2014

Thomson Reuters Reports Full-Year and Fourth-Quarter 2013 Results

NEW YORK, Feb. 12, 2014 /PRNewswire/ -- Thomson Reuters (TSX / NYSE: TRI) today reported results for the full year and fourth quarter ended December 31, 2013. The company achieved its 2013 Outlook, and today provided a business outlook for 2014.[1] Declines in earnings and profitability in both periods reflected previously announced charges (described below).

  • Revenues grew 2% for the full year and 1% for the fourth quarter, before currency
  • Including a $260 million charge in the fourth quarter, adjusted EBITDA was down 7% for the full year and down 32% for the fourth quarter
  • Including a $275 million charge in the fourth quarter, underlying operating profit was down 15% for the full year and down 50% for the fourth quarter
  • Full-year adjusted EPS was $1.54 vs. $1.89 in 2012 and fourth-quarter adjusted EPS was $0.21 vs. $0.54 in the prior-year period
  • Excluding the fourth-quarter charges, adjusted EPS was $1.83 for the full year and $0.49 for the quarter
  • The Board approved a $0.02 annual dividend increase to $1.32 per share; represents the 21st consecutive annual increase in the company's dividend

(Logo:  http://photos.prnewswire.com/prnh/20130208/MM57185LOGO )

"I am pleased that we were able to deliver on our full-year expectations, despite a tougher than expected external environment in the fourth quarter," said James C. Smith, chief executive officer of Thomson Reuters.

"More importantly, we took significant strides to position the company to thrive in future years. Our transformation initiatives are taking hold, costs are coming out and innovation is coming forth. Specifically, the charge we announced for 2013-14 is just one necessary element of the changes we have put in place to enable us to drive growth across the enterprise," said Mr. Smith.

"While the external headwinds were stronger than anticipated at year-end, particularly in Europe and the emerging markets, I am pleased with the progress we continued to make inside the company and with our customers. I am confident this progress will accelerate in 2014."

 

Consolidated Financial Highlights – Full Year 2013


Twelve Months Ended December 31,  

(Millions of U.S. dollars, except EPS and margins)

IFRS Financial Measures

2013

2012

Change


Revenues

$12,702

$13,132

-3%


Operating profit

$1,516

$2,570

-41%


Diluted earnings per share (EPS)

$0.16

$2.39

-93%


Cash flow from operations

$2,103

$2,658

-21%


Declines in IFRS operating profit and diluted EPS were due to previously announced charges and significantly higher prior-year gains related to divestitures, which were $829 million in 2012 versus $195 million in 2013. 2012 divestitures included the Healthcare business and 2013 divestitures included the Corporate Services business. Additionally, the company recorded $836 million in tax charges in 2013 related to the consolidation of its technology and content assets. The decline in cash flow from operations was principally due to a $500 million pension contribution in the fourth quarter of 2013.

Non-IFRS Financial Measures[2]

2013[3]




 Excluding Q4 Charges[4]


2012

Change


2013

Change


Revenues from ongoing businesses

$12,543

$12,443

1%


$12,543

1%


Revenue growth before currency



2%



2%


Adjusted EBITDA

$3,070

$3,310

-7%


$3,330

1%


Adjusted EBITDA margin

24.5%

26.6%

-210bp


26.5%

-10bp


Underlying operating profit

$1,881

$2,205

-15%


$2,156

-2%


Underlying operating profit margin

15.0%

17.7%

-270bp


17.2%

-50bp


Adjusted earnings per share (EPS)

$1.54

$1.89

-19%


$1.83

-3%


Free cash flow

$1,163

$1,737

-33%


$1,690

-3%


Free cash flow from ongoing businesses

$1,098

$1,516

-28%


$1,625

7%


Consolidated Financial Highlights – Fourth Quarter 2013


Three Months Ended December 31,  

(Millions of U.S. dollars, except EPS and margins)

IFRS Financial Measures

2013

2012

Change


Revenues

$3,278

$3,364

-3%


Operating profit

$213

$537

-60%


Diluted (loss) earnings per share (EPS)

($0.43)

$0.42

nm[5]


Cash flow from operations

$407

$945

-57%


The decline in IFRS operating profit and diluted EPS reflected the previously announced 2013 charges. Additionally, in the fourth quarter of 2013 the company recorded a $425 million tax charge related to the consolidation of its technology and content assets. The decline in cash flow from operations was principally due to the $500 million pension contribution in the fourth quarter of 2013.


Non-IFRS Financial Measures[2]





 Excluding Q4 Charges[6]


2013

2012

Change


2013

Change


Revenues from ongoing businesses

$3,265

$3,245

1%


$3,265

1%


Revenue growth before currency



1%



1%


Adjusted EBITDA

$610

$893

-32%


$870

-3%


Adjusted EBITDA margin

18.7%

27.5%

-880bp


26.6%

-90bp


Underlying operating profit

$302

$607

-50%


$577

-5%


Underlying operating profit margin

9.2%

18.7%

-950bp


17.7%

-100bp


Adjusted earnings per share (EPS)

$0.21

$0.54

-61%


$0.49

-9%


Free cash flow

$187

$707

-74%


$714

1%


Free cash flow from ongoing businesses

$198

$661

-70%


$725

10%


 

Full-Year Business Segment Highlights
Unless otherwise noted, all revenue growth comparisons in this news release are before the impact of foreign currency as Thomson Reuters believes this provides the best basis to measure the performance of its business.

Financial & Risk

  • Revenues were down 1% (down 3% organic) as growth in the Enterprise Content, FXall, Governance, Risk & Compliance and Elektron Managed Services businesses was more than offset by weakness in other segments, primarily the Equities and Fixed Income desktop businesses.
  • By geography, revenues in Europe, Middle East and Africa (EMEA) were down 3%, revenues in the Americas were up 1% (down 3% organic) and revenues in Asia were down 1%.  
  • As of January 31, 2014, billed Eikon desktops totaled approximately 119,000 and installed Eikon desktops totaled approximately 123,000 versus 76,000 and 96,000, respectively, on September 30, 2013.
  • EBITDA declined 14% due to lower organic revenue and fourth-quarter charges of $172 million. The margin was 21.9% compared to 24.9% in the prior year.
    • Excluding fourth-quarter charges of $172 million, EBITDA declined 4% with a margin of 24.5%.
  • Operating profit declined 25% due to lower organic revenue, fourth-quarter charges of $178 million and a $32 million increase in depreciation and amortization primarily from investments made in prior periods. The margin was 12.3% compared to 15.9% in the prior year.
    • Excluding fourth-quarter charges of $178 million, operating profit declined 8% with a margin of 15.0%.

