needs to be taken to remedy deficit | 100% |
Period for additional contributions | 7 years |
Percentage of funded status | 100% |
Pension schemes - Schedule of p
Pension schemes - Schedule of pension expense excluding interest amount (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Pension schemes | |||
Defined benefit pension expense | £ 19 | £ 24 | £ 11 |
Defined contribution pension expense | 131 | 109 | 114 |
Total | 150 | 133 | 125 |
Pension cost recognised within operating profit | £ 150 | £ 133 | £ 125 |
Pension schemes - Schedule of d
Pension schemes - Schedule of defined benefit pension scheme (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of defined benefit plans | |||
Service cost | £ 19 | £ 24 | £ 24 |
Settlement and past service credits | (13) | ||
Defined benefit pension expense | 19 | 24 | 11 |
Net interest on net defined benefit obligation | 5 | 9 | 10 |
Net defined benefit pension expense | 24 | 33 | 21 |
United Kingdom | |||
Disclosure of defined benefit plans | |||
Service cost | 16 | 21 | 21 |
Defined benefit pension expense | 16 | 21 | 21 |
Net interest on net defined benefit obligation | 4 | 8 | 9 |
Net defined benefit pension expense | 20 | 29 | 30 |
United States | |||
Disclosure of defined benefit plans | |||
Service cost | 3 | 3 | 3 |
Settlement and past service credits | (13) | ||
Defined benefit pension expense | 3 | 3 | (10) |
Net interest on net defined benefit obligation | 1 | 1 | 1 |
Net defined benefit pension expense | £ 4 | £ 4 | £ (9) |
Pension schemes - Significant v
Pension schemes - Significant validation assumptions (Details) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
United Kingdom | |||
Disclosure of defined benefit plans | |||
Discount rate | 4.90% | 1.95% | 1.45% |
Inflation | 3.20% | 3.30% | 2.80% |
United States | |||
Disclosure of defined benefit plans | |||
Discount rate | 5.35% | 2.80% | 2.45% |
Inflation | 2.50% | 2.50% | 2.50% |
Pension schemes - Summary of av
Pension schemes - Summary of average life expectancy assumptions (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Member currently aged sixty years average life expectancy | United Kingdom | |
Disclosure of defined benefit plans | |
Male average life expectancy | 85 years |
Female average life expectancy | 89 years |
Member currently aged sixty years average life expectancy | United States | |
Disclosure of defined benefit plans | |
Male average life expectancy | 86 years |
Female average life expectancy | 88 years |
Member currently aged forty five years average life expectancy | United Kingdom | |
Disclosure of defined benefit plans | |
Male average life expectancy | 87 years |
Female average life expectancy | 90 years |
Member currently aged forty five years average life expectancy | United States | |
Disclosure of defined benefit plans | |
Male average life expectancy | 86 years |
Female average life expectancy | 89 years |
Pension schemes - Amounts recog
Pension schemes - Amounts recognized in the statement of financial position in respect of defined benefit pension schemes (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of net defined benefit liability (asset) | ||
At start of year | £ (269) | |
At end of year | (55) | £ (269) |
Net deferred tax assets on net defined benefit pension balance | 14 | 68 |
United Kingdom | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | (242) | |
At end of year | £ (40) | £ (242) |
Weighted average duration of defined benefit obligation | 15 years | 19 years |
United States | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | £ (27) | |
At end of year | £ (15) | £ (27) |
Weighted average duration of defined benefit obligation | 9 years | 11 years |
Present value of defined benefit obligation | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | £ (5,621) | £ (5,730) |
Service cost | (19) | (24) |
Net interest on net defined benefit obligation | (118) | (92) |
Actuarial gain on financial assumptions | 2,033 | 193 |
Actuarial loss arising from experience assumptions | (88) | (153) |
Contributions by employees | (8) | (9) |
Benefits paid | 181 | 202 |
Exchange translation differences | (112) | (8) |
At end of year | (3,752) | (5,621) |
Present value of defined benefit obligation | Funded schemes | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | (5,360) | |
At end of year | (3,569) | (5,360) |
Present value of defined benefit obligation | Unfunded schemes | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | (261) | |
At end of year | (183) | (261) |
Present value of defined benefit obligation | United Kingdom | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | (4,629) | (4,668) |
Service cost | (16) | (21) |
Net interest on net defined benefit obligation | (89) | (67) |
Actuarial gain on financial assumptions | 1,809 | 155 |
Actuarial loss arising from experience assumptions | (81) | (152) |
Contributions by employees | (8) | (9) |
Benefits paid | 127 | 133 |
At end of year | (2,887) | (4,629) |
Present value of defined benefit obligation | United States | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | (992) | (1,062) |
Service cost | (3) | (3) |
Net interest on net defined benefit obligation | (29) | (25) |
Actuarial gain on financial assumptions | 224 | 38 |
Actuarial loss arising from experience assumptions | (7) | (1) |
Benefits paid | 54 | 69 |
Exchange translation differences | (112) | (8) |
At end of year | (865) | (992) |
Fair value of scheme assets | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | 5,397 | 5,153 |
Net interest on net defined benefit obligation | 113 | 83 |
Return on assets excluding amounts included in interest income | (1,820) | 279 |
Contributions by employer | 75 | 67 |
Contributions by employees | 8 | 9 |
Benefits paid | (181) | (202) |
Exchange translation differences | 114 | 8 |
At end of year | 3,706 | 5,397 |
Fair value of scheme assets | United Kingdom | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | 4,390 | 4,076 |
Net interest on net defined benefit obligation | 85 | 59 |
Return on assets excluding amounts included in interest income | (1,573) | 318 |
Contributions by employer | 69 | 61 |
Contributions by employees | 8 | 9 |
Benefits paid | (127) | (133) |
At end of year | 2,852 | 4,390 |
Fair value of scheme assets | United States | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | 1,007 | 1,077 |
Net interest on net defined benefit obligation | 28 | 24 |
Return on assets excluding amounts included in interest income | (247) | (39) |
Contributions by employer | 6 | 6 |
Benefits paid | (54) | (69) |
Exchange translation differences | 114 | 8 |
At end of year | 854 | 1,007 |
Net pension obligation, before impact of asset ceiling | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | (224) | (577) |
Service cost | (19) | (24) |
Net interest on net defined benefit obligation | (5) | (9) |
Contributions by employer | 75 | 67 |
Actuarial gains/(losses) | 125 | 319 |
Exchange translation differences | 2 | |
At end of year | (46) | (224) |
Net pension obligation, before impact of asset ceiling | United Kingdom | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | (239) | (592) |
Service cost | (16) | (21) |
Net interest on net defined benefit obligation | (4) | (8) |
Contributions by employer | 69 | 61 |
Actuarial gains/(losses) | 155 | 321 |
At end of year | (35) | (239) |
Net pension obligation, before impact of asset ceiling | United States | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | 15 | 15 |
Service cost | (3) | (3) |
Net interest on net defined benefit obligation | (1) | (1) |
Contributions by employer | 6 | 6 |
Actuarial gains/(losses) | (30) | (2) |
Exchange translation differences | 2 | |
At end of year | (11) | 15 |
Impact of asset ceiling | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | (45) | |
Exchange translation differences | (4) | 0 |
At end of year | (9) | (45) |
Impact of asset ceiling | United Kingdom | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | (3) | |
At end of year | (5) | (3) |
Impact of asset ceiling | United States | ||
Disclosure of net defined benefit liability (asset) | ||
At start of year | (42) | |
At end of year | £ (4) | £ (42) |
Pension schemes - Summary of ne
Pension schemes - Summary of net pension obligations and net pension assets (Details) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Pension schemes | ||
Net pension assets | £ 129 | £ 46 |
Net pension obligation | (184) | (315) |
Overall net pension balance | £ (55) | £ (269) |
Pension schemes - Amounts rec_2
Pension schemes - Amounts recognized in statement of comprehensive income (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gains and losses arising during the year: | |||
Actuarial (losses)/gains on defined benefit pension schemes | £ 164 | £ 321 | £ (155) |
Net defined benefit liability (asset) | 55 | 269 | |
Present value of defined benefit obligation | |||
Gains and losses arising during the year: | |||
Experience gains/(losses) | (88) | (153) | 47 |
Net defined benefit liability (asset) | 3,752 | 5,621 | 5,730 |
Exchange translation differences | 112 | 8 | |
Present value of defined benefit obligation | Discount rates | |||
Gains and losses arising during the year: | |||
Actuarial (losses)/gains | 2,000 | 463 | (671) |
Present value of defined benefit obligation | Inflation | |||
Gains and losses arising during the year: | |||
Actuarial (losses)/gains | 32 | (290) | 127 |
Present value of defined benefit obligation | Other actuarial assumptions | |||
Gains and losses arising during the year: | |||
Actuarial (losses)/gains | 1 | 20 | (47) |
Fair value of scheme assets | |||
Gains and losses arising during the year: | |||
Experience gains/(losses) | (1,820) | 279 | 426 |
Net defined benefit liability (asset) | (3,706) | (5,397) | (5,153) |
Exchange translation differences | (114) | (8) | |
Net pension obligation, before impact of asset ceiling | |||
Gains and losses arising during the year: | |||
Actuarial (losses)/gains on defined benefit pension schemes | 125 | 319 | (118) |
Net cumulative losses at start of year | (627) | (946) | (828) |
Net cumulative losses at end of year | (502) | (627) | (946) |
Net defined benefit liability (asset) | 46 | 224 | £ 577 |
Exchange translation differences | (2) | ||
Impact of asset ceiling | |||
Gains and losses arising during the year: | |||
Actuarial (losses)/gains on defined benefit pension schemes | 39 | 2 | |
Net defined benefit liability (asset) | 9 | 45 | |
Exchange translation differences | £ 4 | £ 0 |
Pension schemes - Summary of fa
Pension schemes - Summary of fair value of scheme asset (Detail) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of fair value of plan assets | ||
Equities | £ 276 | £ 1,600 |
Liability matching assets | 1,701 | 2,681 |
Property funds and ground leases | 651 | 743 |
Direct lending, amount contributed to fair value of plan assets | 241 | 208 |
Cash and cash equivalents | 805 | 152 |
Other | 32 | 13 |
Total | 3,706 | 5,397 |
United Kingdom | ||
Disclosure of fair value of plan assets | ||
Equities | 272 | 1,595 |
Liability matching assets | 899 | 1,704 |
Property funds and ground leases | 651 | 743 |
Direct lending, amount contributed to fair value of plan assets | 241 | 208 |
Cash and cash equivalents | 788 | 127 |
Other | 1 | 13 |
Total | 2,852 | 4,390 |
Asset backed securities | 375 | 593 |
Other credit assets | 199 | 205 |
Government bonds | 1,721 | 1,715 |
Interest rate swaps | 115 | 2 |
Short-term sale and repurchase agreements | 1,284 | 808 |
United States | ||
Disclosure of fair value of plan assets | ||
Equities | 4 | 5 |
Liability matching assets | 802 | 977 |
Cash and cash equivalents | 17 | 25 |
Other | 31 | |
Total | £ 854 | £ 1,007 |
Pension schemes - Sensitivity a
Pension schemes - Sensitivity analysis of actuarial assumption (Details) £ in Millions | 12 Months Ended |
Dec. 31, 2022 GBP (£) | |
Discount rates | |
Disclosure Of Sensitivity Analysis For Actuarial Assumptions | |
Increase/decrease in actuarial assumption, percentage | 0.50% |
Effect of increase/decrease in actuarial assumption on defined benefit pension obligations | £ 225 |
Inflation | |
Disclosure Of Sensitivity Analysis For Actuarial Assumptions | |
Increase/decrease in actuarial assumption, percentage | 0.25% |
Effect of increase/decrease in actuarial assumption on defined benefit pension obligations | £ 64 |
Actuarial assumption of assumed life expectancy | |
Disclosure Of Sensitivity Analysis For Actuarial Assumptions | |
Increase/decrease in actuarial assumption, period | 1 year |
Effect of increase/decrease in actuarial assumption on defined benefit pension obligations | £ 95 |
Net finance costs - Summary of
Net finance costs - Summary of net finance cost (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net finance costs | |||
Interest on short-term bank loans, overdrafts and commercial paper | £ (19) | £ (11) | £ (17) |
Interest on term debt | (157) | (106) | (122) |
Interest on lease liabilities | (6) | (8) | (12) |
Total borrowing costs | (182) | (125) | (151) |
Losses on loans and derivatives not designated as hedges | (9) | (16) | (13) |
Fair value losses on designated fair value hedge relationships | (9) | ||
Net financing charge on defined benefit pension schemes and other | (5) | (9) | (11) |
Finance costs | (205) | (150) | (175) |
Interest on bank deposits | 4 | 1 | 2 |
Interest income on net finance lease receivables | 1 | ||
Fair value gains on designated fair value hedge relationships | 7 | ||
Finance income | 4 | 8 | 3 |
Net finance costs | £ (201) | £ (142) | £ (172) |
Net finance costs - Additional
Net finance costs - Additional information (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Hedging instruments and bonds | |||
Fair value movements on cash flow hedges | £ (18) | £ 10 | £ (6) |
Transfer to profit from cash flow hedge reserve | (17) | (9) | 22 |
Derivatives | |||
Hedging instruments and bonds | |||
Fair value movements on cash flow hedges | 2 | (1) | 3 |
Transfer to profit from cash flow hedge reserve | £ 1 | £ 0 | £ 4 |
Disposals and other non-opera_3
Disposals and other non-operating items - Summary of disposals and other non-operating item (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disposals and other non-operating items | |||
Revaluation of investments | £ 9 | £ 16 | £ 151 |
(Loss)/gain on disposal of businesses and assets held for sale | (18) | 39 | (21) |
Net gain/(loss) on disposals and other non-operating items | £ (9) | £ 55 | £ 130 |
Disposals and other non-opera_4
Disposals and other non-operating items - Additional information (Details) - GBP (£) £ in Millions | 1 Months Ended | 12 Months Ended | |
Feb. 28, 2021 | Dec. 31, 2022 | Dec. 31, 2020 | |
Statement | |||
Proceeds on the disposal of venture fund investment | £ 9 | ||
Palantir technologies | |||
Statement | |||
Investments | £ 173 | ||
Gross proceeds from disposal of venture fund investment | £ 187 |
Taxation - Summary of tax expen
Taxation - Summary of tax expense (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Current tax | |||
Total current tax charge | £ (534) | £ (422) | £ (264) |
Deferred tax | 53 | 96 | (11) |
Tax expense | (481) | (326) | (275) |
United Kingdom | |||
Current tax | |||
Total current tax charge | (102) | (46) | (80) |
Rest of world | |||
Current tax | |||
Total current tax charge | £ (432) | £ (376) | £ (184) |
Taxation - Additional informati
Taxation - Additional information (Details) - GBP (£) £ in Millions | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Income Tax Expenses | ||||
Net tax paid | £ 495 | £ 342 | £ 496 | |
Applicable tax rate | 23.60% | 23.30% | 22.30% | |
Deferred tax credit on changes in tax rates | £ 3 | £ 8 | £ 14 | |
Average effective tax rate | 22.80% | 18.10% | 18.50% | |
Income not taxable and expenses not deductible, research and development | £ 13 | £ 15 | £ 16 | |
Income not taxable and expenses not deductible, revaluation of put and call option | 0 | 7 | 19 | |
Change in recognition and measurement of deferred tax, effect of tax rate increase | 8 | |||
Tax charge on actuarial movements on defined benefit | 43 | 48 | £ (39) | |
Uncertain tax provisions | 239 | £ 228 | ||
United Kingdom | ||||
Disclosure Of Income Tax Expenses | ||||
Applicable tax rate | 25% | 19% | ||
Income tax charge reflecting the revaluation of pension defined benefit due to tax rate changes | £ 2 | £ (13) | ||
Netherlands | ||||
Disclosure Of Income Tax Expenses | ||||
Applicable tax rate | 25.80% | 25% | ||
Change in recognition and measurement of deferred tax, loss recognition rule changes | £ 15 |
Taxation - Weighted average of
Taxation - Weighted average of tax rates applicable to accounting profits and loss (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Taxation | |||||
Profit before tax | £ 2,113 | £ 1,797 | £ 1,483 | £ 1,847 | £ 1,720 |
Tax at average applicable rates | (498) | (418) | (331) | ||
Tax effect of share of results of joint ventures | 3 | 6 | 3 | ||
Income not taxable and expenses not deductible | 21 | 24 | 18 | ||
Non-deductible costs of share based remuneration | (1) | (2) | (2) | ||
Non-deductible disposal-related gains and losses | (2) | 1 | (2) | ||
Deferred tax assets of the period not recognised | (17) | (8) | (19) | ||
Change in recognition and measurement of deferred tax | 5 | 25 | 14 | ||
Movements in provisions and prior year items | 8 | 46 | 44 | ||
Tax expense | £ (481) | £ (326) | £ (275) | ||
Tax at average applicable rates | 23.60% | 23.30% | 22.30% | ||
Tax effect of share of results of joint ventures | (0.10%) | (0.30%) | (0.20%) | ||
Income not taxable and expenses not deductible | (1.00%) | (1.40%) | (1.20%) | ||
Non-deductible costs of share based remuneration | 0% | 0.10% | 0.10% | ||
Non-deductible disposal-related gains and losses | 0.10% | (0.10%) | 0.10% | ||
