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"f19036": {
"value": "1 Basis of preparation and accounting policies \nBasis of preparation
\nThe shares of RELX PLC are traded on the London, Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries, joint
\nventures and associates are together known as \u2018RELX\u2019. In preparing the consolidated financial statements, subsidiaries are accounted
\nfor under the acquisition method and investments in associates and joint ventures are accounted for under the equity method. All intra-
\ngroup transactions and balances are eliminated.
\nOn acquisition of a subsidiary, or interest in an associate or joint venture, fair values, reflecting conditions at the date of acquisition, are
\nattributed to the net assets, including identifiable intangible assets acquired. Adjustments are made to bring accounting policies into line
\nwith those of the Group. The results of subsidiaries sold or acquired are included in the consolidated financial statements up to or from
\nthe date that control passes from or to the Group. Non-controlling interests in the net assets of the Group are identified separately from
\nshareholders\u2019 equity. Non-controlling interests consist of the amount of those interests at the date of the original acquisition and the non-
\ncontrolling share of changes in equity since the date of acquisition.
\nThe directors of RELX PLC, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in
\noperational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the
\nconsolidated financial information for the year ended 31 December 2022. As part of the going concern assessment the directors
\nconsidered the sufficiency of the group\u2019s liquidity resources, including committed credit facilities, over the 18 month period to 30 June
\n2024. Please refer to page 95 for further disclosure in respect of going concern.
\nIn preparing the Group financial statements management has considered the impact of climate change, taking into account the relevant
\ndisclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related
\nFinancial Disclosure. This included an assessment of assets with indefinite and long lives and how they could be impacted by measures
\ntaken to address global warming. Recognising that the Group's operations, and the use of the Group's products, have a relatively low
\nenvironmental impact, no issues were identified that would impact the carrying values of such assets or have any other material impact
\non the financial statements.
\nThe 2022 annual report and accounts presents multi-year data with the earliest period on the left and the latest period on the right. This
\naligns with the approach used in our other investor relations material and allows better understanding of multi-year trends.
\nAccounting policies
\nThe Group\u2019s consolidated financial statements are prepared in accordance with UK adopted International Accounting Standards in
\nconformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as issued by the
\nInternational Accounting Standards Board (IASB). The accounting policies under IFRS are included in the relevant notes to the
\nconsolidated financial statements. The accounting policies below are applied throughout the financial statements and are unchanged
\nfrom those applied in preparing the consolidated financial statements for the year ended 31 December 2021.
\nForeign exchange translation
\nThe consolidated financial statements are presented in sterling.
\nTransactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary assets
\nand liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date of the
\ntransaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign currencies are
\nretranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are recorded in the income
\nstatement other than where hedge accounting applies, as set out on pages 189 to 194.
\nAssets and liabilities of foreign operations are translated at exchange rates prevailing on the statement of financial position date. Income
\nand expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Significant individual
\nitems of income and expense and cash flows in foreign operations are translated at the rate prevailing on the date of transaction.
\nExchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are disposed
\nof, the related cumulative translation differences are recognised within the income statement in the period.
\nThe Group uses derivative financial instruments, primarily forward contracts, to hedge its exposure to certain foreign exchange risks.
\nDetails of the Group\u2019s accounting policies in respect of derivative financial instruments are set out on page 189.
\nCritical judgements and key sources of estimation uncertainty
\nThe preparation of financial statements requires management to make judgements and estimates in the application of accounting
\npolicies used to report the financial position, results and cash flows of the Group. The actual outcome may differ to these estimates.
\nThe critical judgements and key sources of estimation uncertainty are summarised below. Further detail is provided in the notes to the
\nfinancial statements as referenced.
\nCritical judgements
\n\u25a0
Capitalisation of development spend: assessing the potential value of a development project and determining the costs which are
\neligible for capitalisation (see note 14)
\nKey sources of estimation uncertainty
\n\u25a0
Taxation: the valuation of provisions related to uncertain tax positions (see note 9)
\n\u25a0
Defined benefit pension obligation: determining an appropriate rate at which the future pension payments are discounted, mortality
\nand inflation assumptions (see note 6)
\nNotes to the consolidated financial statements
\nfor the year ended 31 December 2022
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
1 Basis of preparation and accounting policies (continued)
\nOther areas of judgement and accounting estimates
\nThe consolidated financial statements include other areas of judgement and accounting estimates. While these do not meet the
\ndefinition under IAS 1 of critical judgements or significant accounting estimates, key areas of judgement in estimating the values in use
\nof businesses are the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and
\nthe discount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
\nand discount rates.
\n\u25a0
Goodwill: The assessment of the carrying value of goodwill requires management judgement and estimation to determine the
\nvalue in use of the businesses (see note 14).
\n\u25a0
Acquired intangible assets: Judgement is involved in identification of separate intangible assets on acquisition and estimation is
\nrequired to determine future cashflows and discount rates used in valuation (see note 14).
\nOther significant accounting policies
\nThe accounting policy in respect of revenue recognition is also significant in determining the financial condition and results of the Group.
\nThe application of this policy is straightforward and is included in note 2.
\nStandards and amendments effective for the year
\nThe interpretations and amendments to IFRS effective for 2022 have not had a significant impact on the Group\u2019s accounting policies or
\nreporting.
\nStandards, amendments and interpretations not yet effective
\nA number of amendments and interpretations have been issued which are not expected to have any significant impact on the
\naccounting policies and reporting.
\n2 Revenue, operating profit and segment analysis
\nAccounting policy
\nThe Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.
\nAdjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
\nprofit is reconciled to operating profit on page 171.
\nRevenue arises from the provision of products and services under contracts with customers. In all cases, revenue is recognised to
\ndepict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
\nexpects to be entitled in exchange for those goods or services, and is recognised when the customer obtains control of the goods
\nor service.
\nRevenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer
\nsales taxes and other amounts to be collected on behalf of third-parties.
\nWhere the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are
\naccounted for separately.
\nWhere separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling prices or
\nmanagement\u2019s best estimate of relative value where standalone selling prices do not exist. Management estimates may include a
\ncost-plus method or comparable product approach, but must be supported by objective evidence. A residual approach may be
\napplied where it is not possible to derive a reliable management estimate for a specific component.
\nOur subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
\nPayment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts do
\nnot contain significant financing components. Contracts for our transactional electronic revenue streams generally have payments
\nthat vary with volume of usage. Other than that, our contracts do not involve variable consideration.
\nRevenue is recognised for the various categories as follows:
\n\u25a0
Subscriptions \u2013 revenue comprises income derived from the periodic distribution or update of a product. Subscription revenue is
\ngenerally invoiced in advance and recognised systematically over the period of the subscription. Recognition is either on a
\nstraight-line basis where the transaction involves the transfer of goods and services to the customer in a consistent manner over
\na specific period of time; or based on the value received by the customer where the goods and services are not delivered in a
\nconsistent manner
\n\u25a0
Transactional \u2013 revenue is recognised when control of the product is passed to the customer or the service has been performed.
\nFor exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition revenue is
\nrecognised on occurrence of the exhibition
\n
2 Revenue, operating profit and segment analysis (continued)
\nRELX is a global provider of information-based analytics and decision tools for professional and business customers. Operating in four major
\nmarket segments: Risk provides customers with information-based analytics and decision tools that combine public and industry-specific
\ncontent with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency;
\nScientific, Technical & Medical provides information and analytics that help institutions and professionals progress science, advance
\nhealthcare and improve performance; Legal provides legal, regulatory and business information and analytics that helps customers increase
\ntheir productivity, improve decision-making and achieve better outcomes; and Exhibitions combines industry expertise with data and digital
\ntools to help customers connect digitally and face-to-face, learn amount markets, source products and complete transactions.
\nANALYSIS BY BUSINESS SEGMENT
Revenue
Adjusted operating profit
\n2020
2021
2022
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nRisk
2,417
2,474
2,909
894
915
1,078
\nScientific, Technical & Medical
2,692
2,649
2,909
1,021
1,001
1,100
\nLegal
1,639
1,587
1,782
330
326
372
\nExhibitions
362
534
953
(164)
10
162
\nSub
-total
7,110
7,244
8,553
2,081
2,252
2,712
\nUnallocated central costs and other operating
\nitems
\u2013
\u2013
\u2013
(5)
(42)
(29)
\nT
o
o
t
t
a
a
l
l
7,110
7,244
8,553
2,076
2,210
2,683
\nExceptional costs excluded from adjusted operating profit in 2020 are disclosed on page 171. In 2021, unallocated central costs and
\nother operating items includes a \u00a335m one-off charge relating to reductions in our corporate real estate footprint. In 2022, this includes
\na charge of \u00a324m relating to STM incurred from exchange rate movements from the translation of working capital items such as
\naccounts receivable and payable, and intercompany balances, into relevant functional currencies and the outcome of STM\u2019s hedging
\nprogramme. The net effect of these amounts was higher in 2022 due to the extent and timing of exchange rate movements in the year
\nand such amounts were insignificant in 2021 and 2020.
\n2020
Scientific, Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
1,921
1,224
1,119
43
4,307
\nEurope
327
621
338
83
1,369
\nRest of world
169
847
182
236
1,434
\nTotal revenue
2,417
2,692
1,639
362
7,110
\nRevenue by format
\nElectronic
2,387
2,326
1,422
44
6,179
\nFace
-to-face
19
1
7
318
345
\nPrint
11
365
210
\u2013
586
\nTotal revenue
2,417
2,692
1,639
362
7,110
\nRevenue by type
\nSubscriptions
944
2,048
1,287
\u2013
4,279
\nTransactional
1,473
644
352
362
2,831
\nTotal revenue
2,417
2,692
1,639
362
7,110
\n2021
Scientific,
Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
1,957
1,215
1,049
100
4,321
\nEurope
342
602
341
187
1,472
\nRest of world
175
832
197
247
1,451
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nRevenue by format
\nElectronic
2,453
2,334
1,385
58
6,230
\nFace-to-face
13
2
9
476
500
\nPrint
8
313
193
\u2013
514
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nRevenue by type
\nSubscriptions
989
1,970
1,255
\u2013
4,214
\nTransactional
1,485
679
332
534
3,030
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
2 Revenue, operating profit and segment analysis (continued)
\n2022
Scientific, Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
2,317
1,391
1,213
180
5,101
\nEurope*
384
614
357
445
1,800
\nRest of world
208
904
212
328
1,652
\nTotal revenue
2,909
2,909
1,782
953
8,553
\nRevenue by format
\nElectronic
2,890
2,573
1,582
67
7,112
\nFace
-to-face
11
5
10
886
912
\nPrint
8
331
190
\u2013
529
\nTotal revenue
2,909
2,909
1,782
953
8,553
\nRevenue by type
\nSubscriptions
1,135
2,139
1,381
\u2013
4,655
\nTransactional
1,774
770
401
953
3,898
\nTotal revenue
2,909
2,909
1,782
953
8,553
\n*
Europe includes revenue of \u00a3544m from the United Kingdom (2021: \u00a3476m; 2020: \u00a3464m).
\nOver half of RELX\u2019s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-line
\nbasis over the time period covered by the agreement, in line with the provision of services.
\nThere are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery milestones or
\nother specified performance obligations. As at 31 December 2022, the aggregate amount of the transaction price of such contracts
\nwhich relates to performance obligations which have not yet been delivered was approximately \u00a3100m (2021: \u00a395m). It is expected that
\nrevenue will be recognised in relation to this amount over the next six years.
\nANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nNorth America
4,192
4,204
5,002
\nEurope
2,436
2,547
2,974
\nRest of world
482
493
577
\nTotal
7,110
7,244
8,553
\nRevenue by geographical origin from the United Kingdom in 2022 was \u00a31,481m (2021: \u00a31,248m; 2020: \u00a31,176m).
\nANALYSIS BY BUSINESS
\nSEGMENT
Expenditure on
\nacquired goodwill and
Capital expenditure
Amortisation of acquired
Total depreciation and
\nintangible assets
additions
intangible assets
other amortisation
\n2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nRisk
822
208
155
93
83
122
192
186
204
98
93
94
\nScientific, Technical &
\nMedical
169
58
206
94
87
103
65
63
60
148
144
119
\nLegal
\u2013
12
33
153
145
186
68
27
12
210
220
229
\nExhibitions
6
9
\u2013
24
24
28
51
22
20
73
30
49
\nTotal
997
287
394
364
339
439
376
298
296
529
487
491
\nCapital expenditure comprises additions to property, plant and equipment and internally developed intangible assets.
\nAmortisation of acquired intangible assets includes amounts in respect of joint ventures of \u00a31m (2021: \u00a31m; 2020: nil) in Exhibitions.
\nDepreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and amortisation of
\ninternally developed intangible assets and pre-publication costs.
\nIn 2020, \u00a338m of depreciation and other amortisation was classified as exceptional in Exhibitions. Excluding this amount gives total
\ndepreciation and other amortisation of \u00a3491m for 2020.
\n
2 Revenue, operating profit and segment analysis (continued)
\nANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION
2021
2022
\n\u00a3m
\u00a3m
\nNorth America
8,657
9,821
\nEurope
2,123
2,193
\nRest of world
413
460
\nTotal
11,193
12,474
\nNon-current assets held in the United Kingdom totalled \u00a31,253m (2021: \u00a31,299m; 2020: \u00a31,158m). Non-current assets by
\ngeographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments.
\nOperating profit is reconciled to adjusted operating profit as follows:
\nRECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nOperating profit
1,525
1,884
2,323
\nAdjustments:
\nAmortisation of acquired intangible assets
376
298
296
\nAcquisition-related items
(12)
21
62
\nReclassification of tax in joint ventures
5
7
4
\nReclassification of finance income in joint ventures
(1)
\u2013
(2)
\nExceptional costs in Exhibitions
183
\u2013
\u2013
\nAdjusted operating profit
2,076
2,210
2,683
\nIn 2020, Exhibitions incurred exceptional costs of \u00a3183m. Of the \u00a3183m exceptional costs, \u00a3135m were cash costs, of which \u00a325m
\nwere paid in 2022 (2021: \u00a352m; 2020: \u00a351m). All costs were included within administration and other expenses in the income
\nstatement.
\nAcquisition-related items in 2021 included a gain of \u00a327m from the revaluation of a put and call option arrangement relating to a non-
\ncontrolling interest in a subsidiary within Legal.
\nThe share of post-tax results of joint ventures of \u00a319m (2021: \u00a329m; 2020: \u00a315m) included in operating profit comprised \u00a310m
\n(2021: \u00a319m; 2020: \u00a310m) relating to Exhibitions, \u00a37m (2021: \u00a36m; 2020: \u00a34m;) relating to Legal and \u00a32m (2021: \u00a34m; 2020: \u00a31m)
\nrelating to Risk.
\n3 Operating expenses
\nOperating profit is stated after charging/(crediting) the following:
\n2020
2021
2022
\nNote
\u00a3m
\u00a3m
\u00a3m
\nTotal staff costs
5
2,555
2,549
2,906
\nDepreciation and amortisation
\nAmortisation of acquired intangible assets
14
376
297
294
\nShare of joint ventures\u2019 amortisation of acquired
intangible assets
\u2013
1
2
\nAmortisation of acquired intangible assets including joint ventures\u2019 share
376
298
296
\nAmortisation of internally developed intangible assets
14
319
295
309
\nDepreciation of property, plant
and equipment
16
60
52
47
\nDepreciation of right
-of-use assets
88
80
63
\nPre-publication amortisation
62
60
72
\nTotal depreciation and other amortisation
2
529
487
491
\nTotal depreciation and amortisation (including amortisation of acquired
\nintangibles)
905
785
787
\nOther expenses and income
\nCost of sales including pre
-publication costs and inventory expenses
2,487
2,562
3,045
\nShort-term and low value lease expenses
21
21
19
\nOperating lease rentals income
(1)
(1)
(1)
\nThe amortisation of acquired intangible assets is included within administration and other expenses. In 2020, \u00a338m of depreciation and
\nother amortisation was classified as exceptional in Exhibitions. Excluding this amount gives a total depreciation and other amortisation of
\n\u00a3491m for 2020.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
4 Auditor\u2019s remuneration
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nAuditor\u2019s remuneration
\nPayable to the auditors of RELX PLC
0.9
0.9
0.9
\nPayable to the auditors of the Group\u2019s subsidiaries
8.3
7.7
8.2
\nAudit services
9.2
8.6
9.1
\nAudit
-related assurance services
0.8
0.5
0.6
\nTotal auditor\u2019s remuneration
10.0
9.1
9.7
\nAmounts payable to the auditors of the Group\u2019s subsidiaries include amounts for the audit of internal controls over financial reporting in
\naccordance with the US Sarbanes-Oxley Act. The increase in the 2022 audit fee is mainly due to foreign exchange movements. The
\npreviously reported 2021 fees paid to EY for audit services have been revised to include additional amounts for expenses incurred and
\nfinal fees for statutory audits which took place subsequent to the audit of the RELX consolidated accounts.
\n5 Personnel
\nAccounting policy
\nShare based remuneration
\nThe fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income statement
\non a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected to vest. Market
\nbased performance criteria are taken into account when determining the fair value at the date of grant. Non-market based
\nperformance criteria are taken into account when estimating the number of shares expected to vest. The fair value of share based
\nremuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate. All of the Group\u2019s share based
\nremuneration is equity settled.
\n2020
2021
2022
\nNote
\u00a3m
\u00a3m
\u00a3m
\nStaff costs
\nWages and salaries
2,173
2,157
2,453
\nSocial security costs
232
214
257
\nPensions
6
125
133
150
\nShare based
remuneration
25
45
46
\nTotal staff costs
2,555
2,549
2,906
\nThe Group provides a number of share based remuneration schemes to directors and employees. The principal share based
\nremuneration schemes are the Executive Share Option Schemes (ESOS), the Long-Term Incentive Plan (LTIP) and the Retention Share
\nPlan (RSP). Share options granted under ESOS are exercisable after three years and up to ten years from the date of grant at a price
\nequivalent to the market value of the respective shares at the date of grant. Conditional shares granted under LTIP and RSP are
\nexercisable after three years for nil consideration if conditions are met. Other awards principally relate to all employee share based
\nsaving schemes in the UK and the Netherlands. Further details are provided in the Remuneration Report on pages 121 to 142.
\nNUMBER OF PEOPLE EMPLOYED: FULL-TIME
\nEQUIVALENTS*
At 31 December
Average during the year
\n2020
2021
2022
2020
2021
2022
\nBusiness segment
\nRisk
9,700
10,000
10,800
9,600
9,800
10,400
\nScientific, Technical & Medical
8,600
8,700
9,500
8,300
8,600
9,300
\nLegal
10,400
10,500
11,300
10,500
10,300
10,900
\nExhibitions
3,700
3,500
3,300
4,200
3,600
3,300
\nSub
-total
32,400
32,700
34,900
32,600
32,300
33,900
\nCorporate/shared functions
800
800
800
800
800
800
\nTotal
33,200
33,500
35,700
33,400
33,100
34,700
\nGeographical location
\nNorth America
14,200
14,000
14,900
14,200
13,900
14,500
\nEurope
9,500
9,300
9,800
9,600
9,400
9,500
\nRest of world
9,500
10,200
11,000
9,600
9,800
10,700
\nTotal
33,200
33,500
35,700
33,400
33,100
34,700
\n* Reported to the nearest 100.
\nThe number of UK full-time equivalents as at 31 December 2022 was 5,800 (2021: 5,400; 2020: 5,400) and the average during
\nthe year was 5,600 (2021: 5,400; 2020: 5,400).
\n
6 Pension schemes
\nAccounting policy
\nThe expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the projected
\nunit credit method and charged in the income statement as an operating expense, based on actuarial assumptions reflecting market
\nconditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the statement of comprehensive
\nincome in the period in which they occur.
\nPast service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and when
\nrelated restructuring costs or termination benefits are recognised. Settlements are recognised when they occur.
\nNet pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present value
\nof scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities, the net
\npension assets are separately included in the statement of financial position. Any net pension asset is limited to the extent that the
\nasset is recoverable.
\nThe expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred.
\nAt 31 December 2022, the Group operates defined benefit pension schemes in the UK and the US. These schemes require
\nmanagement to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the
\nlength of each scheme\u2019s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be
\nrecognised.
\nKey source of estimation uncertainty
\nAccounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life
\nexpectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these factors
\nare used in determining the pension cost and liabilities reported in the financial statements. The estimates made around future
\ndevelopments of each of the critical assumptions are made in conjunction with independent actuaries. Each scheme is subject to a
\nperiodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions may have a material effect in
\ndetermining the defined benefit pension obligation and costs which are reported in the financial statements. Information regarding
\nthe more significant assumptions used for valuation is provided below, together with a sensitivity analysis.
\nA number of pension schemes are operated around the world. The largest defined benefit schemes as at 31 December 2022 were in
\nthe UK and the US, and are summarised below.
\nMajor defined benefit schemes in place at 31 December 2022
\nThe UK scheme is a final salary scheme and is closed to new hires. Members accrue a portion of their final pensionable earnings based
\non the number of years of service. The US scheme is a cash balance scheme and was closed to future accruals effective 1 January 2019.
\nEach of the major defined benefit schemes is administered by a separate fund that is legally separated from the Group. The trustees of
\nthe pension funds in the UK and plan fiduciaries of the US scheme are required by law to act in the interest of the funds\u2019 beneficiaries.
\nIn the UK, the trustees of the pension fund are responsible for the investment policy with regard to the assets of the fund. The board of
\ntrustees consists of an equal number of company-appointed and member-nominated Directors. In the US, the fiduciary duties for the
\nscheme are allocated between committees which are staffed by senior employees of the Group; the investment committee has the
\nprimary responsibility for the investment and management of plan assets. The funding of the Group\u2019s major schemes reflects the
\ndifferent rules within each jurisdiction.
\nIn the UK, the level of funding is determined by statutory triennial actuarial valuations in accordance with pensions legislation. Where the
\nscheme falls below 100% funded status, the Group and the scheme trustees must agree on how the deficit is to be remedied. The UK
\nPensions Regulator has significant powers and sets out in codes and guidance the parameters for scheme funding. As a result of the
\n2021 triennial valuation, the Group\u2019s remaining deficit funding contributions to the scheme over the period 2023 to 2024 are \u00a376m.