Trading

  • Revenues decreased 6% due to Equities and Fixed Income desktop cancellations throughout 2013. 
  • Recoveries revenues were down 5%.

Investors

  • Revenues were flat versus the prior year. Enterprise Content revenues increased 7% helping to offset declines in other portions of the Investors business.  

Marketplaces

  • Revenues increased 2% (down 3% organic). FXall was up 11%, reflecting strong growth in volumes and an increased user base. This was offset by a decline in FX revenues for the year in other Marketplaces businesses.

Governance, Risk & Compliance

  • Revenues grew 14% (10% organic) to $247 million due to strong demand for regulatory and compliance products and services.

Legal

  • Revenues increased 3% (down 1% organic). The decline in organic revenues was attributable to the continuing decline in US print revenues and a 10% decline in revenues from the Latin American business. Excluding US print, Legal revenues grew 5% (up slightly organic).
  • US Law Firm Solutions revenues were flat with strong growth in Business of Law revenues (FindLaw and Elite) offset by a 1% decline in research-related revenues.
  • Corporate, Government & Academic revenues grew 1%.
  • Global businesses grew 14% (down 1% organic) driven by strong growth from Practical Law (formerly PLC) offset by a decline in Latin American revenues.
  • US print revenues declined 6% as firms continued to reduce discretionary spending.
  • EBITDA declined 4% due to fourth-quarter charges of $37 million as well as the decline in US print and Latin American revenues. The margin was 35.6% compared to 38.2% in the prior year due to the dilutive impact of the acquisition of PLC and the decline in US print and Latin American revenues.
    • Excluding fourth-quarter charges of $37 million, EBITDA declined 1% with a margin of 36.7%.
  • Operating profit was down 7% with a margin of 26.9% compared to 29.6% in the prior year. The decline in the margin reflected the same items that impacted EBITDA margin performance.
    • Excluding fourth-quarter charges of $37 million, operating profit declined 3% with a margin of 28.1%.

Tax & Accounting

  • Revenues increased 9% (5% organic). Professional was up 10%, Corporate was up 17% (9% organic) and Knowledge Solutions was up 6% (3% organic). Government-related revenues declined 33% but were up 7% in the fourth-quarter as performance has begun to improve.
  • EBITDA increased 7% primarily due to increased revenue with a margin of 30.4% compared to 30.3% in the prior year.
    • Excluding fourth-quarter charges of $9 million, EBITDA increased 10% with a margin of 31.1%.
  • Operating profit increased 8% with a margin of 20.7% compared to 20.5% in the prior year.
    • Excluding fourth-quarter charges of $9 million, operating profit increased 12% with a margin of 21.4%.

Intellectual Property & Science

  • Revenues increased 11% (4% organic), driven by strong growth in subscription and transaction revenues, which grew 12% and 6%, respectively. IP Solutions grew 14%, Life Sciences increased 7% and Scientific & Scholarly Research increased 7%.
  • EBITDA was unchanged primarily due to fourth-quarter charges of $23 million with a margin of 31.0% versus 33.9% in the prior year.
    • Excluding fourth-quarter charges of $23 million, EBITDA increased 8% with a margin of 33.3%.  
  • Operating profit declined 4% primarily due to fourth-quarter charges of $23 million with a margin of 22.9% compared to 26.3% in the prior year.
    • Excluding fourth-quarter charges of $23 million, operating profit increased 6% with a margin of 25.3%.

Fourth-Quarter Business Segment Highlights
Unless otherwise noted, all revenue growth comparisons in this news release are before the impact of foreign currency as Thomson Reuters believes this provides the best basis to measure the performance of its business.

Financial & Risk

  • Revenues were down 2% as a result of lower transaction volumes and declining subscription revenues driven by the impact of negative net sales in 2013. Organic revenues declined 3%.
  • Recurring subscription-related revenues decreased 2% (all organic) due to negative net sales in 2013. Transactions-related revenues increased 2% but were down 4% organically primarily due to lower market trading volumes in the foreign exchange and fixed income markets. Recoveries revenues were down 5% and outright revenues declined 1% (down 3% organic).
  • By geography, revenues in Europe, Middle East and Africa (EMEA) were down 3%, revenues in the Americas were down 3% (down 4% organic) and revenues in Asia were up 2%.  
  • EBITDA declined 45% primarily due to fourth-quarter charges of $172 million. The margin was 14.6% compared to 25.9% in the prior-year period.
    • Excluding fourth-quarter charges of $172 million, the EBITDA margin was 24.9%.
  • Operating profit declined 72% primarily due to fourth-quarter charges of $178 million. The margin was 4.8% compared to 16.9% in the prior-year period.
    • Excluding fourth-quarter charges of $178 million, operating profit declined 10% with a margin of 15.5%.

Trading

  • Revenues decreased 5% with growth in Elektron Managed Services more than offset by legacy desktop cancellations in Equities and Fixed Income. 
  • Recoveries revenues were down 4%.

Investors

  • Revenues increased 1% versus the prior-year period. Enterprise Content revenues increased 8% and Banking & Research grew low single digit but were somewhat offset by a decline in Investment Management revenues and a slight decline in Wealth Management revenues.

Marketplaces

  • Revenues decreased 2% (down 4% organic). FXall growth of 9% was more than offset by a decline in desktop revenues and a decline in other foreign exchange and fixed income transaction revenue resulting from continued lower market volumes.

Governance, Risk & Compliance

  • Revenues grew 13% (8% organic) to $69 million from strong sales growth and continued strong demand.