Deferred tax assets of the period not recognised | 0.80% | 0.40% | 1.30% | ||
Change in recognition and measurement of deferred tax | (0.20%) | (1.40%) | (0.90%) | ||
Movements in provisions and prior year items | (0.40%) | (2.50%) | (3.00%) | ||
Tax expense | 22.80% | 18.10% | 18.50% |
Taxation - Tax recognised in ot
Taxation - Tax recognised in other comprehensive income or in equity and tax assets and liabilities (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Tax on items that may be reclassified to profit or loss | |||
Tax on actuarial movements on defined benefit pension schemes | £ (43) | £ (48) | £ 39 |
Tax on fair value movements on cash flow hedges | 8 | (1) | (4) |
Net tax (charge)/credit recognised in other comprehensive income | (35) | (49) | 35 |
Tax credit on share based remuneration recognised directly in equity | 12 | 5 | |
Current tax assets | 15 | 10 | |
Current tax liabilities | (249) | (192) | |
Total | (234) | (182) | |
Deferred tax assets | 146 | 210 | |
Deferred tax liabilities | (590) | (591) | |
Total | £ (444) | £ (381) | £ (395) |
Taxation - Movements in deferre
Taxation - Movements in deferred tax liabilities and assets (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits | |||
Deferred tax (liability)/asset at start of year | £ (381) | £ (395) | |
Credit/(charge) to profit | 53 | 96 | £ (11) |
Credit/(charge) to equity/other comprehensive income | (39) | (41) | |
Acquisitions | (13) | (27) | |
Exchange translation differences | (64) | (14) | |
Deferred tax (liability)/asset at end of year | (444) | (381) | (395) |
Acquired intangible assets | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits | |||
Deferred tax (liability)/asset at start of year | (694) | (710) | |
Credit/(charge) to profit | 62 | 53 | |
Acquisitions | (32) | (33) | |
Exchange translation differences | (71) | (4) | |
Deferred tax (liability)/asset at end of year | (735) | (694) | (710) |
Other temporary differences liabilities | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits | |||
Deferred tax (liability)/asset at start of year | (196) | (283) | |
Credit/(charge) to profit | 20 | 86 | |
Credit/(charge) to equity/other comprehensive income | (32) | ||
Exchange translation differences | (23) | 1 | |
Deferred tax (liability)/asset at end of year | (231) | (196) | (283) |
Capitalised development costs | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits | |||
Deferred tax (liability)/asset at start of year | (161) | ||
Deferred tax (liability)/asset at end of year | (165) | (161) | |
Pension surplus | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits | |||
Deferred tax (liability)/asset at start of year | 0 | ||
Deferred tax (liability)/asset at end of year | (32) | 0 | |
Acquired intangible assets | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits | |||
Deferred tax (liability)/asset at start of year | 157 | 174 | |
Credit/(charge) to profit | (30) | (9) | |
Exchange translation differences | 5 | (8) | |
Deferred tax (liability)/asset at end of year | 132 | 157 | 174 |
Tax losses carried forward | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits | |||
Deferred tax (liability)/asset at start of year | 107 | 99 | |
Credit/(charge) to profit | (17) | 4 | |
Acquisitions | 19 | 6 | |
Exchange translation differences | 9 | (2) | |
Deferred tax (liability)/asset at end of year | 118 | 107 | 99 |
Pension balances | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits | |||
Deferred tax (liability)/asset at start of year | 68 | 125 | |
Credit/(charge) to profit | (10) | (8) | |
Credit/(charge) to equity/other comprehensive income | (10) | (48) | |
Exchange translation differences | 1 | (1) | |
Deferred tax (liability)/asset at end of year | 49 | 68 | 125 |
Other temporary differences assets | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits | |||
Deferred tax (liability)/asset at start of year | 177 | 200 | |
Credit/(charge) to profit | 28 | (30) | |
Credit/(charge) to equity/other comprehensive income | 3 | 7 | |
Exchange translation differences | 15 | ||
Deferred tax (liability)/asset at end of year | 223 | 177 | £ 200 |
Accruals and provisions | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits | |||
Deferred tax (liability)/asset at start of year | 92 | ||
Deferred tax (liability)/asset at end of year | 118 | 92 | |
Share-based remuneration provision | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits | |||
Deferred tax (liability)/asset at start of year | 41 | ||
Deferred tax (liability)/asset at end of year | 41 | 41 | |
Intercompany interest | |||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits | |||
Deferred tax (liability)/asset at start of year | 13 | ||
Deferred tax (liability)/asset at end of year | £ 14 | £ 13 |
Taxation - Tax losses for which
Taxation - Tax losses for which no deferred tax is recognised (Details) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Unused trading losses and temporary differences | ||
Disclosure Of Income Tax Expenses | ||
Unused losses for which no deferred tax asset recognised - gross amount | £ 332 | £ 287 |
Unused losses for which no deferred tax asset recognised - tax effected | 93 | 79 |
Unused trading losses and temporary differences | Within 10 years | ||
Disclosure Of Income Tax Expenses | ||
Unused losses for which no deferred tax asset recognised - gross amount | 123 | 100 |
Unused losses for which no deferred tax asset recognised - tax effected | 35 | 29 |
Unused trading losses and temporary differences | After 10 years | ||
Disclosure Of Income Tax Expenses | ||
Unused losses for which no deferred tax asset recognised - gross amount | 1 | |
Unused trading losses and temporary differences | Available indefinitely | ||
Disclosure Of Income Tax Expenses | ||
Unused losses for which no deferred tax asset recognised - gross amount | 208 | 187 |
Unused losses for which no deferred tax asset recognised - tax effected | 58 | 50 |
Unused state and local tax losses | ||
Disclosure Of Income Tax Expenses | ||
Unused losses for which no deferred tax asset recognised - gross amount | 108 | 73 |
Unused losses for which no deferred tax asset recognised - tax effected | 7 | 6 |
Unused state and local tax losses | Within 10 years | ||
Disclosure Of Income Tax Expenses | ||
Unused losses for which no deferred tax asset recognised - gross amount | 19 | 27 |
Unused losses for which no deferred tax asset recognised - tax effected | 1 | 2 |
Unused state and local tax losses | After 10 years | ||
Disclosure Of Income Tax Expenses | ||
Unused losses for which no deferred tax asset recognised - gross amount | 89 | 46 |
Unused losses for which no deferred tax asset recognised - tax effected | 6 | 4 |
Unused capital losses | ||
Disclosure Of Income Tax Expenses | ||
Unused losses for which no deferred tax asset recognised - gross amount | 22 | 22 |
Unused losses for which no deferred tax asset recognised - tax effected | 5 | 5 |
Unused capital losses | Available indefinitely | ||
Disclosure Of Income Tax Expenses | ||
Unused losses for which no deferred tax asset recognised - gross amount | 22 | 22 |
Unused losses for which no deferred tax asset recognised - tax effected | £ 5 | £ 5 |
Earnings per share - Summary of
Earnings per share - Summary of earnings per share - 2022, 2021 and 2020 (Details) - GBP (£) £ / shares in Units, £ in Millions, shares in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share | |||||
Net profit attributable to shareholders | £ 1,634 | £ 1,471 | £ 1,224 | £ 1,505 | £ 1,422 |
Weighted average number of shares, Basic | 1,918.5 | 1,928 | 1,926.2 | ||
EPS, Basic | £ 0.852 | £ 0.763 | £ 0.635 | £ 0.774 | £ 0.719 |
Net profit attributable to shareholders | £ 1,634 | £ 1,471 | £ 1,224 | ||
Weighted average number of shares, Diluted | 1,929.3 | 1,939.4 | 1,937.8 | ||
EPS, Diluted | £ 0.847 | £ 0.758 | £ 0.632 |
Earnings per share - Summary _2
Earnings per share - Summary of adjusted earnings per share (Detail) - GBP (£) £ / shares in Units, £ in Millions, shares in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share | |||||
Adjusted net profit attributable to shareholders | £ 1,961 | £ 1,689 | £ 1,543 | £ 1,808 | £ 1,674 |
Weighted average number of shares | 1,918.5 | 1,928 | 1,926.2 | ||
Adjusted EPS | £ 1.022 | £ 0.876 | £ 0.801 | £ 0.930 | £ 0.847 |
Earnings per share - Reconcilia
Earnings per share - Reconciliation of adjusted net profit attributable to parent (Details) - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share | |||||
Net profit attributable to shareholders | £ 1,634 | £ 1,471 | £ 1,224 | £ 1,505 | £ 1,422 |
Amortisation of acquired intangible assets | 326 | 316 | 395 | ||
Other deferred tax credits from intangible assets | (64) | (61) | (78) | ||
Acquisition-related items | 49 | 10 | (18) | ||
Net interest on net defined benefit pension obligation and other | 4 | 7 | 9 | ||
Disposals and other non-operating items | 12 | (54) | (127) | ||
Exceptional costs in Exhibitions | 138 | ||||
Adjusted net profit attributable to shareholders | 1,961 | 1,689 | 1,543 | £ 1,808 | £ 1,674 |
Amortisation of acquired intangible assets, pre-tax | 296 | 294 | 360 | ||
Acquisition-related items, pre-tax | 62 | 21 | (12) | ||
Net interest on net defined benefit pension obligation and other. pre-tax | 5 | 9 | 11 | ||
Disposals and other non-operating items, pre-tax | 9 | (55) | (130) | ||
Exceptional costs in Exhibitions, pre-tax | 183 | ||||
Tax on amortisation of acquired intangible assets | 30 | 22 | 35 | ||
Tax on other deferred tax credits from intangible assets | (64) | (61) | (78) | ||
Tax on acquisition-related items | (13) | (11) | (6) | ||
Tax on net interest on net defined benefit pension obligation and other | (1) | (2) | (2) | ||
Tax on disposals and other non-operating items | £ 3 | £ 1 | 3 | ||
Tax on exceptional costs in Exhibitions | £ (45) |
Statement of cash flows - Sched
Statement of cash flows - Schedule of reconciliation of profit before tax to cash generated from operation (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of cash flow | |||||
Operating profit | £ 2,323 | £ 1,884 | £ 1,525 | £ 2,101 | £ 1,964 |
Share of results of joint ventures | (19) | (29) | (15) | ||
Amortisation of acquired intangible assets | 294 | 297 | 376 | ||
Amortisation of internally developed intangible assets | 309 | 295 | 319 | ||
Amortisation of pre-publication cost | 72 | 60 | 62 | ||
Depreciation of property, plant and equipment | 47 | 52 | 60 | ||
Depreciation of right-of-use assets | 63 | 80 | 88 | ||
Share based remuneration | 46 | 45 | 25 | ||
Total non-cash items | 831 | 829 | 930 | ||
Increase in inventories and pre-publication costs | (103) | (73) | (80) | ||
(Increase)/decrease in receivables | (251) | (103) | 149 | ||
(Decrease)/increase in payables | 280 | (32) | (245) | ||
Increase in working capital | (74) | (208) | (176) | ||
Cash generated from operations | £ 3,061 | £ 2,476 | £ 2,264 |
Statement of cash flows - Sch_2
Statement of cash flows - Schedule of cash flow on acquisition (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of cash flow | |||
Purchase of businesses | £ (373) | £ (235) | £ (864) |
Deferred payments relating to prior year acquisitions | (21) | (19) | (5) |
Total | £ (394) | £ (254) | £ (869) |
Statement of cash flows - Sch_3
Statement of cash flows - Schedule of reconciliation of net debt (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Cash Flow Statement | |||
Net debt at start of year | £ (6,017) | £ (6,898) | £ (6,191) |
(Decrease)/increase in cash and cash equivalents | 208 | 26 | (51) |
Decrease in short-term bank loans, overdrafts and commercial paper | 101 | 200 | 436 |
Issuance of term debt | (397) | (2,342) | |
Repayment of term debt | 35 | 431 | 1,233 |
Repayment of leases | 78 | 76 | 90 |
Change in net debt resulting from cash flows | 25 | 733 | (634) |
Borrowings in acquired businesses | (3) | (3) | |
Remeasurement and derecognition of leases | (5) | (4) | (8) |
Inception of leases | (29) | (24) | (24) |
Fair value and other adjustments to debt and related derivatives | (15) | 2 | (4) |
Exchange translation differences | (560) | 174 | (34) |
Net debt at end of year | (6,604) | (6,017) | £ (6,898) |
Cash and cash equivalents | |||
Disclosure Of Cash Flow Statement | |||
Net debt at start of year | 113 | ||
(Decrease)/increase in cash and cash equivalents | 208 | ||
Change in net debt resulting from cash flows | 208 | ||
Exchange translation differences | 13 | ||
Net debt at end of year | 334 | 113 | |
Debt | |||
Disclosure Of Cash Flow Statement | |||
Net debt at start of year | (6,167) | ||
Decrease in short-term bank loans, overdrafts and commercial paper | 101 | ||
Issuance of term debt | (397) | ||
Repayment of term debt | 35 | ||
Repayment of leases | 79 | ||
Change in net debt resulting from cash flows | (182) | ||
Borrowings in acquired businesses | (3) | ||
Remeasurement and derecognition of leases | (5) | ||
Inception of leases | (34) | ||
Fair value and other adjustments to debt and related derivatives | 230 | ||
Exchange translation differences | (569) | ||
Net debt at end of year | (6,730) | (6,167) | |
Related derivative financial instruments | |||
Disclosure Of Cash Flow Statement | |||
Net debt at start of year | 35 | ||
Fair value and other adjustments to debt and related derivatives | (245) | ||
Exchange translation differences | (3) | ||
Net debt at end of year | (213) | 35 | |
Finance lease receivable | |||
Disclosure Of Cash Flow Statement | |||
Net debt at start of year | 2 | ||
Repayment of leases | (1) | ||
Change in net debt resulting from cash flows | (1) | ||
Inception of leases | 5 | ||
Exchange translation differences | (1) | ||
Net debt at end of year | £ 5 | £ 2 |
Acquisitions - Consideration pa
Acquisitions - Consideration paid for acquiring asset and liabilities (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Acquisitions | |||
Goodwill | £ 269 | £ 131 | £ 570 |
Intangible assets | 125 | 156 | 427 |
Property, plant and equipment | 1 | 1 | 3 |
Other non-current assets | 3 | 1 | |
Current assets | 8 | 4 | 20 |
Current liabilities | (21) | (16) | (24) |
Borrowings | (3) | (3) | |
Deferred tax | (13) | (27) | (90) |
Net assets acquired | 369 | 249 | 904 |
Consideration (after taking account of net cash acquired) | 369 | 249 | 904 |
Change in consideration deferred to future years and changes in contingent consideration relating to prior year acquisitions | 4 | (14) | (40) |
Net cash flow | 373 | 235 | 864 |
Net cash acquired | 6 | 8 | £ 29 |
Total consideration for acquisitions | 443 | 255 | |
Total consideration for acquisitions adjusted for cash acquired | 437 | £ 249 | |
Acquisition of investments in joint ventures and associates | £ 61 |
Acquisitions - Additional infor
Acquisitions - Additional information (Details) £ in Millions | 12 Months Ended |
Dec. 31, 2022 GBP (£) | |
Disclosure of detailed information about business combination | |
Revenue contributed by business acquisition | £ 19 |
Adjusted operating profit contributed by business acquisition | (5) |
Net profit contributed by business acquisition | (24) |
Integration costs and amortisation of acquired intangibles | 19 |
Net cash inflow from operating activities contributed by business acquisition | (4) |
Group revenue, pro forma basis | 8,567 |
Adjusted operating profit, pro forma basis | 2,679 |
Net profit, pro forma basis | £ 1,626 |
Equity dividends - Ordinary div
Equity dividends - Ordinary dividends paid (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Dividends | |||
Ordinary dividends paid | £ 983 | £ 920 | £ 880 |
Equity dividends - Additional i
Equity dividends - Additional information (Detail) - GBP (£) £ / shares in Units, £ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Dividends | |||||
Dividend for current year, paid and proposed | £ 0.546 | £ 0.498 | £ 0.470 | £ 0.457 | £ 0.421 |
Shareholders' equity | |||||
Disclosure Of Dividends | |||||
Final dividend for prior year paid | 0.355 | 0.334 | 0.321 | ||
Interim dividend for current year paid | 0.157 | 0.143 | 0.136 | ||
Total dividends paid | 0.512 | 0.477 | 0.457 | ||
Final dividend for current year proposed | 0.389 | 0.355 | 0.334 | ||
Dividend for current year, paid and proposed | £ 0.546 | £ 0.498 | £ 0.470 | ||
Cost of funding of proposed final dividend | £ 743 |
Intangible assets - Additional
Intangible assets - Additional information (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets | ||
Period over which management has projected cash flows | 5 years | |
Cumulative amortisation of goodwill recorded before adoption of IFRS | £ 1,253 | £ 1,144 |
Cumulative impairment of goodwill recorded after adoption of IFRS | 9 | 8 |
Impairment loss on goodwill | 0 | 0 |
Impairment of indefinite lived intangible assets | £ 0 | 0 |
Increase in discount rate | 1.50% | |
Decrease in the compound annual growth rate for cash flow | 2% | |
Decrease in nominal long-term market growth rates | 1% | |
Increase in discount rate, part of combined scenario | 1% | |
Decrease in nominal long-term market growth rates, part of combined scenario | 1% | |
Impairment charge on intangible assets due to reasonably possible change in assumptions | £ 0 | |
Internally developed intangible assets | Minimum | ||
Disclosure of detailed information about intangible assets | ||
Finite-lived intangible assets, useful life | 3 years | |
Internally developed intangible assets | Maximum | ||
Disclosure of detailed information about intangible assets | ||
Finite-lived intangible assets, useful life | 15 years | |
Market related | Not internally generated | Minimum | ||
Disclosure of detailed information about intangible assets | ||
Finite-lived intangible assets, useful life | 1 year | |
Market related | Not internally generated | Maximum | ||