\nThe US scheme has an annual statutory valuation which forms the basis for establishing the employer contribution each year (subject to
\nERISA and IRS minimums). Should the statutory funded status fall to below 100%, the US Pension Protection Act requires the deficit to
\nbe rectified with additional contributions over a seven-year period. The US scheme\u2019s funded status is in excess of 100%.
\nEmployer cash contributions to defined benefit pension schemes in respect of 2023 are expected to be approximately \u00a363m including a
\n\u00a350m pension deficit funding contribution relating to the UK scheme recovery plan.
\nThe pension expense (excluding interest amounts) recognised in the income statement consists of:
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nDefined benefit pension expense
11
24
19
\nDefined contribution pension expense
114
109
131
\nTotal
125
133
150
\n\u00a3150m (2021: \u00a3133m; 2020: \u00a3125m) of the total pension cost is recognised within operating profit.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
6 Pension schemes (continued)
\nThe amounts recognised in the income statement in respect of defined benefit pension schemes during the year are presented by major
\nscheme as follows:
\n2020
2021
2022
\nUK
US
Total
UK
US
Total
UK
US
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nService cost
21
3
24
21
3
24
16
3
19
\nSettlement and past service credits
\u2013
(13)
(13)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nDefined benefit pension expense
21
(10)
11
21
3
24
16
3
19
\nNet interest on net defined benefit obligation
9
1
10
8
1
9
4
1
5
\nNet defined benefit pension expense
30
(9)
21
29
4
33
20
4
24
\nIn 2020, the past service credit relates to changes to the US scheme allowing in-service distributions to be made.
\nNet interest on net defined benefit pension scheme liabilities is presented within net finance costs in the income statement.
\nThe significant valuation assumptions, determined for each major scheme in conjunction with the respective independent actuaries,
\nare presented below. The net defined benefit pension expense for each year is based on the assumptions and scheme valuations set at
\n31 December of the prior year.
\nAS AT 31 DECEMBER
2020
2021
2022
\nUK
US
UK
US
UK
US
\nDiscount rate
1.45
%
2.45
%
1.95
%
2.80
%
4.90
%
5.35
%
\nInflation
2.80
%
2.50
%
3.30
%
2.50
%
3.20
%
2.50
%
\nDiscount rates are set by reference to high-quality corporate bond yields.
\nMortality assumptions make allowance for future improvements in longevity and have been determined by reference to applicable
\nmortality statistics. The average life expectancy assumptions are set out below:
\nAS AT 31 DECEMBER 2022
Male average life
Female average
\nexpectancy
life expectancy
\nUK
US
UK
US
\nMember currently aged 60 years
85
86
89
88
\nMember
currently aged 45 years
87
86
90
89
\n
6 Pension schemes (continued)
\nThe amount recognised in the statement of financial position in respect of defined benefit pension schemes at the start and end of
\nthe year and the movements during the year were as follows:
\n2021
2022
\nUK
US
Total
UK
US
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nDefined benefit obligation
\nAt start of year
(4,668)
(1,062)
(5,730)
(4,629)
(992)
(5,621)
\nService cost
(21)
(3)
(24)
(16)
(3)
(19)
\nInterest on pension scheme liabilities
(67)
(25)
(92)
(89)
(29)
(118)
\nActuarial gain on financial assumptions
155
38
193
1,809
224
2,033
\nActuarial loss arising from experience assumptions
(152)
(1)
(153)
(81)
(7)
(88)
\nContributions by employees
(9)
\u2013
(9)
(8)
\u2013
(8)
\nBenefits paid
133
69
202
127
54
181
\nExchange
translation differences
\u2013
(8)
(8)
\u2013
(112)
(112)
\nAt end of year
(4,629)
(992)
(5,621)
(2,887)
(865)
(3,752)
\nFair value of scheme assets
\nAt start of year
4,076
1,077
5,153
4,390
1,007
5,397
\nInterest income on plan assets
59
24
83
85
28
113
\nReturn on assets excluding amounts included in
\ninterest income
318
(39)
279
(1,573)
(247)
(1,820)
\nContributions by employer
61
6
67
69
6
75
\nContributions by employees
9
\u2013
9
8
\u2013
8
\nBenefits paid
(133)
(69)
(202)
(127)
(54)
(181)
\nExchange translation differences
\u2013
8
8
\u2013
114
114
\nAt end of year
4,390
1,007
5,397
2,852
854
3,706
\nOpening net balance
(592)
15
(577)
(239)
15
(224)
\nService cost
(21)
(3)
(24)
(16)
(3)
(19)
\nNet interest on net defined benefit obligation
(8)
(1)
(9)
(4)
(1)
(5)
\nContributions by employer
61
6
67
69
6
75
\nActuarial gains/(losses)
321
(2)
319
155
(30)
125
\nExchange translation differences
\u2013
\u2013
\u2013
\u2013
2
2
\nNet pension balance
(239)
15
(224)
(35)
(11)
(46)
\nImpact of asset ceiling
(3)
(42)
(45)
(5)
(4)
(9)
\nOverall net pension balance
(242)
(27)
(269)
(40)
(15)
(55)
\nAs at 31 December 2022, the defined benefit obligations comprised \u00a33,569m (2021: \u00a35,360m) in relation to funded schemes and
\n\u00a3183m (2021: \u00a3261m) in relation to unfunded schemes.
\nThe weighted average duration of defined benefit scheme liabilities is 15 years in the UK (2021: 19 years) and 9 years in the US
\n(2021: 11 years). Net deferred tax assets of \u00a314m (2021: \u00a368m) are recognised in respect of the net pension balance.
\nA net pension asset has been recognised in relation to the UK and US funded scheme after considering the guidance in IAS 19 \u2013
\nEmployee Benefits and IFRIC 14. The UK funded scheme moved into a surplus position for the first time at the interim reporting date of
\n30 June 2022. The split between net pension obligations and net pension assets is as follows:
\n2021
2022
\n\u00a3m
\u00a3m
\nNet pension asset recognised
46
129
\nNet pension obligation
(315)
(184)
\nOverall net pension balance
(269)
(55)
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
6 Pension schemes (continued)
\nAmounts recognised in the statement of comprehensive income are set out below:
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nGains and losses arising during the year:
\nExperience gains/(losses) on scheme liabilities
47
(153)
(88)
\nExperience gains/(losses) on scheme assets
426
279
(1,820)
\nActuarial (losses)/gains on the present value of
scheme liabilities due to changes in:
\n\u2013 discount rates
(671)
463
2,000
\n\u2013 inflation
127
(290)
32
\n\u2013 other actuarial assumptions
(47)
20
1
\n(118)
319
125
\nNet cumulative losses at start of year
(828)
(946)
(627)
\nNet cumulative losses at end of year
(946)
(627)
(502)
\nIn addition, a gain of \u00a339m (2021: \u00a32m) is recognised in the statement of comprehensive income in relation to the asset ceiling. As at
\n31 December 2022, the impact of the asset ceiling on the overall net pension obligation is \u00a39m (2021: \u00a345m). In 2022 there was a \u00a34m
\n(2021: nil) foreign exchange gain on the asset ceiling.
\nThe major categories and fair values of scheme assets at the end of the reporting period are as follows:
\nFAIR VALUE OF SCHEME ASSETS
2021
2022
\nUK
US
Total
UK
US
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nEquities
1,595
5
1,600
272
4
276
\nLiability matching assets
1,704
977
2,681
899
802
1,701
\nProperty funds and ground leases
743
\u2013
\u2013
743
651
\u2013
651
\nDirect lending
208
\u2013
\u2013
208
241
\u2013
241
\nCash and cash equivalents
127
25
152
788
17
805
\nOther
13
\u2013
13
1
31
32
\nTotal
4,390
1,007
5,397
2,852
854
3,706
\nIncluded within liability matching assets of the UK scheme are asset backed securities totalling \u00a3375m (2021: \u00a3593m), other credit
\nassets of \u00a3199m (2021: \u00a3205m) and government bonds totalling \u00a31,721m (2021: \u00a31,715m) offset by interest rate swaps of \u00a3115m
\n(2021: \u00a32m) and short-term sale and repurchase agreements totalling \u00a31,284m (2021: \u00a3808m) whereby the UK scheme funds the
\npurchase of government bonds using existing bonds as security.
\nAssets and obligations associated with the schemes are sensitive to changes in the market values of assets and the market-related
\nassumptions used to value scheme liabilities. In particular, adverse changes to asset values, discount rates or inflation could increase
\nfuture pension costs and funding requirements.
\nTypically, the Group\u2019s schemes are exposed to: investment risks, whereby actual rates of return on plan assets may be below those
\nrates used to determine the defined benefit obligations; and interest rate risks, whereby scheme deficits may increase if bond yields in
\nthe UK and the US decline and are not offset by returns in liability matching and other assets. The schemes are also exposed to other
\nrisks, such as unanticipated future increases in member longevity patterns and inflation, all potentially leading to an increase in scheme
\nliabilities.
\nInvestment policies of each scheme are intended to ensure continuous payment of defined benefit pensions in the short term and long
\nterm. Efforts are made to limit risks on marketable securities by adopting investment policies that diversify assets across geographies
\nand among equities, liability matching assets, property funds, cash and other assets. Asset allocations are dependent on a variety of
\nfactors including the duration of scheme liabilities and the funded position of the plan. The primary UK scheme uses a liability driven
\ninvestment (LDI) approach for part of the portfolio, investing primarily in government bonds so that the value of scheme assets change
\nin the same way as the scheme\u2019s liabilities and achieve a matching effect for the most significant plan liability assumptions of interest
\nrates and inflation rates.
\nAll equities and bonds have quoted prices in active markets.
\n
6 Pension schemes (continued)
\nSensitivity analysis
\nThe valuation of the Group\u2019s pension scheme liabilities involves significant actuarial assumptions, being the life expectancy of the
\nmembers, inflation and the rate at which the future pension payments are discounted. Differences arising from actual experience or
\nfuture changes in assumptions may materially affect future pension charges. In particular, changes in assumptions for discount rates,
\ninflation and life expectancies that are reasonably possible would have the following approximate effects on the defined benefit pension
\nobligations:
\n\u00a3m
\nIncrease/decrease of 0.5% in discount rate
225
\nIncrease/decrease of 0.25% in the expected inflation rate
64
\nIncrease/decrease of one year in assumed life expectancy
95
\nThe above analysis has been calculated on the same basis used to determine the defined benefit obligation recognised in the statement
\nof financial position. There has been no change in the methods used to prepare the analysis compared with prior years. This sensitivity
\nanalysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that changes in the above
\nassumptions would occur in isolation as some of the assumptions may be correlated.
\n7 Net finance costs
\nAccounting policy
\nInterest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing
\nso as to produce a constant periodic rate of charge.
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nInterest on short
-term bank loans, overdrafts and commercial paper
(17)
(11)
(19)
\nInterest on term debt
(122)
(106)
(157)
\nInterest on lease liabilities
(12)
(8)
(6)
\nTotal borrowing costs
(151)
(125)
(182)
\nLosses on loans and derivatives not designated as hedges
(13)
(16)
(9)
\nFair value losses on designated fair value hedge relationships
\u2013
\u2013
(9)
\nNet financing charge on defined benefit pension schemes and other
(11)
(9)
(5)
\nFinance costs
(175)
(150)
(205)
\nInterest on bank deposits
2
1
4
\nInterest income on net finance lease receivables
1
\u2013
\u2013
\u2013
\nFair value gains on designated fair value hedge relationships
\u2013
\u2013
7
\u2013
\nFinance income
3
8
4
\nNet finance costs
(172)
(142)
(201)
\nGains of \u00a32m (2021: losses of \u00a31m; 2020: gains of \u00a33m) on derivatives designated as cash flow hedges were recognised in other
\ncomprehensive income and accumulated in the hedge reserve, and may be reclassified to the income statement in future periods.
\nLosses of \u00a31m (2021: nil; 2020: \u00a34m) in total were transferred from the hedge reserve in the period.
\n8 Disposals and other non-operating items
\nAccounting policy
\nAssets of businesses that are available for immediate sale in their current condition and for which a sales process is considered
\nhighly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and fair value less
\ncosts to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers from potential
\nacquirers. Non-current assets are not amortised or depreciated following their classification as held for sale. Liabilities of businesses
\nheld for sale are also separately classified on the statement of financial position. Fair value movements in the venture capital
\nportfolio are reported within disposals and other items \u2013 see note 15.
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nRevaluation of investments
151
16
9
\n(Loss)/gain on disposal of businesses and assets held for sale
(21)
39
(18)
\nNet gain/(loss) on disposals and other non-operating items
130
55
(9)
\nThe revaluation of investments relates mainly to venture fund investments, further details of which are provided in note 15.
\nDuring the year, net proceeds of \u00a39m were received on the disposal of venture fund investments. In 2021, an investment in Palantir
\nTechnologies Inc which was valued at \u00a3173m on 31 December 2020 was disposed of in February 2021 for gross proceeds of \u00a3187m.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
9 Taxation
\nAccounting policy
\nTax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement except
\nto the extent that the tax arises from a transaction or event which is recognised, in the same or a different period, outside the
\nincome statement (either in other comprehensive income, directly in equity, or through a business combination), in which case the
\ntax appears in the same statement as the transaction that gave rise to it.
\nCurrent tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period as
\nadjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or
\nsubstantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in tax
\nreturns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where
\nappropriate on the basis of amounts expected to be paid to the tax authorities.
\nCurrent tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of
\nthe uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow will
\noccur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of financial
\nposition, and the provisions are remeasured as required to reflect current information.
\nDeferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
\namounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or
\nsubstantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset is
\nrealised or the deferred tax liability is settled.
\nDeferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary
\ndifferences arising on investments in subsidiaries, associates and joint ventures where the reversal of the temporary difference can
\nbe controlled and it is probable that the difference will not reverse in the foreseeable future.
\nDeferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible
\ntemporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that it is no
\nlonger probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The availability of
\nsuitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax liabilities) relating to
\nthe same taxation authority and the same taxable entity, that are expected to reverse in the same period as the deductible
\ntemporary difference or unused tax losses or credit.
\nDeferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets
\nand liabilities acquired other than in a business combination. Deferred tax is not discounted.
\nWhen the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required to be
\nrecognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed. The
\nassets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which a business
\ncombination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such intangibles and
\ngoodwill.
\nIn an \u2018asset acquisition\u2019, where the buyer acquires the trade and assets of a business, there is often a tax deduction available for the
\namortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is recognised on the
\ndifference between the tax base and the book base of the assets.
\nIn a \u2018share acquisition\u2019, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets, tax
\ndeductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise to a
\ndeferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill where
\nthat is not deductible for tax purposes.
\nKey source of estimation uncertainty
\nThe Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, our tax returns
\nin the countries in which we operate are subject to tax authority audits as a matter of routine. While the Group is confident that tax
\nreturns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risk with
\nrespect to tax matters under active discussion with tax authorities, or which are otherwise considered to involve uncertainty.
\nThe valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax
\npositions are measured using one of the following methods, depending on which of the methods management expects will better
\npredict the amount it will pay over to the tax authority:
\n\u25a0
The Single Best Estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for example,
\nwhere the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of possible
\noutcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to be payable, in
\nwhich case the provision is nil; or
\n\u25a0
A Probability-Weighted Expected Value \u2013 where, on the balance of probabilities, something will be paid to the tax authority but
\nthe possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely than not
\nto occur). In this case, the provision is the sum of the probability-weighted amounts in the range.
\n
9 Taxation (continued)
\nIn assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and previous
\nexperience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts
\ngreater or smaller than the liabilities recorded.
\nIn particular, although we report cross-border transactions undertaken between Group subsidiaries on an arm\u2019s-length basis in tax
\nreturns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is frequently possible for
\nthere to be a range of legitimate and reasonable views. This means that it is impossible to be certain that the returns basis will be
\nsustained on examination. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing in a
\nnumber of our major trading jurisdictions. Although the timing and amount of final resolution of these uncertain tax positions cannot
\nbe reliably predicted, no significant impact on the results of the Group is expected in the next year or foreseeable future.
\nEstimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group\u2019s
\nforecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only
\nrecognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits
\nagainst which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each
\nreporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment.
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nCurrent tax
\nUnited Kingdom
(80)
(46)
(102)
\nRest of world
(184)
(376)
(432)
\nTotal current tax charge
(264)
(422)
(534)
\nDeferred tax
(11)
96
53
\nTax expense
(275)
(326)
(481)
\nCash tax paid (net) in the year was \u00a3495m (2021: \u00a3342m; 2020: \u00a3496m), which is different to the tax expense for the year set out
\nabove.
\nThere are a number of reasons why the cash tax payments in a particular year will be different from the tax expense in the accounts:
\n\u25a0
Tax payments relating to a particular year\u2019s profits are typically due partly in the year and partly in the following year. In 2020 there
\nwas an acceleration of instalment payments in the UK.
\n\u25a0
Tax expense includes deferred tax, an accounting adjustment where an item is included in the income statement in one year but is
\ntaxed in another year. The acquisition of intangible assets often results in deferred tax liabilities, the unwind of which does not result
\nin tax payments.
\n\u25a0
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
\ndifferent, any cash tax impact will occur in a later period.
\n\u25a0
Some of the benefits of tax deductions related to share based payments, pensions and hedging are credited to equity or other
\ncomprehensive income rather than to tax expense.
\nSet out below is a reconciliation of the difference between tax expense for the period and the theoretical expense calculated by
\nmultiplying accounting profit by the applicable tax rate.
\nWe believe the most meaningful applicable rate is that obtained by multiplying the accounting profits and losses of all consolidated
\nentities by the applicable domestic rate in each of those entities\u2019 jurisdictions.
\nThe net tax expense charged on profit before tax differs from the theoretical amount that would arise using the weighted average of tax
\nrates applicable to accounting profits and losses of the consolidated entities, as follows:
\n2020
2021
2022
\n\u00a3m
%
\u00a3m
%
\u00a3m
%
\nProfit before tax
1,483
1,797
2,113
\nTax at average applicable rates
(331)
22.3
%
(418)
23.3
%
(498)
23.6
%
\nTax effect of share of results of joint ventures
3
(0.2)
%
6
(0.3)
%
3
(0.1)
%
\nIncome not taxable and expenses not deductible
18
(1.2)
%
24
(1.4)
%
21
(1.0)
%
\nNon
-deductible costs of share based remuneration
(2)
0.1
%
(2)
0.1
%
(1)
0.0
%
\nNon
-deductible disposal-related gains and losses
(2)
0.1
%
1
(0.1)
%
(2)
0.1
%
\nDeferred tax assets of the period not recognised
(19)
1.3
%
(8)
0.4
%
(17)
0.8
%
\nChange in recognition and measurement of
\ndeferred tax
14
(0.9)
%
25
(1.4)
%
5
(0.2)
%
\nMovements in provisions and prior year items
44
(3.0)
%
46
(2.5)
%
8
(0.4)
%
\nTax expense
(275)
18.5
%
(326)
18.1
%
(481)
22.8
%
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
9 Taxation (continued)
\nThe weighted average applicable tax rate for the year was 23.6% (2021: 23.3%; 2020: 22.3%), reflecting the applicable rates in the
\ncountries where the Group operates. The Group\u2019s future tax charge will be sensitive to the geographic mix of profits and losses and the
\ntax rates and laws in force in the jurisdictions in which we operate.
\nIn the US, the Inflation Reduction Act enacted in August 2022 introduced a corporate alternative minimum tax. Based on initial
\nguidance, this is not expected to have any material impact on the Group. We will continue to monitor developments.
\nIn the UK, an increase in the corporation tax rate from 19% to 25% from April 2023 was enacted in 2021. In the Netherlands, an
\nincrease in the corporation tax rate from 25% to 25.8% from 2022 and changes to loss recognition rules were also enacted in 2021. In
\ntotal, the deferred tax effect of changes in tax rates for the year was a tax credit of \u00a33m (2021: \u00a38m; 2020: \u00a314m) in the income statement.
\nThe 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
\ntaxable and expenses not deductible include a credit of \u00a313m (2021: \u00a315m; 2020: \u00a316m) relating to research and development and nil
\n(2021: \u00a37m; 2020: \u00a319m) relating to the revaluation of a put and call option arrangement. In 2021, the change in recognition and
\nmeasurement of deferred tax includes the deferred tax effect of tax rate increases in the UK and the Netherlands of \u00a38m and changes
\nto loss recognition rules in the Netherlands of \u00a315m. In 2020 and 2021, there were tax credits arising from the substantial resolution of
\nprior year tax matters.
\nThe following tax has been recognised in other comprehensive income or directly in equity during the year:
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nTax on items that will not be
reclassified to profit or loss
\nTax on actuarial movements on defined benefit pension schemes
39
(48)
(43)
\nTax on items that may be reclassified to profit or loss
\nTax on fair value movements on cash flow
hedges
(4)
(1)
8
\nNet tax (charge)/credit recognised in other comprehensive income
35
(49)
(35)
\nTax credit on share based remuneration recognised directly in equity
5
12
\u2013
\nThe \u00a343m tax charge (2021: \u00a348m) on actuarial movements on defined benefit pension schemes includes a \u00a32m tax charge (2021:
\n\u00a313m tax credit) reflecting the revaluation of pension related deferred tax balances to the UK corporation tax rate of 25% (previously
\n19%) enacted in 2021.
\n2021
2022
\n\u00a3m
\u00a3m
\nCurrent tax assets
10
15
\nCurrent tax liabilities
(192)
(249)
\nTotal
(182)
(234)
\nCurrent tax assets and liabilities are net amounts in countries where there is a legally enforceable right to offset assets and liabilities on a
\nnet basis.
\nThe Group maintained provisions for uncertain tax positions. The total carrying amount of these provisions of \u00a3239m (2021: \u00a3228m) is
\ncomprised of a number of individually immaterial amounts. It is not expected that any resolution of the matters to which the provisions
\nrelate, or changes in assumptions relating to the provisions, will have a material impact on the Group\u2019s financial results in the next year.