Legal

  • Revenues increased 2% (down 2% organic). The decline in organic revenues was attributable to declines in US print revenues and in the Latin American business. Excluding US and Latin American print, Legal organic revenues grew 1%.
  • US Law Firm Solutions revenues grew 1% with a 9% increase in the Business of Law revenues (FindLaw and Elite) offset by a 1% decline in research-related revenues.
  • Corporate, Government & Academic revenues grew 2%.
  • Global businesses grew 3% (down 9% organic) driven by strong growth from Practical Law (formerly PLC) offset by a decline in Latin American revenues.
  • US print revenues declined 5% and in the full-year 2013 represented 16% of total Legal revenues (24% in 2008).
  • The decline in Latin American-related revenues was due to a slowdown in emerging market growth, the roll-out of a new Order-to-Cash system and the harmonization of commercial policies in the region.
  • EBITDA declined 17% due to fourth-quarter charges of $37 million as well as the impact of US and Latin America print revenue declines. The margin was 31.3% compared to 38.3% in the prior-year period.
    • Excluding fourth-quarter charges of $37 million, EBITDA declined 6% with a margin of 35.6%.
  • Operating profit declined 23% with a margin of 22.9% versus 30.2% in the prior-year period. The decline in the margin reflected the same items that impacted EBITDA margin performance.
    • Excluding fourth-quarter charges of $37 million, operating profit declined 9% with a margin of 27.2%.

Tax & Accounting

  • Revenues increased 11% (7% organic) driven by strong growth from the Corporate business, up 17% (8% organic), and the Professional business, up 11%.
  • EBITDA increased 2% with a margin of 34.5% compared to 36.6% in the prior-year period. The margin decline was primarily due to fourth-quarter charges of $9 million.
    • Excluding fourth-quarter charges of $9 million, EBITDA increased 10% with a margin of 37.0%.
  • Operating profit increased 1% and the margin was 26.4% compared to 28.3% in the prior-year period.
    • Excluding fourth-quarter charges of $9 million, operating profit increased 10% with a margin of 28.8%.
  • Small movements in the timing of revenues and expenses can impact margins in any given quarter for the Tax & Accounting business. Full-year margins are more reflective of the segment's underlying performance.

Intellectual Property & Science

  • Revenues increased 11% (9% organic), driven by subscription revenue growth of 8% and transaction revenue growth of 16%. IP Solutions grew 6%, Life Sciences increased 18% and Scientific & Scholarly Research increased 13%.
  • EBITDA declined 11% primarily due to fourth-quarter charges of $23 million. The margin was 27.3% versus 33.6% in the prior-year period.
    • Excluding fourth-quarter charges of $23 million, EBITDA increased 17% with a margin of 35.6%.  
  • Operating profit declined 18% primarily due to fourth-quarter charges of $23 million. The margin was 19.6% compared to 26.4% in the prior-year period.
    • Excluding fourth-quarter charges of $23 million, operating profit increased 17% with a margin of 28.0%.
  • Small movements in the timing of revenues and expenses can impact margins in any given quarter for the Intellectual Property & Science business. Full-year margins are more reflective of the segment's underlying performance.

Corporate & Other (Including Reuters News)

Reuters News revenues for the full year 2013 were $331 million, up 2% from the prior year. Corporate & Other costs for the full year 2013 were $320 million, including fourth-quarter charges of $28 million, compared to $317 million in 2012.

Fourth-quarter Reuters News revenues were $86 million, unchanged from the prior-year period. Fourth-quarter Corporate & Other costs were $129 million including fourth-quarter charges of $28 million compared to $103 million in the prior-year period.

Business Outlook (Before Currency)

Thomson Reuters today issued its business outlook for 2014. The company expects:

  • revenues to be comparable to 2013;
  • adjusted EBITDA margin to range between 26% and 27%;
  • underlying operating profit margin to range between 17.0% and 18.0%; and
  • free cash flow to range between $1.3 billion and $1.5 billion in 2014.

In October 2013, the company stated that it planned to take a charge of approximately $350 million, most of which would be reflected in fourth-quarter 2013 results, with a portion reflected in 2014. The aggregate amount of the charge is now expected to be approximately $395 million, $275 million of which was incurred in 2013. The company's 2014 Outlook includes the impact of $120 million of charges expected to be incurred this year. The free cash flow Outlook for 2014 reflects the estimated impact of the charges incurred in 2013 and 2014 as well as the impact of the loss of free cash flow from disposals (approximately $375 million in aggregate). The information in this section is forward-looking and should be read in conjunction with the section below entitled "Special Note Regarding Forward-Looking Statements, Material Assumptions and Material Risks."

Dividend and Share Repurchases

The board of directors approved a $0.02 per share annualized increase in the dividend to $1.32 per share. A quarterly dividend of $0.33 per share is payable on March 17, 2014 to common shareholders of record as of February 24, 2014. This dividend increase marks the 21st consecutive annual dividend increase by the company.

In 2013, the company returned approximately $400 million to shareholders through the repurchase of approximately 10.9 million shares. Approximately $300 million of these repurchases in the fourth quarter of 2013 were part of the company's previously announced plans to repurchase up to $1 billion of its shares by the end of 2014.   

Thomson Reuters

Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges (symbol: TRI). For more information, go to www.thomsonreuters.com.

NON-IFRS FINANCIAL MEASURES

Thomson Reuters prepares its financial statements in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB).

This news release includes certain non-IFRS financial measures. Thomson Reuters uses these non-IFRS financial measures as supplemental indicators of its operating performance and financial position. These measures do not have any standardized meanings prescribed by IFRS and therefore are unlikely to be comparable to the calculation of similar measures used by other companies, and should not be viewed as alternatives to measures of financial performance calculated in accordance with IFRS. Non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the appended tables.

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS, MATERIAL ASSUMPTIONS AND MATERIAL RISKS

Certain statements in this news release, including, but not limited to, statements in the "Business Outlook (Before Currency)" section and Mr. Smith's comments, are forward-looking. Forward-looking statements also include expectations regarding the 2014 charges. As a result, forward-looking statements are subject to a number of risks and uncertainties that could cause actual results or events to differ materially from current expectations. There is no assurance that the events described in any forward-looking statement will materialize. A business outlook is provided for the purpose of presenting information about current expectations for 2014. This information may not be appropriate for other purposes. You are cautioned not to place undue reliance on forward-looking statements which reflect expectations only as of the date of this news release. Except as may be required by applicable law, Thomson Reuters disclaims any obligation to update or revise any forward-looking statements.

The company's 2014 business outlook is based on various external and internal assumptions. Economic and market assumptions include, but are not limited to, GDP growth in the countries where Thomson Reuters operates. Internal financial and operational assumptions include, but are not limited to, continuing operational improvement in the Financial & Risk business and the successful execution of the company's ongoing product release programs, globalization strategy, other growth initiatives and efficiency initiatives.