Disclosure of detailed information about intangible assets | ||
Finite-lived intangible assets, useful life | 40 years | |
Customer related | Not internally generated | Minimum | ||
Disclosure of detailed information about intangible assets | ||
Finite-lived intangible assets, useful life | 1 year | |
Customer related | Not internally generated | Maximum | ||
Disclosure of detailed information about intangible assets | ||
Finite-lived intangible assets, useful life | 20 years | |
Editorial content | Not internally generated | Minimum | ||
Disclosure of detailed information about intangible assets | ||
Finite-lived intangible assets, useful life | 1 year | |
Editorial content | Not internally generated | Maximum | ||
Disclosure of detailed information about intangible assets | ||
Finite-lived intangible assets, useful life | 40 years | |
Software and technology | Not internally generated | Minimum | ||
Disclosure of detailed information about intangible assets | ||
Finite-lived intangible assets, useful life | 1 year | |
Software and technology | Not internally generated | Maximum | ||
Disclosure of detailed information about intangible assets | ||
Finite-lived intangible assets, useful life | 10 years | |
Other | Not internally generated | Minimum | ||
Disclosure of detailed information about intangible assets | ||
Finite-lived intangible assets, useful life | 3 years | |
Other | Not internally generated | Maximum | ||
Disclosure of detailed information about intangible assets | ||
Finite-lived intangible assets, useful life | 20 years | |
Platforms and infrastructure | Legal | ||
Disclosure of detailed information about intangible assets | ||
Capitalised development costs | £ 735 | 663 |
Journal titles | Scientific, technical & medical | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets with indefinite useful life | £ 125 | £ 112 |
Intangible assets - Summary of
Intangible assets - Summary of intangible assets and goodwill (Detail) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets | ||
Goodwill at start of year | £ 7,366 | |
Goodwill at end of year | 8,388 | £ 7,366 |
Intangible assets excluding goodwill at beginning of period | 3,304 | |
Intangible assets excluding goodwill at end of period | 3,524 | 3,304 |
Cost | ||
Disclosure of detailed information about intangible assets | ||
Goodwill at start of year | 7,366 | 7,224 |
Acquisitions | 269 | 131 |
Disposals and other | (3) | |
Exchange translation differences | 753 | 14 |
Goodwill at end of year | 8,388 | 7,366 |
Intangible assets excluding goodwill at beginning of period | 11,476 | 11,075 |
Acquisitions | 125 | 156 |
Additions | 402 | 310 |
Disposals and other | (99) | (49) |
Exchange translation differences | 1,044 | (16) |
Intangible assets excluding goodwill at end of period | 12,948 | 11,476 |
Accumulated amortisation | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | (8,172) | (7,650) |
Charge for the year | (603) | (592) |
Disposals and other | 93 | 49 |
Exchange translation differences | (742) | 21 |
Intangible assets excluding goodwill at end of period | (9,424) | (8,172) |
Not internally generated | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 2,053 | |
Intangible assets excluding goodwill at end of period | 2,089 | 2,053 |
Not internally generated | Cost | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 7,965 | 7,824 |
Acquisitions | 125 | 156 |
Disposals and other | (15) | (30) |
Exchange translation differences | 753 | 15 |
Intangible assets excluding goodwill at end of period | 8,828 | 7,965 |
Not internally generated | Accumulated amortisation | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | (5,912) | (5,643) |
Charge for the year | (294) | (297) |
Disposals and other | 15 | 30 |
Exchange translation differences | (548) | (2) |
Intangible assets excluding goodwill at end of period | (6,739) | (5,912) |
Not internally generated | Market related | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 977 | |
Intangible assets excluding goodwill at end of period | 981 | 977 |
Not internally generated | Market related | Cost | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 2,415 | 2,391 |
Acquisitions | 18 | 11 |
Disposals and other | (2) | (2) |
Exchange translation differences | 268 | 15 |
Intangible assets excluding goodwill at end of period | 2,699 | 2,415 |
Not internally generated | Market related | Accumulated amortisation | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | (1,438) | (1,323) |
Charge for the year | (121) | (109) |
Disposals and other | 2 | 2 |
Exchange translation differences | (161) | (8) |
Intangible assets excluding goodwill at end of period | (1,718) | (1,438) |
Not internally generated | Customer related | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 708 | |
Intangible assets excluding goodwill at end of period | 744 | 708 |
Not internally generated | Customer related | Cost | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 1,840 | 1,750 |
Acquisitions | 43 | 78 |
Disposals and other | (4) | 2 |
Exchange translation differences | 197 | 10 |
Intangible assets excluding goodwill at end of period | 2,076 | 1,840 |
Not internally generated | Customer related | Accumulated amortisation | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | (1,132) | (1,054) |
Charge for the year | (78) | (79) |
Disposals and other | 4 | 6 |
Exchange translation differences | (126) | (5) |
Intangible assets excluding goodwill at end of period | (1,332) | (1,132) |
Not internally generated | Editorial content | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 64 | |
Intangible assets excluding goodwill at end of period | 73 | 64 |
Not internally generated | Editorial content | Cost | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 620 | 614 |
Acquisitions | 27 | 11 |
Disposals and other | (7) | |
Exchange translation differences | 43 | 2 |
Intangible assets excluding goodwill at end of period | 690 | 620 |
Not internally generated | Editorial content | Accumulated amortisation | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | (556) | (514) |
Charge for the year | (29) | (39) |
Disposals and other | 5 | (1) |
Exchange translation differences | (37) | (2) |
Intangible assets excluding goodwill at end of period | (617) | (556) |
Not internally generated | Software and technology | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 273 | |
Intangible assets excluding goodwill at end of period | 273 | 273 |
Not internally generated | Software and technology | Cost | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 740 | 688 |
Acquisitions | 37 | 51 |
Exchange translation differences | 68 | 1 |
Intangible assets excluding goodwill at end of period | 845 | 740 |
Not internally generated | Software and technology | Accumulated amortisation | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | (467) | (414) |
Charge for the year | (53) | (54) |
Disposals and other | (5) | |
Exchange translation differences | (47) | 1 |
Intangible assets excluding goodwill at end of period | (572) | (467) |
Not internally generated | Other | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 31 | |
Intangible assets excluding goodwill at end of period | 18 | 31 |
Not internally generated | Other | Cost | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 2,350 | 2,381 |
Acquisitions | 5 | |
Disposals and other | (9) | (23) |
Exchange translation differences | 177 | (13) |
Intangible assets excluding goodwill at end of period | 2,518 | 2,350 |
Not internally generated | Other | Accumulated amortisation | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | (2,319) | (2,338) |
Charge for the year | (13) | (16) |
Disposals and other | 9 | 23 |
Exchange translation differences | (177) | 12 |
Intangible assets excluding goodwill at end of period | (2,500) | (2,319) |
Internally developed intangible assets | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 1,251 | |
Intangible assets excluding goodwill at end of period | 1,435 | 1,251 |
Internally developed intangible assets | Cost | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | 3,511 | 3,251 |
Additions | 402 | 310 |
Disposals and other | (84) | (19) |
Exchange translation differences | 291 | (31) |
Intangible assets excluding goodwill at end of period | 4,120 | 3,511 |
Internally developed intangible assets | Accumulated amortisation | ||
Disclosure of detailed information about intangible assets | ||
Intangible assets excluding goodwill at beginning of period | (2,260) | (2,007) |
Charge for the year | (309) | (295) |
Disposals and other | 78 | 19 |
Exchange translation differences | (194) | 23 |
Intangible assets excluding goodwill at end of period | £ (2,685) | £ (2,260) |
Intangible assets - Summary o_2
Intangible assets - Summary of intangible assets and goodwill (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Not internally generated | |||
Disclosure of detailed information about intangible assets | |||
Impairment of intangible asset | £ 1 | £ 13 | |
Not internally generated | Legal | |||
Disclosure of detailed information about intangible assets | |||
Impairment of intangible asset | £ 42 | ||
Not internally generated | Exhibitions | |||
Disclosure of detailed information about intangible assets | |||
Impairment of intangible asset | 23 | ||
Internally generated | Exhibitions | |||
Disclosure of detailed information about intangible assets | |||
Impairment of intangible asset | £ 13 | £ 0 | £ 29 |
Intangible assets - Summary o_3
Intangible assets - Summary of goodwill by segment (Detail) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill | ||
Goodwill | £ 8,388 | £ 7,366 |
Risk | ||
Goodwill | ||
Goodwill | 4,167 | 3,675 |
Scientific, technical & medical | ||
Goodwill | ||
Goodwill | 2,015 | 1,683 |
Legal | ||
Goodwill | ||
Goodwill | 1,572 | 1,406 |
Exhibitions | ||
Goodwill | ||
Goodwill | £ 634 | £ 602 |
Intangible assets - Summary o_4
Intangible assets - Summary of key assumptions used for each group of cash generating units (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Risk | ||
Disclosure of information for cash-generating units | ||
Pre-tax discount rate | 11.20% | 9.80% |
Nominal long-term market growth rate | 4% | 3% |
Scientific, technical & medical | ||
Disclosure of information for cash-generating units | ||
Pre-tax discount rate | 10.50% | 9.10% |
Nominal long-term market growth rate | 3% | 3% |
Legal | ||
Disclosure of information for cash-generating units | ||
Pre-tax discount rate | 10.90% | 9.90% |
Nominal long-term market growth rate | 3% | 2% |
Exhibitions | ||
Disclosure of information for cash-generating units | ||
Pre-tax discount rate | 13% | 11.70% |
Nominal long-term market growth rate | 4% | 3% |
Investments - Summary of invest
Investments - Summary of investment (Detail) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Investments | |||
Investments in joint ventures and associates | £ 159 | £ 105 | £ 103 |
Venture capital investments | 127 | 107 | |
Investments | £ 286 | £ 212 |
Investments - Summary of analys
Investments - Summary of analysis of changes in carrying value of investments in joint ventures (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investments | |||
At start of year | £ 105 | £ 103 | |
Share of results of joint ventures | 19 | 29 | £ 15 |
Dividends received from joint ventures | (33) | (20) | (31) |
Acquisitions | 62 | ||
Disposals and other | 1 | (4) | |
Exchange translation differences | 5 | (3) | |
At end of year | £ 159 | £ 105 | £ 103 |
Investments - Summary of group'
Investments - Summary of group's share of joint venture (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Joint ventures | |||
Revenue | £ 55 | £ 78 | |
Share of results of joint ventures | 19 | 29 | £ 15 |
Total assets | 190 | 136 | |
Total liabilities | (75) | (70) | |
Net assets | 115 | 66 | |
Goodwill | 44 | 39 | |
Total | 159 | 105 | £ 103 |
Other comprehensive income | £ 0 | £ 0 |
Property, plant and equipment -
Property, plant and equipment - Additional information (Detail) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment | ||
Property, plant and equipment | £ 126 | £ 131 |
Freehold buildings | Maximum | ||
Disclosure of detailed information about property, plant and equipment | ||
Property, plant and equipment estimated useful lives | 50 years | |
Long leasehold | Maximum | ||
Disclosure of detailed information about property, plant and equipment | ||
Property, plant and equipment estimated useful lives | 50 years | |
Leasehold improvements | Maximum | ||
Disclosure of detailed information about property, plant and equipment | ||
Property, plant and equipment estimated useful lives | 10 years | |
Plant | Minimum | ||
Disclosure of detailed information about property, plant and equipment | ||
Property, plant and equipment estimated useful lives | 3 years | |
Plant | Maximum | ||
Disclosure of detailed information about property, plant and equipment | ||
Property, plant and equipment estimated useful lives | 20 years | |
Office furniture, fixtures and fittings | Minimum | ||
Disclosure of detailed information about property, plant and equipment | ||
Property, plant and equipment estimated useful lives | 5 years | |
Office furniture, fixtures and fittings | Maximum | ||
Disclosure of detailed information about property, plant and equipment | ||
Property, plant and equipment estimated useful lives | 10 years | |
Computer systems, communication networks and equipment | Minimum | ||
Disclosure of detailed information about property, plant and equipment | ||
Property, plant and equipment estimated useful lives | 3 years | |
Computer systems, communication networks and equipment | Maximum | ||
Disclosure of detailed information about property, plant and equipment | ||
Property, plant and equipment estimated useful lives | 7 years | |
Freehold land | ||
Disclosure of detailed information about property, plant and equipment | ||
Property, plant and equipment | £ 10 | £ 10 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment | |||
At start of year | £ 131 | ||
Charge for the year | (47) | £ (52) | £ (60) |
At end of year | 126 | 131 | |
Cost | |||
Disclosure of detailed information about property, plant and equipment | |||
At start of year | 683 | 733 | |
Acquisitions | 1 | 1 | |
Capital expenditure | 36 | 28 | |
Disposals | (159) | (75) | |
Exchange translation differences | 57 | (4) | |
At end of year | 618 | 683 | 733 |
Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment | |||
At start of year | (552) | (571) | |
Charge for the year | (47) | (52) | |
Disposals | 154 | 68 | |
Exchange translation differences | (47) | 3 | |
At end of year | (492) | (552) | (571) |
Land and buildings | |||
Disclosure of detailed information about property, plant and equipment | |||
At start of year | 56 | ||
At end of year | 51 | 56 | |
Land and buildings | Cost | |||
Disclosure of detailed information about property, plant and equipment | |||
At start of year | 167 | 206 | |
Acquisitions | 1 | ||
Capital expenditure | 3 | 5 | |
Disposals | (19) | (43) | |
Exchange translation differences | 14 | (1) | |
At end of year | 166 | 167 | 206 |
Land and buildings | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment | |||
At start of year | (111) | (143) | |
Charge for the year | (6) | (6) | |
Disposals | 12 | 37 | |
Exchange translation differences | (10) | 1 | |
At end of year | (115) | (111) | (143) |
Fixtures and equipment | |||
Disclosure of detailed information about property, plant and equipment | |||
At start of year | 75 | ||
At end of year | 75 | 75 | |
Fixtures and equipment | Cost | |||
Disclosure of detailed information about property, plant and equipment | |||
At start of year | 516 | 527 | |
Acquisitions | 1 | ||
Capital expenditure | 33 | 23 | |
Disposals | (140) | (32) | |
Exchange translation differences | 43 | (3) | |
At end of year | 452 | 516 | 527 |
Fixtures and equipment | Accumulated depreciation | |||
Disclosure of detailed information about property, plant and equipment | |||
At start of year | (441) | (428) | |
Charge for the year | (41) | (46) | |
Disposals | 142 | 31 | |
Exchange translation differences | (37) | 2 | |
At end of year | £ (377) | £ (441) | £ (428) |
Financial instruments - Liquidi
Financial instruments - Liquidity risk - Additional information (Details) £ in Millions, $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 GBP (£) | |
Disclosure of detailed information about financial instruments | |||
Maximum amount of term debt maturing in any 12-month period | $ | $ 2 | ||
Weighted average maturity of gross debt portfolio to be maintained | 5 years | ||
Committed bank facility | $ 3 | £ 2,500 | |
Hedging instruments | Fair value hedges | |||
Disclosure of detailed information about financial instruments | |||
Derivative financial liabilities | 215 | £ 5 | |
Derivative financial assets | 0 | 35 | |
Hedging instruments | Cash flow hedges | |||
Disclosure of detailed information about financial instruments | |||
Derivative financial liabilities | 32 | 7 | |
Derivative financial assets | 24 | 36 | |
Instruments not designated as hedges | |||
Disclosure of detailed information about financial instruments | |||
Derivative financial liabilities | 22 | 2 | |
Derivative financial assets | £ 8 | £ 12 |
Financial instruments - Summary
Financial instruments - Summary of remaining contractual maturities for borrowings and derivative financial instruments (Details) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments | ||
Lease liabilities | £ (182) | £ (208) |
Lease liabilities, contractual cash flow | (231) | (241) |
Borrowings and derivative financial (liabilities) assets | (6,967) | (6,098) |
Borrowings and derivative financial (liabilities) assets, contractual cash flows | (8,107) | (6,849) |
Fixed rate | ||
Disclosure of detailed information about financial instruments | ||