\n2021
2022
\n\u00a3m
\u00a3m
\nDeferred tax
assets
210
146
\nDeferred tax liabilities
(591)
(590)
\nTotal
(381)
(444)
\n
9 Taxation (continued)
\nMovements in deferred tax liabilities and assets (before taking into consideration the offsetting of balances within the same jurisdiction)
\nare summarised as follows:
\nDeferred tax liabilities
Deferred tax assets
\nAcquired
Other
Acquired
Tax losses
Other
\nintangible
temporary
intangible
carried
Pension
temporary
\nassets
differences
assets
forward
balances
differences
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nDeferred tax (liability)/asset at 1 January
\n2021
(710)
(283)
174
99
125
200
(395)
\nCredit
/(charge) to profit
53
86
(9)
4
(8)
(30)
96
\n(Charge)/credit to equity/other
\ncomprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(48)
7
(41)
\nAcquisitions
(33)
\u2013
\u2013
6
\u2013
\u2013
(27)
\nExchange translation differences
(4)
1
(8)
(2)
(1)
\u2013
(14)
\nDeferred tax (liability)/asset at 1 January
\n2022
(694)
(196)
157
107
68
177
(381)
\nCredit/(charge) to profit
62
20
(30)
(17)
(10)
28
53
\n(Charge)/credit to equity/other
\ncomprehensive income
\u2013
(32)
\u2013
\u2013
(10)
3
(39)
\nAcquisitions
(32)
\u2013
\u2013
19
\u2013
\u2013
(13)
\nExchange translation differences
(71)
(23)
5
9
1
15
(64)
\nDeferred tax (liability)/asset at 31
\nDecember 2022
(735)
(231)
132
118
49
223
(444)
\nThe closing deferred tax liability balance of other temporary differences includes those relating to capitalised development costs of
\n\u00a3165m (2021: \u00a3161m) and pension surplus of \u00a332m (2021: nil). The closing deferred tax asset balance of other temporary differences
\nincludes those relating to accruals and provisions of \u00a3118m (2021: \u00a392m), share based remuneration provisions of \u00a341m (2021: \u00a341m)
\nand intercompany interest of \u00a314m (2021: \u00a313m).
\nAs a result of exemptions on dividends from subsidiaries and capital gains on disposal there are no significant taxable temporary
\ndifferences associated with investments in subsidiaries, branches, associates and interests in joint arrangements.
\nWhile a number of entities in Exhibitions suffered losses due to the impact of Covid-19 over the last few years, in no individual country
\nwere they material. Following the return to profitability in the Exhibitions business, it is expected that the remaining trading losses will be
\nsubstantially utilised in the next year. Other deferred tax assets have been recognised including for losses in the US and Netherlands,
\nthe majority of which are expected to have been utilised by 2031.
\nDeferred tax assets in respect of tax losses and other deductible temporary differences have only been recognised to the extent that it is
\nmore likely than not that sufficient taxable profits will be available to allow the asset to be recovered.
\nTax losses and temporary differences for which no deferred tax asset was recognised:
\n2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nGross amount
Tax effected
Gross amount
Tax effected
\nTrading losses and temporary differences expiring
\nWithin 10 years
100
29
123
35
\nMore than 10 years
\u2013
\u2013
1
\u2013
\nAvailable indefinitely
187
50
208
58
\nTotal
287
79
332
93
\nState and local tax losses expiring
\nWithin 10 years
27
2
19
1
\nMore than 10 years
46
4
89
6
\nAvailable indefinitely
\u2013
\u2013
\u2013
\u2013
\nTotal
73
6
108
7
\nCapital losses expiring
\nWithin 10
years
\u2013
\u2013
\u2013
\u2013
\nMore than 10 years
\u2013
\u2013
\u2013
\u2013
\nAvailable indefinitely
22
5
22
5
\nTotal
22
5
22
5
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
10 Earnings per share
\nAccounting policy
\nEarnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the total
\nweighted average number of shares.
\nThe diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and
\nconditional shares.
\nAdjusted earnings per share is calculated by dividing adjusted net profit attributable to RELX PLC shareholders by the total weighted
\naverage number of shares.
\nEARNINGS PER SHARE \u2013 FOR
\nTHE YEAR
2020
2021
2022
\nENDED 31 DECEMBER
Weighted
Weighted
Weighted
\nNet profit
average
Net profit
average
Net profit
average
\nattributable to
number
attributable to
number
attributable to
number
\nshareholders
of shares
EPS
shareholders
of shares
EPS
shareholders
of shares
EPS
\n\u00a3m
(millions)
(pence)
\u00a3m
(millions)
(pence)
\u00a3m
(millions)
(pence)
\nBasic 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
\nDiluted 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
\nADJUSTED EARNINGS
\nPER SHARE
2020
2021
2022
\nAdjusted net
Weighted
Adjusted net
Weighted
Adjusted net
Weighted
\nprofit
average
profit
average
profit
average
\nattributable to
number
Adjusted
attributable to
number
Adjusted
attributable to
number
Adjusted
\nshareholders
of shares
EPS
shareholders
of shares
EPS
shareholders
of shares
EPS
\n\u00a3m
(millions)
(pence)
\u00a3m
(millions)
(pence)
\u00a3m
(millions)
(pence)
\nAdjusted earnings per
\nshare
1,543
1,926.2
80.1
p
1,689
1,928.0
87.6
p
1,961
1,918.5
102.2
p
\nRECONCILIATION OF ADJUSTED NET PROFIT ATTRIBUTABLE TO RELX PLC SHAREHOLDERS
\n2020
Pre-tax
Tax on
\nadjustment
adjustment
Total
\n\u00a3m
\u00a3m
\u00a3m
\nNet profit attributable to shareholders
1,224
\nAdjustments:
\nAmortisation of acquired intangible assets
360
35
395
\nOther deferred tax credits from intangible assets*
\u2013
(78)
(78)
\nAcquisition-related items
(12)
(6)
(18)
\nNet interest on net defined benefit pension obligation and other
11
(2)
9
\nDisposals and other non-operating items
(130)
3
(127)
\nExceptional costs in Exhibitions
183
(45)
138
\nA
d
d
j
j
u
u
s
s
t
t
e
e
d
d
n
n
e
e
t
t
p
p
r
r
o
o
f
f
i
i
t
t
a
a
t
t
t
t
r
r
i
i
b
b
u
u
t
t
a
a
b
b
l
l
e
e
t
t
o
o
s
s
h
h
a
a
r
r
e
e
h
h
o
o
l
l
d
d
e
e
r
r
s
s
1,543
\n2021
Pre-tax
Tax on
\nadjustment
adjustment
Total
\n\u00a3m
\u00a3m
\u00a3m
\nNet profit attributable to shareholders
1,471
\nAdjustments:
\nAmortisation of acquired intangible assets
294
22
316
\nOther deferred tax credits from intangible assets*
\u2013
(61)
(61)
\nAcquisition-related items
21
(11)
10
\nNet interest on net defined benefit pension obligation and other
9
(2)
7
\nDisposals and other non-operating items
(55)
1
(54)
\nAdjusted net profit attributable to shareholders
1,689
\n2022
Pre-tax
Tax on
\nadjustment
adjustment
Total
\n\u00a3m
\u00a3m
\u00a3m
\nNet profit attributable to shareholders
1,634
\nAdjustments:
\nAmortisation of acquired intangible assets
296
30
326
\nOther deferred tax credits from intangible assets*
\u2013
(64)
(64)
\nAcquisition-related items
62
(13)
49
\nNet interest on net defined benefit pension obligation and other
5
(1)
4
\nDisposals and other non-operating items
9
3
12
\nAdjusted net profit attributable to shareholders
1,961
\n*
Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation.
\n
11 Statement of cash flows
\nAccounting policy
\nCash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the
\nstatement of financial position at fair value.
\nRECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nOperating profit
1,525
1,884
2,323
\nShare of results of joint ventures
(15)
(29)
(19)
\nAmortisation of acquired intangible assets
376
297
294
\nAmortisation of internally developed intangible assets
319
295
309
\nAmortisation of pre
-publication costs
62
60
72
\nDepreciation of property, plant and equipment
60
52
47
\nDepreciation of right-of-use assets
88
80
63
\nShare based remuneration
25
45
46
\nTotal non-cash items
930
829
831
\nIncrease in inventories and pre
-publication costs
(80)
(73)
(103)
\n(Increase)/decrease in receivables
149
(103)
(251)
\n(Decrease)/increase in payables
(245)
(32)
280
\nIncrease in working capital
(176)
(208)
(74)
\nCash generated from operations
2,264
2,476
3,061
\nCASH FLOW ON ACQUISITIONS
2020
2021
2022
\nNote
\u00a3m
\u00a3m
\u00a3m
\nPurchase of
businesses
12
(864)
(235)
(373)
\nDeferred payments relating to prior year acquisitions
(5)
(19)
(21)
\nTotal
(869)
(254)
(394)
\nRECONCILIATION OF NET DEBT
Related
\nCash and
derivative
Finance
\ncash
financial
lease
\n2020
2021
equivalents
Debt
instruments
receivable
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nAt start of year
(6,191)
(6,898)
113
(6,167)
35
2
(6,017)
\n(Decrease)/increase in cash and cash
\nequivalents
(51)
26
208
\u2013
\u2013
\u2013
208
\nDecrease in short-term bank loans,
\noverdrafts and commercial paper
436
200
\u2013
101
\u2013
\u2013
101
\nIssuan
ce of term debt
(2,342)
\u2013
\u2013
(397)
\u2013
\u2013
(397)
\nRepaym
ent of term debt
1,233
431
\u2013
35
\u2013
\u2013
35
\nRepaym
ent of leases
90
76
\u2013
79
\u2013
(1)
78
\nChange in net debt resulting from cash
\nflows
(634)
733
208
(182)
\u2013
(1)
25
\nBorrowings in acquired businesses
(3)
\u2013
\u2013
(3)
\u2013
\u2013
(3)
\nRemeasurement and derecognition of leases
(8)
(4)
\u2013
(5)
\u2013
\u2013
(5)
\nIncept
ion of leases
(24)
(24)
\u2013
(34)
\u2013
5
(29)
\nFair value and other adjustments to debt and
\nrelated derivatives
(4)
2
\u2013
230
(245)
\u2013
(15)
\nExchan
ge translation differences
(34)
174
13
(569)
(3)
(1)
(560)
\nAt end of year
(6,898)
(6,017)
334
(6,730)
(213)
5
(6,604)
\nNet debt comprises cash and cash equivalents, loan capital, lease liabilities and receivables, promissory notes, bank and other loans
\nand derivative financial instruments that are used to hedge certain borrowings. The Group monitors net debt as part of capital and
\nliquidity management.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
12 Acquisitions
\nAccounting policy
\nGoodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which do
\nnot qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual assets;
\nskilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the recognition of
\ndeferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions.
\nDuring the year, a number of acquisitions were made. The net assets of the businesses acquired are incorporated at their fair value to
\nthe Group. The fair values of the consideration given and of the assets and liabilities acquired are summarised below.
\nFair value
Fair value
Fair value
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nGoodwill
570
131
269
\nIntangible assets
427
156
125
\nProperty, plant and equipment
3
1
1
\nOther non
-current assets
1
\u2013
3
\nCurrent assets
20
4
8
\nCurrent liabilities
(24)
(16)
(21)
\nBorrowings
(3)
\u2013
(3)
\nDeferred tax
(90)
(27)
(13)
\nNet assets acquired
904
249
369
\nConsideration (after taking account of \u00a36m net cash acquired (2020: \u00a329m;
\n2021: \u00a38m))
904
249
369
\nChange in consideration deferred to
future years and changes in contingent consideration
\nrelating to prior year acquisitions
(40)
(14)
4
\nNet cash flow
864
235
373
\nDuring 2022, RELX completed several acquisitions for total consideration of \u00a3443m (2021: \u00a3255m), or \u00a3437m (2021: \u00a3249m) adjusted
\nfor cash acquired. This includes the acquisition of investments in joint ventures and associates of \u00a361m. Refer to note 15 for further
\ndetails.
\nThe businesses acquired in 2022 contributed \u00a319m to revenue, decreased adjusted operating profit by \u00a35m, decreased net profit by
\n\u00a324m (after charging \u00a319m of integration costs and amortisation of acquired intangibles) and decreased net cash inflow from operating
\nactivities for the part year under the Group\u2019s ownership and before taking account of acquisition financing costs by \u00a34m. Had the
\nbusinesses been acquired at the beginning of the year, on a pro forma basis the Group revenues, adjusted operating profit and net
\nprofit attributable to RELX PLC shareholders for the year would have been \u00a38,567m, \u00a32,679m and \u00a31,626m respectively, before taking
\naccount of acquisition financing costs.
\n13 Equity dividends
\nORDINARY DIVIDENDS PAID IN THE YEAR
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nRELX PLC
880
920
983
\nOrdinary dividends declared and paid in the year ended 31 December 2022, in amounts per ordinary share, comprise: a 2021 final
\ndividend 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
\n(2021: 47.7p; 2020: 45.7p;).
\nThe 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
\n54.6p (2021: 49.8p; 2020: 47.0p). The total cost of funding the proposed final dividend is expected to be \u00a3743m, for which no liability
\nhas been recognised at the statement of financial position date.
\nThe Employee Benefit Trust has currently waived the right to receive dividends on RELX PLC shares. This waiver has been applied to
\ndividends paid in 2020, 2021 and 2022.
\n
14 Intangible assets
\nAccounting policy
\nOn acquisition of a subsidiary or business, the purchase consideration is allocated between the net tangible and intangible assets
\nother than goodwill on a fair value basis, with any excess purchase consideration representing goodwill. Goodwill is carried at fair
\nvalue as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their fair value as at the date of
\nacquisition less accumulated amortisation (including impairment). On disposal of a subsidiary or business, the attributable amount of
\ngoodwill is included in the determination of profit or loss recognised in the income statement.
\nManagement judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
\nrelated assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
\nrelationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process
\nresearch and development); and other intangible assets mainly comprising contract and rights-related assets.
\nThe valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation
\nmethodologies, including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in
\nestimating valuation of the intangible assets include growth in cash flows over the forecast period, the long-term growth rate
\nassumed thereafter and the discount rate applied to the forecast cash flows.
\nThe selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
\nbrands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
\nthe technological and competitive risks that they face. Certain intangible assets are in relation to acquired science and medical
\npublishing businesses that have been determined to have indefinite lives. The longevity of these assets is evidenced by their long-
\nestablished and well regarded journal titles, and their characteristically stable market positions. Intangible assets, other than journal
\ntitles determined to have indefinite lives, are amortised on a straight-line basis over their estimated useful lives. The estimated useful
\nlives of intangible assets with finite lives are:
\n\u25a0
Market-related assets \u2013 1 to 40 years
\n\u25a0
Customer-related assets \u2013 1 to 20 years
\n\u25a0
Editorial content \u2013 1 to 40 years
\n\u25a0
Software and systems \u2013 1 to 10 years
\n\u25a0
Other \u2013 3 to 20 years
\nJournal titles determined to have indefinite lives are not amortised and are subject to impairment review at least annually, including a
\nreview of events and circumstances to ensure that they continue to support an indefinite useful life.
\nInternally developed intangible assets typically comprise software and systems development where an identifiable asset is created
\nthat is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally developed
\nintangible assets are amortised on a straight line basis over their estimated useful lives of three to 15 years. Impairment reviews are
\ncarried out at least annually or where indicators of impairment are identified.
\nImpairment reviews
\nGoodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for
\nimpairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the
\nincome statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount
\nand not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying
\namounts of all other intangible assets are reviewed where there are indications of possible impairment.
\nAn impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest
\nmanagement cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses
\nare the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the
\ndiscount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
\nand discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates
\nare made based on the cash flows of the CGU to which the asset belongs.
\nCritical judgements and key sources of estimation uncertainty
\nAcquired intangible assets
\nIn 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of
\nfuture cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation
\nuncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions
\ncompleted during the year.
\nDevelopment spend
\nDevelopment spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
\nplatforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing
\noperating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms
\nand infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable
\nvalue and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified
\nand directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is
\nrequired in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and
\nthe selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and
\ndiscount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of
\nintangible assets.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
14 Intangible assets (continued)
\nTotal
Total
\nTotal
internally
intangible
\nSoftware
acquired
developed
assets
\nMarket
Customer
Editorial
and
intangible
intangible
excluding
\nrelated
related
content
technology
Other
assets
assets
goodwill
\nGoodwill
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nCOST
\nAs at 1 January 2021
7,224
2,391
1,750
614
688
2,381
7,824
3,251
11,075
\nAcquisitions
131
11
78
11
51
5
156
\u2013
156
\nAdditions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
310
310
\nDisposals and other
(3)
(2)
2
(7)
\u2013
(23)
(30)
(19)
(49)
\nExchange translation differences
14
15
10
2
1
(13)
15
(31)
(16)
\nAt 1 January 2022
7,366
2,415
1,840
620
740
2,350
7,965
3,511
11,476
\nAcquisitions
269
18
43
27
37
\u2013
125
\u2013
125
\nAdditions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
402
402
\nDisposals and other
\u2013
(2)
(4)
\u2013
\u2013
(9)
(15)
(84)
(99)
\nExchange translation differences
753
268
197
43
68
177
753
291
1,044
\nAt 31 December 2022
8,388
2,699
2,076
690
845
2,518
8,828
4,120
12,948
\nACCUMULATED AMORTISATION
\nAs at 1 January 2021
\u2013
1,323
1,054
514
414
2,338
5,643
2,007
7,650
\nCharge for the year*
\u2013
109
79
39
54
16
297
295
592
\nDisposals and other
\u2013
(2)
(6)
1
\u2013
(23)
(30)
(19)
(49)
\nExchange translation differences
\u2013
8
5
2
(1)
(12)
2
(23)
(21)
\nAt 1 January 2022
\u2013
1,438
1,132
556
467
2,319
5,912
2,260
8,172
\nCharge for the year*
\u2013
121
78
29
53
13
294
309
603
\nDisposals and other
\u2013
(2)
(4)
(5)
5
(9)
(15)
(78)
(93)
\nExchange translation differences
\u2013
161
126
37
47
177
548
194
742
\nAt 31 December 2022
\u2013
1,718
1,332
617
572
2,500
6,739
2,685
9,424
\nNET BOOK AMOUNT
\nAt 31 December 2021
7,366
977
708
64
273
31
2,053
1,251
3,304
\nAt 31 December 2022
8,388
981
744
73
273
18
2,089
1,435
3,524
\n* Includes impairments of
acquired intangible assets of \u00a31m (2021: \u00a313m; 2020: \u00a342m in Legal and \u00a323m in Exhibitions) and an impairment of internally developed
\nintangible assets of \u00a313m in Exhibitions (2021:nil; 2020: \u00a329m). Refer to note 2 for further detail on the exceptional costs in Exhibitions in 2020.
\nThe carrying amount of goodwill is shown after cumulative amortisation of \u00a31,253m (2021: \u00a31,144m), which was charged prior to the
\nadoption of IFRS, and \u00a39m (2021: \u00a38m) of subsequent impairment charges recorded in prior years.
\nThe Legal business has \u00a3735m (2021: \u00a3663m) of capitalised development costs associated with platforms and infrastructure.
\nIncluded in market-related intangible assets are \u00a3125m (2021: \u00a3112m) of journal titles relating to Scientific, Technical & Medical
\ndetermined to have indefinite lives based on an assessment of their historical longevity and stable market positions.
\nImpairment review
\nThere were no charges for impairment of goodwill or indefinite lived intangible assets in 2022 (2021: nil).
\nGoodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level at
\nwhich goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill arising
\nis allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas have
\nbecome increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills, knowledge and
\ntechnology platforms, and the monitoring of goodwill by management.
\nGOODWILL
2021
2022
\n\u00a3m
\u00a3m
\nRisk
3,675
4,167
\nScientific, Technical &
Medical
1,683
2,015
\nLegal
1,406
1,572
\nExhibitions
602
634
\nTotal
7,366
8,388
\n
14 Intangible assets (continued)
\nThe key assumptions used for each group of CGUs are disclosed below:
\nKEY ASSUMPTIONS
2021
2022
\nNominal
Nominal
\nPre-tax
long-term
Pre-tax
long-term
\ndiscount
market
discount
market
\nrate
growth rate
rate
growth rate
\nRisk
9.8
%
3
%
11.2
%
4
%
\nScientific, Technical & Medical
9.1
%
3
%
10.5
%
3
%
\nLegal
9.9
%
2
%
10.9
%
3
%
\nExhibitions
11.7
%
3
%
13.0
%
4
%
\nThe pre\u2013tax discount rates used are based on the Group\u2019s weighted average cost of capital, adjusted to reflect a risk premium specific
\nto each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has been estimated
\nby grossing up the post-tax rate.
The Group\u2019s weighted average cost of capital is derived from a risk free rate, a market risk premium,
\na risk adjustment (beta) and a cost of debt adjustment. The discount rates and the cash flow projections are in nominal terms and
\ntherefore, take into account the impact of inflation. The Group\u2019s weighted average cost of capital was calculated as at 30 September 2022
\nwhen the impairment review was performed, and there were no indicators of impairment in the intervening period to 31 December 2022.
\nThe key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth,
\noperating margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past
\nresults adjusted by management based on salient current and future considerations. Cash conversion rates for each CGU are based on
\nhistorical cash conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years,
\ndo not exceed the long-term average growth prospects for the sectors and territories in which the businesses operate.
\nA sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by management:
\nincreases 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
\n2.0; 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
\nthe nominal long-term market growth rates of 1%. These sensitivity analyses show that no impairment charges would result from these
\nscenarios.
\n15 Investments
\nAccounting policy
\nInvestments, other than investments in joint arrangements and associates, are stated in the statement of financial position at fair
\nvalue. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and other non-
\noperating items in the income statement. All items recognised in the income statement relating to investments, other than
\ninvestments in joint arrangements and associates, are reported as disposals and other non-operating items.