Some of the material risk factors that could cause actual results or events to differ materially from those expressed in or implied by forward-looking statements in this news release include, but are not limited to, changes in the general economy; actions of competitors; failure to develop new products, services, applications and functionalities to meet customers' needs, attract new customers or expand into new geographic markets and identify areas of higher growth; increased accessibility to free or relatively inexpensive information sources; failures or disruptions of network systems or the Internet; failure to maintain a high renewal rate for subscription-based services; dependency on third parties for data, information and other services; changes to law and regulations, including the impact of the Dodd-Frank legislation and similar financial services laws around the world; failure to adapt to recent organizational changes; failure to recruit, motivate and retain high quality management and key employees; failure to meet the challenges involved in operating globally; failure to derive fully the anticipated benefits from existing or future acquisitions, joint ventures, investments or dispositions; failure to protect the brands and reputation of Thomson Reuters; impairment of goodwill and identifiable intangible assets; inadequate protection of intellectual property rights; threat of legal actions and claims; risk of antitrust/competition-related claims or investigations; downgrading of credit ratings and adverse conditions in the credit markets; fluctuations in foreign currency exchange and interest rates; the effect of factors outside of the control of Thomson Reuters on funding obligations in respect of pension and post-retirement benefit arrangements; and actions or potential actions that could be taken by the company's principal shareholder, The Woodbridge Company Limited. These and other factors are discussed in materials that Thomson Reuters from time to time files with, or furnishes to, the Canadian securities regulatory authorities and the U.S. Securities and Exchange Commission. Thomson Reuters annual and quarterly reports are also available in the "Investor Relations" section of www.thomsonreuters.com. 

CONTACT

MEDIA

David Crundwell

Head of Corporate Affairs
+1 646 223 5285
david.crundwell@thomsonreuters.com

INVESTORS

Frank J. Golden
Senior Vice President, Investor Relations
+1 646 223 5288
frank.golden@thomsonreuters.com

Thomson Reuters will webcast a discussion of its full-year and fourth-quarter 2013 results today beginning at 8:30 a.m. Eastern Standard Time (EST).  You can access the webcast by visiting the "Investor Relations" section of www.thomsonreuters.com.  An archive of the webcast will be available following the presentation.

[1] The company's previously communicated 2013 Outlook excluded the fourth-quarter charges from adjusted EBITDA and underlying operating profit, as well as the associated cash payments and a $500 million pension contribution. See Appendix A for the company's results including and excluding these items.

[2] These and other non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the tables appended to this news release. Additional information is provided in the explanatory footnotes to the appended tables.

[3] In 2013, adjusted EBITDA and underlying operating profit were impacted by $357 million and $372 million of charges, respectively. The company's Outlook communicated in February 2013 included approximately $100 million of these charges.

[4] Results provided on this basis are consistent with the company's 2013 Outlook.

[5] nm – not meaningful

[6] Results exclude the fourth-quarter charges from adjusted EBITDA and underlying operating profit, as well as the associated cash payments and a $500 million pension contribution from free cash flow. See Appendix A for the company's results including and excluding these items.


Thomson Reuters Corporation
Business Segment Information
(millions of U.S. dollars)
(unaudited)

 



Three Months Ended












        December 31,


Change








2013

  2012 (1)


Total

Before Currency

Organic





Revenues













Trading


$622

$660


-6%

-5%

-5%





Investors


540

538


0%

1%

1%





Marketplaces


442

455


-3%

-2%

-4%





Governance, Risk & Compliance


69

61


13%

13%

8%





Financial & Risk


1,673

1,714


-2%

-2%

-3%





Legal


868

858


1%

2%

-2%





Tax & Accounting


368

339


9%

11%

7%





Intellectual Property & Science


275

250


10%

11%

9%





Corporate & Other (includes Reuters News)


86

87


-1%

0%

0%





Eliminations


(5)

(3)









Revenues from ongoing businesses (2)


3,265

3,245


1%

1%

-1%





Other Businesses (3)


13

119









Revenues


$3,278

$3,364


-3%

























































Margin



Adjusted EBITDA (4)





Change

2013

2012

Change


Financial & Risk


$244

$444


-45%

14.6%

25.9%

-1130bp


Legal


272

329


-17%

31.3%

38.3%

-700bp


Tax & Accounting


127

124


2%

34.5%

36.6%

-210bp


Intellectual Property & Science


75

84


-11%

27.3%

33.6%

-630bp


Corporate & Other (includes Reuters News)       


(108)

(88)







Adjusted EBITDA


$610

$893


-32%

18.7%

27.5%

-880bp












Underlying Operating Profit (5)










Financial & Risk


$81

$289


-72%

4.8%

16.9%

-1210bp


Legal


199

259


-23%

22.9%

30.2%

-730bp


Tax & Accounting


97

96


1%

26.4%

28.3%

-190bp


Intellectual Property & Science


54

66


-18%

19.6%

26.4%

-680bp


Corporate & Other (includes Reuters News)


(129)

(103)







Underlying operating profit


$302

$607


-50%

9.2%

18.7%

-950bp

















Refer to page 14 for explanation of footnotes.

 

Thomson Reuters Corporation
Business Segment Information
(millions of U.S. dollars)
(unaudited)

 



Twelve Months Ended













December 31,


Change




2013

  2012 (1)


Total

Before Currency

Organic





Revenues












Trading


$2,480

$2,645


-6%

-6%

-6%





Investors


2,142

2,168


-1%

0%

-1%





Marketplaces


1,779

1,770


1%

2%

-3%





Governance, Risk & Compliance


247

219


13%

14%

10%





Financial & Risk


6,648

6,802


-2%

-1%

-3%





Legal


3,351

3,266


3%

3%

-1%





Tax & Accounting


1,243

1,161


7%

9%

5%





Intellectual Property & Science


982

894


10%

11%

4%





Corporate & Other (includes Reuters News)


331

331


0%

2%

2%





Eliminations


(12)

(11)









Revenues from ongoing businesses (2)


12,543

12,443


1%

2%

-1%





Other Businesses (3)


159

689









Revenues


$12,702

$13,132


-3%


















































Margin


Adjusted EBITDA (4)






Change

2013

2012

Change


Financial & Risk


$1,457

$1,691


-14%

21.9%

24.9%

-300bp


Legal


1,194

1,246


-4%

35.6%

38.2%

-260bp


Tax & Accounting


378

352


7%

30.4%

30.3%

10bp


Intellectual Property & Science


304

303


0%

31.0%

33.9%

-290bp


Corporate & Other (includes Reuters News)


(263)

(282)







Adjusted EBITDA


$3,070

$3,310


-7%

24.5%

26.6%

-210bp












Underlying Operating Profit (5)










Financial & Risk


$816

$1,082


-25%

12.3%

15.9%

-360bp


Legal


903

967


-7%

26.9%

29.6%

-270bp


Tax & Accounting


257

238


8%

20.7%

20.5%

20bp


Intellectual Property & Science


225

235


-4%

22.9%

26.3%

-340bp


Corporate & Other (includes Reuters News)


(320)

(317)







Underlying operating profit


$1,881

$2,205


-15%

15.0%

17.7%

-270bp
















Refer to page 14 for explanation of footnotes.