Borrowings | (6,446) | (5,828) |
Borrowings, contractual cash flow | (7,492) | (6,542) |
Floating rate | ||
Disclosure of detailed information about financial instruments | ||
Borrowings | (102) | (131) |
Borrowings, contractual cash flow | (102) | (131) |
Forward foreign exchange contracts | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities | (53) | (7) |
Derivative financial liabilities, contractual cash flows | (60) | (7) |
Derivative financial liabilities, contractual inflows | 1,207 | 562 |
Derivative financial liabilities, contractual outflows | (1,267) | (569) |
Derivative financial assets | 32 | 48 |
Derivative financial assets, contractual cash flows | 31 | 56 |
Derivative financial assets, contractual inflows | 1,014 | 1,844 |
Derivative financial assets, contractual outflows | (983) | (1,788) |
Interest rate derivatives | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities | (158) | (5) |
Derivative financial liabilities, contractual cash flows | (175) | (12) |
Derivative financial assets | 19 | |
Derivative financial assets, contractual cash flows | 2 | 36 |
Cross-currency interest rate swaps | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities | (58) | (2) |
Derivative financial liabilities, contractual cash flows | (654) | (581) |
Derivative financial assets | 16 | |
Derivative financial assets, contractual cash flows | 574 | 573 |
Within 1 year | ||
Disclosure of detailed information about financial instruments | ||
Lease liabilities, contractual cash flow | (80) | (75) |
Borrowings and derivative financial (liabilities) assets, contractual cash flows | (1,117) | (314) |
Within 1 year | Fixed rate | ||
Disclosure of detailed information about financial instruments | ||
Borrowings, contractual cash flow | (847) | (156) |
Within 1 year | Floating rate | ||
Disclosure of detailed information about financial instruments | ||
Borrowings, contractual cash flow | (102) | (131) |
Within 1 year | Forward foreign exchange contracts | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual cash flows | (35) | (3) |
Derivative financial liabilities, contractual inflows | 835 | 371 |
Derivative financial liabilities, contractual outflows | (870) | (374) |
Derivative financial assets, contractual cash flows | 20 | 32 |
Derivative financial assets, contractual inflows | 665 | 1,399 |
Derivative financial assets, contractual outflows | (645) | (1,367) |
Within 1 year | Interest rate derivatives | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual cash flows | (48) | |
Derivative financial assets, contractual cash flows | 2 | 22 |
Within 1 year | Cross-currency interest rate swaps | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual cash flows | (56) | (32) |
Derivative financial assets, contractual cash flows | 29 | 29 |
Within 1 to 2 years | ||
Disclosure of detailed information about financial instruments | ||
Lease liabilities, contractual cash flow | (58) | (63) |
Borrowings and derivative financial (liabilities) assets, contractual cash flows | (1,312) | (786) |
Within 1 to 2 years | Fixed rate | ||
Disclosure of detailed information about financial instruments | ||
Borrowings, contractual cash flow | (1,188) | (741) |
Within 1 to 2 years | Forward foreign exchange contracts | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual cash flows | (20) | (2) |
Derivative financial liabilities, contractual inflows | 242 | 86 |
Derivative financial liabilities, contractual outflows | (262) | (88) |
Derivative financial assets, contractual cash flows | 7 | 18 |
Derivative financial assets, contractual inflows | 199 | 312 |
Derivative financial assets, contractual outflows | (192) | (294) |
Within 1 to 2 years | Interest rate derivatives | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual cash flows | (29) | |
Derivative financial assets, contractual cash flows | 10 | |
Within 1 to 2 years | Cross-currency interest rate swaps | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual cash flows | (31) | (34) |
Derivative financial assets, contractual cash flows | 7 | 26 |
Within 2 to 3 years | ||
Disclosure of detailed information about financial instruments | ||
Lease liabilities, contractual cash flow | (36) | (43) |
Borrowings and derivative financial (liabilities) assets, contractual cash flows | (859) | (1,150) |
Within 2 to 3 years | Fixed rate | ||
Disclosure of detailed information about financial instruments | ||
Borrowings, contractual cash flow | (772) | (1,106) |
Within 2 to 3 years | Forward foreign exchange contracts | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual cash flows | (5) | (2) |
Derivative financial liabilities, contractual inflows | 122 | 103 |
Derivative financial liabilities, contractual outflows | (127) | (105) |
Derivative financial assets, contractual cash flows | 3 | 5 |
Derivative financial assets, contractual inflows | 126 | 107 |
Derivative financial assets, contractual outflows | (123) | (102) |
Within 2 to 3 years | Interest rate derivatives | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual cash flows | (20) | (1) |
Derivative financial assets, contractual cash flows | 4 | |
Within 2 to 3 years | Cross-currency interest rate swaps | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual cash flows | (567) | (14) |
Derivative financial assets, contractual cash flows | 538 | 7 |
Within 3 to 4 years | ||
Disclosure of detailed information about financial instruments | ||
Lease liabilities, contractual cash flow | (17) | (25) |
Borrowings and derivative financial (liabilities) assets, contractual cash flows | (803) | (720) |
Within 3 to 4 years | Fixed rate | ||
Disclosure of detailed information about financial instruments | ||
Borrowings, contractual cash flow | (769) | (704) |
Within 3 to 4 years | Forward foreign exchange contracts | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual inflows | 8 | 2 |
Derivative financial liabilities, contractual outflows | (8) | (2) |
Derivative financial assets, contractual cash flows | 1 | 1 |
Derivative financial assets, contractual inflows | 24 | 26 |
Derivative financial assets, contractual outflows | (23) | (25) |
Within 3 to 4 years | Interest rate derivatives | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual cash flows | (18) | (2) |
Within 3 to 4 years | Cross-currency interest rate swaps | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual cash flows | (501) | |
Derivative financial assets, contractual cash flows | 511 | |
Within 4 to 5 years | ||
Disclosure of detailed information about financial instruments | ||
Lease liabilities, contractual cash flow | (6) | (4) |
Borrowings and derivative financial (liabilities) assets, contractual cash flows | (727) | (715) |
Within 4 to 5 years | Fixed rate | ||
Disclosure of detailed information about financial instruments | ||
Borrowings, contractual cash flow | (704) | (709) |
Within 4 to 5 years | Interest rate derivatives | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual cash flows | (17) | (2) |
After 5 years | ||
Disclosure of detailed information about financial instruments | ||
Lease liabilities, contractual cash flow | (34) | (31) |
Borrowings and derivative financial (liabilities) assets, contractual cash flows | (3,289) | (3,164) |
After 5 years | Fixed rate | ||
Disclosure of detailed information about financial instruments | ||
Borrowings, contractual cash flow | (3,212) | (3,126) |
After 5 years | Interest rate derivatives | ||
Disclosure of detailed information about financial instruments | ||
Derivative financial liabilities, contractual cash flows | £ (43) | £ (7) |
Financial instruments - Market
Financial instruments - Market risk - Additional information (Details) - Market risk - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments | ||
Percentage of borrowings at fixed rates | 58% | |
Reasonably possible reduction in short-term interest rates | 1% | |
Decrease in net finance costs due to reasonably possible reduction in short-term interest rates | £ 25 | £ 21 |
Reasonably possible increase in short-term interest rates | 1% | |
Increase in net finance costs due to reasonably possible increase in short-term interest rates | £ 25 | 21 |
Decrease in equity due to reasonably possible decrease in short-term interest rate. | 0 | 0 |
Increase in equity due to reasonably possible increase in short-term interest rate. | £ 0 | 0 |
Highly predictable future cash flows hedging period | 24 months | |
Assumed weakening of foreign currencies | 10% | |
Decrease in carrying value of net assets, excluding net borrowings, due to assumed weakening of foreign currencies | £ 892 | 781 |
Decrease in net borrowings, due to assumed weakening of foreign currencies | £ 671 | 677 |
Assumed strengthening of foreign currencies | 10% | |
Increase in carrying value of net assets, excluding net borrowings, due to assumed strengthening of foreign currencies | £ 892 | 781 |
Increase in net borrowings, due to assumed strengthening of foreign currencies | 671 | 677 |
Decrease in net profit, due to assumed weakening of foreign currencies | 126 | 112 |
Increase in net profit, due to assumed strengthening of foreign currencies | 126 | £ 112 |
US dollar LIBOR | ||
Disclosure of detailed information about financial instruments | ||
Bonds swapped | £ 1,917 | |
Weighted average maturity period of swapped bonds | 3 years 3 months 18 days | |
Euribor | ||
Disclosure of detailed information about financial instruments | ||
Bonds swapped | £ 443 | |
Weighted average maturity period of swapped bonds | 1 year 2 months 12 days | |
Scientific, technical & medical | Subscriptions | ||
Disclosure of detailed information about financial instruments | ||
Highly predictable future cash flows hedging period | 50 months |
Financial instruments - Credit
Financial instruments - Credit risk - Additional information (Details) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments | ||||
Cash and cash equivalents | £ 334 | £ 113 | £ 88 | £ 138 |
Percentage of cash and cash equivalents held with banks rated A-/A3 or better | 96% | 89% | ||
Trade receivables | £ 2,075 | £ 1,632 | ||
Total past due | ||||
Disclosure of detailed information about financial instruments | ||||
Trade receivables | 449 | 305 | 333 | |
Up to one month | ||||
Disclosure of detailed information about financial instruments | ||||
Trade receivables | 265 | 156 | 170 | |
Two to three months | ||||
Disclosure of detailed information about financial instruments | ||||
Trade receivables | 115 | 96 | 83 | |
Four to six months | ||||
Disclosure of detailed information about financial instruments | ||||
Trade receivables | 46 | 35 | 34 | |
Greater than six months | ||||
Disclosure of detailed information about financial instruments | ||||
Trade receivables | £ 23 | £ 18 | £ 46 |
Financial instruments - Summa_2
Financial instruments - Summary of fair value hedges (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Hedged borrowings | ||
Disclosure Of Detailed Information About Hedged Items | ||
Principal amount | £ (2,773) | £ (2,134) |
$700m bond and $700m interest rate swaps maturing 2023 | ||
Disclosure Of Detailed Information About Hedged Items | ||
Principal amount | £ (579) | (517) |
Fixed rate | 3.50% | |
Floating rate basis | USD LIBOR+0.8% | |
$700m bond and $700m interest rate swaps maturing 2023 | US dollar LIBOR | ||
Disclosure Of Detailed Information About Hedged Items | ||
Adjustment to floating rate | 0.80% | |
€500m bond and €500m interest rate swaps maturing 2024 | ||
Disclosure Of Detailed Information About Hedged Items | ||
Principal amount | £ (443) | (421) |
Fixed rate | 1% | |
Floating rate basis | Euribor+0.7% | |
€500m bond and €500m interest rate swaps maturing 2024 | Euribor | ||
Disclosure Of Detailed Information About Hedged Items | ||
Adjustment to floating rate | 0.70% | |
€600m bond and €600m/$669.3m cross-currency interest rate swaps maturing 2025 | ||
Disclosure Of Detailed Information About Hedged Items | ||
Principal amount | £ (553) | (494) |
Fixed rate | 1.30% | |
Floating rate basis | USD LIBOR+1.3% | |
€600m bond and €600m/$669.3m cross-currency interest rate swaps maturing 2025 | US dollar LIBOR | ||
Disclosure Of Detailed Information About Hedged Items | ||
Adjustment to floating rate | 1.30% | |
$200m bond and $200m interest rate swaps maturing 2027 | ||
Disclosure Of Detailed Information About Hedged Items | ||
Principal amount | £ (165) | (148) |
Fixed rate | 7.20% | |
Floating rate basis | USD LIBOR+5.8% | |
$200m bond and $200m interest rate swaps maturing 2027 | US dollar LIBOR | ||
Disclosure Of Detailed Information About Hedged Items | ||
Adjustment to floating rate | 5.80% | |
$750m bond and $750m interest rate swaps maturing 2030 | ||
Disclosure Of Detailed Information About Hedged Items | ||
Principal amount | £ (620) | £ (554) |
Fixed rate | 3% | |
Floating rate basis | USD LIBOR+1.6% | |
$750m bond and $750m interest rate swaps maturing 2030 | US dollar LIBOR | ||
Disclosure Of Detailed Information About Hedged Items | ||
Adjustment to floating rate | 1.60% | |
$500m bond and $500m interest rate swaps maturing 2032 | ||
Disclosure Of Detailed Information About Hedged Items | ||
Principal amount | £ (413) | |
Fixed rate | 4.75% | |
Floating rate basis | USD SOFR+2.0% | |
$500m bond and $500m interest rate swaps maturing 2032 | US dollar SOFR | ||
Disclosure Of Detailed Information About Hedged Items | ||
Adjustment to floating rate | 2% |
Financial instruments - Summa_3
Financial instruments - Summary of gains and losses on the borrowings and related derivatives designated as fair value hedges (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About Hedged Items | |||
Borrowings | £ (6,730) | £ (6,167) | |
US dollars | |||
Disclosure Of Detailed Information About Hedged Items | |||
Borrowings | (3,227) | (2,838) | |
Euro | |||
Disclosure Of Detailed Information About Hedged Items | |||
Borrowings | (3,343) | (3,199) | |
Fair value hedges | |||
Disclosure Of Detailed Information About Hedged Items | |||
Accumulated fair value hedge adjustment on hedged item at start of year | (28) | (119) | £ (52) |
Fair value movement gain/(loss) | 236 | 90 | (72) |
Exchange gain/(loss) | 3 | 1 | 5 |
Accumulated fair value hedge adjustment on hedged item at end of year | 211 | (28) | (119) |
Borrowings | (2,554) | (2,161) | (2,168) |
Accumulated fair value adjustment on hedging instrument at start of year | 35 | 119 | 52 |
Fair value movement gain/(loss) | (245) | (83) | 72 |
Exchange gain/(loss) | (3) | (1) | (5) |
Accumulated fair value adjustment on hedging instrument at end of year | (213) | 35 | 119 |
Hedging instrument, assets | 35 | 119 | |
Hedging instrument, liabilities | (213) | ||
Accumulated fair value adjustment on hedged item and hedging instrument at start of year | 7 | ||
Gain (loss) on change in fair value of hedged item and hedging instrument | (9) | 7 | |
Accumulated fair value adjustment on hedged item and hedging instrument at end of year | (2) | 7 | |
Borrowings net of related hedging instruments | (2,767) | (2,126) | (2,049) |
Fair value hedges | US dollars | |||
Disclosure Of Detailed Information About Hedged Items | |||
Accumulated fair value hedge adjustment on hedged item at start of year | (1) | (36) | (13) |
Fair value movement gain/(loss) | 140 | 35 | (25) |
Exchange gain/(loss) | 2 | 2 | |
Accumulated fair value hedge adjustment on hedged item at end of year | 141 | (1) | (36) |
Borrowings | (1,630) | (1,221) | (701) |
Accumulated fair value adjustment on hedging instrument at start of year | 8 | 36 | 13 |
Fair value movement gain/(loss) | (149) | (28) | 25 |
Exchange gain/(loss) | (2) | (2) | |
Accumulated fair value adjustment on hedging instrument at end of year | (143) | 8 | 36 |
Hedging instrument, assets | 8 | 36 | |
Hedging instrument, liabilities | (143) | ||
Accumulated fair value adjustment on hedged item and hedging instrument at start of year | 7 | ||
Gain (loss) on change in fair value of hedged item and hedging instrument | (9) | 7 | |
Accumulated fair value adjustment on hedged item and hedging instrument at end of year | (2) | 7 | |
Borrowings net of related hedging instruments | (1,773) | (1,213) | (665) |
Fair value hedges | Euro | |||
Disclosure Of Detailed Information About Hedged Items | |||
Accumulated fair value hedge adjustment on hedged item at start of year | (27) | (83) | (39) |
Fair value movement gain/(loss) | 96 | 55 | (47) |
Exchange gain/(loss) | 1 | 1 | 3 |
Accumulated fair value hedge adjustment on hedged item at end of year | 70 | (27) | (83) |
Borrowings | (924) | (940) | (1,467) |
Accumulated fair value adjustment on hedging instrument at start of year | 27 | 83 | 39 |
Fair value movement gain/(loss) | (96) | (55) | 47 |
Exchange gain/(loss) | (1) | (1) | (3) |
Accumulated fair value adjustment on hedging instrument at end of year | (70) | 27 | 83 |
Hedging instrument, assets | 27 | 83 | |
Hedging instrument, liabilities | (70) | ||
Borrowings net of related hedging instruments | £ (994) | £ (913) | £ (1,384) |
Financial instruments - Fair va
Financial instruments - Fair value hedges - Additional information (Details) - Borrowings de-designated from hedge relationship in 2008 - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2008 | |
Disclosure of detailed information about financial instruments | |||
Accumulated fair value hedge adjustment on hedged item | £ 10 | £ 12 | |
Cash inflow from close-out of hedging instrument | £ 62 | ||
Fair value movement gain/(loss) | £ 3 | £ 3 |
Financial instruments - Cash fl
Financial instruments - Cash flow hedges - Additional information (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financial instruments | ||
Maximum period of fixed exchange rate for subscription revenues | 50 months | |