\nVenture capital investments and equity investments represent interests in listed and unlisted securities. The fair value of listed
\nsecurities is based on quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of
\nfair value based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard
\nto maximising the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate.
\nAll joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the
\narrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement
\nof financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n2021
2022
\n\u00a3m
\u00a3m
\nInvestments in joint ventures and associates
105
159
\nVenture capital investments
107
127
\nTotal
212
286
\nThe value of venture capital investments and equity investments has been determined by reference to quoted prices in active markets,
\nother observable market inputs or, when these are not available, by reference to inputs we believe would reflect the assumptions market
\nparticipants would use.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
15 Investments (continued)
\nAn analysis of changes in the carrying value of investments in joint ventures and associates is set out below:
\n2021
2022
\n\u00a3m
\u00a3m
\nAt start of year
103
105
\nShare of results of joint ventures
29
19
\nDividends received from joint ventures
(20)
(33)
\nAcquisitions
\u2013
62
\nDisposals and other
(4)
1
\nExchange translation differences
(3)
5
\nAt end of year
105
159
\nSummarised aggregate information in respect of the Group\u2019s share of joint ventures and associates is set out below:
\nRELX\u2019s share
\n2021
2022
\n\u00a3m
\u00a3m
\nRevenue
78
55
\nNet profit for the year
29
19
\nTotal assets
136
190
\nTotal liabilities
(70)
(75)
\nNet assets
66
115
\nGoodwill
39
44
\nTotal
105
159
\nThe Group\u2019s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2022
\nand 2021.
\n16 Property, plant and equipment
\nAccounting policy
\nProperty, plant and equipment are stated in the statement of financial position at cost less accumulated depreciation. No
\ndepreciation is provided on freehold land. Freehold buildings and long leaseholds are depreciated over their estimated useful lives
\nup to a maximum of 50 years. Short leases are written off over the duration of the lease. Depreciation is provided on other assets on
\na straight-line basis over their estimated useful lives as follows:
\n\u25a0
land and buildings: land \u2013 not depreciated; leasehold improvements \u2013 shorter of life of lease and 10 years
\n\u25a0
fixtures and equipment: plant \u2013 3 to 20 years; office furniture, fixtures and fittings \u2013 5 to 10 years; computer systems,
\ncommunication networks and equipment \u2013 3 to 7 years
\n2021
2022
\nLand and
Fixtures and
Land and
Fixtures and
\nbuildings
equipment
Total
buildings
equipment
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nCost
\nAt start of year
206
527
733
167
516
683
\nAcquisitions
\u2013
1
1
1
\u2013
1
\nCapital expenditure
5
23
28
3
33
36
\nDisposals
(43)
(32)
(75)
(19)
(140)
(159)
\nExchange translation differences
(1)
(3)
(4)
14
43
57
\nAt end of year
167
516
683
166
452
618
\nAccumulated depreciation
\nAt start of year
143
428
571
111
441
552
\nCharge for the year
6
46
52
6
41
47
\nDisposals
(37)
(31)
(68)
(12)
(142)
(154)
\nExchange translation differences
(1)
(2)
(3)
10
37
47
\nAt end of year
111
441
552
115
377
492
\nNet book amount
56
75
131
51
75
126
\nIncluded in land and buildings is freehold land of \u00a310m (2021: \u00a310m).
\nAmounts relating to right-of-use assets under IFRS 16 can be found in note 22.
\n
17 Financial instruments
\nAccounting policy
\nFinancial instruments comprise investments (other than investments in joint ventures or associates), trade receivables, cash and
\ncash equivalents, payables and accruals, borrowings and derivative financial instruments.
\nInvestments (other than investments in joint ventures and associates) are described in note 15. The fair value of such investments is
\nbased on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to
\nmaximising the use of observable inputs and adjusting for risk. (These investments are typically classified as either Level 2 or 3 in
\nthe IFRS 13 fair value hierarchy.)
\nTrade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
\nExpected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables are
\nrecorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated hedging
\nrelationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss
\nattributable to the hedged risk).
\nDerivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place
\nagainst changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable
\nto the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The
\noffsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement
\nwithin finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the
\ncumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the
\nborrowing using the effective interest method.
\nChanges in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are
\nrecognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to
\nforeign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm
\ncommitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or
\nliability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive
\nincome are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or
\na liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged
\nitem affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement.
\nCash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer
\nqualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
\ncomprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or, where
\na hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
\nDerivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position at
\nfair value, with changes in fair value recognised in the income statement.
\nThe fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of
\ninterest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable
\nmarket rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.)
\nThe main financial risks faced by the Group are liquidity risk, market risk \u2013 comprising interest rate risk and foreign exchange risk \u2013 and
\ncredit risk. Financial instruments are used to finance the Group\u2019s businesses and to manage interest rate and foreign exchange risks.
\nThe Group\u2019s businesses do not enter into speculative derivative transactions. Details of financial instruments subject to liquidity, market
\nand credit risks are described below.
\nLiquidity risk
\nThe Group maintains a range of borrowing facilities and debt programmes to fund its requirements at competitive rates.
\nThe balance of long-term debt, short-term debt and committed bank facilities is managed to provide security of funding, taking into
\naccount the cash generation cycle of the business and the uncertain size and timing of acquisition spend. To accommodate the
\nsignificant free cash flow generated by the Group and to capitalise on an inexpensive source of funding, a meaningful portion of the
\noverall debt portfolio is typically kept short term as long as there exists acceptable liquidity in the commercial paper markets and
\nsufficient capacity under committed credit lines. The Group\u2019s treasury policies ensure adequate liquidity by requiring that (a) no more
\nthan $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
\nborrowings is less than the sum of available cash plus committed facilities and (c) minimum levels of borrowing with maturities over
\nthree and five years are maintained.
\nThe treasury policies ensure debt efficiency by (a) targeting certain levels of short-term borrowings across a given year, (b) maintaining
\na weighted average maturity of the gross debt portfolio of approximately five years and (c) minimising surplus cash balances. From time
\nto time, based on cash flow and market conditions, the Group may redeem term debt early or repurchase outstanding debt in the
\nopen market.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
17 Financial instruments (continued)
\nDebt is issued to meet the funding requirements of various jurisdictions and in the currencies that are needed. It is recognised that debt
\ncan act as a natural translation hedge of earnings, net assets and net cash flow in currencies other than the reporting currency. For this
\nreason, the majority of the Group\u2019s net debt is denominated in US dollars and euros, reflecting the Group\u2019s largest geographical
\nmarkets. There were no changes to the Group\u2019s long-term approach to capital and liquidity management during the year.
\nThe remaining contractual maturities for borrowings and derivative financial instruments are shown in the table below. The table shows
\nundiscounted principal and interest cash flows and includes contractual gross cash flows to be exchanged as part of cross-currency
\ninterest rate swaps and forward foreign exchange contracts where there is a legal right of set-off.
\nAT 31 DECEMBER 2021
Contractual cash flow (including interest)
\nCarrying
Within
More than
\namount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nBorrowings
\nFixed rate borrowings
(5,828)
(156)
(741)
(1,106)
(704)
(709)
(3,126)
(6,542)
\nFloating rate borrowings
(131)
(131)
\u2013
\u2013
\u2013
\u2013
\u2013
(131)
\nLease liabilities
(208)
(75)
(63)
(43)
(25)
(4)
(31)
(241)
\nDerivative financial liabilities
\nCash inflows
371
86
103
2
\u2013
\u2013
562
\nCash outflows
(374)
(88)
(105)
(2)
\u2013
\u2013
(569)
\nForward foreign exchange contracts
(7)
(3)
(2)
(2)
\u2013
\u2013
\u2013
(7)
\nInterest rate derivatives
(5)
\u2013
\u2013
(1)
(2)
(2)
(7)
(12)
\nCross
-currency interest rate swaps
(2)
(32)
(34)
(14)
(501)
\u2013
\u2013
(581)
\nDerivative financial assets
\nCash inflows
1,399
312
107
26
\u2013
\u2013
1,844
\nCash outflows
(1,367)
(294)
(102)
(25)
\u2013
\u2013
(1,788)
\nForward foreign exchange contracts
48
32
18
5
1
\u2013
\u2013
56
\nInterest rate derivatives
19
22
10
4
\u2013
\u2013
\u2013
36
\nCross
-currency interest rate swaps
16
29
26
7
511
\u2013
\u2013
573
\nTotal
(6,098)
(314)
(786)
(1,150)
(720)
(715)
(3,164)
(6,849)
\nAT 31 DECEMBER 2022
Contractual cash flow (including interest)
\nCarrying
Within
More than
\namount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nBorrowings
\nFixed rate borrowings
(6,446)
(847)
(1,188)
(772)
(769)
(704)
(3,212)
(7,492)
\nFloating rate borrowings
(102)
(102)
\u2013
\u2013
\u2013
\u2013
\u2013
(102)
\nLease liabilities
(182)
(80)
(58)
(36)
(17)
(6)
(34)
(231)
\nDerivative financial liabilities
\nCash inflows
835
242
122
8
\u2013
\u2013
1,207
\nCash outflows
(870)
(262)
(127)
(8)
\u2013
\u2013
(1,267)
\nForward foreign exchange contracts
(53)
(35)
(20)
(5)
\u2013
\u2013
\u2013
(60)
\nInterest rate derivatives
(158)
(48)
(29)
(20)
(18)
(17)
(43)
(175)
\nCross
-currency interest rate swaps
(58)
(56)
(31)
(567)
\u2013
\u2013
\u2013
(654)
\nDerivative financial assets
\nCash inflows
665
199
126
24
1,014
\nCash outflows
(645)
(192)
(123)
(23)
(983)
\nForward foreign exchange contracts
32
20
7
3
1
\u2013
\u2013
31
\nInterest rate derivatives
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
2
\nCross
-currency interest rate swaps
\u2013
29
7
538
\u2013
\u2013
\u2013
574
\nTotal
(6,967)
(1,117)
(1,312)
(859)
(803)
(727)
(3,289)
(8,107)
\nThe carrying amount of derivative financial liabilities comprises \u00a3215m (2021: \u00a35m) in relation to fair value hedges, \u00a332m (2021: \u00a37m)
\nin relation to cash flow hedges and \u00a322m (2021: \u00a32m) not designated as hedging instruments. The carrying amount of derivative
\nfinancial assets comprises nil (2021: \u00a335m) in relation to fair value hedges, \u00a324m (2021: \u00a336m) in relation to cash flow hedges and \u00a38m
\n(2021: \u00a312m) not designated as hedging instruments.
\nThe Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance borrowings as they mature
\nand to fund ongoing requirements. At 31 December 2022, the Group had access to a $3.0bn committed bank facility maturing in April
\n2025, which was undrawn. This facility backs up short-term borrowings, and has pricing linked to three ESG performance targets. All
\nborrowings that mature within the next two years can be covered by the facility and by utilising available cash resources. The committed
\nbank facility is not subject to a financial covenant and there are no financial covenants in any outstanding public bonds.
\n
17 Financial instruments (continued)
\nMarket risk
\nThe Group\u2019s primary market risks are interest rate fluctuations and exchange rate movements. Derivatives are used to manage the risks
\nassociated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Where the
\nimpact of derivatives on the income statement and the statement of financial position could be significant, hedge accounting is applied
\n(subject to satisfying the required criteria) as described in \u2018Hedge accounting\u2019 below. Derivatives used by the Group for hedging a
\nparticular risk are not specialised and are generally available from numerous sources. The Group is also exposed to changes in the
\nmarket value of its venture capital investments as described in note 15. The impact of market risks on net post-employment benefit
\nobligations and taxation is excluded from the following market risk sensitivity analysis.
\nInterest rate exposure management
\nThe Group\u2019s interest rate exposure management policy aims to minimise interest costs with an acceptable level of year-on-year
\nvolatility. 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
\nborrowings. Interest rate derivatives are used only to hedge an underlying risk and no net market positions are held.
\nAt 31 December 2022, including the effect of interest rate swaps, 58% of gross bank and bond borrowings were at fixed rates.
\nA 100 basis point reduction in short-term interest rates would result in an estimated decrease in annual net finance costs of \u00a325m
\n(2021: \u00a321m), based on the composition of financial instruments including cash, cash equivalents, bank loans and commercial paper
\nborrowings at 31 December 2022. A 100 basis point rise in short-term interest rates would result in an estimated increase in net finance
\ncosts of \u00a325m (2021: \u00a321m).
\nThe impact on net equity of a theoretical change in interest rates as at 31 December 2022 is restricted to the change in carrying value
\nof floating rate to fixed rate interest rate derivatives in a designated cash flow hedge relationship and undesignated interest rate
\nderivatives. A 100 basis point reduction in interest rates would result in an estimated decrease in net equity of nil (2021: nil) and a 100
\nbasis point increase in interest rates would increase net equity by an estimated amount of nil (2021: nil). The impact of a change in
\ninterest rates on the carrying value of fixed rate borrowings in a designated fair value hedge relationship would be offset by the change
\nin carrying value of the related interest rate derivative. Fixed rate borrowings not in a designated hedging relationship are carried at
\namortised cost.
\nThe Group has assessed the impact of the Interbank Offered Rates (IBOR) reform and concluded that there will be no significant impact
\non the financial statements. The Group is primarily exposed to IBOR through its derivatives which swap fixed rate bond issuances to a
\nfloating rate of interest and which are designated in fair value hedge relationships. The table on page 192 details these interest rate
\nderivatives which swap \u00a31,917m of bonds with weighted average maturity of 3.3 years to a floating rate of interest referencing US dollar
\nLIBOR (3 months) and swap \u00a3443m of bonds with weighted average maturity of 1.2 years to a floating rate of interest referencing
\nEuribor (3 months). The Group has adopted the ISDA fallback protocol in respect of these derivatives and the fair value hedge
\ndesignations are expected to remain highly effective throughout the transition to alternative risk free rates.
\nForeign currency exposure management
\nTranslation exposures arise on the earnings and net assets of individual businesses whose operational currencies are other than
\nsterling. Some of these exposures are offset by denominating borrowings in US dollars, euros and other currencies. Currency exposures
\non transactions denominated in a foreign currency are generally hedged using forward contracts. In addition, recurring transactions and
\nfuture investment exposures may be hedged, in advance of becoming contractual. The precise policy differs according to the specific
\ncircumstances of the individual businesses. Highly predictable future cash flows may be covered for transactions expected to occur
\nduring the next 24 months (50 months for the Scientific, Technical & Medical subscription businesses) within limits defined according to
\nthe period before the transaction is expected to become contractual. Cover takes the form of foreign exchange forward contracts.
\nFurther information is provided in \u2018Cash flow hedges\u2019 below.
\nA theoretical weakening of all currencies by 10% against sterling at 31 December 2022 would decrease the carrying value of net
\nassets, excluding net borrowings, by \u00a3892m (2021: \u00a3781m). This would be offset to a degree by a decrease in net borrowings of
\n\u00a3671m (2021: \u00a3677m). A strengthening of all currencies by 10% against sterling at 31 December 2022 would increase the carrying
\nvalue of net assets, excluding net borrowings, by \u00a3892m (2021: \u00a3781m) and increase net borrowings by \u00a3671m (2021: \u00a3677m).
\nA retranslation of the Group\u2019s net profit for the year, assuming a 10% weakening of all foreign currencies against sterling but excluding
\ntransactional exposures, would reduce net profit by \u00a3126m (2021: \u00a3112m). A 10% strengthening of all foreign currencies against
\nsterling on this basis would increase net profit for the year by \u00a3126m (2021: \u00a3112m).
\nCredit risk
\nThe Group seeks to manage interest rate risk and limit foreign exchange risks described above by the use of financial instruments and
\nas a result has a credit risk from the potential non-performance by the counterparties to these financial instruments, which are
\nunsecured. The amount of this credit risk is normally restricted to the amounts of any hedge gain and not the principal amount being
\nhedged. The Group also has a credit exposure to counterparties for the full principal amount of cash and cash equivalents. Credit risks
\nare controlled by monitoring the credit quality of these counterparties, principally licensed commercial banks and investment banks with
\nstrong long-term credit ratings, and the amounts outstanding with each of them.
\nThe Group has treasury policies in place which do not allow concentrations of risk with individual counterparties and do not allow
\nsignificant treasury exposures with counterparties which are rated lower than A-/A3 by Standard & Poor\u2019s, Moody\u2019s and Fitch.
\nAt 31 December 2022, cash and cash equivalents totalled \u00a3334m (2021: \u00a3113m), of which 96% (2021: 89%) was held with banks
\nrated A-/A3 or better.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
17 Financial instruments (continued)
\nThe Group also has credit risk with respect to trade receivables due from its customers, which include national and state governments,
\nacademic institutions and large and small enterprises including insurance companies, law firms and life science companies. The
\nconcentration of credit risk from trade receivables is limited due to the large and broad customer base. Trade receivable exposures are
\nmanaged locally in the business areas where they arise. Where appropriate, business areas seek to minimise this exposure by taking
\npayment in advance and through management of credit terms. Expected credit losses are based on management\u2019s assessment of the
\nrisk taking into account the ageing profile, experience and circumstance. The maximum exposure to credit risk is represented by the
\ncarrying amount of each financial asset, including derivative financial instruments, recorded in the statement of financial position.
\nIncluded within trade receivables are the following amounts which are past due, after considering loss allowance:
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nUp to one month
170
156
265
\n2 to 3 months
83
96
115
\n4 to 6 months
34
35
46
\nGreater than 6 months
46
18
23
\nTotal past due
333
305
449
\nHedge accounting
\nThe hedging relationships that are designated under IFRS 9 \u2013 Financial Instruments are described below.
\nFair value hedges
\nThe Group has entered into interest rate swaps and cross-currency interest rate swaps to hedge the exposure to changes in the fair
\nvalue of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement. The table
\nbelow details the designated fair value hedge relationships that were in place at 31 December 2022, swapping fixed rate term debt
\nissues denominated in US dollars (USD) and euros to floating rate USD and euro debt respectively for the whole or part of their term,
\ntogether with the related fixed and floating rates.
\nFAIR VALUE HEDGE RELATIONSHIPS
31
December
31
December
\n2021
2022
\nPrincipal
Principal
\namount
amount
\n\u00a3m
\u00a3m
Fixed rate
Floating rate
\n$700m bond and $700m interest rate swaps maturing 2023
(517)
(579)
3.5
%
USD LIBOR+0.8%
\n\u20ac500m bond and \u20ac500m interest rate swaps maturing 2024
(421)
(443)
1.0
%
Euribor+0.7%
\n\u20ac600m bond and \u20ac600m/$669.3m cross
-currency interest rate
\nswaps maturing 2025
\n(494)
(553)
1.3
%
USD LIBOR+1.3%
\n$200m bond and $200m interest rate swaps maturing 2027
(148)
(165)
7.2
%
USD LIBOR+5.8%
\n$750m bond and $750m interest rate swaps maturing 2030
(554)
(620)
3.0
%
USD
LIBOR+1.6%
\n$500m bond and $500m interest rate swaps maturing 2032
\u2013
(413)
4.75
%
USD SOFR+2.0%
\n(2,134)
(2,773)
\nThe gains and losses on the borrowings and related derivatives designated as fair value hedges, which are included in the income
\nstatement as part of finance costs, together with the total carrying values of the borrowings and related derivatives included in the
\nstatement of financial position, for the three years ended 31 December 2020, 2021 and 2022 were as follows:
\nGAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\nAND CARRYING VALUES
Fair value
\n1 January
movement
Exchange
31 December
Carrying
\n2020
gain/(loss)
gain/(loss)
2020
values
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUSD debt
(13)
(25)
2
(36)
(701)
\nRelated interest rate swaps
13
25
(2)
36
36
\n\u2013
\u2013
\u2013
\u2013
(665)
\nEUR debt
(39)
(47)
3
(83)
(1,467)
\nRelated interest rate swaps
39
47
(3)
83
83
\n\u2013
\u2013
\u2013
\u2013
(1,384)
\nTotal relating to USD and EUR debt
(52)
(72)
5
(119)
(2,168)
\nTotal related interest rate swaps
52
72
(5)
119
119
\nNet gain on borrowings and related
derivatives/total
\ncarrying value
\u2013
\u2013
\u2013
\u2013
(2,049)
\n
17 Financial instruments (continued)
\nGAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\nAND CARRYING VALUES
Fair value
\n1 January
movement
Exchange
31 December
Carrying
\n2021
gain/(loss)
gain/(loss)
2021
values
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUSD debt
(36)
35
\u2013
(1)
(1,221)
\nRelated interest rate swaps
36
(28)
\u2013
8
8
\n\u2013
7
\u2013
7
(1,213)
\nEUR debt
(83)
55
1
(27)
(940)
\nRelated interest rate swaps
83
(55)
(1)
27
27
\n\u2013
\u2013
\u2013
\u2013
(913)
\nTotal relating to USD and EUR debt
(119)
90
1
(28)
(2,161)
\nTotal related interest rate
swaps
119
(83)
(1)
35
35
\nNet gain on borrowings and related derivatives/total
\ncarrying value
\u2013
7
\u2013
7
(2,126)
\nGAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\nAND CARRYING VALUES
Fair value
\n1 January
movement
Exchange
31 December
Carrying
\n2022
gain/(loss)
gain/(loss)
2022
values
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUSD debt
(1)
140
2
141
(1,630)
\nRelated interest rate swaps
8
(149)
(2)
(143)
(143)
\n7
(9)
\u2013
(2)
(1,773)
\nEUR debt
(27)
96
1
70
(924)
\nRelated interest rate swaps
27
(96)
(1)
(70)
(70)
\n\u2013
\u2013
\u2013
\u2013
(994)
\nTotal relating to USD and EUR debt
(28)
236
3
211
(2,554)
\nTotal related interest rate swaps
35
(245)
(3)
(213)
(213)
\nNet gain/(loss) on borrowings and related
\nderivatives/total carrying value
7
(9)
\u2013
(2)
(2,767)
\nAll fair value hedges were highly effective throughout the three years ended 31 December 2022.