 

Thomson Reuters Corporation
Reconciliation of Operating Profit to Adjusted EBITDA (4)
(millions of U.S. dollars)
(unaudited)

 

 


Three Months Ended



Twelve Months Ended


December 31,



December 31,



2013

       2012 (1)

Change


2013

       2012 (1)

Change









Operating profit

$213

$537

-60%


$1,516

$2,570

-41%

Adjustments to remove:








     Amortization of other identifiable intangible assets

159

160



641

619


     Fair value adjustments

7

15



(14)

36


     Other operating gains, net

(74)

(81)



(198)

(883)


     Operating profit from Other Businesses (3)

(3)

(24)



(64)

(137)


Underlying operating profit

$302

$607

-50%


$1,881

$2,205

-15%

Remove:








Depreciation and amortization of computer

 software (excluding Other Businesses (3))

308

286



1,189

1,105


Adjusted EBITDA

$610

$893

-32%


$3,070

$3,310

-7%









Underlying operating profit margin (5)

9.2%

18.7%

-950bp


15.0%

17.7%

-270bp

Adjusted EBITDA margin (4)

18.7%

27.5%

-880bp


24.5%

26.6%

-210bp










 

Thomson Reuters Corporation
Reconciliation of (Loss) Earnings from Continuing Operations to Adjusted EBITDA (4)
(millions of U.S. dollars)
(unaudited)

 


Three Months Ended



Twelve Months Ended


December 31,



December 31,



2013

       2012 (1)

Change


2013

       2012 (1)

Change









(Loss) earnings from continuing operations

($347)

$365

nm


$175

$2,040

-91%

Adjustments to remove:








Tax expense

425

43



848

126


Other finance costs (income)

19

4



53

(40)


Net interest expense

112

111



460

453


Amortization of other identifiable intangible assets

159

160



641

619


Amortization of computer software

202

182



773

691


Depreciation

106

105



416

425


EBITDA

$676

$970



$3,366

$4,314


Adjustments to remove:








Share of post-tax earnings and impairment in

equity method investments

4

14



(20)

(9)


Other operating gains, net

(74)

(81)



(198)

(883)


Fair value adjustments

7

15



(14)

36


EBITDA from Other Businesses (3)

(3)

(25)



(64)

(148)


Adjusted EBITDA

$610

$893

-32%


$3,070

$3,310

-7%

 

nm = not meaningful

Refer to page 14 for explanation of footnotes.

 

Thomson Reuters Corporation
Reconciliation of Underlying Operating Profit (5) to Adjusted EBITDA (4) by Business Segment
(millions of U.S. dollars)
(unaudited)

 


Three Months Ended

December 31, 2013


Three Months Ended

December 31, 2012 (1)


Underlying

Operating Profit

Add:

Depreciation

and

Amortization

 of Computer Software  **

Adjusted

EBITDA


Underlying

 Operating Profit

Add:

Depreciation and Amortization of Computer Software **

Adjusted

EBITDA









Financial & Risk

$81

$163

$244


$289

$155

$444

Legal

199

73

272


259

70

329

Tax & Accounting

97

30

127


96

28

124

Intellectual Property & Science

54

21

75


66

18

84

Corporate & Other (includes Reuters News)

(129)

21

(108)


(103)

15

(88)


$302

$308

$610


$607

$286

$893

 


Twelve Months Ended

December 31, 2013


Twelve Months Ended

December 31, 2012 (1)


Underlying

Operating Profit

Add:

Depreciation

and

Amortization

 of Computer Software  **

Adjusted

EBITDA


Underlying

 Operating Profit

Add:

Depreciation and Amortization of Computer Software **

Adjusted

EBITDA









Financial & Risk

$816

$641

$1,457


$1,082

$609

$1,691

Legal

903

291

1,194


967

279

1,246

Tax & Accounting

257

121

378


238

114

352

Intellectual Property & Science

225

79

304


235

68

303

Corporate & Other (includes Reuters News)

(320)

57

(263)


(317)

35

(282)


$1,881

$1,189

$3,070


$2,205

$1,105

$3,310

 

** excludes Other Businesses (3)

Refer to page 14 for explanation of footnotes.


Thomson Reuters Corporation
Reconciliation of (Loss) Earnings Attributable to Common Shareholders
to Adjusted Earnings (6)
(millions of U.S. dollars, except as otherwise indicated and except for per share data)
(unaudited)

 


Three Months Ended


Twelve Months Ended


December 31,


December 31,


2013

2012 (1)


2013

2012 (1)

(Loss) earnings attributable to common shareholders

($351)

$352


$137

$1,989

Adjustments to remove:






Operating profit from Other Businesses (3)

(3)

(24)


(64)

(137)

Fair value adjustments

7

15


(14)

36

Other operating gains, net

(74)

(81)


(198)

(883)

Other finance costs (income)

19

4


53

(40)

Share of post-tax earnings and impairment in equity method  investments

4

14


(20)

(9)

Tax on above items

24

36


64

251

Discrete tax items

406

(30)


773

(254)

Amortization of other identifiable intangible assets

159

160


641

619

Discontinued operations

(4)

(3)


(10)

(2)

Interim period effective tax rate normalization (7)

(3)

8


-

-

Tax charge amortization (8)

(13)

-


(76)

-

Dividends declared on preference shares

(1)

(1)


(3)

(3)

Adjusted earnings

$170

$450


$1,283

$1,567

Adjusted earnings per share

$0.21

$0.54


$1.54

$1.89







Diluted weighted-average common shares (millions)

828.6

829.2


831.0

829.6

 

 

Thomson Reuters Corporation
Reconciliation of Net Cash Provided by Operating Activities
to Free Cash Flow from Ongoing Businesses (9)
(millions of U.S. dollars)
(unaudited)

 


Three Months Ended

Twelve Months Ended

December 31,

December 31,


2013

2012 (1)

2013

2012 (1)

Net cash provided by operating activities

$407

$945

$2,103

$2,658

Capital expenditures, less proceeds from disposals

(253)

(249)

(1,004)

(964)

Other investing activities

34

12

67

46

Dividends paid on preference shares

(1)

(1)

(3)

(3)

Free cash flow

187

707

1,163

1,737

Remove: Other Businesses (3)

11

(46)

(65)

(221)

Free cash flow from ongoing businesses

$198

$661

$1,098

$1,516

 

Refer to page 14 for explanation of footnotes.