Cash flow hedge gain recognised in revenue | £ 18 | £ 9 |
Cash flow hedge loss recognised in finance costs | 1 | 0 |
Tax debit in relation to cash flow hedges recognised in profit or loss | £ 4 | £ 2 |
Financial instruments - Summa_4
Financial instruments - Summary of movements in the hedge reserve including gains and losses on cash flow hedging instruments (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments | |||
Gains/(losses) arising during the period | £ (18) | £ 10 | £ (6) |
Transfer to profit from cash flow hedge reserve | (17) | (9) | 22 |
Hedge reserve | |||
Disclosure of detailed information about financial instruments | |||
Hedge reserve balance at the start of the period: gains/(losses) deferred | 24 | 23 | |
Gains/(losses) arising during the period | (18) | 10 | |
Transfer to profit from cash flow hedge reserve | (17) | (9) | |
Hedge reserve balance at the end of the period: gains/(losses) deferred | (11) | 24 | 23 |
Reserve of cash flow hedges, tax | 3 | (5) | |
Interest rate hedge reserve | |||
Disclosure of detailed information about financial instruments | |||
Hedge reserve balance at the start of the period: gains/(losses) deferred | 1 | 4 | |
Gains/(losses) arising during the period | (3) | (3) | |
Transfer to profit from cash flow hedge reserve | 1 | ||
Exchange translation differences | (1) | ||
Hedge reserve balance at the end of the period: gains/(losses) deferred | (2) | 1 | 4 |
Cost of hedging reserve | |||
Disclosure of detailed information about financial instruments | |||
Hedge reserve balance at the start of the period: gains/(losses) deferred | (6) | (8) | |
Gains/(losses) arising during the period | 5 | 2 | |
Hedge reserve balance at the end of the period: gains/(losses) deferred | (1) | (6) | (8) |
Foreign currency hedge reserve | |||
Disclosure of detailed information about financial instruments | |||
Hedge reserve balance at the start of the period: gains/(losses) deferred | 29 | 27 | |
Gains/(losses) arising during the period | (20) | 11 | |
Transfer to profit from cash flow hedge reserve | (18) | (9) | |
Exchange translation differences | 1 | ||
Hedge reserve balance at the end of the period: gains/(losses) deferred | £ (8) | £ 29 | £ 27 |
Financial instruments - Summa_5
Financial instruments - Summary of deferred gains and losses on cash flow hedges currently expected to recognized in future periods (Details) - Foreign currency hedge reserve - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments | |||
Reserve of cash flow hedges, before tax | £ (8) | £ 29 | £ 27 |
Principal amount of hedges | 1,418 | ||
Carrying values | £ (23) | ||
Within 1 year | |||
Disclosure of detailed information about financial instruments | |||
Reserve of cash flow hedges, before tax | £ 4 | ||
Principal amount of hedges | 673 | ||
Carrying values | £ (11) | ||
Within 1 to 2 years | |||
Disclosure of detailed information about financial instruments | |||
Reserve of cash flow hedges, before tax | £ (10) | ||
Principal amount of hedges | 459 | ||
Carrying values | £ (10) | ||
Within 2 to 3 years | |||
Disclosure of detailed information about financial instruments | |||
Reserve of cash flow hedges, before tax | £ (2) | ||
Principal amount of hedges | 250 | ||
Carrying values | £ (2) | ||
Within 3 to 4 years | |||
Disclosure of detailed information about financial instruments | |||
Principal amount of hedges | 36 |
Inventories and pre-publicati_3
Inventories and pre-publication costs - Summary of inventories and pre-publication cost (Detail) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Inventories and pre-publication costs | ||
Raw materials | £ 3 | £ 2 |
Pre-publication costs | 264 | 218 |
Finished goods | 42 | 33 |
Total | £ 309 | £ 253 |
Inventories and pre-publicati_4
Inventories and pre-publication costs - Additional information (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Inventories and pre-publication costs | ||
Pre-publication costs capitalized | £ 94 | £ 73 |
Pre-publication costs, amortization charge | £ 72 | £ 60 |
Trade and other receivables - S
Trade and other receivables - Summary of trade and other receivables (Details) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other receivables | ||
Trade receivables | £ 2,075 | £ 1,632 |
Prepayments and accrued income | 310 | 316 |
Current tax receivable | 15 | 10 |
Net finance lease receivable | 5 | 2 |
Total | 2,405 | 1,960 |
Gross | ||
Trade and other receivables | ||
Trade receivables | 2,193 | 1,738 |
Loss allowance | ||
Trade and other receivables | ||
Trade receivables | £ (118) | £ (106) |
Trade and other receivables -_2
Trade and other receivables - Summary of movements in loss allowance (Details) - Trade receivables - Loss allowance - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Trade and other receivables | ||
At start of year | £ 106 | £ 99 |
Charge for the year | 11 | 17 |
Trade receivables written off | (7) | (8) |
Exchange translation differences | 8 | (2) |
At end of year | £ 118 | £ 106 |
Trade and other payables - Summ
Trade and other payables - Summary of Trade and other payable (Detail) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Trade and other payables | ||
Trade payables | £ 129 | £ 109 |
Accruals | 844 | 718 |
Social security and other taxes | 159 | 141 |
Other payables | 517 | 351 |
Deferred income | 2,368 | 1,956 |
Total | £ 4,017 | £ 3,275 |
Debt - Summary of types of borr
Debt - Summary of types of borrowings both current and non-current (Details) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about borrowings | ||
Debt | £ 6,730 | £ 6,167 |
Short-term bank loans, overdrafts and commercial paper | ||
Disclosure of detailed information about borrowings | ||
Debt | 102 | 131 |
Term debt, excluding fair value hedging relationships | ||
Disclosure of detailed information about borrowings | ||
Debt | 3,641 | 3,442 |
Lease liabilities | ||
Disclosure of detailed information about borrowings | ||
Debt | 182 | 208 |
Term debt, in fair value hedging relationships | ||
Disclosure of detailed information about borrowings | ||
Debt | 2,554 | 2,161 |
Term debt, previously in fair value hedging relationships | ||
Disclosure of detailed information about borrowings | ||
Debt | 251 | 225 |
Within 1 year | ||
Disclosure of detailed information about borrowings | ||
Debt | 870 | 232 |
Within 1 year | Short-term bank loans, overdrafts and commercial paper | ||
Disclosure of detailed information about borrowings | ||
Debt | 102 | 131 |
Within 1 year | Term debt, excluding fair value hedging relationships | ||
Disclosure of detailed information about borrowings | ||
Debt | 32 | |
Within 1 year | Lease liabilities | ||
Disclosure of detailed information about borrowings | ||
Debt | 67 | 69 |
Within 1 year | Term debt, in fair value hedging relationships | ||
Disclosure of detailed information about borrowings | ||
Debt | 576 | |
Within 1 year | Term debt, previously in fair value hedging relationships | ||
Disclosure of detailed information about borrowings | ||
Debt | 125 | |
After 1 year | ||
Disclosure of detailed information about borrowings | ||
Debt | 5,860 | 5,935 |
After 1 year | Term debt, excluding fair value hedging relationships | ||
Disclosure of detailed information about borrowings | ||
Debt | 3,641 | 3,410 |
After 1 year | Lease liabilities | ||
Disclosure of detailed information about borrowings | ||
Debt | 115 | 139 |
After 1 year | Term debt, in fair value hedging relationships | ||
Disclosure of detailed information about borrowings | ||
Debt | 1,978 | 2,161 |
After 1 year | Term debt, previously in fair value hedging relationships | ||
Disclosure of detailed information about borrowings | ||
Debt | £ 126 | £ 225 |
Debt - Additional information (
Debt - Additional information (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
RELX Capital Inc. | ||
Disclosure of detailed information about borrowings | ||
Proportion of ownership interest in subsidiary | 100% | |
Financial liabilities measured at amortised cost (excluding lease liabilities) | ||
Disclosure of detailed information about borrowings | ||
Fair value of debt | £ 3,451 | £ 3,746 |
Term debt, in fair value hedging relationships | ||
Disclosure of detailed information about borrowings | ||
Fair value of debt | 2,688 | 2,268 |
Term debt, previously in fair value hedging relationships | ||
Disclosure of detailed information about borrowings | ||
Fair value of debt | £ 257 | £ 255 |
Debt - Summary of repayment yea
Debt - Summary of repayment years for borrowings (Details) £ in Millions, $ in Billions | Dec. 31, 2022 USD ($) | Dec. 31, 2022 GBP (£) | Dec. 31, 2021 GBP (£) |
Disclosure of detailed information about borrowings | |||
Debt | £ 6,730 | £ 6,167 | |
Committed bank facility | $ 3 | 2,500 | |
Short-term bank loans, overdrafts and commercial paper | |||
Disclosure of detailed information about borrowings | |||
Debt | 102 | 131 | |
Term debt | |||
Disclosure of detailed information about borrowings | |||
Debt | 6,446 | 5,828 | |
Lease liabilities | |||
Disclosure of detailed information about borrowings | |||
Debt | 182 | 208 | |
Within 1 year | |||
Disclosure of detailed information about borrowings | |||
Debt | 870 | 232 | |
Within 1 year | Short-term bank loans, overdrafts and commercial paper | |||
Disclosure of detailed information about borrowings | |||
Debt | 102 | 131 | |
Within 1 year | Term debt | |||
Disclosure of detailed information about borrowings | |||
Debt | 701 | 32 | |
Within 1 year | Lease liabilities | |||
Disclosure of detailed information about borrowings | |||
Debt | 67 | 69 | |
After 1 year | |||
Disclosure of detailed information about borrowings | |||
Debt | 5,860 | 5,935 | |
After 1 year | Term debt | |||
Disclosure of detailed information about borrowings | |||
Debt | 5,745 | 5,796 | |
After 1 year | Lease liabilities | |||
Disclosure of detailed information about borrowings | |||
Debt | 115 | 139 | |
Within 1 to 2 years | |||
Disclosure of detailed information about borrowings | |||
Debt | 1,069 | 681 | |
Within 1 to 2 years | Term debt | |||
Disclosure of detailed information about borrowings | |||
Debt | 1,045 | 641 | |
Within 1 to 2 years | Lease liabilities | |||
Disclosure of detailed information about borrowings | |||
Debt | 24 | 40 | |
Within 2 to 3 years | |||
Disclosure of detailed information about borrowings | |||
Debt | 648 | 1,049 | |
Within 2 to 3 years | Term debt | |||
Disclosure of detailed information about borrowings | |||
Debt | 623 | 1,012 | |
Within 2 to 3 years | Lease liabilities | |||
Disclosure of detailed information about borrowings | |||
Debt | 25 | 37 | |
Within 3 to 4 years | |||
Disclosure of detailed information about borrowings | |||
Debt | 684 | 657 | |
Within 3 to 4 years | Term debt | |||
Disclosure of detailed information about borrowings | |||
Debt | 660 | 628 | |
Within 3 to 4 years | Lease liabilities | |||
Disclosure of detailed information about borrowings | |||
Debt | 24 | 29 | |
Within 4 to 5 years | |||
Disclosure of detailed information about borrowings | |||
Debt | 612 | 643 | |
Within 4 to 5 years | Term debt | |||
Disclosure of detailed information about borrowings | |||
Debt | 595 | 626 | |
Within 4 to 5 years | Lease liabilities | |||
Disclosure of detailed information about borrowings | |||
Debt | 17 | 17 | |
After 5 years | |||
Disclosure of detailed information about borrowings | |||
Debt | 2,847 | 2,905 | |
After 5 years | Term debt | |||
Disclosure of detailed information about borrowings | |||
Debt | 2,822 | 2,889 | |
After 5 years | Lease liabilities | |||
Disclosure of detailed information about borrowings | |||
Debt | £ 25 | £ 16 |
Debt - Analysis of borrowings b
Debt - Analysis of borrowings by currency (Details) € in Millions, £ in Millions | Dec. 31, 2022 GBP (£) | Dec. 31, 2022 EUR (€) | Dec. 31, 2021 GBP (£) | Dec. 31, 2021 EUR (€) |
Disclosure of detailed information about borrowings | ||||
Debt | £ 6,730 | £ 6,167 | ||
Short-term bank loans, overdrafts and commercial paper | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 102 | 131 | ||
Term debt | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 6,446 | 5,828 | ||
Lease liabilities | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 182 | 208 | ||
US dollars | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 3,227 | 2,838 | ||
US dollars | Short-term bank loans, overdrafts and commercial paper | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 2 | 68 | ||
US dollars | Term debt | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 3,160 | 2,691 | ||
Debt denominated in another currency, swapped into given currency | 498 | € 600 | 515 | € 600 |
Fair value of derivative financial instruments against debt denominated in another currency, swapped into given currency | 55 | 21 | ||
US dollars | Lease liabilities | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 65 | 79 | ||
Pounds sterling | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 40 | 51 | ||
Pounds sterling | Lease liabilities | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 40 | 51 | ||
Euro | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 3,343 | 3,199 | ||
Euro | Short-term bank loans, overdrafts and commercial paper | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 15 | |||
Euro | Term debt | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 3,286 | 3,137 | ||
Euro | Lease liabilities | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 57 | 47 | ||
Other currencies | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 120 | 79 | ||
Other currencies | Short-term bank loans, overdrafts and commercial paper | ||||
Disclosure of detailed information about borrowings | ||||
Debt | 100 | 48 | ||
Other currencies | Lease liabilities | ||||
Disclosure of detailed information about borrowings | ||||
Debt | £ 20 | £ 31 |
Lease arrangements - Summary of
Lease arrangements - Summary of right of use assets (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease arrangements | ||
At start of year | £ 161 | £ 216 |
Additions | 34 | 25 |
Acquisitions | 3 | |
Remeasurement | 8 | 9 |
Disposals | (8) | (5) |
Depreciation | (63) | (66) |
Impairment | (14) | |
Exchange translation differences | 10 | (4) |
At end of year | £ 145 | £ 161 |
Lease arrangements - Summary _2
Lease arrangements - Summary of lease liability (Details) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of lease liabilities | ||
Total lease liabilities | £ (182) | £ (208) |
Property | ||
Disclosure of lease liabilities | ||
Current lease liabilities | (65) | (67) |
Non-current lease liabilities | (113) | (136) |
Non-property | ||
Disclosure of lease liabilities | ||
Current lease liabilities | (2) | (2) |
Non-current lease liabilities | £ (2) | £ (3) |
Lease arrangements - Additional
Lease arrangements - Additional information (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lease arrangements | |||
Interest expense on lease liabilities | £ 6 | £ 8 | £ 12 |
Leases with future cash outflows | £ 32 | £ 5 |
Lease arrangements - Summary _3
Lease arrangements - Summary of finance lease receivable (Details) - GBP (£) £ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Lease arrangements | ||
Net finance lease receivable | £ 5 | £ 2 |
Share capital and shares held_2
Share capital and shares held in treasury - Summary of called up share capital issued and fully paid (Details) - GBP (£) £ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital | ||
Shares issued at start of year | 1,984,961,632 | 1,982,299,312 |
Issue of ordinary shares | 1,918,456 | 2,662,320 |
Cancellation of ordinary shares | (52,000,000) | |
Shares issued at end of year | 1,934,880,088 | 1,984,961,632 |
At start of year | £ 286 | £ 286 |
Cancellation of ordinary share | (7) | |
At end of year | £ 279 | £ 286 |
Share capital and shares held_3
Share capital and shares held in treasury - Summary of number of ordinary shares (Details) - GBP (£) £ / shares in Units, £ in Millions | 2 Months Ended | 12 Months Ended | |||
Feb. 28, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 09, 2022 | |
Disclosure of classes of share capital | |||||
Shares issued at start of year | 1,934,880,088 | 1,984,961,632 | 1,982,299,312 | ||
Treasury shares at start of year | (25,400,000) | (55,600,000) | |||
Shares outstanding at start of year | 1,909,526,620 | 1,929,425,389 | 1,926,000,000 | ||
Issue of ordinary shares | 1,918,456 | 2,662,320 | |||
Repurchase of ordinary shares | (21,700,000) | 0 | (7,800,000) | ||
Net release of shares by the Employee Benefit Trust | (100,000) | 700,000 | |||
Cancellation of ordinary shares | (52,000,000) | ||||
Cancellation of treasury share | 52,000,000 | 0 | 0 | ||
Shares issued at end of year | 1,934,880,088 | 1,984,961,632 | 1,982,299,312 | ||
Treasury shares at end of year | (25,400,000) | (55,600,000) | |||
Shares outstanding at end of year | 1,909,526,620 | 1,929,425,389 | 1,926,000,000 | ||
Average price of ordinary shares repurchased | £ 23.03 | ||||
Repurchase of ordinary shares | £ 500 | £ 0 | £ 150 | ||
Shares purchased by Employee Benefit Trust | 2,200,000 | ||||
Purchase of shares by Employee Benefit Trust | £ 50 | 1 | 37 | ||
Shares held by the Employee Benefit Trust, amount | £ 101 | £ 86 | £ 97 | ||
Treasury shares held by employee benefit trust | 5,553,401 | 5,448,564 | 6,192,953 | ||
Treasury shares held by parent company | 19,800,067 | 50,087,679 | 50,087,679 | ||
Value of ordinary shares non-discretionary repurchase programme | £ 150 | ||||
Accrual for ordinary shares non-discretionary repurchase programme | £ 150 | ||||
Number of ordinary shares repurchased under non-discretionary programme | 6,300,000 |
Other reserves - Summary of oth
Other reserves - Summary of other reserves and translation reserve (Details) - GBP (£) £ in Millions, shares in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other reserves and translation reserve | |||