\nGross borrowings as at 31 December 2022 included \u00a310m (2021: \u00a312m) in relation to fair value adjustments to borrowings previously
\ndesignated in a fair value hedge relationship which were de-designated in 2008. The related derivatives were closed out on de-
\ndesignation with a cash inflow of \u00a362m. \u00a33m (2021: \u00a33m) of these fair value adjustments were amortised in the year as a reduction to
\nfinance costs.
\nCash flow hedges
\nAs part of the Group\u2019s interest rate exposure management, it has entered into certain cross-currency interest rate derivatives, individual
\ncomponents of which have been accounted for as cash flow hedges (with the remaining components accounted for as fair value
\nhedges, as described above). These comprised interest rate derivatives which swapped a fixed rate \u20ac600m bond, issued in May 2015
\nand 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
\nmargin to USD is being accounted for as a cash flow hedge under IFRS 9, with the amount associated with foreign currency basis
\nspreads recorded in the cost of hedging reserve.
\nAs part of the Group\u2019s foreign currency exposure management, it has entered into forward foreign exchange contracts which fix the
\nexchange rate on a portion of future foreign currency subscription revenues forecast by the businesses for up to 50 months. These have
\nbeen accounted for as cash flow hedges under IFRS 9 of the forecast foreign currency revenues, with gains and losses on the forward
\ncontracts deferred in the hedge reserve until the related revenue is recognised, at which time the accumulated gains and losses are
\nreclassified to the income statement.
\nMovements in the hedge reserve and the cost of hedging reserve in 2021 and 2022, including gains and losses on cash flow hedging
\ninstruments, were as follows:
\nCost of
Foreign
\nInterest rate
hedging
currency
\nhedge reserve
reserve
hedge reserve
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nHedge reserve at 31 December 2020: gains/(losses) deferred
4
(8)
27
23
\n(Losses)/gains arising in 2021
(3)
2
11
10
\nAmounts recognised in income statement
\u2013
\u2013
(9)
(9)
\nHedge reserve at 31 December 2021: gains/(losses) deferred
1
(6)
29
24
\n(Losses)/gains arising in 2022
(3)
5
(20)
(18)
\nAmounts recognised in income statement
1
\u2013
(18)
(17)
\nExchange translation differences
(1)
\u2013
1
\u2013
\nHedge reserve at 31 December 2022: losses deferred
(2)
(1)
(8)
(11)
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
17 Financial instruments (continued)
\nAll cash flow hedges were highly effective throughout the two years ended 31 December 2022.
\nA deferred tax credit of \u00a33m (2021: debit of \u00a35m) in respect of the above gains and losses at 31 December 2022 was also deferred in
\nthe hedge reserve.
\nOf the amounts recognised in the income statement in the year, gains of \u00a318m (2021: \u00a39m) were recognised in revenue, and losses of
\n\u00a31m (2021: nil) were recognised in finance costs. A tax debit of \u00a34m (2021: \u00a32m) was recognised in relation to these items.
\nThe deferred gains and losses on foreign currency cash flow hedges at 31 December 2022 are currently expected to be recognised in
\nthe income statement in future years as shown in the table below, together with the principal amount of hedges relating to each year
\nand their total carrying values included within derivative assets and liabilities in the statement of financial position:
\nForeign
Principal
\ncurrency
amount of
Carrying
\nhedge reserve
hedges
values
\n\u00a3m
\u00a3m
\u00a3m
\n2023
4
673
(11)
\n2024
(10)
459
(10)
\n2025
(2)
250
(2)
\n2026
\u2013
36
\u2013
\nTotal
(8)
1,418
(23)
\nThe 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
\nthe preceding year. These cash flows are included in the table on page 190.
\n18 Inventories and pre-publication costs
\nAccounting policy
\nInventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and estimated net
\nrealisable value. Such costs typically comprise direct internal labour costs and externally commissioned editorial and other fees.
\nPre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically
\nreflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years.
\nAnnual reviews are carried out to assess the recoverability of carrying amounts.
\n2021
2022
\n\u00a3m
\u00a3m
\nRaw materials
2
3
\nPre
-publication costs
218
264
\nFinished goods
33
42
\nTotal
253
309
\nDuring the year, pre-publication costs of \u00a394m (2021: \u00a373m) were capitalised. The related amortisation charge was \u00a372m (2021:
\n\u00a360m).
\n19 Trade and other receivables
\nAccounting policy
\nTrade receivables are stated net of a loss allowance for expected credit losses.
\n2021
2022
\n\u00a3m
\u00a3m
\nTrade receivables
1,738
2,193
\nLoss allowance
(106)
(118)
\n1,632
2,075
\nPrepayments and accrued income
316
310
\nCurrent tax receivable
10
15
\nNet finance lease receivable
2
5
\nTotal
1,960
2,405
\nTrade receivables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
\n
19 Trade and other receivables (continued)
\nThe movements in the loss allowance during the year were as follows:
\n2021
2022
\n\u00a3m
\u00a3m
\nAt
start of year
99
106
\nCharge for the year
17
11
\nTrade receivables written off
(8)
(7)
\nExchange translation differences
(2)
8
\nAt end of year
106
118
\n20 Trade and other payables
\nAccounting policy
\nDeferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an amount of
\nconsideration, in advance of the goods and services being delivered.
\nTrade payables, accruals and other payables are not interest-bearing and are stated at their nominal values.
\n2021
2022
\n\u00a3m
\u00a3m
\nTrade payables
109
129
\nAccruals
718
844
\nSocial security and other taxes
141
159
\nOther payables
351
517
\nDeferred income
1,956
2,368
\nTotal
3,275
4,017
\nTrade and other payables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
\nMaterially all of the opening deferred income balance has been recognised in the reporting period.
\n21 Debt
\nAccounting policy
\nBorrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings in
\ndesignated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted
\nfor the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires, is sold or
\nterminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in
\nthe income statement over the period to maturity of the borrowing using the effective interest method.
\n2021
2022
\nFalling
due
Falling due
Falling
due
Falling
due in
\nwithin
in
more than
within
more than
\n1 year
1 year
Total
1 year
1 year
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nFinancial liabilities measured at amortised cost:
\nShort-term bank loans, overdrafts and commercial paper
131
\u2013
131
102
\u2013
102
\nTerm debt
32
3,410
3,442
\u2013
3,641
3,641
\nLease liabilities
69
139
208
67
115
182
\nTerm debt in fair value hedging relationships
\u2013
2,161
2,161
576
1,978
2,554
\nTerm debt previously in fair value hedging relationships
\u2013
\u2013
225
225
125
126
251
\nTotal
232
5,935
6,167
870
5,860
6,730
\nThe total fair value of financial liabilities measured at amortised cost (excluding lease liabilities) is \u00a33,451m (2021: \u00a33,746m). The total
\nfair value of term debt in fair value hedging relationships is \u00a32,688m (2021: \u00a32,268m). The total fair value of term debt previously in fair
\nvalue hedging relationships is \u00a3257m (2021: \u00a3255m).
\nRELX PLC has given guarantees in respect of certain long-term and short-term borrowings issued by subsidiaries. Included within term
\ndebt above are debt securities issued by RELX Capital Inc., a 100% indirectly owned finance subsidiary of RELX PLC, which have been
\nregistered with the US Securities and Exchange Commission. RELX PLC has fully and unconditionally guaranteed these securities,
\nwhich are not guaranteed by any other subsidiary of RELX PLC.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
21 Debt (continued)
\nAnalysis by year of repayment
\n2021
2022
\nShort-term
Short-term
\nbank
loans,
bank loans,
\noverdrafts
overdrafts
\nand
and
\ncommercial
Lease
commercial
Lease
\npaper
Term debt
liabilities
Total
paper
Term debt
liabilities
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nWithin 1 year
131
32
69
232
102
701
67
870
\nWithin 1 to 2 years
\u2013
641
40
681
\u2013
1,045
24
1,069
\nWithin 2 to 3 years
\u2013
1,012
37
1,049
\u2013
623
25
648
\nWithin 3 to 4 years
\u2013
628
29
657
\u2013
660
24
684
\nWithin 4 to 5 years
\u2013
626
17
643
\u2013
595
17
612
\nAfter 5 years
\u2013
2,889
16
2,905
\u2013
2,822
25
2,847
\nAfter 1 year
\u2013
5,796
139
5,935
\u2013
5,745
115
5,860
\nTotal
131
5,828
208
6,167
102
6,446
182
6,730
\nShort-term bank loans, overdrafts and commercial paper were backed up at 31 December 2022 by a $3.0bn (\u00a32.5bn) committed bank
\nfacility maturing in 2025. The committed bank facility was undrawn.
\nAnalysis by currency
\n2021
2022
\nShort-term
Short-term
\nbank
loans,
bank loans,
\noverdrafts
overdrafts
\nand
and
\ncommercial
Lease
commercial
Lease
\npaper
Term debt
liabilities
Total
paper
Term
debt
liabilities
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUS dollar
68
2,691
79
2,838
2
3,160
65
3,227
\nPound sterling
\u2013
\u2013
\u2013
\u2013
51
51
\u2013
\u2013
40
40
\nEuro
15
3,137
47
3,199
\u2013
3,286
57
3,343
\nOther currencies
48
\u2013
\u2013
31
79
100
\u2013
20
120
\nTotal
131
5,828
208
6,167
102
6,446
182
6,730
\nIncluded in the US dollar amounts for term debt above is \u00a3498m (2021: \u00a3515m) of debt denominated in euros (\u20ac600m) (2021: \u20ac600m)
\nthat was swapped into US dollars on issuance and against which there are related derivative financial instruments, which, as at 31
\nDecember 2022, had a fair value of \u00a355m (2021: \u00a321m).
\n22 Lease arrangements
\nAccounting policy
\nAll leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of
\nfinancial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding right-
\nof-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.
\nLease payments are apportioned between finance charges and a reduction of the lease liability.
\nLow-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
\npayments made in relation to these leases are recognised on a straight-line basis in the income statement.
\nThe leases held by the Group can be split into two categories: property and non-property. The Group leases various properties,
\nprincipally offices, which have varying terms and renewal rights that are typical to the territory in which they are located.
\nNon-property includes all other leases, such as cars and printers.
\n
22 Lease arrangements (continued)
\nRight-of-use assets
\n2021
2022
\n\u00a3m
\u00a3m
\nAt
start of year
216
161
\nAdditions
25
34
\nAcquisitions
\u2013
\u2013
3
\nRemeasurement
9
8
\nDisposals
(5)
(8)
\nDepreciation
(66)
(63)
\nImpairment
(14)
\u2013
\nExchange translation differences
(4)
10
\nAt end of year
161
145
\nLease liability
\n2021
2022
\n\u00a3m
\u00a3m
\nCurrent
\nProperty
(67)
(65)
\nNon
-property
(2)
(2)
\nNon-current
\nProperty
(136)
(113)
\nNon
-property
(3)
(2)
\nTotal
(208)
(182)
\nInterest expense on the lease liabilities recognised within finance costs was \u00a36m (2021: \u00a38m; 2020: \u00a312m).
\nAs at 31 December 2022, RELX was committed to leases with future cash outflows totalling \u00a332m (31 December 2021: \u00a35m) which
\nhad not yet commenced and as such are not accounted for as a liability as at 31 December 2022. A liability and corresponding right-of-
\nuse asset will be recognised for these leases at the lease commencement date.
\nRELX subleases vacant space available within its leased properties. IFRS 16 specifies conditions whereby a sublease is classed as a
\nfinance lease for the sub-lessor. The finance lease receivable balance held is as follows:
\n2021
2022
\n\u00a3m
\u00a3m
\nNet finance lease receivable
2
5
\nShort-term and low-value lease expenses have been included in note 3.
\nInterest income recognised in relation to finance lease receivables is disclosed in note 7.
\n23 Share capital and shares held in treasury
\nAccounting policy
\nShares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid,
\nincluding directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
\nEmployee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity.
\nRELX PLC
\nCALLED UP SHARE CAPITAL
\u2013 ISSUED AND FULLY PAID
2021
2022
\nNo. of shares
\u00a3m
No. of shares
\u00a3m
\nAt start of year
1,982,299,312
286
1,984,961,632
286
\nIssue of ordinary shares
2,662,320
\u2013
1,918,456
\u2013
\nCancellation of ordinary shares
\u2013
\u2013
(52,000,000)
(7)
\nAt end of year
1,984,961,632
286
1,934,880,088
279
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
23 Share capital and shares held in treasury (continued)
\nNUMBER OF ORDINARY SHARES
Year ended 31 December
\n2021
2022
\nShares in
Shares in
\nissue net of
issue net of
\ntreasury
Shares in
Treasury
treasury
\nshares*
issue
shares
shares*
\n(millions)
(millions)
(millions)
(millions)
\nRELX PLC
\nAt start of year
1,926.0
1,985.0
(55.6)
1,929.4
\nIssue of ordinary shares
2.7
1.9
\u2013
1.9
\nRepurchase of ordinary shares
\u2013
\u2013
(21.7)
(21.7)
\nNet release/(purchase) of shares by the Employee Benefit Trust
0.7
\u2013
(0.1)
(0.1)
\nCancellation of ordinary shares
\u2013
(52.0)
52.0
\u2013
\nAt end of year
1,929.4
1,934.9
(25.4)
1,909.5
\n*
At 31 December 2022 the total shares in issue net of treasury shares is 1,909,526,620 (2021: 1,929,425,389).
\nDuring the year, RELX PLC repurchased 21.7m (2021: nil; 2020: 7.8m) RELX PLC ordinary shares for an average price of 2,303p;
\nrepurchased shares are held in treasury. In 2022 the total consideration for the RELX PLC repurchases was \u00a3500m (2021: nil;
\n2020: \u00a3150m).
\nThe Employee Benefit Trust purchases RELX PLC shares which, at the trustees\u2019 discretion, can be used in respect of the exercise of
\nshare options and to meet commitments under conditional share awards. During the year, the Employee Benefit Trust purchased 2.2m
\nshares for a total cost of \u00a350m (2021: \u00a31m; 2020: \u00a337m). At 31 December 2022, shares held by the Employee Benefit Trust were
\n\u00a3101m (2021: \u00a386m; 2020: \u00a397m) at cost.
\nThe issue of ordinary shares in the year relates to the exercise of share options.
\nAll of the RELX PLC ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for shares held in
\ntreasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.
\nAt 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
\nshares held by the Employee Benefit Trust; and 19,800,067 (2021: 50,087,679; 2020: 50,087,679) RELX PLC ordinary shares held by
\nthe parent company. During 2022, 52m (2021: nil; 2020: nil) RELX PLC ordinary shares held in treasury were cancelled.
\nOn 9 December 2022, RELX PLC announced a non-discretionary programme to repurchase further ordinary shares up to the value of
\n\u00a3150m. At 31 December 2022, an accrual of \u00a3150m was recognised in respect of this non-discretionary commitment. A further 6.3m
\nRELX PLC ordinary shares have been repurchased in January and February 2023 under this programme.
\n24 Other reserves and translation reserve
\nTranslation
Hedge
Other
\nTotal
reserve
reserve
reserves
Total
\n2021
2022
2022
2022
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nAt start of year
1,241
250
19
2,062
2,331
\nProfit attributable to shareholders
1,471
\u2013
\u2013
1,634
1,634
\nDividends paid
(920)
\u2013
\u2013
(983)
(983)
\nActuarial gains on defined benefit pension schemes
321
\u2013
\u2013
164
164
\nFair value movements on cash flow hedges
10
\u2013
(18)
\u2013
(18)
\nTransfer to profit from cash flow hedge reserve
(9)
\u2013
(17)
\u2013
(17)
\nTax recognised in other comprehensive income
(49)
\u2013
8
(43)
(35)
\nExchange differences on translation of foreign operations
223
427
\u2013
\u2013
427
\nCancellation of shares
\u2013
\u2013
\u2013
(1,120)
(1,120)
\nIncrease in share based remuneration reserve (net of tax)
55
\u2013
\u2013
47
47
\nSettlement of share awards
(12)
\u2013
\u2013
(35)
(35)
\nDisposal of non
-
controlling interests
\u2013
\u2013
\u2013
(1)
(1)
\nAt end of year
2,331
677
(8)
1,725
2,394
\nOther reserves principally comprise retained earnings and the share based remuneration reserve. Movements in reserves during the
\nperiod includes the effects of profits generated during the period, share repurchases, changes in exchange rates and other items.
\nDividends paid during 2022 were \u00a3983m (2021: \u00a3920m). Refer to note 13 for further details.
\n52m (2021: nil) RELX PLC ordinary shares held in treasury were cancelled resulting in a transfer of \u00a31.1bn between other reserves and
\nshares held in treasury.
\nThe increase of \u00a3427m in the translation reserve is due to the net effect of changes in exchange rates during the period which
\nincreased net debt by \u00a3560m and assets (net of other liabilities) by \u00a3987m.
\n
25 Related party transactions
\nTransactions with related parties were made on normal market terms of trading.
\nTransactions between RELX PLC and subsidiaries of the Group have been eliminated within the consolidated financial statements.
\nTransactions with joint ventures comprise sales of goods and services of \u00a30.4m (2020: nil; 2021: nil) and the rendering and receiving of
\ngoods and services of nil (2021: \u00a30.2m; 2020: \u00a30.1m). As at 31 December 2022, amounts owed by joint ventures were \u00a34.2m (2021:
\n\u00a32.4m; 2020: \u00a30.8m) and amounts due to joint ventures were \u00a31.2m (2021: \u00a31.4m; 2020: \u00a30.4m). See note 6 for details of the Group\u2019s
\nparticipation in defined benefit pension schemes.
\nKey management personnel are also related parties as defined by IAS 24 \u2013 Related Party Disclosures and comprise the Executive and
\nNon-Executive Directors of RELX PLC. Key management personnel remuneration is set out below. For reporting purposes, salary,
\nbenefits and annual incentive payments are considered short-term employee benefits.
\nKEY MANAGEMENT PERSONNEL REMUNERATION
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nSalaries, other short-term employee benefits and non-executive fees
6
7
7
\nPost
-employment benefits
1
1
\u2013
\nShare based remuneration*
1
8
7
\nTotal
8
16
14
\nEXECUTIVE DIRECTORS
Annual
Share based
\nSalary
Benefits
incentive
remuneration*
Pension*
Total
\n\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\nTotal Executive Directors
2020
2,034
99
2,623
595
687
6,038
\n2021
2,085
97
3,604
7,953
774
14,513
\n2022
2,137
97
3,251
6,857
268
12,610
\n*
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
\nbased awards includes share price appreciation since the date the award was granted. Please see page 124 for further details. Pension is calculated in
\naccordance with the methodology set out in the UK Regulations.
\nNON-EXECUTIVE DIRECTORS
2020
2021
2022
\n\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\nFees and benefits
1,558
1,598
1,566
\nThe remuneration of non-executive directors comprises fees for services, and benefits primarily relating to tax filing support in respect
\nof filings resulting from their directorships. No deemed benefits were provided during 2022 to former directors (2021: nil; 2020: nil).
\nNo loans, advances or guarantees have been provided on behalf of any director. The aggregate gains made by Executive Directors on
\nthe exercise of options during 2022 were nil (2021: nil; 2020: nil).
\n26 Exchange rates
\nThe following exchange rates have been applied in preparing the consolidated financial statements:
\nStatement of
\nIncome statement
financial position
\n2020
2021
2022
2021
2022
\nEuro to sterling
1.12
1.16
1.17
1.19
1.13
\nUS dollar to sterling
1.28
1.38
1.24
1.35
1.21
\n27 Approval of financial statements
\nThe consolidated financial statements were approved and authorised for issue by the Board of Directors on 15 February 2023.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
28 Related undertakings
\nA full list of related undertakings (comprising subsidiaries, joint ventures, associates and other significant holdings) is set out below.
\nAll are 100% owned directly or indirectly by the Group except where percentage ownership denoted in (x%).
\nShare
Reg
\nCompany name
class
office
\nAustralia
\nLNRS Data Services (Australia) Pty Ltd
Ordinary
AUS1
\nReed Exhibitions Australia Pty Ltd
Ordinary
AUS2
\nReed International Books Australia Pty Ltd
Ordinary
AUS2
\nRELX Australia Pty Ltd
Ordinary
AUS2
\nThreatMetrix Pty Ltd
Ordinary
AUS2
\nAustria
\nLexisNexis Verlag ARD ORAC GmbH & Co KG
Partnership Interest
AUT2
\nORAC GmbH
Ordinary
AUT2
\nRELX Austria GmbH
Ordinary
AUT3
\nRX CEE GmbH
Ordinary
AUT1
\nRX Salzburg GmbH
Ordinary
AUT3
\nRX Wien GmbH
Ordinary
AUT1
\nStandout GmbH
Ordinary
AUT4
\nBelgium
\nLexisNexis BV
Ordinary
BEL1
\nBrazil
\nElsevier Editora Ltda
Quotas
BRA1
\nFircosoft Brasil Consultoria e Servicos de Informatica Ltda
Quotas
BRA2
\nGestora de Intelig\u00eancia de Cr\u00e9dito S.A. (20%)
Common, Preferred
BRA8
\nLexisNexis Informa\u00e7\u00f5es e Sistemas Empresariais Ltda
Quotas
BRA6
\nLexisNexis Servi\u00e7os de An\u00e1lise de Risco Ltda
Quotas
BRA7
\nMLex Brasil Midia Mercadologica Ltda
Quotas
BRA4
\nReed Exhibitions Alc\u00e2ntara Machado Ltda
Quotas
BRA3
\nSST Software do Brasil Ltda
Quotas
BRA5
\nCanada
\nElsevier Canada Inc.
Common
CAN2
\nLexisNexis Canada Inc.
Class B
CAN1
\nRELX Canada Ltd
Common
CAN1
\nChina
\nBakery China Exhibitions Co., Ltd (25%)
Ordinary
CHN1
\nBeijing Medtime Elsevier Education Technology Co., Ltd
\n(49%)
\nCommon
CHN2
\nC
-One Energy (Guangzhou) Co., Ltd
Ordinary
CHN5
\nICIS Consulting (Beijing) Co., Ltd
(Liquidation in progress)
Ordinary
CHN18
\nKeAi Communications Co., Ltd (49%)
Ordinary
CHN15
\nLexisNexis Information Technology Co. Ltd
Ordinary
CHN19
\nLexisNexis Risk Solutions (Shanghai) Information
\nTechnologies Co.