Footnotes

(1)    Prior-period amounts have been revised to reflect the retrospective application of amendments to IAS 19, Employee Benefits and the adoption of IFRS 11, Joint Arrangements.

(2)    Revenues from ongoing businesses are revenues from reportable segments and Corporate & Other (which includes Reuters News) less eliminations. Other Businesses (see note (3) below) are excluded.

(3)    Other Businesses are businesses that have been or are expected to be exited through sale or closure that did not qualify for discontinued operations classification.

 

(millions of U.S. dollars)

Three Months Ended


Twelve Months Ended


December 31,


December 31,

Other Businesses

2013

2012


2013

2012







Revenues

$13

$119


$159

$689







Operating profit

$3

$24


$64

$137

Depreciation and amortization of computer software

-

1


-

11

EBITDA

$3

$25


$64

$148

 

(4)     Thomson Reuters defines adjusted EBITDA as underlying operating profit excluding the related depreciation and amortization of computer software. Adjusted EBITDA margin is adjusted EBITDA expressed as a percentage of revenues from ongoing businesses.

(5)     Underlying operating profit is operating profit from reportable segments and Corporate & Other (includes Reuters News). Underlying operating profit margin is the underlying operating profit expressed as a percentage of revenues from ongoing businesses.

(6)     Adjusted earnings and adjusted earnings per share include dividends declared on preference shares and amortization of the tax charges associated with the consolidation of technology and content assets but exclude the pre-tax impacts of amortization of other identifiable intangible assets as well as the post-tax impacts of fair value adjustments, other operating (gains) and losses, certain impairment charges, the results of Other Businesses (see note (3) above), other finance (income) costs, Thomson Reuters share of post-tax (earnings) losses in equity method investments, discontinued operations and other items affecting comparability. Adjusted earnings per share is calculated using diluted weighted-average shares and does not represent actual earnings or loss per share attributable to shareholders.

Because Thomson Reuters reported a net loss from continuing operations under IFRS for the three months ended December 31, 2013, the weighted average number of common shares used for basic and diluted loss per share is the same, as the effect of stock options and other equity incentive awards would reduce the loss per share, and therefore be anti-dilutive. Since our non-IFRS measure "adjusted earnings" is a profit, potential common shares are included, as they lower adjusted EPS and are therefore dilutive.

The following table reconciles IFRS and non-IFRS common share information:

 

(weighted average common shares)

Three Months Ended

December 31, 2013



IFRS: Basic and Diluted

825,270,499

Effect of stock options and other equity incentive awards

3,355,232

Non- IFRS

828,625,731

 

(7)    Adjustment to reflect income taxes based on estimated full-year effective tax rate. Reported earnings or loss for interim periods reflect income taxes based on the estimated effective tax rates of each of the jurisdictions in which Thomson Reuters operates. The adjustment reallocates estimated full-year income taxes between interim periods, but has no effect on full-year income taxes.

(8)    Reflects amortization of the tax charges associated with the consolidation of the ownership and management of technology and content assets. For the non-IFRS measure, the majority of the charges are amortized over seven years, the period over which the tax is expected to be paid.

(9)    Free cash flow is net cash provided by operating activities less capital expenditures, other investing activities and dividends paid on the company's preference shares. Other Businesses (see note (3) above) are also removed to arrive at free cash flow from ongoing businesses.


 

Thomson Reuters Corporation
Consolidated Income Statement
(millions of U.S. dollars, except per share data)
(unaudited)






Three Months Ended


Twelve Months Ended


December 31,


December 31,


2013

2012 (1)


2013

2012 (1)







Revenues

$3,278

$3,364


$12,702

$13,132

Operating expenses

(2,672)

(2,461)


(9,554)

(9,710)

Depreciation

(106)

(105)


(416)

(425)

Amortization of computer software

(202)

(182)


(773)

(691)

Amortization of other identifiable intangible assets

(159)

(160)


(641)

(619)

Other operating gains, net

74

81


198

883

Operating profit

213

537


1,516

2,570

Finance costs, net:






     Net interest expense

(112)

(111)


(460)

(453)

     Other finance (costs) income

(19)

(4)


(53)

40

Income before tax and equity method investments

82

422


1,003

2,157

Share of post-tax earnings and impairment in equity method investments

(4)

(14)


20

9

Tax expense

(425)

(43)


(848)

(126)

(Loss) earnings from continuing operations

(347)

365


175

2,040

Earnings from discontinued operations, net of tax

4

3


10

2

Net (loss) earnings

($343)

$368


$185

$2,042







(Loss) earnings attributable to:






Common shareholders

(351)

352


137

1,989

Non-controlling interests

8

16


48

53







Basic (loss) earnings per share

($0.43)

$0.42


$0.16

$2.40

Diluted (loss) earnings per share

($0.43)

$0.42


$0.16

$2.39







Basic weighted-average common shares

825,270,499

827,175,200


828,235,931

827,640,398

Diluted weighted-average common shares

825,270,499

829,180,975


830,984,677

829,603,780

 

(1)     Prior-period amounts have been revised to reflect the retrospective application of amendments to IAS 19, Employee Benefits and the adoption of IFRS 11, Joint Arrangements.