Equity at beginning of period | £ 3,224 | £ 2,101 | £ 2,190 |
Profit attributable to shareholders | 1,634 | 1,471 | 1,224 |
Dividends paid | (992) | (930) | (886) |
Actuarial losses on defined benefit pension schemes | 164 | 321 | (155) |
Fair value movements on cash flow hedges | (18) | 10 | (6) |
Transfer to net profit from cash flow hedge reserve | (17) | (9) | 22 |
Tax recognised in other comprehensive income | (35) | (49) | 35 |
Exchange differences on translation of foreign operations | 427 | 223 | (265) |
Increase in share based remuneration reserve (net of tax) | 47 | 55 | 27 |
Disposal/(acquisition) of noncontrolling interests | (1) | ||
Equity at end of period | £ 3,754 | £ 3,224 | £ 2,101 |
Cancellation of treasury share | 52 | 0 | 0 |
Other reserves and translation reserve | |||
Other reserves and translation reserve | |||
Equity at beginning of period | £ 2,331 | £ 1,241 | |
Profit attributable to shareholders | 1,634 | 1,471 | |
Dividends paid | (983) | (920) | |
Actuarial losses on defined benefit pension schemes | 164 | 321 | |
Fair value movements on cash flow hedges | (18) | 10 | |
Transfer to net profit from cash flow hedge reserve | (17) | (9) | |
Tax recognised in other comprehensive income | (35) | (49) | |
Exchange differences on translation of foreign operations | 427 | 223 | |
Cancellation of shares | (1,120) | ||
Increase in share based remuneration reserve (net of tax) | 47 | 55 | |
Settlement of share awards | (35) | (12) | |
Disposal/(acquisition) of noncontrolling interests | (1) | ||
Equity at end of period | 2,394 | 2,331 | £ 1,241 |
Translation reserve | |||
Other reserves and translation reserve | |||
Equity at beginning of period | 250 | 27 | 292 |
Exchange differences on translation of foreign operations | 427 | ||
Equity at end of period | 677 | 250 | £ 27 |
Increase (decrease) in equity | 427 | ||
Exchange differences on net debt | 560 | ||
Exchange differences on assets, net of other liabilities | 987 | ||
Hedge reserve | |||
Other reserves and translation reserve | |||
Equity at beginning of period | 19 | ||
Fair value movements on cash flow hedges | (18) | 10 | |
Transfer to net profit from cash flow hedge reserve | (17) | (9) | |
Tax recognised in other comprehensive income | 8 | ||
Equity at end of period | (8) | 19 | |
Other reserves excluding hedges | |||
Other reserves and translation reserve | |||
Equity at beginning of period | 2,062 | ||
Profit attributable to shareholders | 1,634 | ||
Dividends paid | (983) | ||
Actuarial losses on defined benefit pension schemes | 164 | ||
Tax recognised in other comprehensive income | (43) | ||
Cancellation of shares | (1,120) | ||
Increase in share based remuneration reserve (net of tax) | 47 | ||
Settlement of share awards | (35) | ||
Disposal/(acquisition) of noncontrolling interests | (1) | ||
Equity at end of period | £ 1,725 | £ 2,062 |
Related party transactions - Ad
Related party transactions - Additional information (Details) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related party transactions | |||
Deemed benefits provided to former directors | £ 0 | £ 0 | £ 0 |
Loans, advances or guarantees provided on behalf of Directors | 0 | ||
Aggregate gains made by executive directors on exercise of options | 0 | 0 | 0 |
Joint ventures | |||
Related party transactions | |||
Revenue from sales of goods and services | 0.4 | 0 | 0 |
Receiving of goods and services | 0 | 0.2 | 0.1 |
Amounts receivable | 4.2 | 2.4 | 0.8 |
Amounts payable | £ 1.2 | £ 1.4 | £ 0.4 |
Related party transactions - Su
Related party transactions - Summary of Key management personnel remunerations (Detail) - GBP (£) £ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related party transactions | |||
Salaries, other short-term employee benefits and non-executive fees | £ 7 | £ 7 | £ 6 |
Post-employment benefits | 1 | 1 | |
Share based remuneration | 7 | 8 | 1 |
Total | £ 14 | £ 16 | £ 8 |
Related party transactions - _2
Related party transactions - Summary of executive director remuneration (Detail) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related party transactions | |||
Salary | £ 2,137 | £ 2,085 | £ 2,034 |
Benefits | 97 | 97 | 99 |
Annual incentive | 3,251 | 3,604 | 2,623 |
Share based remuneration | 6,857 | 7,953 | 595 |
Pension | 268 | 774 | 687 |
Total Executive Directors | £ 12,610 | £ 14,513 | £ 6,038 |
Related party transactions - _3
Related party transactions - Summary of non-executive directors remuneration (Details) - GBP (£) £ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related party transactions | |||
Fees and benefits | £ 1,566 | £ 1,598 | £ 1,558 |
Exchange rates (Details)
Exchange rates (Details) | 12 Months Ended | |||||||
Dec. 31, 2022 € / £ | Dec. 31, 2022 € / £ $ / £ | Dec. 31, 2021 € / £ | Dec. 31, 2021 $ / £ € / £ | Dec. 31, 2020 € / £ | Dec. 31, 2020 $ / £ | Dec. 31, 2022 $ / £ | Dec. 31, 2021 $ / £ | |
Exchange rates | ||||||||
Average foreign exchange rate | 1.17 | 1.24 | 1.16 | 1.38 | 1.12 | 1.28 | ||
Closing foreign exchange rate | 1.13 | 1.13 | 1.19 | 1.19 | 1.21 | 1.35 |
Related undertakings - Summary
Related undertakings - Summary of full list of related parties - Australia to Italy (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Australia | LNRS Data Services (Australia) Pty Ltd | Ordinary | |
Related party transactions | |
Company name | LNRS Data Services (Australia) Pty Ltd |
Percentage of undertaking | 100% |
Reg office | AUS1 |
Australia | Reed Exhibitions Australia Pty Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Exhibitions Australia Pty Ltd |
Percentage of undertaking | 100% |
Reg office | AUS2 |
Australia | Reed International Books Australia Pty Ltd | Ordinary | |
Related party transactions | |
Company name | Reed International Books Australia Pty Ltd |
Percentage of undertaking | 100% |
Reg office | AUS2 |
Australia | RELX Australia Pty Ltd | Ordinary | |
Related party transactions | |
Company name | RELX Australia Pty Ltd |
Percentage of undertaking | 100% |
Reg office | AUS2 |
Australia | ThreatMetrix Pty Ltd | Ordinary | |
Related party transactions | |
Company name | ThreatMetrix Pty Ltd |
Percentage of undertaking | 100% |
Reg office | AUS2 |
Austria | LexisNexis Verlag ARD ORAC GmbH & Co KG | Partnership Interest | |
Related party transactions | |
Company name | LexisNexis Verlag ARD ORAC GmbH & Co KG |
Percentage of undertaking | 100% |
Reg office | AUT2 |
Austria | ORAC GmbH | Ordinary | |
Related party transactions | |
Company name | ORAC GmbH |
Percentage of undertaking | 100% |
Reg office | AUT2 |
Austria | RELX Austria GmbH | Ordinary | |
Related party transactions | |
Company name | RELX Austria GmbH |
Percentage of undertaking | 100% |
Reg office | AUT3 |
Austria | RX CEE GmbH | Ordinary | |
Related party transactions | |
Company name | RX CEE GmbH |
Percentage of undertaking | 100% |
Reg office | AUT1 |
Austria | RX Salzburg GmbH | Ordinary | |
Related party transactions | |
Company name | RX Salzburg GmbH |
Percentage of undertaking | 100% |
Reg office | AUT3 |
Austria | RX Wien GmbH | Ordinary | |
Related party transactions | |
Company name | RX Wien GmbH |
Percentage of undertaking | 100% |
Reg office | AUT1 |
Austria | Standout GmbH | Ordinary | |
Related party transactions | |
Company name | Standout GmbH |
Percentage of undertaking | 100% |
Reg office | AUT4 |
Belgium | LexisNexis BV | Ordinary | |
Related party transactions | |
Company name | LexisNexis BV |
Percentage of undertaking | 100% |
Reg office | BEL1 |
Brazil | Elsevier Editora Ltda | Quotas | |
Related party transactions | |
Company name | Elsevier Editora Ltda |
Percentage of undertaking | 100% |
Reg office | BRA1 |
Brazil | Fircosoft Brasil Consultoria e Servicos de Informatica Ltda | Quotas | |
Related party transactions | |
Company name | Fircosoft Brasil Consultoria e Servicos de Informatica Ltda |
Percentage of undertaking | 100% |
Reg office | BRA2 |
Brazil | Gestora de Inteligncia de Crdito S.A. | Common, Preferred | |
Related party transactions | |
Company name | Gestora de Inteligência de Crédito S.A. (20%) |
Percentage of undertaking | 20% |
Reg office | BRA8 |
Brazil | LexisNexis Informaes e Sistemas Empresariais Ltda | Quotas | |
Related party transactions | |
Company name | LexisNexis Informações e Sistemas Empresariais Ltda |
Percentage of undertaking | 100% |
Reg office | BRA6 |
Brazil | LexisNexis Servios de Anlise de Risco Ltda | Quotas | |
Related party transactions | |
Company name | LexisNexis Serviços de Análise de Risco Ltda |
Percentage of undertaking | 100% |
Reg office | BRA7 |
Brazil | MLex Brasil Midia Mercadologica Ltda | Quotas | |
Related party transactions | |
Company name | MLex Brasil Midia Mercadologica Ltda |
Percentage of undertaking | 100% |
Reg office | BRA4 |
Brazil | Reed Exhibitions Alcntara Machado Ltda | Quotas | |
Related party transactions | |
Company name | Reed Exhibitions Alcântara Machado Ltda |
Percentage of undertaking | 100% |
Reg office | BRA3 |
Brazil | SST Software do Brasil Ltda | Quotas | |
Related party transactions | |
Company name | SST Software do Brasil Ltda |
Percentage of undertaking | 100% |
Reg office | BRA5 |
Canada | Elsevier Canada Inc. | Common | |
Related party transactions | |
Company name | Elsevier Canada Inc. |
Percentage of undertaking | 100% |
Reg office | CAN2 |
Canada | LexisNexis Canada Inc. | Class B | |
Related party transactions | |
Company name | LexisNexis Canada Inc. |
Percentage of undertaking | 100% |
Reg office | CAN1 |
Canada | RELX Canada Ltd | Common | |
Related party transactions | |
Company name | RELX Canada Ltd |
Percentage of undertaking | 100% |
Reg office | CAN1 |
China | Bakery China Exhibitions Co., Ltd (25%) | Ordinary | |
Related party transactions | |
Company name | Bakery China Exhibitions Co., Ltd (25%) |
Percentage of undertaking | 25% |
Reg office | CHN1 |
China | Beijing Medtime Elsevier Education Technology Co., Ltd (49%) | Common | |
Related party transactions | |
Company name | Beijing Medtime Elsevier Education Technology Co., Ltd (49%) |
Percentage of undertaking | 49% |
Reg office | CHN2 |
China | C-One Energy (Guangzhou) Co., Ltd | Ordinary | |
Related party transactions | |
Company name | C-One Energy (Guangzhou) Co., Ltd |
Percentage of undertaking | 100% |
Reg office | CHN5 |
China | ICIS Consulting (Beijing) Co., Ltd | Ordinary | |
Related party transactions | |
Company name | ICIS Consulting (Beijing) Co., Ltd (Liquidation in progress) |
Percentage of undertaking | 100% |
Reg office | CHN18 |
China | KeAi Communications Co., Ltd | Ordinary | |
Related party transactions | |
Company name | KeAi Communications Co., Ltd (49%) |
Percentage of undertaking | 49% |
Reg office | CHN15 |
China | LexisNexis Information Technology Co. Ltd | Ordinary | |
Related party transactions | |
Company name | LexisNexis Information Technology Co. Ltd |
Percentage of undertaking | 100% |
Reg office | CHN19 |
China | LexisNexis Risk Solutions (Shanghai) Information Technologies Co., Ltd | Common | |
Related party transactions | |
Company name | LexisNexis Risk Solutions (Shanghai) Information Technologies Co. Ltd |
Percentage of undertaking | 100% |
Reg office | CHN7 |
China | LNRS Data Services (Shanghai) Co Ltd | Ordinary | |
Related party transactions | |
Company name | LNRS Data Services (Shanghai) Co Ltd |
Percentage of undertaking | 100% |
Reg office | CHN13 |
China | Reed Elsevier Information Technology (Beijing) Co., Ltd | Common | |
Related party transactions | |
Company name | Reed Elsevier Information Technology (Beijing) Co., Ltd |
Percentage of undertaking | 100% |
Reg office | CHN3 |
China | Reed Exhibitions (China) Co., Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Exhibitions (China) Co., Ltd |
Percentage of undertaking | 100% |
Reg office | CHN4 |
China | Reed Exhibitions Hengjin Co., Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Exhibitions Hengjin Co., Ltd (51%) |
Percentage of undertaking | 51% |
Reg office | CHN12 |
China | Reed Exhibitions (Shanghai) Co., Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Exhibitions (Shanghai) Co., Ltd |
Percentage of undertaking | 100% |
Reg office | CHN10 |
China | Reed Huabai Exhibitions (Beijing) Co., Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Huabai Exhibitions (Beijing) Co., Ltd (51%) |
Percentage of undertaking | 51% |
Reg office | CHN4 |
China | Reed Huabo Exhibitions (Shenzhen) Co., Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Huabo Exhibitions (Shenzhen) Co., Ltd (65%) |
Percentage of undertaking | 65% |
Reg office | CHN16 |
China | Reed Huaqun Exhibitions Co., Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Huaqun Exhibitions Co., Ltd (52%) |
Percentage of undertaking | 52% |
Reg office | CHN4 |
China | Reed Exhibitions Kuozhan (Shanghai) Co., Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Exhibitions Kuozhan (Shanghai) Co., Ltd (60%) |
Percentage of undertaking | 60% |
Reg office | CHN8 |
China | Reed Sinopharm Exhibitions Co., Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Sinopharm Exhibitions Co., Ltd (50%) |
Percentage of undertaking | 50% |
Reg office | CHN4 |
China | RELX (China) Investment Co., Ltd | Ordinary | |
Related party transactions | |
Company name | RELX (China) Investment Co., Ltd |
Percentage of undertaking | 100% |
Reg office | CHN9 |
China | RX (Shenzhen) Co., Ltd | Ordinary | |
Related party transactions | |
Company name | RX (Shenzhen) Co., Ltd |
Percentage of undertaking | 100% |
Reg office | CHN6 |
China | Shanghai Datong Medical Information Technology Co., Ltd | Ordinary | |
Related party transactions | |
Company name | Shanghai Datong Medical Information Technology Co., Ltd |
Percentage of undertaking | 100% |
Reg office | CHN17 |
China | Shanghai SinoReal Exhibitions Co., Ltd | Ordinary | |
Related party transactions | |
Company name | Shanghai SinoReal Exhibitions Co., Ltd (27.5%) |
Percentage of undertaking | 27.50% |
Reg office | CHN11 |
China | Z&R Exhibitions Co., Ltd | Ordinary | |
Related party transactions | |
Company name | Z&R Exhibitions Co., Ltd (27.5%) |
Percentage of undertaking | 27.50% |
Reg office | CHN14 |
Colombia | LexisNexis Risk Solutions SAS | Ordinary | |
Related party transactions | |
Company name | LexisNexis Risk Solutions SAS |
Percentage of undertaking | 100% |
Reg office | COL1 |
Denmark | Elsevier A/S | Ordinary | |
Related party transactions | |
Company name | Elsevier A/S |
Percentage of undertaking | 100% |
Reg office | DNK1 |
Egypt | Elsevier Egypt LLC | Ordinary | |
Related party transactions | |
Company name | Elsevier Egypt LLC |
Percentage of undertaking | 100% |
Reg office | EGY1 |
France | Closd SAS | Ordinary | |
Related party transactions | |
Company name | Closd SAS |
Percentage of undertaking | 100% |
Reg office | FRA9 |
France | Elsevier Holding France SAS | Ordinary | |
Related party transactions | |
Company name | Elsevier Holding France SAS |
Percentage of undertaking | 100% |
Reg office | FRA1 |
France | Elsevier Masson SAS | Ordinary | |
Related party transactions | |
Company name | Elsevier Masson SAS |
Percentage of undertaking | 100% |
Reg office | FRA1 |
France | Evoluprint SAS | Ordinary | |
Related party transactions | |
Company name | Evoluprint SAS |
Percentage of undertaking | 100% |
Reg office | FRA2 |
France | Fircosoft SAS | Ordinary | |
Related party transactions | |
Company name | Fircosoft SAS |
Percentage of undertaking | 100% |
Reg office | FRA8 |
France | GIE EDI Data | Ordinary | |
Related party transactions | |
Company name | GIE EDI Data (83%) |
Percentage of undertaking | 83% |
Reg office | FRA3 |
France | GIE Juris Data | Ordinary | |
Related party transactions | |
Company name | GIE Juris Data |
Percentage of undertaking | 100% |
Reg office | FRA3 |
France | LexisNexis Business Information Solutions SA | Ordinary | |
Related party transactions | |
Company name | LexisNexis Business Information Solutions SA |
Percentage of undertaking | 100% |
Reg office | FRA3 |
France | LexisNexis Business Information Solutions Holding SA | Ordinary | |
Related party transactions | |
Company name | LexisNexis Business Information Solutions Holding SA |
Percentage of undertaking | 100% |
Reg office | FRA5 |
France | LexisNexis International Development & Services SAS | Ordinary | |
Related party transactions | |
Company name | LexisNexis International Development & Services SAS |
Percentage of undertaking | 100% |
Reg office | FRA3 |
France | LexisNexis SA | Ordinary | |
Related party transactions | |
Company name | LexisNexis SA |
Percentage of undertaking | 100% |
Reg office | FRA3 |
France | Reed Exhibitions ISG SARL | Ordinary | |
Related party transactions | |
Company name | Reed Exhibitions ISG SARL |
Percentage of undertaking | 100% |
Reg office | FRA6 |
France | RELX France SA | Ordinary | |
Related party transactions | |
Company name | RELX France SA |
Percentage of undertaking | 100% |
Reg office | FRA6 |
France | RELX France Services SAS | Ordinary | |
Related party transactions | |
Company name | RELX France Services SAS |
Percentage of undertaking | 100% |
Reg office | FRA8 |
France | RX France SAS | Ordinary | |
Related party transactions | |
Company name | RX France SAS |
Percentage of undertaking | 100% |
Reg office | FRA4 |
France | SAFI SA | Ordinary | |
Related party transactions | |
Company name | SAFI SA (50%) |
Percentage of undertaking | 50% |
Reg office | FRA7 |
Germany | BehavioSec GmbH | Ordinary | |
Related party transactions | |
Company name | BehavioSec GmbH |
Percentage of undertaking | 100% |
Reg office | DEU7 |
Germany | Elsevier GmbH | Ordinary | |
Related party transactions | |
Company name | Elsevier GmbH |
Percentage of undertaking | 100% |
Reg office | DEU3 |