Ltd
\nCommon
CHN7
\nLNRS Data Services (Shanghai) Co Ltd
Ordinary
CHN13
\nReed Elsevier Information Technology (Beijing) Co., Ltd
Common
CHN3
\nReed Exhibitions (China) Co., Ltd
Ordinary
CHN4
\nReed Exhibitions Hengjin Co., Ltd (51%)
Ordinary
CHN12
\nReed Exhibitions (Shanghai) Co., Ltd
Ordinary
CHN10
\nReed Huabai Exhibitions (Beijing) Co., Ltd (51%)
Ordinary
CHN4
\nReed Huabo Exhibitions (Shenzhen) Co., Ltd (65%)
Ordinary
CHN16
\nReed Huaqun Exhibitions Co., Ltd (52%)
Ordinary
CHN4
\nReed Exhibitions Kuozhan (Shanghai) Co., Ltd (60%)
Ordinary
CHN8
\nReed Sinopharm Exhibitions Co., Ltd (50%)
Ordinary
CHN4
\nRELX (China) Investment Co., Ltd
Ordinary
CHN9
\nRX (Shenzhen) Co., Ltd
Ordinary
CHN6
\nShanghai Datong Medical Information Technology Co., Ltd
Ordinary
CHN17
\nShanghai SinoReal Exhibitions Co., Ltd (27.5%)
Ordinary
CHN11
\nZ&R Exhibitions Co., Ltd (27.5%)
Ordinary
CHN14
\nColombia
\nLexisNexis Risk Solutions SAS
Ordinary
COL1
\nDenmark
\nElsevier A/S
Ordinary
DNK1
\nEgypt
\nElsevier Egypt LLC
Ordinary
EGY1
\nShare
Reg
\nCompany name
class
office
\nFrance
\nClosd SAS
Ordinary
FRA9
\nElsevier Holding France SAS
Ordinary
FRA1
\nElsevier Masson SAS
Ordinary
FRA1
\nEvoluprint SAS
Ordinary
FRA2
\nFircosoft SAS
Ordinary
FRA8
\nGIE EDI Data (83%)
Ordinary
FRA3
\nGIE Juris Data
Ordinary
FRA3
\nLexisNexis Business Information Solutions SA
Ordinary
FRA3
\nLexisNexis Business Information Solutions Holding SA
Ordinary
FRA5
\nLexisNexis International Development & Services SAS
Ordinary
FRA3
\nLexisNexis SA
Ordinary
FRA3
\nReed Exhibitions ISG SARL
Ordinary
FRA6
\nRELX France SA
Ordinary
FRA6
\nRELX France Services SAS
Ordinary
FRA8
\nRX France SAS
Ordinary
FRA4
\nSAFI SA (50%)
Ordinary
FRA7
\nGermany
\nBehavioSec GmbH
Ordinary
DEU7
\nElsevier GmbH
Ordinary
DEU3
\nElsevier Information Systems GmbH
Ordinary
DEU2
\nIPlytics GmbH
Ordinary
DEU8
\nLexisNexis GmbH
Ordinary
DEU4
\nPatentSight GmbH
Ordinary
DEU6
\nRELX Deutschland GmbH
Ordinary
DEU1
\nRX Deutschland GmbH
Ordinary
DEU1
\nTschach Solutions GmbH
Ordinary
DEU5
\nGreece
\nMack Brooks Hellas SA (87.36%)
(Liquidation in progress)
Ordinary
GRE1
\nHong Kong
\nAscend China Holding Ltd
Ordinary
HNK4
\nJC Exhibition and Promotion Ltd (65%)
Ordinary
HNK4
\nJYLN Sager Ltd
Ordinary
HNK2
\nLNRS Data Services (China) Ltd
Ordinary
HNK1
\nReed Exhibitions Ltd
Ordinary
HNK4
\nRELX (Greater China) Ltd
Ordinary
HNK3
\nIndia
\nFircoSoft India Private Ltd
Ordinary
IND2
\nNext Events Private Ltd
Ordinary
IND1
\nParity Computing India Private Ltd
Ordinary
IND3
\nReed Elsevier Publishing (India) Private Ltd
Ordinary
IND1
\nReed Manch Exhibitions Private Ltd
Ordinary
IND1
\nReed Triune Exhibitions Private Ltd (72%)
Ordinary
IND4
\nRELX India Private Ltd
Ordinary
IND1
\nIndonesia
\nPT Reed Exhibitions Indonesia (70%)
Class A Preferred
IDN1
\nClass B Common
\nPT RELX Information Analytics Indonesia
Ordinary
IDN2
\nIrish Republic
\nElsevier Services Ireland Ltd
Ordinary
IRL2
\nLexisNexis Risk Solutions (Europe) Ltd
Ordinary
IRL1
\nLexisNexis Risk Solutions (Ireland) Ltd
Ordinary
IRL1
\n3D4Medical Ltd
Ordinary
IRL3
\nIsrael
\nLexisNexis Israel Ltd
Ordinary
ISR1
\nItaly
\nElsevier SRL
Registered Capital
ITA1
\nICIS Italia SRL
Ordinary
ITA2
\nRX Italy SRL
Ordinary
ITA1
\n
28 Related undertakings (continued)
\nShare
Reg
\nCompany name
class
office
\nJapan
\nAscend Japan KK
Ordinary
JPN1
\nElsevier Japan KK
Ordinary
JPN2
\nLexisNexis Japan KK
Ordinary
JPN2
\nPatentSight Japan Inc.
Common
JPN2
\nRX Japan KK
Ordinary
JPN3
\nKorea (Republic of)
\nElsevier Korea LLC
Ordinary
KOR1
\nLexisNexis Legal and Professional Service Korea Ltd
Ordinary
KOR2
\nReed Exhibitions Korea Ltd
Ordinary
KOR3
\nReed Exporum Ltd (60%)
Ordinary
KOR4
\nReed K. Fairs Ltd (70%)
Ordinary
KOR3
\nMacau
\nReed Exhibitions Macau Ltd
Ordinary
MAC1
\nMalaysia
\nLexisNexis Malaysia Sdn Bhd
Ordinary
MYS1
\nMexico
\nMasson-Doyma Mexico, S.A.
Ordinary
MEX1
\nReed Exhibitions Mexico S.A. de C.V.
Fixed
MEX2
\nNetherlands
\nAGRM Solutions C.V.
Partnership Interest
NLD1
\nCaselex B.V.
Ordinary
NLD1
\nElsevier B.V.
Ordinary
NLD1
\nICIS Benchmarking Europe B.V.
Ordinary
NLD1
\nLexisNexis Business Information Solutions B.V.
Ordinary
NLD1
\nLNRS Data Services B.V.
Ordinary
NLD1
\nMisset Uitgeverij B.V. (49%)
Ordinary
NLD2
\nRELX Employment Company B.V.
Ordinary
NLD1
\nRELX Finance B.V.
Ordinary
NLD1
\nRELX Holdings B.V.
Ordinary
NLD1
\nRELX Nederland B.V.
Ordinary
NLD1
\nRELX Overseas B.V.
Ordinary RE
NLD1
\nNew Zealand
\nLexisNexis NZ Ltd
Ordinary
NZL1
\nPhilippines
\nReed Elsevier Shared Services (Philippines) Inc.
Common
PHL1
\nPoland
\nAI Digital Contracts Sp. z.o.o. (75%)
Ordinary
POL1
\nElsevier Sp. z.o.o.
Ordinary
POL2
\nRussia
\nElsevier LLC
(Liquidation in progress)
Participation Shares
RUS2
\nLexisNexis LLC
(Liquidation in progress)
Participation Shares
RUS3
\nReal Estate Events Direct LLC
(80%)
(Liquidation in
\nprogress)
\nParticipation Shares
RUS1
\nRELX LLC
(Liquidation in progress)
Participation Shares
RUS1
\nSingapore
\nElsevier (Singapore) Pte Ltd
Ordinary
SGP1
\nLexis-Nexis Philippines Pte Ltd
Ordinary-B, Preference
SGP2
\nLNRS Data Services Pte Ltd
Ordinary
SGP3
\nRE (HAPL) Pte Ltd
Ordinary
SGP1
\nRELX (Singapore) Pte Ltd
Ordinary
SGP2
\nSouth Africa
\nGlobalrange SA (Pty) Ltd
Ordinary
ZAF1
\nLexisNexis (Pty) Ltd (78%)
A-Ordinary
ZAF2
\nLexisNexis Risk Management (Pty) Ltd (78%)
Ordinary
ZAF2
\nLexisNexis South Africa Shared Services (Pty) Ltd
Ordinary
ZAF2
\nShare
Reg
\nCompany name
class
office
\nReed Events Management (Pty) Ltd (90%)
Ordinary
ZAF2
\nReed Exhibitions (Pty) Ltd (90%)
Ordinary
ZAF2
\nReed Exhibitions Group (Pty) Ltd (90%)
Ordinary
ZAF2
\nReed Venue Management (Pty) Ltd
(90%)
Ordinary
ZAF2
\nRELX (Pty) Ltd
Ordinary
ZAF2
\nSpain
\nElsevier Espana SL
Participations
ESP1
\nSweden
\nBehaviometrics AB
Ordinary
SWE1
\nSwitzerland
\nFircosoft Schweiz GmbH
(Liquidation in progress)
Ordinary
CHE1
\nTaiwan
\nElsevier Taiwan LLC
Ordinary
TWN1
\nThailand
\nReed Tradex Company Ltd (49%)
Ordinary, Preference
THA1
\nRELX Holding (Thailand) Co., Ltd
Ordinary
THA2
\nRELX Information Analytics (Thailand) Co., Ltd
Ordinary
THA3
\nTurkey
\nElsevier STM Bilgi Hizmetleri Limited \u015eirketi
Ordinary
TUR1
\nMack Brooks Fuarcilik A.S.
Registered Capital
TUR3
\nReed T\u00fcyap Fuarcilik A.S. (50%)
A Ordinary, B Ordinary
TUR2
\nUnited Arab Emirates
\nReed Exhibitions FZ-LLC
Ordinary
UAE1
\nRELX Middle East
FZ-LLC
Ordinary
UAE2
\nUnited Kingdom
\n3rd Street Group Ltd
Ordinary
GBR3
\nButterworths Ltd
Ordinary
GBR4
\nCordery Compliance Ltd (71%)
Ordinary
GBR4
\nCordery Ltd (71%)
Ordinary
GBR4
\nCrediva Ltd
Ordinary
GBR5
\nDigital Foundry Network Ltd
(50%)
Ordinary
GBR3
\nE & P Events LLP (50%)
Membership Interest
GBR3
\nElsevier Ltd
Ordinary
GBR6
\nEmailage Ltd
Ordinary
GBR5
\nGamer Network Ltd
Ordinary
GBR3
\nGapsquare Ltd
A Ordinary, B Ordinary
GBR2
\nHookshot Media Ltd (23.5%)
Ordinary
GBR8
\nInterfolio UK Ltd
Ordinary
GBR10
\nLexisNexis Risk Solutions UK Ltd
Ordinary
GBR5
\nLNRS Data Services Holdings Ltd
Ordinary
GBR1
\nLNRS Data Services Ltd
Ordinary
GBR2
\nMack
-Brooks Exhibitions Ltd
Ordinary
GBR3
\nMCM Expo Ltd
Ordinary
GBR3
\nMendeley Ltd
Ordinary
GBR6
\nMLex Ltd
Ordinary
GBR4
\nOffshore Europe (Management) Ltd
Ordinary
GBR3
\nOffshore Europe Partnership (50%)
Partnership Interest
GBR3
\nOut There Gaming Ltd (70%)
Ordinary
GBR3
\nOxford Spires Management Co; Ltd (55%)
Ordinary
GBR7
\nRE (HPL) Ltd
Ordinary
GBR1
\nRE (RCB) Ltd
Ordinary
GBR1
\nRE Secretaries Ltd
Ordinary
GBR1
\nRE (SOE) Ltd
Ordinary
GBR3
\nReed Events Ltd
Ordinary
GBR3
\nReed Exhibitions Ltd
Ordinary
GBR3
\nReed Nominees Ltd
Ordinary
GBR1
\nRELX Finance Ltd
Ordinary
GBR1
\nRELX Group plc
Ordinary
GBR1
\nRELX (Holdings) Ltd
Ordinary
GBR1
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
28 Related undertakings (continued)
\nShare
Reg
\nCompany name
class
office
\nRELX (Investments) plc
Ordinary
GBR1
\nRELX Overseas Holdings Ltd
Ordinary
GBR1
\nRELX (UK) Ltd
Ordinary
GBR1
\nREV GP (UK) LLP
Membership Interest
GBR1
\nREV Venture Partners Ltd
Ordinary
GBR1
\nREV V LP
Partnership Interest
GBR1
\nSciBite Ltd
A Ordinary, B
Ordinary, C Ordinary
GBR9
\nTracesmart Ltd
Ordinary
GBR5
\nTruNarrative Ltd
Ordinary
GBR5
\nUnited States
\nAccuity Asset Verification Services Inc.
Common Stock
USA1
\nAccuity Inc.
Common Stock
USA1
\nAmerican Textile Machinery Exhibition
\nInternational Inc.
(40%)
\nCommon Stock
USA3
\nAries Systems Corporation
Common Stock
USA3
\nBehavioSec Inc
Common Stock
USA2
\nCrop Data Management Systems, Inc.
Common Stock
USA2
\nDunlap
-Hanna Publishers (50%)
Partnership Interest
USA7
\nElsevier Holdings Inc.
Common Stock
USA3
\nElsevier Inc.
Common Stock
USA3
\nElsevier Medical Information LLC
Membership Interest
USA3
\nElsevier STM Inc.
Common Stock
USA3
\nEmailage Corp.
Common Stock
USA2
\nEnclarity, Inc.
Common Stock
USA2
\nFlyreel Inc.
Common Stock
USA2
\nGaming Business Asia LLC
(50%)
Membership Interest
USA3
\nHealth Market Science, Inc.
Common Stock
USA2
\nID Analytics LLC
Membership Interest
USA2
\nIDG-RBI China Publishers LLC (50%)
Membership Interest
USA3
\nInterfolio, Inc.
Common Stock
USA3
\nInterfolio Data 180, LLC
Membership Interest
USA3
\nKnovel Corporation
Common Stock
USA3
\nKnowable Inc (75%)
Common Stock
USA3
\nLegal InQuery Solutions Inc.
Common Stock
USA8
\nLexisNexis Claims Solutions Inc.
Common Stock
USA2
\nLexisNexis Coplogic Solutions Inc.
Common Stock
USA2
\nLexisNexis of Puerto Rico Inc.
Common Stock
USA8
\nLexisNexis Risk Data Management LLC
Membership Interest
USA2
\nLexisNexis Risk Holdings Inc.
Common Stock
USA2
\nLexisNexis Risk Solutions Inc.
Common Stock
USA2
\nLexisNexis Risk Solutions FL Inc.
Common Stock
USA2
\nLexisNexis Special Services Inc.
Common Stock
USA6
\nLexisNexis VitalChek Network Inc.
Common Stock
USA2
\nLNRS Data Services Inc.
Common Stock
USA5
\nMatthew Bender & Company, Inc.
Common Stock
USA3
\nMLex US, Inc.
Common Stock
USA3
\nParley Pro Inc.
Common Stock
USA3
\nPCLaw Time Matters LLC (51%)
Membership Interest
USA3
\nPortfolio Media, Inc.
Common Stock
USA3
\nReed Technology and Information Services
\nLLC
\nMembership Interest
USA3
\nRELX Capital Inc.
Common Stock
USA4
\nRELX Inc.
Common Stock
USA3
\nRELX Risks Inc.
Common Stock
USA9
\nREV IV Partnership LP
Partnership Interest
USA4
\nSAFI Americas LLC (50%)
Membership Interest
USA3
\nSageStream LLC
Membership Interest
USA2
\nThe Reed Elsevier
Ventures 2005 Partnership
\nLP
\nPartnership Interest
USA4
\nThe Reed Elsevier Ventures 2011 Partnership
\nLP
\nPartnership Interest
USA4
\nThe Reed Elsevier Ventures 2013 Partnership
\nLP
\nPartnership Interest
USA4
\nThe Remick Publishers (50%)
Partnership
Interest
USA7
\nThreatMetrix, Inc.
Common Stock
USA2
\nWorld Compliance, Inc.