Thomson Reuters Corporation
Consolidated Statement of Financial Position
(millions of U.S. dollars)
(unaudited)


December 31,


December 31,

2013


2012 (1)

Assets




Cash and cash equivalents

$1,316


$1,283

Trade and other receivables

1,751


1,818

Other financial assets

183


72

Prepaid expenses and other current assets

650


638

Current assets excluding assets held for sale

3,900


3,811

Assets held for sale

-


302

Current assets

3,900


4,113





Computer hardware and other property, net

1,291


1,416

Computer software, net

1,622


1,659

Other identifiable intangible assets, net

7,890


8,134

Goodwill

16,871


16,251

Other financial assets

192


355

Other non-current assets

583


559

Deferred tax

90


50

Total assets

$32,439


$32,537

Liabilities and equity




Liabilities




Current indebtedness

$596


$1,008

Payables, accruals and provisions

2,624


2,612

Deferred revenue

1,348


1,222

Other financial liabilities

193


95

Current liabilities excluding liabilities associated with assets held for sale

4,761


4,937

Liabilities associated with assets held for sale

-


35

Current liabilities

4,761


4,972





Long-term indebtedness

7,470


6,223

Provisions and other non-current liabilities

1,759


2,502

Other financial liabilities

102


37

Deferred tax

1,917


1,305

Total liabilities

16,009


15,039

Equity




Capital

10,347


10,371

Retained earnings

7,303


8,311

Accumulated other comprehensive loss

(1,614)


(1,537)

Total shareholders' equity

16,036


17,145

Non-controlling interests

394


353

Total equity

16,430


17,498

Total liabilities and equity

$32,439


$32,537

(1)    Prior-period amounts have been revised to reflect the retrospective application of amendments to IAS 19, Employee Benefits and the adoption of IFRS 11, Joint Arrangements.

 


Thomson Reuters Corporation
Consolidated Statement of Cash Flow
(millions of U.S. dollars)
(unaudited)







Three Months Ended

December 31,


Twelve Months Ended

December 31,



2013

2012 (1)


2013

2012 (1)

Cash provided by (used in):







Operating activities







Net (loss) earnings

($343)

$368


$185

$2,042

Adjustments for:






Depreciation

106

105


416

425

Amortization of computer software

202

182


773

691

Amortization of other identifiable intangible assets

159

160


641

619

Net gains on disposals of businesses and investments

(38)

(14)


(195)

(829)

Deferred tax

138

90


434

(149)

Other

77

-


289

18

Pension contributions

(500)

-


(500)

-

Changes in working capital and other items

606

54


60

(159)

Net cash provided by operating activities

407

945


2,103

2,658







Investing activities






Acquisitions, net of cash acquired

(254)

(26)


(1,241)

(1,301)

Proceeds from disposals of businesses and  investments, net of taxes paid

195

94


550

1,901

Capital expenditures, less proceeds from disposals

(253)

(249)


(1,004)

(964)

Other investing activities

34

12


67

46

Investing cash flows from continuing operations

(278)

(169)


(1,628)

(318)

Investing cash flows from discontinued operations

(4)

-


6

90

Net cash used in investing activities

(282)

(169)


(1,622)

(228)







Financing activities






Proceeds from debt

1,974

-


3,268

-

Repayments of debt

(800)

-


(2,240)

(2)

Net (repayments) borrowings under short-term loan facilities

(5)

1


(3)

(422)

Repurchases of common shares

(300)

-


(400)

(168)

Dividends paid on preference shares

(1)

(1)


(3)

(3)

Dividends paid on common shares

(260)

(255)


(1,038)

(1,021)

Other financing activities

(23)

13


(19)

65

Net cash provided by (used in) financing activities

585

(242)


(435)

(1,551)







Translation adjustments on cash and cash equivalents

(1)

(2)


(13)

-

Increase in cash and cash equivalents

709

532


33

879

Cash and cash equivalents at beginning of period

607

751


1,283

404

Cash and cash equivalents at end of period

$1,316

$1,283


$1,316

$1,283












(1)    Prior-period amounts have been revised to reflect the retrospective application of amendments to IAS 19, Employee Benefits and the adoption of IFRS 11, Joint Arrangements.


Appendix A

The following supplemental information is provided to facilitate comparison to our 2013 business outlook, which excluded previously announced fourth-quarter charges and a $500 million pension contribution(1).  

Thomson Reuters Corporation
Consolidated Financial Highlights
(unaudited)

 

Three Months Ended December 31,

(Millions of U.S. dollars, except EPS and margins)


Non-IFRS Financial Measures (2)

 

2013

Actual

 

Charge

 

Pension

 

2013 Excluding Charge and Pension

 

2012

 

Change (3)




Revenues from ongoing businesses

$3,265

-

-

$3,265

$3,245

1%




Revenue growth before currency






1%




Adjusted EBITDA

$610

$260

-

$870

$893

-3%




Adjusted EBITDA margin

18.7%

-

-

26.6%

27.5%

-90bp




Underlying operating profit

$302

$275

-

$577

$607

-5%




Underlying operating profit margin

9.2%

-

-

17.7%

18.7%

-100bp




Adjusted earnings per share (EPS)

$0.21

$0.28

-

$0.49

$0.54

-9%




Free cash flow

$187

$27

$500

$714

$707

1%




Free cash flow from ongoing businesses

$198

$27

$500

$725

$661

10%















Twelve Months Ended December 31,

(Millions of U.S. dollars, except EPS and margins)


Non-IFRS Financial Measures (2)

 

2013

Actual

 

Charge

 

Pension

 

2013 Excluding Charge and Pension

 

2012

 

Change (3)




Revenues from ongoing businesses

$12,543

-

-

$12,543

$12,443

1%




Revenue growth before currency






2%




Adjusted EBITDA

$3,070

$260

-

$3,330

$3,310

1%




Adjusted EBITDA margin

24.5%

-

-

26.5%

26.6%

-10bp




Underlying operating profit

$1,881

$275

-

$2,156

$2,205

-2%




Underlying operating profit margin

15.0%

-

-

17.2%

17.7%

-50bp




Adjusted earnings per share (EPS)

$1.54

$0.29

-

$1.83

$1.89

-3%




Free cash flow

$1,163

$27

$500

$1,690

$1,737

-3%




Free cash flow from ongoing businesses

$1,098

$27

$500

$1,625

$1,516

7%















(1)     In this appendix, the  following previously announced items are added back to the company's 2013 actual non-IFRS results to facilitate comparison to our 2013 business outlook:

a.      Fourth quarter charges of $260 million and $275 million, which impacted adjusted EBITDA and underlying operating profit, respectively;

b.      Cash payments in 2013 associated with these charges which impacted free cash flow by $27 million; and  

c.      A $500 million pension contribution which impacted free cash flow.