Germany | Elsevier Information Systems GmbH | Ordinary | |
Related party transactions | |
Company name | Elsevier Information Systems GmbH |
Percentage of undertaking | 100% |
Reg office | DEU2 |
Germany | IPlytics GmbH | Ordinary | |
Related party transactions | |
Company name | IPlytics GmbH |
Percentage of undertaking | 100% |
Reg office | DEU8 |
Germany | LexisNexis GmbH | Ordinary | |
Related party transactions | |
Company name | LexisNexis GmbH |
Percentage of undertaking | 100% |
Reg office | DEU4 |
Germany | PatentSight GmbH | Ordinary | |
Related party transactions | |
Company name | PatentSight GmbH |
Percentage of undertaking | 100% |
Reg office | DEU6 |
Germany | RELX Deutschland GmbH | Ordinary | |
Related party transactions | |
Company name | RELX Deutschland GmbH |
Percentage of undertaking | 100% |
Reg office | DEU1 |
Germany | RX Deutschland GmbH | Ordinary | |
Related party transactions | |
Company name | RX Deutschland GmbH |
Percentage of undertaking | 100% |
Reg office | DEU1 |
Germany | Tschach Solutions GmbH | Ordinary | |
Related party transactions | |
Company name | Tschach Solutions GmbH |
Percentage of undertaking | 100% |
Reg office | DEU5 |
Greece | Mack Brooks Hellas SA | Ordinary | |
Related party transactions | |
Company name | Mack Brooks Hellas SA (87.36%) (Liquidation in progress) |
Percentage of undertaking | 87.36% |
Reg office | GRE1 |
Hong Kong | Ascend China Holding Ltd | Ordinary | |
Related party transactions | |
Company name | Ascend China Holding Ltd |
Percentage of undertaking | 100% |
Reg office | HNK4 |
Hong Kong | JC Exhibition and Promotion Ltd | Ordinary | |
Related party transactions | |
Company name | JC Exhibition and Promotion Ltd (65%) |
Percentage of undertaking | 65% |
Reg office | HNK4 |
Hong Kong | JYLN Sager Ltd | Ordinary | |
Related party transactions | |
Company name | JYLN Sager Ltd |
Percentage of undertaking | 100% |
Reg office | HNK2 |
Hong Kong | LNRS Data Services (China) Ltd | Ordinary | |
Related party transactions | |
Company name | LNRS Data Services (China) Ltd |
Percentage of undertaking | 100% |
Reg office | HNK1 |
Hong Kong | Reed Exhibitions Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Exhibitions Ltd |
Percentage of undertaking | 100% |
Reg office | HNK4 |
Hong Kong | RELX (Greater China) Ltd | Ordinary | |
Related party transactions | |
Company name | RELX (Greater China) Ltd |
Percentage of undertaking | 100% |
Reg office | HNK3 |
India | FircoSoft India Private Ltd | Ordinary | |
Related party transactions | |
Company name | FircoSoft India Private Ltd |
Percentage of undertaking | 100% |
Reg office | IND2 |
India | Next Events Private Ltd | Ordinary | |
Related party transactions | |
Company name | Next Events Private Ltd |
Percentage of undertaking | 100% |
Reg office | IND1 |
India | Parity Computing India Private Ltd | Ordinary | |
Related party transactions | |
Company name | Parity Computing India Private Ltd |
Percentage of undertaking | 100% |
Reg office | IND3 |
India | Reed Elsevier Publishing (India) Private Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Elsevier Publishing (India) Private Ltd |
Percentage of undertaking | 100% |
Reg office | IND1 |
India | Reed Manch Exhibitions Private Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Manch Exhibitions Private Ltd |
Percentage of undertaking | 100% |
Reg office | IND1 |
India | Reed Triune Exhibitions Private Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Triune Exhibitions Private Ltd (72%) |
Percentage of undertaking | 72% |
Reg office | IND4 |
India | RELX India Private Ltd | Ordinary | |
Related party transactions | |
Company name | RELX India Private Ltd |
Percentage of undertaking | 100% |
Reg office | IND1 |
Indonesia | PT Reed Exhibitions Indonesia | Class A Preferred / Class B Common | |
Related party transactions | |
Company name | PT Reed Exhibitions Indonesia (70%) |
Percentage of undertaking | 70% |
Reg office | IDN1 |
Indonesia | PT RELX Information Analytics Indonesia | Ordinary | |
Related party transactions | |
Company name | PT RELX Information Analytics Indonesia |
Percentage of undertaking | 100% |
Reg office | IDN2 |
Irish Republic | Elsevier Services Ireland Ltd | Ordinary | |
Related party transactions | |
Company name | Elsevier Services Ireland Ltd |
Percentage of undertaking | 100% |
Reg office | IRL2 |
Irish Republic | LexisNexis Risk Solutions (Europe) Ltd | Ordinary | |
Related party transactions | |
Company name | LexisNexis Risk Solutions (Europe) Ltd |
Percentage of undertaking | 100% |
Reg office | IRL1 |
Irish Republic | LexisNexis Risk Solutions (Ireland) Ltd | Ordinary | |
Related party transactions | |
Company name | LexisNexis Risk Solutions (Ireland) Ltd |
Percentage of undertaking | 100% |
Reg office | IRL1 |
Irish Republic | 3D4Medical Ltd | Ordinary | |
Related party transactions | |
Company name | 3D4Medical Ltd |
Percentage of undertaking | 100% |
Reg office | IRL3 |
Israel | LexisNexis Israel Ltd | Ordinary | |
Related party transactions | |
Company name | LexisNexis Israel Ltd |
Percentage of undertaking | 100% |
Reg office | ISR1 |
Italy | Elsevier SRL | Registered capital | |
Related party transactions | |
Company name | Elsevier SRL |
Percentage of undertaking | 100% |
Reg office | ITA1 |
Italy | ICIS Italia SRL | Ordinary | |
Related party transactions | |
Company name | ICIS Italia SRL |
Percentage of undertaking | 100% |
Reg office | ITA2 |
Italy | RX Italy SRL | Ordinary | |
Related party transactions | |
Company name | RX Italy SRL |
Percentage of undertaking | 100% |
Reg office | ITA1 |
Related undertakings - Summar_2
Related undertakings - Summary of full list of related parties - Japan to United Kingdom (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Japan | Ascend Japan KK | Ordinary | |
Related party transactions | |
Company name | Ascend Japan KK |
Percentage of undertaking | 100% |
Reg office | JPN1 |
Japan | Elsevier Japan KK | Ordinary | |
Related party transactions | |
Company name | Elsevier Japan KK |
Percentage of undertaking | 100% |
Reg office | JPN2 |
Japan | LexisNexis Japan KK | Ordinary | |
Related party transactions | |
Company name | LexisNexis Japan KK |
Percentage of undertaking | 100% |
Reg office | JPN2 |
Japan | PatentSight Japan Inc | Common | |
Related party transactions | |
Company name | PatentSight Japan Inc. |
Percentage of undertaking | 100% |
Reg office | JPN2 |
Japan | RX Japan KK | Ordinary | |
Related party transactions | |
Company name | RX Japan KK |
Percentage of undertaking | 100% |
Reg office | JPN3 |
Korea (Republic of) | Elsevier Korea LLC | Ordinary | |
Related party transactions | |
Company name | Elsevier Korea LLC |
Percentage of undertaking | 100% |
Reg office | KOR1 |
Korea (Republic of) | LexisNexis Legal and Professional Service Korea Ltd | Ordinary | |
Related party transactions | |
Company name | LexisNexis Legal and Professional Service Korea Ltd |
Percentage of undertaking | 100% |
Reg office | KOR2 |
Korea (Republic of) | Reed Exhibitions Korea Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Exhibitions Korea Ltd |
Percentage of undertaking | 100% |
Reg office | KOR3 |
Korea (Republic of) | Reed Exporum Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Exporum Ltd (60%) |
Percentage of undertaking | 60% |
Reg office | KOR4 |
Korea (Republic of) | Reed K. Fairs Ltd | Ordinary | |
Related party transactions | |
Company name | Reed K. Fairs Ltd (70%) |
Percentage of undertaking | 70% |
Reg office | KOR3 |
Macau | Reed Exhibitions Macau Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Exhibitions Macau Ltd |
Percentage of undertaking | 100% |
Reg office | MAC1 |
Malaysia | LexisNexis Malaysia Sdn Bhd | Ordinary | |
Related party transactions | |
Company name | LexisNexis Malaysia Sdn Bhd |
Percentage of undertaking | 100% |
Reg office | MYS1 |
Mexico | Masson-Doyma Mexico, S.A. | Ordinary | |
Related party transactions | |
Company name | Masson-Doyma Mexico, S.A. |
Percentage of undertaking | 100% |
Reg office | MEX1 |
Mexico | Reed Exhibitions Mexico S.A. de C.V. | Fixed | |
Related party transactions | |
Company name | Reed Exhibitions Mexico S.A. de C.V. |
Percentage of undertaking | 100% |
Reg office | MEX2 |
Netherlands | AGRM Solutions C.V. | Partnership Interest | |
Related party transactions | |
Company name | AGRM Solutions C.V. |
Percentage of undertaking | 100% |
Reg office | NLD1 |
Netherlands | Caselex BV | Ordinary | |
Related party transactions | |
Company name | Caselex B.V. |
Percentage of undertaking | 100% |
Reg office | NLD1 |
Netherlands | Elsevier B.V. | Ordinary | |
Related party transactions | |
Company name | Elsevier B.V. |
Percentage of undertaking | 100% |
Reg office | NLD1 |
Netherlands | ICIS Benchmarking Europe B.V | Ordinary | |
Related party transactions | |
Company name | ICIS Benchmarking Europe B.V. |
Percentage of undertaking | 100% |
Reg office | NLD1 |
Netherlands | LexisNexis Business Information Solutions B.V. | Ordinary | |
Related party transactions | |
Company name | LexisNexis Business Information Solutions B.V. |
Percentage of undertaking | 100% |
Reg office | NLD1 |
Netherlands | LNRS Data Services BV | Ordinary | |
Related party transactions | |
Company name | LNRS Data Services B.V. |
Percentage of undertaking | 100% |
Reg office | NLD1 |
Netherlands | Misset Uitgeverij B.V. | Ordinary | |
Related party transactions | |
Company name | Misset Uitgeverij B.V. (49%) |
Percentage of undertaking | 49% |
Reg office | NLD2 |
Netherlands | RELX Employment Company B.V. | Ordinary | |
Related party transactions | |
Company name | RELX Employment Company B.V. |
Percentage of undertaking | 100% |
Reg office | NLD1 |
Netherlands | RELX Finance B.V. | Ordinary | |
Related party transactions | |
Company name | RELX Finance B.V. |
Percentage of undertaking | 100% |
Reg office | NLD1 |
Netherlands | RELX Holdings B.V. | Ordinary | |
Related party transactions | |
Company name | RELX Holdings B.V. |
Percentage of undertaking | 100% |
Reg office | NLD1 |
Netherlands | RELX Nederland B.V. | Ordinary | |
Related party transactions | |
Company name | RELX Nederland B.V. |
Percentage of undertaking | 100% |
Reg office | NLD1 |
Netherlands | RELX Overseas B.V. | Ordinary RE | |
Related party transactions | |
Company name | RELX Overseas B.V. |
Percentage of undertaking | 100% |
Reg office | NLD1 |
New Zealand | LexisNexis NZ Ltd | Ordinary | |
Related party transactions | |
Company name | LexisNexis NZ Ltd |
Percentage of undertaking | 100% |
Reg office | NZL1 |
Philippines | Reed Elsevier Shared Services (Philippines) Inc. | Common | |
Related party transactions | |
Company name | Reed Elsevier Shared Services (Philippines) Inc. |
Percentage of undertaking | 100% |
Reg office | PHL1 |
Poland | AI Digital Contracts Sp. z.o.o. | Ordinary | |
Related party transactions | |
Company name | AI Digital Contracts Sp. z.o.o. (75%) |
Percentage of undertaking | 75% |
Reg office | POL1 |
Poland | Elsevier Sp. z.o.o. | Ordinary | |
Related party transactions | |
Company name | Elsevier Sp. z.o.o. |
Percentage of undertaking | 100% |
Reg office | POL2 |
Russia | Elsevier LLC | Participations shares | |
Related party transactions | |
Company name | Elsevier LLC (Liquidation in progress) |
Percentage of undertaking | 100% |
Reg office | RUS2 |
Russia | LexisNexis LLC | Participations shares | |
Related party transactions | |
Company name | LexisNexis LLC (Liquidation in progress) |
Percentage of undertaking | 100% |
Reg office | RUS3 |
Russia | Real Estate Events Direct LLC | Participations shares | |
Related party transactions | |
Company name | Real Estate Events Direct LLC (80%) (Liquidation in progress) |
Percentage of undertaking | 80% |
Reg office | RUS1 |
Russia | RELX LLC | Participations shares | |
Related party transactions | |
Company name | RELX LLC (Liquidation in progress) |
Percentage of undertaking | 100% |
Reg office | RUS1 |
Singapore | Elsevier (Singapore) Pte Ltd | Ordinary | |
Related party transactions | |
Company name | Elsevier (Singapore) Pte Ltd |
Percentage of undertaking | 100% |
Reg office | SGP1 |
Singapore | Lexis-Nexis Philippines Pte Ltd | Ordinary-B, Preference | |
Related party transactions | |
Company name | Lexis-Nexis Philippines Pte Ltd |
Percentage of undertaking | 100% |
Reg office | SGP2 |
Singapore | LNRS Data Services Pte Ltd | Ordinary | |
Related party transactions | |
Company name | LNRS Data Services Pte Ltd |
Percentage of undertaking | 100% |
Reg office | SGP3 |
Singapore | RE (HAPL) Pte Ltd | Ordinary | |
Related party transactions | |
Company name | RE (HAPL) Pte Ltd |
Percentage of undertaking | 100% |
Reg office | SGP1 |
Singapore | RELX (Singapore) Pte. Ltd | Ordinary | |
Related party transactions | |
Company name | RELX (Singapore) Pte Ltd |
Percentage of undertaking | 100% |
Reg office | SGP2 |
South Africa | Globalrange SA (Pty) Ltd | Ordinary | |
Related party transactions | |
Company name | Globalrange SA (Pty) Ltd |
Percentage of undertaking | 100% |
Reg office | ZAF1 |
South Africa | LexisNexis (Pty) Ltd | A Ordinary | |
Related party transactions | |
Company name | LexisNexis (Pty) Ltd (78%) |
Percentage of undertaking | 78% |
Reg office | ZAF2 |
South Africa | LexisNexis Risk Management (Pty) Ltd | Ordinary | |
Related party transactions | |
Company name | LexisNexis Risk Management (Pty) Ltd (78%) |
Percentage of undertaking | 78% |
Reg office | ZAF2 |
South Africa | LexisNexis South Africa Shared Services (Pty) Ltd | Ordinary | |
Related party transactions | |
Company name | LexisNexis South Africa Shared Services (Pty) Ltd |
Percentage of undertaking | 100% |
Reg office | ZAF2 |
South Africa | Reed Events Management (Pty) Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Events Management (Pty) Ltd (90%) |
Percentage of undertaking | 90% |
Reg office | ZAF2 |
South Africa | Reed Exhibitions (Pty) Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Exhibitions (Pty) Ltd (90%) |
Percentage of undertaking | 90% |
Reg office | ZAF2 |
South Africa | Reed Exhibitions Group (Pty) Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Exhibitions Group (Pty) Ltd (90%) |
Percentage of undertaking | 90% |
Reg office | ZAF2 |
South Africa | Reed Venue Management (Pty) Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Venue Management (Pty) Ltd (90%) |
Percentage of undertaking | 90% |
Reg office | ZAF2 |
South Africa | RELX (Pty) Ltd | Ordinary | |
Related party transactions | |
Company name | RELX (Pty) Ltd |
Percentage of undertaking | 100% |
Reg office | ZAF2 |
Spain | Elsevier Espana SL | Participations shares | |
Related party transactions | |
Company name | Elsevier Espana SL |
Percentage of undertaking | 100% |
Reg office | ESP1 |
Sweden | Behaviometrics AB | Ordinary | |
Related party transactions | |
Company name | Behaviometrics AB |
Percentage of undertaking | 100% |
Reg office | SWE1 |
Switzerland | Fircosoft Schweiz GmbH | Ordinary | |
Related party transactions | |
Company name | Fircosoft Schweiz GmbH (Liquidation in progress) |
Percentage of undertaking | 100% |
Reg office | CHE1 |
Taiwan | Elsevier Taiwan LLC | Ordinary | |
Related party transactions | |
Company name | Elsevier Taiwan LLC |
Percentage of undertaking | 100% |
Reg office | TWN1 |
Thailand | Reed Tradex Company Ltd | Ordinary, Preference | |
Related party transactions | |
Company name | Reed Tradex Company Ltd (49%) |
Percentage of undertaking | 49% |
Reg office | THA1 |
Thailand | RELX Holding (Thailand) Co., Ltd | Ordinary | |
Related party transactions | |
Company name | RELX Holding (Thailand) Co., Ltd |
Percentage of undertaking | 100% |
Reg office | THA2 |
Thailand | RELX Information Analytics (Thailand) Co., Ltd | Ordinary | |
Related party transactions | |
Company name | RELX Information Analytics (Thailand) Co., Ltd |
Percentage of undertaking | 100% |
Reg office | THA3 |
Turkey | Elsevier STM Bilgi Hizmetleri Limited irketi | Ordinary | |
Related party transactions | |
Company name | Elsevier STM Bilgi Hizmetleri Limited Şirketi |
Percentage of undertaking | 100% |
Reg office | TUR1 |
Turkey | Mack Brooks Fuarcilik A.S | Registered capital | |
Related party transactions | |
Company name | Mack Brooks Fuarcilik A.S. |
Percentage of undertaking | 100% |
Reg office | TUR3 |
Turkey | Reed Tyap Fuarcilik A.. | A-Ordinary, B-Ordinary | |
Related party transactions | |
Company name | Reed Tüyap Fuarcilik A.S. (50%) |
Percentage of undertaking | 50% |
Reg office | TUR2 |
United Arab Emirates | Reed Exhibitions FZ-LLC | Ordinary | |
Related party transactions | |
Company name | Reed Exhibitions FZ-LLC |
Percentage of undertaking | 100% |
Reg office | UAE1 |
United Arab Emirates | RELX Middle East FZ-LLC | Ordinary | |
Related party transactions | |
Company name | RELX Middle East FZ-LLC |
Percentage of undertaking | 100% |
Reg office | UAE2 |
United Kingdom | 3rd Street Group Ltd | Ordinary | |
Related party transactions | |
Company name | 3rd Street Group Ltd |
Percentage of undertaking | 100% |
Reg office | GBR3 |
United Kingdom | Butterworths Ltd | Ordinary | |
Related party transactions | |
Company name | Butterworths Ltd |
Percentage of undertaking | 100% |
Reg office | GBR4 |
United Kingdom | Cordery Compliance Ltd | Ordinary | |
Related party transactions | |
Company name | Cordery Compliance Ltd (71%) |
Percentage of undertaking | 71% |
Reg office | GBR4 |
United Kingdom | Cordery Ltd | Ordinary | |
Related party transactions | |
Company name | Cordery Ltd (71%) |
Percentage of undertaking | 71% |
Reg office | GBR4 |
United Kingdom | Crediva Ltd | Ordinary | |
Related party transactions | |
Company name | Crediva Ltd |
Percentage of undertaking | 100% |
Reg office | GBR5 |
United Kingdom | Digital Foundry Network Ltd | Ordinary | |
Related party transactions | |
Company name | Digital Foundry Network Ltd (50%) |