Common Stock
USA4
\nVietnam
\nReed Tradex Vietnam LLC
(49%)
Membership Interest
VIE1
\nRegistered offices
\nAustralia
\nAUS1:
Building B, Level 2, Unit 11, 1 Maitland Place, Baulkham Hills, NSW 2153
\nAUS2:
Tower 2, Level 1, 475 Victoria Avenue, Chatswood NSW 2067
\nAustria
\nAUT1:
Messeplatz 1, 1020, Vienna
\nAUT2:
Trabrennstrassee 2\u00aa,1020, Vienna
\nAUT3:
Am Messezentrum 6, 5020, Salzburg
\nAUT4:
Am Messezentrum 7, 5020, Salzburg
\nBelgium
\nBEL1:
Oudenaardseheerweg 129, 9810 Nazareth
\nBrazil
\nBRA1:
Rua da Assembleia no 100, 6th Floor, RJ Centro, Rio de Janiero, 20011
-904
\nBRA2:
Rua Bela Cintra 2305, S\u00e3o Paulo, 01415-009
\nBRA3:
Rua Bela Cintra no. 1200, 10th floor, S\u00e3o Paulo, 01415-001
\nBRA4:
Avenida Paulista, 2300
-Piso Pilotis room 28, S\u00e3o Paulo, 01310-300
\nBRA5:
Rua Cel Fonseca, 203 A-Centro, Botucatu, S\u00e3o Paulo, 18600-200
\nBRA6:
Rua Funchal, 538, conjunto 42, Vila Ol\u00edmpia, S\u00e3o Paulo - CEP 04551-060
\nBRA7:
Alameda Rio Negro, 161 Alphaville Industrial, Barueri, S\u00e3o Paulo 06.455-000
\nBRA8:
Alphaville, Conjuntos 81
-84, Centro Empresarial Araguaia, Barueri, S\u00e3o Paulo
\n2104, 8-9 Andar
\nCanada
\nCAN1:
111 Gordon Baker Road, Suite 900,
Toronto, Ontario, M2H 3R1
\nCAN2:
26E-1501 av. McGill College, Montreal, Quebec, H3A 3N9
\nChina
\nCHN1:
Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan District,
\nBeijing, 100044
\nCHN2:
Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian
\nDistrict, Beijing
\nCHN3:
Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit
1-7,
Dong
\nCheng District, Beijing, 100738
\nCHN4:
Ping An International Finance Center, Room 1504, 15th Floor, Tower A-
\n101,
3-24 floor, Xinyuan South Road, Chaoyang District, Beijing, 100027
\nCHN5:
Unit
B1303-1
& 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe District
\nGuangzhou
\nCHN6:
Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District, Fu
\nTian Distri
ct, Shenzhen
\nCHN7:
Room 5106, Raffle City, 268 Middle Xizang Road, Huangpu District, Shanghai,
\n200001
\nCHN8:
Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai,
\n200070
\nCHN9:
Room 319, 238 Jiangchangsan Road, Jing\u2019an
District, Shanghai
\nCHN10:
Room 304, Sanlian Building, No.8, Huajing Road, Pudong District, Shanghai,
\n200070
\nCHN11:
Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm,
\nChongming County, Shanghai
\nCHN12:
Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District, Shanghai
\nCHN13:
4/F Block 3, No 999 Jingzhong Road, Changning District, Shanghai
\nCHN14:
A0208, 1st floor, building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan
\nDistrict Beijing
\nCHN15:
16 Donghuangchenggen North Street, Beijing, 100717
\nCHN16:
Shenzhen International Chamber of Commerce Tower, Room 1801-1802,
\n1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048
\nCHN17:
5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing
\nDistrict, Shanghai, 200335
\nCHN18:
Room 12B, 7th Floor, Oriental Plaza, 1 East Chang An Avenue, Beijing, 100738
\nCHN19:
404 F4, No.9 Shangdi 9th Street, Haidian District, Beijing, 100085
\nColombia
\nCOL1:
Philippe Prietocarrizosa & Uria Abogados, Carrera 9 No. 74-08 Oficina 105,
\nBogota, d.c., 76600
\nDenmark
\nDNK1:
Niels Jernes Vej 10, 9220, Aalborg East
\nEgypt
\nEGY1:
Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th Settlement,
\nNew
Cairo, Cairo
\n
28 Related undertakings (continued)
\nRegistered offices
\nFrance
\nFRA1:
65, rue Camille Desmoulins, 92130, Issy les Moulineaux
\nFRA2:
Parc Euronord, 10 rue du Parc, 31150, Bruguieres
\nFRA3:
141 rue de Javel, 75015, Paris
\nFRA4:
52 Quai de Dion Bouton, 92800, Puteaux
\nFRA5:
Immeuble Technopolis, 350 rue Georges Besse, 30000, Nimes
\nFRA6:
27-33 quai Alphonse Le Gallo, 92100, Boulogne-Billancourt
\nFRA7:
6-8 Rue Chaptal, 75009, Paris
\nFRA8:
151-155 Rue de Bercy, 75012, Paris
\nFRA9:
168 Rue Saint-Denis, 75002, Paris
\nGermany
\nDEU1:
Volklinger Strasse 4, 40219, Dusseldorf
\nDEU2:
St. Martin Tower, Wing, 2nd floor, Franklinstrasse 61-63, 60486,
\nFrankfurt am Main Hessen
\nDEU3:
Bernhard-Wicki-Strasse 5, 80636, Munich
\nDEU4:
Heerdter Sandberg 30, 40549, Dusseldorf
\nDEU5:
Steinhauserstrasse 9, 76135, Karlsruhe
\nDEU6:
Joseph-Schumpeter-Allee 33, 53227, Bonn
\nDEU7:
Fritz-Haber-Strasse 9 OG 13, 06217 Merseburg
\nDEU8:
Schopenhauer Strasse 93 e, 14129, Berlin
\nGreece
\nGRE1:
188A, Filolaou Str., Athens. 11632
\nHong Kong
\nHNK1:
5/F, Manulife Place, 348 Kwun Tong Road, Kowloon
\nHNK2:
Flat 1506, 15/F, Lucky Center, No. 165-171 Wan Chai Road, Wan Chai
\nHNK3:
11/F Oxford House, Taikoo Place, 979 King\u2019s Road, Quarry Bay
\nHNK4:
17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry
\nBay
\nIndia
\nIND1:
818, 8th Floor, Indraprakash Builing, 21 Barakhamba Road, New Delhi,
\nDelhi, 110001
\nIND2:
Ascendas International Tech Park, Crest Building 12th Floor, Taramani
\nRoad, Taramani, Chennai, 600113
\nIND3:
99/100, Prestige Towers Unit No. 505, Fifth Floor, Residency Road,
\nBangalore, Karnataka, 560025
\nIND4:
25, 3rd floor, 8th Main Road, Vasanthnager, Bangalore, Karnataka,
\n560052
\nIndonesia
\nIDN1:
APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28,
\nGrogol, Pertamburan Jakarta Barat 11470
\nIDN2:
Gedung World Trade Center, 3 LT 20 Spaces JL Jend Sudirman Kav 29
-
\n31 RT/RW 008/003, Karet Kuningan, Setiabudi, Jakarta Selatan, DKI
\nJakarta 12940
\nIrish Republic
\nIRL1:
80 Harcourt Street, Dublin 2, Dublin, D02 F449
\nIRL2:
Suite 4320, Atlantic Avenue, Westpark Business Campus, Shannon,
\nClare, V14 YX01
\nIRL3:
1F Cedarhurst Building, Arkle Road, Sandyford Business Park, Dublin,
\nD18 X6N2
\nIsrael
\nISR1:
Meitar, Attorneys at Law, 16 Abba Hillel Rd. Ramat Gan 5250608
\nItaly
\nITA1:
Via Marostica 1, 20146, Milan
\nITA2:
Studio Colombo e Associati, Via Cino del Duca 5, 20122, Milan
\nJapan
\nJPN1:
Kyodo Tsushin Kaikam 2F, 2-2-5 Toronomon, Minato-ku, Tokyo, 105-
\n0001
\nJPN2:
1
-9-15, Higashi Azabu, Minato-ku Tokyo, 106-0044
\nJPN3:
Shinjuku
-Nomura Bldg., 1-26-2 Nishi-shinjuku, Shinjuku-ku, Tokyo, 163-
\n0525
\nKorea (Republic of)
\nKOR1:
Chunwoo Building, 4th floor, 534
Itaewon-dong, Yongsan-gu, Seoul,
\n140
-861
\nKOR2:
206 Noksapyeong-daero, Yongsan-gu, Seoul, 140-861
\nKOR3:
1622-24 Block A Terra Tower 2, 201 Songpa-daero, Songpa-gu, Seoul
\nKOR4:
4th floor at 195
-6 Jamsil-dong, Songpagu, Seoul
\nMacau
\nMAC1:
Rua De
Xangai, No. 175 Edif. Associacao Comercial de Macau, 11
\nAndar, Bloco K
\nMalaysia
\nMYS1:
Suite 29
-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The
\nVertical, 59200 Bangsar South City, Kuala Lumpur
\nRegistered offices
\nMexico
\nMEX1:
Masson-Doyma Mexico S.A., Av Insurgentes Sur 1388 Piso 8, Col
\nActipan Mixcoac Del. Benito Juarez, Mexico DF, CP 03230
\nMEX2:
Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico
\nCity, 06500
\nNetherlands
\nNLD1:
Radarweg 29, 1043 NX Amsterdam
\nNLD2:
Hanzestraat 1, 7006RH Doetinchem
\nNew Zealand
\nNZL1:
Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011
\nPhilippines
\nPHL1:
Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth
\nAvenue, Quezon City, Metro
Manila, 1101
\nPoland
\nPOL1:
Plac Grunwaldzki 23
-27, 50-365 Wroclaw
\nPOL2:
Al. JJana Pawla II, 22, 00-133, Warszawa
\nRussia
\nRUS1:
2nd Syromyatnichesky per, bld.1, Space I, Room 13, 105120,
\nMoscow
\nRUS2:
Building 1, Facility 1, Room 80, 9/26 Shchipok St., Municipal District
\nZamoskvorechye, 115054, Moscow
\nRUS3:
Building 1, facility 1, Room 5, 9/26 Shchipok St., Municipal District
\nZamoskvorechye, 115054, Moscow
\nSingapore
\nSGP1:
3 Killiney Road, #08
-01 Winsland House 1, 239519
\nSGP2:
80 Robinson Road, #02-00, 068898
\nSGP3:
1 Changi Business Park Crescent, #06
-01 Plaza 8 & CBP, 48602551
\nSouth Africa
\nZAF1:
Ground Floor, Pebble Beach, Fourways Golf Park, Roos Street,
\nFourways Sandton, Johannesburg, Gauteng 2068
\nZAF2:
Building 8,
Country Club Estate Office Park, 21 Woodlands Drive,
\nWoodmead, Gauteng, 2191
\nSpain
\nESP1:
C/ Josep Tarradellas 20
-30, 1\u00ba / 20029, Barcelona
\nSweden
\nSWE1:
Aurorum 8A 977 75 Lulea
\nSwitzerland
\nCHE1:
Bahnhofstrasse 100, 8001 Zurich
\nTaiwan
\nTWN1:
Rm N818, 8F, Chia Hsin Building II, No. 9, Lane 3, Minsheng West
\nRoad, Taipei 10449
\nThailand
\nTHA1:
Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road,
\nSilom, Bangrak, Bangkok, 10500
\nTHA2:
14th Floor, CTI Tower,
191/70-73 Ratchadapisek Road, Khwaeng
\nKlongtoey, Khet, Klongtoey, Bangkok
\nTHA3:
2 Ploenchit Centre, Room 7, Floor G., Sukhumvit Road, Klongtoey,
\nBangkok, 10110
\nTurkey
\nTUR1:
Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul
\nTUR2:
Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mahallesi Eski Hadimkoy
\nYolu 9/4, 34500 Buyukcekmece, Istanbul
\nTUR3:
Esentepe Mah. Ali Kaya SK. Polat Plaza B Blok No: 1/1B Sisli, Istanbul
\nUnited Arab Emirates
\nUAE1:
Office 0225 Podium 2, Yas
Creative Hub Tower 2, Abu Dhabi, PO
\nBOX 77899
\nUAE2:
Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media
\nCity, Dubai
\nUnited Kingdom
\nGBR1:
1-3 Strand, London, WC2N 5JR
\nGBR2:
Quadrant House, The Quadrant, Sutton, Surrey, SM2 5AS
\nGBR3:
Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN
\nGBR4:
Lexis House, 30 Farringdon Street, London, EC4A 4HH
\nGBR5:
Global Reach, Dunleavy Drive, Cardiff, CF11 0SN
\nGBR6:
The Boulevard, Langford Lane, Kidlington, Oxford, OX5 1GB
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
Registered offices
\nGBR7:
40 Kimbolton Road, Bedford, MK40 2NR
\nGBR8:
5 Oakwood Drive, Loughborough, LE11 3QF
\nGBR9:
Biodata Innovation Centre Wellcome Genome Campus, Hinxton, Cambridge,
\nCB10 1DR
\nGBR10:
The Barn, Horningsea Road, Cambridge, CB5 8SZ
\nUnited States
\nUSA1:
1007 Church Street, Evanston IL 60201
\nUSA2:
1000 Alderman Dr., Alpharetta, GA 30005
\nUSA3:
230 Park Ave, New York, NY 10169
\nUSA4:
1105 North Market St, Wilmington, DE 19801
\nUSA5:
3355 West Alabama Street, Houston, TX 77098
\nUSA6:
1150 18th St, NW, Washington, DC 20036
\nUSA7:
313 Washington Street, Suite 400, Newton, MA 02458
\nUSA8:
9443 Springboro Pike, Miamisburg, OH 45342
\nUSA9:
76 St. Paul Street, Suite 500, Burlington, VT 05401-4477
\nVietnam
\nVIE1:
2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22,
\nDistrict.
Binh Thanh, Ho Chi Minh City
\nThe following UK subsidiaries will take advantage of the audit
\nexemption set out with in Section 479A of the Companies Act
\n2006 supported by guarantees issued by RELX PLC over their
\nliabilities for the year ended 31 December 2022.
\nRegistration
\nCompany name
number
\nButterworths Limited
2826955
\nCrediva Limited
6567484
\nE&P Events LLP
OC328529
\nEmailage Limited
9282165
\nInterfolio UK Limited
7820803
\nMack-Brooks Exhibitions Limited
967560
\nMCM Expo Limited
8421024
\nMLex Limited
5488651
\nOffshore Europe (Management) Limited
2318214
\nRE (SOE) Limited
2330299
\nReed Events Limited
5893942
\nRELX (Holdings) Limited
5807690
\nRELX (Investments) plc
5810043
\nRELX Overseas Holding Limited
9489059
\nREV GP (UK) LLP
OC437653
\nREV
Venture Partners Limited
4226986
\nSciBite Limited
7778456
\nTracesmart Limited
3827062
\nTruNarrative Limited
10241297",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19039": {
"value": "Basis of preparation \nThe shares of RELX PLC are traded on the London, Amsterdam and New York stock exchanges. RELX PLC and its subsidiaries, joint
\nventures and associates are together known as \u2018RELX\u2019. In preparing the consolidated financial statements, subsidiaries are accounted
\nfor under the acquisition method and investments in associates and joint ventures are accounted for under the equity method. All intra-
\ngroup transactions and balances are eliminated.
\nOn acquisition of a subsidiary, or interest in an associate or joint venture, fair values, reflecting conditions at the date of acquisition, are
\nattributed to the net assets, including identifiable intangible assets acquired. Adjustments are made to bring accounting policies into line
\nwith those of the Group. The results of subsidiaries sold or acquired are included in the consolidated financial statements up to or from
\nthe date that control passes from or to the Group. Non-controlling interests in the net assets of the Group are identified separately from
\nshareholders\u2019 equity. Non-controlling interests consist of the amount of those interests at the date of the original acquisition and the non-
\ncontrolling share of changes in equity since the date of acquisition.
\nThe directors of RELX PLC, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in
\noperational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the
\nconsolidated financial information for the year ended 31 December 2022. As part of the going concern assessment the directors
\nconsidered the sufficiency of the group\u2019s liquidity resources, including committed credit facilities, over the 18 month period to 30 June
\n2024. Please refer to page 95 for further disclosure in respect of going concern.
\nIn preparing the Group financial statements management has considered the impact of climate change, taking into account the relevant
\ndisclosures in the Strategic Report, including those made in accordance with the recommendations of the Taskforce on Climate-related
\nFinancial Disclosure. This included an assessment of assets with indefinite and long lives and how they could be impacted by measures
\ntaken to address global warming. Recognising that the Group's operations, and the use of the Group's products, have a relatively low
\nenvironmental impact, no issues were identified that would impact the carrying values of such assets or have any other material impact
\non the financial statements.
\nThe 2022 annual report and accounts presents multi-year data with the earliest period on the left and the latest period on the right. This
\naligns with the approach used in our other investor relations material and allows better understanding of multi-year trends.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19042": {
"value": "RELX PLC",
"dimensions": {
"concept": "ifrs-full:NameOfParentEntity",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19043": {
"value": "RELX PLC",
"dimensions": {
"concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19044": {
"value": "PLC",
"dimensions": {
"concept": "ifrs-full:LegalFormOfEntity",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19045": {
"value": "London",
"dimensions": {
"concept": "ifrs-full:PrincipalPlaceOfBusiness",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19047": {
"value": "In preparing the consolidated financial statements, subsidiaries are accounted \nfor under the acquisition method and investments in associates and joint ventures are accounted for under the equity method. All intra-
\ngroup transactions and balances are eliminated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19059": {
"value": "The directors of RELX PLC, having made appropriate enquiries, consider that adequate resources exist for the Group to continue in \noperational existence for the foreseeable future and that, therefore, it is appropriate to adopt the going concern basis in preparing the
\nconsolidated financial information for the year ended 31 December 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19064": {
"value": "2022-12-31",
"dimensions": {
"concept": "ifrs-full:DateOfEndOfReportingPeriod2013",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19077": {
"value": "Accounting policies The Group\u2019s consolidated financial statements are prepared in accordance with UK adopted International Accounting Standards in
\nconformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as issued by the
\nInternational Accounting Standards Board (IASB). The accounting policies under IFRS are included in the relevant notes to the
\nconsolidated financial statements. The accounting policies below are applied throughout the financial statements and are unchanged
\nfrom those applied in preparing the consolidated financial statements for the year ended 31 December 2021.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19078": {
"value": "Accounting policiesThe Group\u2019s consolidated financial statements are prepared in accordance with UK adopted International Accounting Standards in
\nconformity with the requirements of the Companies Act 2006 and International Financial Reporting Standards (IFRS) as issued by the
\nInternational Accounting Standards Board (IASB). The accounting policies under IFRS are included in the relevant notes to the
\nconsolidated financial statements. The accounting policies below are applied throughout the financial statements and are unchanged
\nfrom those applied in preparing the consolidated financial statements for the year ended 31 December 2021.
\nForeign exchange translation
\nThe consolidated financial statements are presented in sterling.
\nTransactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary assets
\nand liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date of the
\ntransaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign currencies are
\nretranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are recorded in the income
\nstatement other than where hedge accounting applies, as set out on pages 189 to 194.
\nAssets and liabilities of foreign operations are translated at exchange rates prevailing on the statement of financial position date. Income
\nand expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Significant individual
\nitems of income and expense and cash flows in foreign operations are translated at the rate prevailing on the date of transaction.
\nExchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are disposed
\nof, the related cumulative translation differences are recognised within the income statement in the period.
\nThe Group uses derivative financial instruments, primarily forward contracts, to hedge its exposure to certain foreign exchange risks.
\nDetails of the Group\u2019s accounting policies in respect of derivative financial instruments are set out on page 189.
Other significant accounting policies
\nThe accounting policy in respect of revenue recognition is also significant in determining the financial condition and results of the Group.
\nThe application of this policy is straightforward and is included in note 2.
\nStandards and amendments effective for the year
\nThe interpretations and amendments to IFRS effective for 2022 have not had a significant impact on the Group\u2019s accounting policies or
\nreporting.
\nStandards, amendments and interpretations not yet effective
\nA number of amendments and interpretations have been issued which are not expected to have any significant impact on the
\naccounting policies and reporting.
Accounting policy The Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.
\nAdjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
\nprofit is reconciled to operating profit on page 171.
\nRevenue arises from the provision of products and services under contracts with customers. In all cases, revenue is recognised to
\ndepict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
\nexpects to be entitled in exchange for those goods or services, and is recognised when the customer obtains control of the goods
\nor service.
\nRevenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer
\nsales taxes and other amounts to be collected on behalf of third-parties.
\nWhere the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are
\naccounted for separately.
\nWhere separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling prices or
\nmanagement\u2019s best estimate of relative value where standalone selling prices do not exist. Management estimates may include a
\ncost-plus method or comparable product approach, but must be supported by objective evidence. A residual approach may be
\napplied where it is not possible to derive a reliable management estimate for a specific component.
\nOur subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
\nPayment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts do
\nnot contain significant financing components. Contracts for our transactional electronic revenue streams generally have payments
\nthat vary with volume of usage. Other than that, our contracts do not involve variable consideration.
\nRevenue is recognised for the various categories as follows:
\n\u25a0
Subscriptions \u2013 revenue comprises income derived from the periodic distribution or update of a product. Subscription revenue is
\ngenerally invoiced in advance and recognised systematically over the period of the subscription. Recognition is either on a
\nstraight-line basis where the transaction involves the transfer of goods and services to the customer in a consistent manner over
\na specific period of time; or based on the value received by the customer where the goods and services are not delivered in a
\nconsistent manner
\n\u25a0
Transactional \u2013 revenue is recognised when control of the product is passed to the customer or the service has been performed.
\nFor exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition revenue is
\nrecognised on occurrence of the exhibition
Accounting policy
\nShare based remuneration
\nThe fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income statement
\non a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected to vest. Market
\nbased performance criteria are taken into account when determining the fair value at the date of grant. Non-market based
\nperformance criteria are taken into account when estimating the number of shares expected to vest. The fair value of share based
\nremuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate. All of the Group\u2019s share based
\nremuneration is equity settled.
Accounting policy
\nThe expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the projected
\nunit credit method and charged in the income statement as an operating expense, based on actuarial assumptions reflecting market
\nconditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the statement of comprehensive
\nincome in the period in which they occur.
\nPast service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and when
\nrelated restructuring costs or termination benefits are recognised. Settlements are recognised when they occur.
\nNet pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present value
\nof scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities, the net
\npension assets are separately included in the statement of financial position. Any net pension asset is limited to the extent that the
\nasset is recoverable.
\nThe expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred.
\nAt 31 December 2022, the Group operates defined benefit pension schemes in the UK and the US. These schemes require
\nmanagement to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the
\nlength of each scheme\u2019s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be
\nrecognised.
\nKey source of estimation uncertainty
\nAccounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life
\nexpectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these factors
\nare used in determining the pension cost and liabilities reported in the financial statements. The estimates made around future
\ndevelopments of each of the critical assumptions are made in conjunction with independent actuaries. Each scheme is subject to a
\nperiodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions may have a material effect in
\ndetermining the defined benefit pension obligation and costs which are reported in the financial statements. Information regarding
\nthe more significant assumptions used for valuation is provided below, together with a sensitivity analysis.
Accounting policy
\nInterest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing
\nso as to produce a constant periodic rate of charge.
Accounting policy
\nTax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement except
\nto the extent that the tax arises from a transaction or event which is recognised, in the same or a different period, outside the
\nincome statement (either in other comprehensive income, directly in equity, or through a business combination), in which case the
\ntax appears in the same statement as the transaction that gave rise to it.
\nCurrent tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period as
\nadjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or
\nsubstantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in tax
\nreturns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where
\nappropriate on the basis of amounts expected to be paid to the tax authorities.
\nCurrent tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of
\nthe uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow will
\noccur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of financial
\nposition, and the provisions are remeasured as required to reflect current information.
\nDeferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
\namounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or
\nsubstantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset is
\nrealised or the deferred tax liability is settled.
\nDeferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary
\ndifferences arising on investments in subsidiaries, associates and joint ventures where the reversal of the temporary difference can
\nbe controlled and it is probable that the difference will not reverse in the foreseeable future.
\nDeferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible
\ntemporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that it is no
\nlonger probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The availability of
\nsuitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax liabilities) relating to
\nthe same taxation authority and the same taxable entity, that are expected to reverse in the same period as the deductible
\ntemporary difference or unused tax losses or credit.
\nDeferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets
\nand liabilities acquired other than in a business combination. Deferred tax is not discounted.
\nWhen the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required to be
\nrecognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed. The
\nassets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which a business
\ncombination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such intangibles and
\ngoodwill.
\nIn an \u2018asset acquisition\u2019, where the buyer acquires the trade and assets of a business, there is often a tax deduction available for the
\namortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is recognised on the
\ndifference between the tax base and the book base of the assets.
\nIn a \u2018share acquisition\u2019, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets, tax
\ndeductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise to a
\ndeferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill where
\nthat is not deductible for tax purposes.
\nKey source of estimation uncertainty
\nThe Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, our tax returns
\nin the countries in which we operate are subject to tax authority audits as a matter of routine. While the Group is confident that tax
\nreturns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risk with
\nrespect to tax matters under active discussion with tax authorities, or which are otherwise considered to involve uncertainty.
\nThe valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax
\npositions are measured using one of the following methods, depending on which of the methods management expects will better
\npredict the amount it will pay over to the tax authority:
\n\u25a0
The Single Best Estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for example,
\nwhere the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of possible
\noutcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to be payable, in
\nwhich case the provision is nil; or
\n\u25a0
A Probability-Weighted Expected Value \u2013 where, on the balance of probabilities, something will be paid to the tax authority but
\nthe possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely than not
\nto occur). In this case, the provision is the sum of the probability-weighted amounts in the range.
In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and previous
\nexperience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts
\ngreater or smaller than the liabilities recorded.
\nIn particular, although we report cross-border transactions undertaken between Group subsidiaries on an arm\u2019s-length basis in tax
\nreturns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is frequently possible for
\nthere to be a range of legitimate and reasonable views. This means that it is impossible to be certain that the returns basis will be
\nsustained on examination. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing in a
\nnumber of our major trading jurisdictions. Although the timing and amount of final resolution of these uncertain tax positions cannot
\nbe reliably predicted, no significant impact on the results of the Group is expected in the next year or foreseeable future.
\nEstimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group\u2019s
\nforecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only
\nrecognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits
\nagainst which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each
\nreporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment.
Accounting policy
\nEarnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the total
\nweighted average number of shares.
\nThe diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and
\nconditional shares.
\nAdjusted earnings per share is calculated by dividing adjusted net profit attributable to RELX PLC shareholders by the total weighted
\naverage number of shares.
Accounting policy
\nCash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the
\nstatement of financial position at fair value.
Accounting policy
\nGoodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which do
\nnot qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual assets;
\nskilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the recognition of
\ndeferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions.
Accounting policy
\nOn acquisition of a subsidiary or business, the purchase consideration is allocated between the net tangible and intangible assets
\nother than goodwill on a fair value basis, with any excess purchase consideration representing goodwill. Goodwill is carried at fair
\nvalue as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their fair value as at the date of
\nacquisition less accumulated amortisation (including impairment). On disposal of a subsidiary or business, the attributable amount of
\ngoodwill is included in the determination of profit or loss recognised in the income statement.
\nManagement judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
\nrelated assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
\nrelationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process
\nresearch and development); and other intangible assets mainly comprising contract and rights-related assets.
\nThe valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation
\nmethodologies, including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in
\nestimating valuation of the intangible assets include growth in cash flows over the forecast period, the long-term growth rate
\nassumed thereafter and the discount rate applied to the forecast cash flows.