(2)     These and other non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the tables appended to this news release. Additional information is provided in the explanatory footnotes on page 14.

(3)     Based on 2013 actual non-IFRS results excluding the previously announced fourth-quarter charges and pension contribution.


Appendix A

The following supplemental information is provided to facilitate comparison to our 2013 business outlook, which excluded previously announced fourth-quarter charges(1).  

                                                         

Thomson Reuters Corporation  
Business Segment Information
(millions of U.S. dollars)
(unaudited)

 



Three Months Ended   December 31,


Change






















Revenues


2013(2)

  2012(2)


Total

Before

Currency

Organic


Trading


$622

$660


-6%

-5%

-5%


Investors


540

538


0%

1%

1%


Marketplaces


442

455


-3%

-2%

-4%


Governance, Risk & Compliance


69

61


13%

13%

8%


Financial & Risk


1,673

1,714


-2%

-2%

-3%


Legal


868

858


1%

2%

-2%


Tax & Accounting


368

339


9%

11%

7%


Intellectual Property & Science


275

250


10%

11%

9%


Corporate & Other (includes Reuters News)


86

87


-1%

0%

0%


Eliminations


(5)

(3)






Revenues from ongoing

businesses


3,265

3,245


1%

1%

-1%


Other Businesses


13

119






Revenues


$3,278

$3,364


-3%



























Margin







Adjusted EBITDA


2013

Actual (2)

Remove Charge

2013

Excluding

Charge

2012 (2)


Change

Total (3)


2013(3)

2012

Change(3)






Financial & Risk


$244

$172

$416

$444


-6%


24.9%

25.9%

-100bp




Legal


272

37

309

329


-6%


35.6%

38.3%

-270bp




Tax & Accounting


127

9

136

124


10%


37.0%

36.6%

40bp




Intellectual Property & Science


75

23

98

84


17%


35.6%

33.6%

200bp




Corporate & Other (includes Reuters News)


(108)

19

(89)

(88)










Adjusted EBITDA


$610

$260

$870

$893


-3%


26.6%

27.5%

-90bp





















Underlying Operating Profit
















Financial & Risk


$81

$178

$259

$289


-10%


15.5%

16.9%

-140bp





Legal


199

37

236

259


-9%


27.2%

30.2%

-300bp





Tax & Accounting


97

9

106

96


10%


28.8%

28.3%

50bp





Intellectual Property & Science


54

23

77

66


17%


28.0%

26.4%

160bp





Corporate & Other (includes Reuters News)


(129)

28

(101)

(103)











Underlying operating profit


$302

$275

$577

$607


-5%


17.7%

18.7%

-100bp





















(1)     In this appendix, the previously announced items of fourth-quarter charges of $260 million and $275 million, which impacted adjusted EBITDA and underlying operating profit, respectively, are added back to the company's 2013 actual non-IFRS results to facilitate comparison to our 2013 business outlook.

(2)     These and other non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the tables appended to this news release. Additional information is provided in the explanatory footnotes on page 14.

(3)     Based on 2013 actual non-IFRS results excluding the previously announced fourth-quarter charges.


Appendix A

The following supplemental information is provided to facilitate comparison to our 2013 business outlook, which excluded previously announced fourth-quarter charges(1).  

 

Thomson Reuters Corporation    
Business Segment Information
(millions of U.S. dollars)
(unaudited)

 







Twelve Months Ended
December 31,


 

Change




















Revenues


2013(2)

  2012(2)


Total

Before

Currency

Organic


Trading


$2,480

$2,645


-6%

-6%

-6%


Investors


2,142

2,168


-1%

0%

-1%


Marketplaces


1,779

1,770


1%

2%

-3%


Governance, Risk & Compliance


247

219


13%

14%

10%


Financial & Risk


6,648

6,802


-2%

-1%

-3%


Legal


3,351

3,266


3%

3%

-1%


Tax & Accounting


1,243

1,161


7%

9%

5%


Intellectual Property & Science


982

894


10%

11%

4%


Corporate & Other (includes Reuters News)


331

331


0%

2%

2%


Eliminations


(12)

(11)






Revenues from ongoing businesses


12,543

12,443


1%

2%

-1%


Other Businesses


159

689






Revenues


$12,702

$13,132


-3%























Margin (3)









Adjusted EBITDA


2013

Actual (2)

Remove Charge

2013

Excluding

Charge

2012 (2)


Change

Total (3)


2013(3)

2012

Change(3)



Financial & Risk


$1,457

$172

$1,629

$1,691


-4%


24.5%

24.9%

-40bp




Legal


1,194

37

1,231

1,246


-1%


36.7%

38.2%

-150bp




Tax & Accounting


378

9

387

352


10%


31.1%

30.3%

80bp




Intellectual Property & Science


304

23

327

303


8%


33.3%

33.9%

-60bp




Corporate & Other (includes Reuters News)


(263)

19

(244)

(282)













Adjusted EBITDA


$3,070

$260

$3,330

$3,310


1%


26.5%

26.6%

-10bp























Underlying Operating Profit

















Financial & Risk


$816

$178

$994

$1,082


-8%


15.0%

15.9%

-90bp






Legal


903

37

940

967


-3%


28.1%

29.6%

-150bp






Tax & Accounting


257

9

266

238


12%


21.4%

20.5%

90bp






Intellectual Property & Science


225

23

248

235


6%


25.3%

26.3%

-100bp






Corporate & Other (includes Reuters News)


(320)

28

(292)

(317)












Underlying operating profit


$1,881

$275

$2,156

$2,205


-2%


17.2%

17.7%

-50bp








































(1)     In this appendix, the previously announced items of fourth-quarter charges of $260 million and $275 million, which impacted adjusted EBITDA and underlying operating profit, respectively, are added back to the company's 2013 actual non-IFRS results to facilitate comparison to our 2013 business outlook.

(2)     These and other non-IFRS financial measures are defined and reconciled to the most directly comparable IFRS measures in the tables appended to this news release. Additional information is provided in the explanatory footnotes on page 14.

(3)     Based on 2013 actual non-IFRS results excluding the previously announced fourth-quarter charges.

 

SOURCE Thomson Reuters



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