Percentage of undertaking | 50% |
Reg office | GBR3 |
United Kingdom | E & P Events LLP | Membership Interest | |
Related party transactions | |
Company name | E & P Events LLP (50%) |
Percentage of undertaking | 50% |
Reg office | GBR3 |
United Kingdom | Elsevier Ltd | Ordinary | |
Related party transactions | |
Company name | Elsevier Ltd |
Percentage of undertaking | 100% |
Reg office | GBR6 |
United Kingdom | Emailage Ltd | Ordinary | |
Related party transactions | |
Company name | Emailage Ltd |
Percentage of undertaking | 100% |
Reg office | GBR5 |
United Kingdom | Gamer Network Ltd | Ordinary | |
Related party transactions | |
Company name | Gamer Network Ltd |
Percentage of undertaking | 100% |
Reg office | GBR3 |
United Kingdom | Gapsquare Ltd | A-Ordinary, B-Ordinary | |
Related party transactions | |
Company name | Gapsquare Ltd |
Percentage of undertaking | 100% |
Reg office | GBR2 |
United Kingdom | Hookshot Media Ltd | Ordinary | |
Related party transactions | |
Company name | Hookshot Media Ltd (23.5%) |
Percentage of undertaking | 23.50% |
Reg office | GBR8 |
United Kingdom | Interfolio UK Ltd | Ordinary | |
Related party transactions | |
Company name | Interfolio UK Ltd |
Percentage of undertaking | 100% |
Reg office | GBR10 |
United Kingdom | LexisNexis Risk Solutions UK Ltd | Ordinary | |
Related party transactions | |
Company name | LexisNexis Risk Solutions UK Ltd |
Percentage of undertaking | 100% |
Reg office | GBR5 |
United Kingdom | LNRS Data Services Holdings Ltd | Ordinary | |
Related party transactions | |
Company name | LNRS Data Services Holdings Ltd |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | LNRS Data Services Ltd | Ordinary | |
Related party transactions | |
Company name | LNRS Data Services Ltd |
Percentage of undertaking | 100% |
Reg office | GBR2 |
United Kingdom | Mack-Brooks Exhibitions Ltd | Ordinary | |
Related party transactions | |
Company name | Mack-Brooks Exhibitions Ltd |
Percentage of undertaking | 100% |
Reg office | GBR3 |
United Kingdom | MCM Expo Ltd | Ordinary | |
Related party transactions | |
Company name | MCM Expo Ltd |
Percentage of undertaking | 100% |
Reg office | GBR3 |
United Kingdom | Mendeley Ltd | Ordinary | |
Related party transactions | |
Company name | Mendeley Ltd |
Percentage of undertaking | 100% |
Reg office | GBR6 |
United Kingdom | MLex Ltd | Ordinary | |
Related party transactions | |
Company name | MLex Ltd |
Percentage of undertaking | 100% |
Reg office | GBR4 |
United Kingdom | Offshore Europe (Management) Ltd | Ordinary | |
Related party transactions | |
Company name | Offshore Europe (Management) Ltd |
Percentage of undertaking | 100% |
Reg office | GBR3 |
United Kingdom | Offshore Europe Partnership | Partnership Interest | |
Related party transactions | |
Company name | Offshore Europe Partnership (50%) |
Percentage of undertaking | 50% |
Reg office | GBR3 |
United Kingdom | Out There Gaming Ltd | Ordinary | |
Related party transactions | |
Company name | Out There Gaming Ltd (70%) |
Percentage of undertaking | 70% |
Reg office | GBR3 |
United Kingdom | Oxford Spires Management Co; Ltd | Ordinary | |
Related party transactions | |
Company name | Oxford Spires Management Co; Ltd (55%) |
Percentage of undertaking | 55% |
Reg office | GBR7 |
United Kingdom | RE (HPL) Ltd | Ordinary | |
Related party transactions | |
Company name | RE (HPL) Ltd |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | RE (RCB) Ltd | Ordinary | |
Related party transactions | |
Company name | RE (RCB) Ltd |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | RE Secretaries Ltd | Ordinary | |
Related party transactions | |
Company name | RE Secretaries Ltd |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | RE (SOE) Ltd | Ordinary | |
Related party transactions | |
Company name | RE (SOE) Ltd |
Percentage of undertaking | 100% |
Reg office | GBR3 |
United Kingdom | Reed Events Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Events Ltd |
Percentage of undertaking | 100% |
Reg office | GBR3 |
United Kingdom | Reed Exhibitions Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Exhibitions Ltd |
Percentage of undertaking | 100% |
Reg office | GBR3 |
United Kingdom | Reed Nominees Ltd | Ordinary | |
Related party transactions | |
Company name | Reed Nominees Ltd |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | RELX Finance Ltd | Ordinary | |
Related party transactions | |
Company name | RELX Finance Ltd |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | RELX Group plc | Ordinary | |
Related party transactions | |
Company name | RELX Group plc |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | RELX (Holdings) Ltd | Ordinary | |
Related party transactions | |
Company name | RELX (Holdings) Ltd |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | RELX (Investments) plc | Ordinary | |
Related party transactions | |
Company name | RELX (Investments) plc |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | RELX Overseas Holdings Ltd | Ordinary | |
Related party transactions | |
Company name | RELX Overseas Holdings Ltd |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | RELX (UK) Ltd | Ordinary | |
Related party transactions | |
Company name | RELX (UK) Ltd |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | REV GP (UK) LLP | Membership Interest | |
Related party transactions | |
Company name | REV GP (UK) LLP |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | REV Venture Partners Ltd | Ordinary | |
Related party transactions | |
Company name | REV Venture Partners Ltd |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | REV V LP | Partnership Interest | |
Related party transactions | |
Company name | REV V LP |
Percentage of undertaking | 100% |
Reg office | GBR1 |
United Kingdom | SciBite Ltd | A Ordinary, B Ordinary, C Ordinary | |
Related party transactions | |
Company name | SciBite Ltd |
Percentage of undertaking | 100% |
Reg office | GBR9 |
United Kingdom | Tracesmart Ltd | Ordinary | |
Related party transactions | |
Company name | Tracesmart Ltd |
Percentage of undertaking | 100% |
Reg office | GBR5 |
United Kingdom | TruNarrative Ltd | Ordinary | |
Related party transactions | |
Company name | TruNarrative Ltd |
Percentage of undertaking | 100% |
Reg office | GBR5 |
Related undertakings - Summar_3
Related undertakings - Summary of full list of related parties - United States to Vietnam (Details) | 12 Months Ended |
Dec. 31, 2022 | |
United States | Accuity Asset Verification Services Inc. | Common Stock. | |
Related party transactions | |
Company name | Accuity Asset Verification Services Inc. |
Percentage of undertaking | 100% |
Reg office | USA1 |
United States | Accuity Inc. | Common Stock. | |
Related party transactions | |
Company name | Accuity Inc. |
Percentage of undertaking | 100% |
Reg office | USA1 |
United States | American Textile Machinery Exhibition International Inc. | Common Stock. | |
Related party transactions | |
Company name | American Textile Machinery Exhibition International Inc. (40%) |
Percentage of undertaking | 40% |
Reg office | USA3 |
United States | Aries Systems Corporation | Common Stock. | |
Related party transactions | |
Company name | Aries Systems Corporation |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | BehavioSec Inc | Common Stock. | |
Related party transactions | |
Company name | BehavioSec Inc |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | Crop Data Management Systems, Inc. | Common Stock. | |
Related party transactions | |
Company name | Crop Data Management Systems, Inc. |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | Dunlap-Hanna Publishers | Partnership Interest | |
Related party transactions | |
Company name | Dunlap-Hanna Publishers (50%) |
Percentage of undertaking | 50% |
Reg office | USA7 |
United States | Elsevier Holdings Inc. | Common Stock. | |
Related party transactions | |
Company name | Elsevier Holdings Inc. |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | Elsevier Inc. | Common Stock. | |
Related party transactions | |
Company name | Elsevier Inc. |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | Elsevier Medical Information LLC | Membership Interest | |
Related party transactions | |
Company name | Elsevier Medical Information LLC |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | Elsevier STM Inc. | Common Stock. | |
Related party transactions | |
Company name | Elsevier STM Inc. |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | Emailage Corp. | Common Stock. | |
Related party transactions | |
Company name | Emailage Corp. |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | Enclarity, Inc. | Common Stock. | |
Related party transactions | |
Company name | Enclarity, Inc. |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | Flyreel Inc. | Common Stock. | |
Related party transactions | |
Company name | Flyreel Inc. |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | Gaming Business Asia LLC | Membership Interest | |
Related party transactions | |
Company name | Gaming Business Asia LLC (50%) |
Percentage of undertaking | 50% |
Reg office | USA3 |
United States | Health Market Science, Inc. | Common Stock. | |
Related party transactions | |
Company name | Health Market Science, Inc. |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | ID Analytics LLC | Membership Interest | |
Related party transactions | |
Company name | ID Analytics LLC |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | IDG-RBI China Publishers LLC | Membership Interest | |
Related party transactions | |
Company name | IDG-RBI China Publishers LLC (50%) |
Percentage of undertaking | 50% |
Reg office | USA3 |
United States | Interfolio, Inc. | Common Stock. | |
Related party transactions | |
Company name | Interfolio, Inc. |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | Interfolio Data 180, LLC | Membership Interest | |
Related party transactions | |
Company name | Interfolio Data 180, LLC |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | Knovel Corporation | Common Stock. | |
Related party transactions | |
Company name | Knovel Corporation |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | Knowable Inc | Common Stock. | |
Related party transactions | |
Company name | Knowable Inc (75%) |
Percentage of undertaking | 75% |
Reg office | USA3 |
United States | Legal InQuery Solutions Inc. | Common Stock. | |
Related party transactions | |
Company name | Legal InQuery Solutions Inc. |
Percentage of undertaking | 100% |
Reg office | USA8 |
United States | LexisNexis Claims Solutions Inc. | Common Stock. | |
Related party transactions | |
Company name | LexisNexis Claims Solutions Inc. |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | LexisNexis Coplogic Solutions Inc. | Common Stock. | |
Related party transactions | |
Company name | LexisNexis Coplogic Solutions Inc. |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | LexisNexis of Puerto Rico Inc. | Common Stock. | |
Related party transactions | |
Company name | LexisNexis of Puerto Rico Inc. |
Percentage of undertaking | 100% |
Reg office | USA8 |
United States | LexisNexis Risk Data Management LLC | Membership Interest | |
Related party transactions | |
Company name | LexisNexis Risk Data Management LLC |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | LexisNexis Risk Holdings Inc. | Common Stock. | |
Related party transactions | |
Company name | LexisNexis Risk Holdings Inc. |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | LexisNexis Risk Solutions Inc. | Common Stock. | |
Related party transactions | |
Company name | LexisNexis Risk Solutions Inc. |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | LexisNexis Risk Solutions FL Inc. | Common Stock. | |
Related party transactions | |
Company name | LexisNexis Risk Solutions FL Inc. |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | LexisNexis Special Services Inc. | Common Stock. | |
Related party transactions | |
Company name | LexisNexis Special Services Inc. |
Percentage of undertaking | 100% |
Reg office | USA6 |
United States | LexisNexis VitalChek Network Inc. | Common Stock. | |
Related party transactions | |
Company name | LexisNexis VitalChek Network Inc. |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | LNRS Data Services Inc. | Common Stock. | |
Related party transactions | |
Company name | LNRS Data Services Inc. |
Percentage of undertaking | 100% |
Reg office | USA5 |
United States | Matthew Bender & Company, Inc. | Common Stock. | |
Related party transactions | |
Company name | Matthew Bender & Company, Inc. |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | MLex US, Inc. | Common Stock. | |
Related party transactions | |
Company name | MLex US, Inc. |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | Parley Pro Inc. | Common Stock. | |
Related party transactions | |
Company name | Parley Pro Inc. |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | PCLaw Time Matters LLC | Membership Interest | |
Related party transactions | |
Company name | PCLaw Time Matters LLC (51%) |
Percentage of undertaking | 51% |
Reg office | USA3 |
United States | Portfolio Media, Inc. | Common Stock. | |
Related party transactions | |
Company name | Portfolio Media, Inc. |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | Reed Technology and Information Services Inc. | Membership Interest | |
Related party transactions | |
Company name | Reed Technology and Information Services LLC |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | RELX Capital Inc. | Common Stock. | |
Related party transactions | |
Company name | RELX Capital Inc. |
Percentage of undertaking | 100% |
Reg office | USA4 |
United States | RELX Inc. | Common Stock. | |
Related party transactions | |
Company name | RELX Inc. |
Percentage of undertaking | 100% |
Reg office | USA3 |
United States | RELX Risks Inc. | Common Stock. | |
Related party transactions | |
Company name | RELX Risks Inc. |
Percentage of undertaking | 100% |
Reg office | USA9 |
United States | REV IV Partnership LP | Partnership Interest | |
Related party transactions | |
Company name | REV IV Partnership LP |
Percentage of undertaking | 100% |
Reg office | USA4 |
United States | SAFI Americas LLC | Membership Interest | |
Related party transactions | |
Company name | SAFI Americas LLC (50%) |
Percentage of undertaking | 50% |
Reg office | USA3 |
United States | SageStream LLC | Membership Interest | |
Related party transactions | |
Company name | SageStream LLC |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | The Reed Elsevier Ventures 2005 Partnership LP | Partnership Interest | |
Related party transactions | |
Company name | The Reed Elsevier Ventures 2005 Partnership LP |
Percentage of undertaking | 100% |
Reg office | USA4 |
United States | The Reed Elsevier Ventures 2011 Partnership LP | Partnership Interest | |
Related party transactions | |
Company name | The Reed Elsevier Ventures 2011 Partnership LP |
Percentage of undertaking | 100% |
Reg office | USA4 |
United States | The Reed Elsevier Ventures 2013 Partnership LP | Partnership Interest | |
Related party transactions | |
Company name | The Reed Elsevier Ventures 2013 Partnership LP |
Percentage of undertaking | 100% |
Reg office | USA4 |
United States | The Remick Publishers | Partnership Interest | |
Related party transactions | |
Company name | The Remick Publishers (50%) |
Percentage of undertaking | 50% |
Reg office | USA7 |
United States | ThreatMetrix, Inc. | Common Stock. | |
Related party transactions | |
Company name | ThreatMetrix, Inc. |
Percentage of undertaking | 100% |
Reg office | USA2 |
United States | World Compliance, Inc. | Common Stock. | |
Related party transactions | |
Company name | World Compliance, Inc. |
Percentage of undertaking | 100% |
Reg office | USA4 |
Vietnam | Reed Tradex Vietnam LLC | Membership Interest | |
Related party transactions | |
Company name | Reed Tradex Vietnam LLC (49%) |
Percentage of undertaking | 49% |
Reg office | VIE1 |
5 year summary (Details)
5 year summary (Details) - GBP (£) £ / shares in Units, £ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of 5-year summary | |||||
Underlying revenue growth | 9% | 7% | (9.00%) | 4% | 4% |
Underlying adjusted operating profit growth | 15% | 13% | (18.00%) | 5% | 6% |
Adjusted earnings per share growth (at constant currency) | 10% | 17% | (15.00%) | 7% | 7% |
Adjusted revenue | £ 8,553 | £ 7,244 | £ 7,110 | £ 7,874 | £ 7,492 |
Adjusted operating profit | £ 2,683 | £ 2,210 | £ 2,076 | £ 2,491 | £ 2,346 |
Adjusted operating margin | 31.40% | 30.50% | 29.20% | 31.60% | 31.30% |
Adjusted profit before tax | £ 2,489 | £ 2,077 | £ 1,916 | £ 2,200 | £ 2,145 |
Adjusted net profit attributable to shareholders | £ 1,961 | £ 1,689 | £ 1,543 | £ 1,808 | £ 1,674 |
Adjusted net margin | 22.90% | 23.30% | 21.70% | 23% | 22.30% |
Adjusted cash flow | £ 2,709 | £ 2,230 | £ 2,009 | £ 2,402 | £ 2,243 |
Adjusted cash flow conversion | 101% | 101% | 97% | 96% | 96% |
Adjusted return on invested capital | 12.50% | 11.90% | 10.80% | 13.60% | 13.20% |
Adjusted earnings per ordinary share | £ 1.022 | £ 0.876 | £ 0.801 | £ 0.930 | £ 0.847 |
Ordinary dividend per share | £ 0.546 | £ 0.498 | £ 0.470 | £ 0.457 | £ 0.421 |
Revenue | £ 8,553 | £ 7,244 | £ 7,110 | £ 7,874 | £ 7,492 |
Reported operating profit | 2,323 | 1,884 | 1,525 | 2,101 | 1,964 |
Reported profit before tax | 2,113 | 1,797 | 1,483 | 1,847 | 1,720 |
Reported net profit attributable to shareholders | £ 1,634 | £ 1,471 | £ 1,224 | £ 1,505 | £ 1,422 |
Reported net margin | 19.10% | 20.30% | 17.20% | 19.10% | 19% |
Reported net debt | £ 6,604 | £ 6,017 | £ 6,898 | £ 6,191 | £ 6,177 |
Reported earnings per ordinary share | £ 0.852 | £ 0.763 | £ 0.635 | £ 0.774 | £ 0.719 |