\nThe selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
\nbrands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
\nthe technological and competitive risks that they face. Certain intangible assets are in relation to acquired science and medical
\npublishing businesses that have been determined to have indefinite lives. The longevity of these assets is evidenced by their long-
\nestablished and well regarded journal titles, and their characteristically stable market positions. Intangible assets, other than journal
\ntitles determined to have indefinite lives, are amortised on a straight-line basis over their estimated useful lives. The estimated useful
\nlives of intangible assets with finite lives are:
\n\u25a0
Market-related assets \u2013 1 to 40 years
\n\u25a0
Customer-related assets \u2013 1 to 20 years
\n\u25a0
Editorial content \u2013 1 to 40 years
\n\u25a0
Software and systems \u2013 1 to 10 years
\n\u25a0
Other \u2013 3 to 20 years
\nJournal titles determined to have indefinite lives are not amortised and are subject to impairment review at least annually, including a
\nreview of events and circumstances to ensure that they continue to support an indefinite useful life.
\nInternally developed intangible assets typically comprise software and systems development where an identifiable asset is created
\nthat is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally developed
\nintangible assets are amortised on a straight line basis over their estimated useful lives of three to 15 years. Impairment reviews are
\ncarried out at least annually or where indicators of impairment are identified.
\nImpairment reviews
\nGoodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for
\nimpairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the
\nincome statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount
\nand not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying
\namounts of all other intangible assets are reviewed where there are indications of possible impairment.
\nAn impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest
\nmanagement cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses
\nare the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the
\ndiscount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
\nand discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates
\nare made based on the cash flows of the CGU to which the asset belongs.
\nCritical judgements and key sources of estimation uncertainty
\nAcquired intangible assets
\nIn 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of
\nfuture cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation
\nuncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions
\ncompleted during the year.
\nDevelopment spend
\nDevelopment spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
\nplatforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing
\noperating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms
\nand infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable
\nvalue and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified
\nand directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is
\nrequired in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and
\nthe selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and
\ndiscount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of
\nintangible assets.
Accounting policy
\nInvestments, other than investments in joint arrangements and associates, are stated in the statement of financial position at fair
\nvalue. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and other non-
\noperating items in the income statement. All items recognised in the income statement relating to investments, other than
\ninvestments in joint arrangements and associates, are reported as disposals and other non-operating items.
\nVenture capital investments and equity investments represent interests in listed and unlisted securities. The fair value of listed
\nsecurities is based on quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of
\nfair value based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard
\nto maximising the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate.
\nAll joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the
\narrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement
\nof financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
Accounting policy
\nProperty, plant and equipment are stated in the statement of financial position at cost less accumulated depreciation. No
\ndepreciation is provided on freehold land. Freehold buildings and long leaseholds are depreciated over their estimated useful lives
\nup to a maximum of 50 years. Short leases are written off over the duration of the lease. Depreciation is provided on other assets on
\na straight-line basis over their estimated useful lives as follows:
\n\u25a0
land and buildings: land \u2013 not depreciated; leasehold improvements \u2013 shorter of life of lease and 10 years
\n\u25a0
fixtures and equipment: plant \u2013 3 to 20 years; office furniture, fixtures and fittings \u2013 5 to 10 years; computer systems,
\ncommunication networks and equipment \u2013 3 to 7 years
Accounting policy
\nFinancial instruments comprise investments (other than investments in joint ventures or associates), trade receivables, cash and
\ncash equivalents, payables and accruals, borrowings and derivative financial instruments.
\nInvestments (other than investments in joint ventures and associates) are described in note 15. The fair value of such investments is
\nbased on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to
\nmaximising the use of observable inputs and adjusting for risk. (These investments are typically classified as either Level 2 or 3 in
\nthe IFRS 13 fair value hierarchy.)
\nTrade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
\nExpected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables are
\nrecorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated hedging
\nrelationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss
\nattributable to the hedged risk).
\nDerivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place
\nagainst changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable
\nto the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The
\noffsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement
\nwithin finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the
\ncumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the
\nborrowing using the effective interest method.
\nChanges in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are
\nrecognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to
\nforeign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm
\ncommitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or
\nliability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive
\nincome are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or
\na liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged
\nitem affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement.
\nCash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer
\nqualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
\ncomprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or, where
\na hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
\nDerivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position at
\nfair value, with changes in fair value recognised in the income statement.
\nThe fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of
\ninterest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable
\nmarket rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.)
Accounting policy
\nInventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and estimated net
\nrealisable value. Such costs typically comprise direct internal labour costs and externally commissioned editorial and other fees.
\nPre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically
\nreflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years.
\nAnnual reviews are carried out to assess the recoverability of carrying amounts.
Accounting policy
\nTrade receivables are stated net of a loss allowance for expected credit losses.
Accounting policy
\nDeferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an amount of
\nconsideration, in advance of the goods and services being delivered.
\nTrade payables, accruals and other payables are not interest-bearing and are stated at their nominal values.
Accounting policy
\nBorrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings in
\ndesignated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted
\nfor the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires, is sold or
\nterminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in
\nthe income statement over the period to maturity of the borrowing using the effective interest method.
Accounting policy
\nAll leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of
\nfinancial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding right-
\nof-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.
\nLease payments are apportioned between finance charges and a reduction of the lease liability.
\nLow-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
\npayments made in relation to these leases are recognised on a straight-line basis in the income statement.
\nThe leases held by the Group can be split into two categories: property and non-property. The Group leases various properties,
\nprincipally offices, which have varying terms and renewal rights that are typical to the territory in which they are located.
\nNon-property includes all other leases, such as cars and printers.
Accounting policy
\nShares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid,
\nincluding directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
\nEmployee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity.
",
"dimensions": {
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"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19088": {
"value": "Foreign exchange translation \nThe consolidated financial statements are presented in sterling.
\nTransactions in foreign currencies are recorded at the rate of exchange prevailing on the date of the transaction. Non-monetary assets
\nand liabilities that are measured at historical cost in foreign currencies are translated using the exchange rate at the date of the
\ntransaction. At each statement of financial position date, monetary assets and liabilities that are denominated in foreign currencies are
\nretranslated at the rate prevailing on the statement of financial position date. Exchange differences arising are recorded in the income
\nstatement other than where hedge accounting applies, as set out on pages 189 to 194.
\nAssets and liabilities of foreign operations are translated at exchange rates prevailing on the statement of financial position date. Income
\nand expense items and cash flows of foreign operations are translated at the average exchange rate for the period. Significant individual
\nitems of income and expense and cash flows in foreign operations are translated at the rate prevailing on the date of transaction.
\nExchange differences arising are classified as equity and transferred to the translation reserve. When foreign operations are disposed
\nof, the related cumulative translation differences are recognised within the income statement in the period.
\nThe Group uses derivative financial instruments, primarily forward contracts, to hedge its exposure to certain foreign exchange risks.
\nDetails of the Group\u2019s accounting policies in respect of derivative financial instruments are set out on page 189.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19104": {
"value": "Critical judgements and key sources of estimation uncertainty
\nThe preparation of financial statements requires management to make judgements and estimates in the application of accounting
\npolicies used to report the financial position, results and cash flows of the Group. The actual outcome may differ to these estimates.
\nThe critical judgements and key sources of estimation uncertainty are summarised below. Further detail is provided in the notes to the
\nfinancial statements as referenced.
\nCritical judgements
\n\u25a0
Capitalisation of development spend: assessing the potential value of a development project and determining the costs which are
\neligible for capitalisation (see note 14)
\nKey sources of estimation uncertainty
\n\u25a0
Taxation: the valuation of provisions related to uncertain tax positions (see note 9)
\n\u25a0
Defined benefit pension obligation: determining an appropriate rate at which the future pension payments are discounted, mortality
\nand inflation assumptions (see note 6)
Other areas of judgement and accounting estimates
\nThe consolidated financial statements include other areas of judgement and accounting estimates. While these do not meet the
\ndefinition under IAS 1 of critical judgements or significant accounting estimates, key areas of judgement in estimating the values in use
\nof businesses are the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and
\nthe discount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
\nand discount rates.
\n\u25a0
Goodwill: The assessment of the carrying value of goodwill requires management judgement and estimation to determine the
\nvalue in use of the businesses (see note 14).
\n\u25a0
Acquired intangible assets: Judgement is involved in identification of separate intangible assets on acquisition and estimation is
\nrequired to determine future cashflows and discount rates used in valuation (see note 14).
Key source of estimation uncertainty
\nAccounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life
\nexpectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these factors
\nare used in determining the pension cost and liabilities reported in the financial statements. The estimates made around future
\ndevelopments of each of the critical assumptions are made in conjunction with independent actuaries. Each scheme is subject to a
\nperiodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions may have a material effect in
\ndetermining the defined benefit pension obligation and costs which are reported in the financial statements. Information regarding
\nthe more significant assumptions used for valuation is provided below, together with a sensitivity analysis.
Key source of estimation uncertainty
\nThe Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, our tax returns
\nin the countries in which we operate are subject to tax authority audits as a matter of routine. While the Group is confident that tax
\nreturns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risk with
\nrespect to tax matters under active discussion with tax authorities, or which are otherwise considered to involve uncertainty.
\nThe valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax
\npositions are measured using one of the following methods, depending on which of the methods management expects will better
\npredict the amount it will pay over to the tax authority:
\n\u25a0
The Single Best Estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for example,
\nwhere the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of possible
\noutcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to be payable, in
\nwhich case the provision is nil; or
\n\u25a0
A Probability-Weighted Expected Value \u2013 where, on the balance of probabilities, something will be paid to the tax authority but
\nthe possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely than not
\nto occur). In this case, the provision is the sum of the probability-weighted amounts in the range.
In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and previous
\nexperience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts
\ngreater or smaller than the liabilities recorded.
\nIn particular, although we report cross-border transactions undertaken between Group subsidiaries on an arm\u2019s-length basis in tax
\nreturns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is frequently possible for
\nthere to be a range of legitimate and reasonable views. This means that it is impossible to be certain that the returns basis will be
\nsustained on examination. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing in a
\nnumber of our major trading jurisdictions. Although the timing and amount of final resolution of these uncertain tax positions cannot
\nbe reliably predicted, no significant impact on the results of the Group is expected in the next year or foreseeable future.
\nEstimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group\u2019s
\nforecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only
\nrecognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits
\nagainst which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each
\nreporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment.
Critical judgements and key sources of estimation uncertainty
\nAcquired intangible assets
\nIn 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of
\nfuture cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation
\nuncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions
\ncompleted during the year.
\nDevelopment spend
\nDevelopment spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
\nplatforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing
\noperating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms
\nand infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable
\nvalue and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified
\nand directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is
\nrequired in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and
\nthe selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and
\ndiscount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of
\nintangible assets.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19114": {
"value": "Key sources of estimation uncertainty \n\u25a0 Taxation: the valuation of provisions related to uncertain tax positions (see note 9) \n\u25a0 Defined benefit pension obligation: determining an appropriate rate at which the future pension payments are discounted, mortality \nand inflation assumptions (see note 6) Key source of estimation uncertainty \nAccounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life \nexpectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these factors \nare used in determining the pension cost and liabilities reported in the financial statements. The estimates made around future \ndevelopments of each of the critical assumptions are made in conjunction with independent actuaries. Each scheme is subject to a \nperiodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions may have a material effect in \ndetermining the defined benefit pension obligation and costs which are reported in the financial statements. Information regarding \nthe more significant assumptions used for valuation is provided below, together with a sensitivity analysis. Key source of estimation uncertainty \nThe Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, our tax returns \nin the countries in which we operate are subject to tax authority audits as a matter of routine. While the Group is confident that tax \nreturns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risk with \nrespect to tax matters under active discussion with tax authorities, or which are otherwise considered to involve uncertainty. \nThe valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax \npositions are measured using one of the following methods, depending on which of the methods management expects will better \npredict the amount it will pay over to the tax authority: \n\u25a0 The Single Best Estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for example, \nwhere the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of possible \noutcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to be payable, in \nwhich case the provision is nil; or \n\u25a0 A Probability-Weighted Expected Value \u2013 where, on the balance of probabilities, something will be paid to the tax authority but \nthe possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely than not \nto occur). In this case, the provision is the sum of the probability-weighted amounts in the range. In assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and previous \nexperience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts \ngreater or smaller than the liabilities recorded. \nIn particular, although we report cross-border transactions undertaken between Group subsidiaries on an arm\u2019s-length basis in tax \nreturns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is frequently possible for \nthere to be a range of legitimate and reasonable views. This means that it is impossible to be certain that the returns basis will be \nsustained on examination. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing in a \nnumber of our major trading jurisdictions. Although the timing and amount of final resolution of these uncertain tax positions cannot \nbe reliably predicted, no significant impact on the results of the Group is expected in the next year or foreseeable future. \nEstimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group\u2019s \nforecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only \nrecognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits \nagainst which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each \nreporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment. Critical judgements and key sources of estimation uncertainty \nAcquired intangible assets \nIn 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of \nfuture cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation \nuncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions \ncompleted during the year. \nDevelopment spend \nDevelopment spend encompasses investment in new products and other initiatives, ranging from the building of online delivery \nplatforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing \noperating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms \nand infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable \nvalue and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified \nand directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is \nrequired in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and \nthe selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and \ndiscount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of \nintangible assets. ",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19164": {
"value": "Standards and amendments effective for the year \nThe interpretations and amendments to IFRS effective for 2022 have not had a significant impact on the Group\u2019s accounting policies or
\nreporting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19170": {
"value": "Standards, amendments and interpretations not yet effective \nA number of amendments and interpretations have been issued which are not expected to have any significant impact on the
\naccounting policies and reporting.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19176": {
"value": "2 Revenue, operating profit and segment analysis \nAccounting policy
\nThe Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.
\nAdjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
\nprofit is reconciled to operating profit on page 171.
\nRevenue arises from the provision of products and services under contracts with customers. In all cases, revenue is recognised to
\ndepict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
\nexpects to be entitled in exchange for those goods or services, and is recognised when the customer obtains control of the goods
\nor service.
\nRevenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer
\nsales taxes and other amounts to be collected on behalf of third-parties.
\nWhere the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are
\naccounted for separately.
\nWhere separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling prices or
\nmanagement\u2019s best estimate of relative value where standalone selling prices do not exist. Management estimates may include a
\ncost-plus method or comparable product approach, but must be supported by objective evidence. A residual approach may be
\napplied where it is not possible to derive a reliable management estimate for a specific component.
\nOur subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
\nPayment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts do
\nnot contain significant financing components. Contracts for our transactional electronic revenue streams generally have payments
\nthat vary with volume of usage. Other than that, our contracts do not involve variable consideration.
\nRevenue is recognised for the various categories as follows:
\n\u25a0
Subscriptions \u2013 revenue comprises income derived from the periodic distribution or update of a product. Subscription revenue is
\ngenerally invoiced in advance and recognised systematically over the period of the subscription. Recognition is either on a
\nstraight-line basis where the transaction involves the transfer of goods and services to the customer in a consistent manner over
\na specific period of time; or based on the value received by the customer where the goods and services are not delivered in a
\nconsistent manner
\n\u25a0
Transactional \u2013 revenue is recognised when control of the product is passed to the customer or the service has been performed.
\nFor exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition revenue is
\nrecognised on occurrence of the exhibition
\n
2 Revenue, operating profit and segment analysis (continued)
\nRELX is a global provider of information-based analytics and decision tools for professional and business customers. Operating in four major
\nmarket segments: Risk provides customers with information-based analytics and decision tools that combine public and industry-specific
\ncontent with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency;
\nScientific, Technical & Medical provides information and analytics that help institutions and professionals progress science, advance
\nhealthcare and improve performance; Legal provides legal, regulatory and business information and analytics that helps customers increase
\ntheir productivity, improve decision-making and achieve better outcomes; and Exhibitions combines industry expertise with data and digital
\ntools to help customers connect digitally and face-to-face, learn amount markets, source products and complete transactions.
\nANALYSIS BY BUSINESS SEGMENT
Revenue
Adjusted operating profit
\n2020
2021
2022
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nRisk
2,417
2,474
2,909
894
915
1,078
\nScientific, Technical & Medical
2,692
2,649
2,909
1,021
1,001
1,100
\nLegal
1,639
1,587
1,782
330
326
372
\nExhibitions
362
534
953
(164)
10
162
\nSub
-total
7,110
7,244
8,553
2,081
2,252
2,712
\nUnallocated central costs and other operating
\nitems
\u2013
\u2013
\u2013
(5)
(42)
(29)
\nT
o
o
t
t
a
a
l
l
7,110
7,244
8,553
2,076
2,210
2,683
\nExceptional costs excluded from adjusted operating profit in 2020 are disclosed on page 171. In 2021, unallocated central costs and
\nother operating items includes a \u00a335m one-off charge relating to reductions in our corporate real estate footprint. In 2022, this includes
\na charge of \u00a324m relating to STM incurred from exchange rate movements from the translation of working capital items such as
\naccounts receivable and payable, and intercompany balances, into relevant functional currencies and the outcome of STM\u2019s hedging
\nprogramme. The net effect of these amounts was higher in 2022 due to the extent and timing of exchange rate movements in the year
\nand such amounts were insignificant in 2021 and 2020.
\n2020
Scientific, Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
1,921
1,224
1,119
43
4,307
\nEurope
327
621
338
83
1,369
\nRest of world
169
847
182
236
1,434
\nTotal revenue
2,417
2,692
1,639
362
7,110
\nRevenue by format
\nElectronic
2,387
2,326
1,422
44
6,179
\nFace
-to-face
19
1
7
318
345
\nPrint
11
365
210
\u2013
586
\nTotal revenue
2,417
2,692
1,639
362
7,110
\nRevenue by type
\nSubscriptions
944
2,048
1,287
\u2013
4,279
\nTransactional
1,473
644
352
362
2,831
\nTotal revenue
2,417
2,692
1,639
362
7,110
\n2021
Scientific,
Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
1,957
1,215
1,049
100
4,321
\nEurope
342
602
341
187
1,472
\nRest of world
175
832
197
247
1,451
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nRevenue by format
\nElectronic
2,453
2,334
1,385
58
6,230
\nFace-to-face
13
2
9
476
500
\nPrint
8
313
193
\u2013
514
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nRevenue by type
\nSubscriptions
989
1,970
1,255
\u2013
4,214
\nTransactional
1,485
679
332
534
3,030
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
2 Revenue, operating profit and segment analysis (continued)
\n2022
Scientific, Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
2,317
1,391
1,213
180
5,101
\nEurope*
384
614
357
445
1,800
\nRest of world
208
904
212
328
1,652
\nTotal revenue
2,909
2,909
1,782
953
8,553
\nRevenue by format
\nElectronic
2,890
2,573
1,582
67
7,112
\nFace
-to-face
11
5
10
886
912
\nPrint
8
331
190
\u2013
529
\nTotal revenue
2,909
2,909
1,782
953
8,553
\nRevenue by type
\nSubscriptions
1,135
2,139
1,381
\u2013
4,655
\nTransactional
1,774
770
401
953
3,898
\nTotal revenue
2,909
2,909
1,782
953
8,553
\n*
Europe includes revenue of \u00a3544m from the United Kingdom (2021: \u00a3476m; 2020: \u00a3464m).
\nOver half of RELX\u2019s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-line
\nbasis over the time period covered by the agreement, in line with the provision of services.
\nThere are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery milestones or
\nother specified performance obligations. As at 31 December 2022, the aggregate amount of the transaction price of such contracts
\nwhich relates to performance obligations which have not yet been delivered was approximately \u00a3100m (2021: \u00a395m). It is expected that
\nrevenue will be recognised in relation to this amount over the next six years.
\nANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nNorth America
4,192
4,204
5,002
\nEurope
2,436
2,547
2,974
\nRest of world
482
493
577
\nTotal
7,110
7,244
8,553
\nRevenue by geographical origin from the United Kingdom in 2022 was \u00a31,481m (2021: \u00a31,248m; 2020: \u00a31,176m).
\nANALYSIS BY BUSINESS
\nSEGMENT
Expenditure on
\nacquired goodwill and
Capital expenditure
Amortisation of acquired
Total depreciation and
\nintangible assets
additions
intangible assets
other amortisation
\n2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nRisk
822
208
155
93
83
122
192
186
204
98
93
94
\nScientific, Technical &
\nMedical
169
58
206
94
87
103
65
63
60
148
144
119
\nLegal
\u2013
12
33
153
145
186
68
27
12
210
220
229
\nExhibitions
6
9
\u2013
24
24
28
51
22
20
73
30
49
\nTotal
997
287
394
364
339
439
376
298
296
529
487
491
\nCapital expenditure comprises additions to property, plant and equipment and internally developed intangible assets.
\nAmortisation of acquired intangible assets includes amounts in respect of joint ventures of \u00a31m (2021: \u00a31m; 2020: nil) in Exhibitions.
\nDepreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and amortisation of
\ninternally developed intangible assets and pre-publication costs.
\nIn 2020, \u00a338m of depreciation and other amortisation was classified as exceptional in Exhibitions. Excluding this amount gives total
\ndepreciation and other amortisation of \u00a3491m for 2020.
\n
2 Revenue, operating profit and segment analysis (continued)
\nANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION
2021
2022
\n\u00a3m
\u00a3m
\nNorth America
8,657
9,821
\nEurope
2,123
2,193
\nRest of world
413
460
\nTotal
11,193
12,474
\nNon-current assets held in the United Kingdom totalled \u00a31,253m (2021: \u00a31,299m; 2020: \u00a31,158m). Non-current assets by
\ngeographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments.
\nOperating profit is reconciled to adjusted operating profit as follows:
\nRECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nOperating profit
1,525
1,884
2,323
\nAdjustments:
\nAmortisation of acquired intangible assets
376
298
296
\nAcquisition-related items
(12)
21
62
\nReclassification of tax in joint ventures
5
7
4
\nReclassification of finance income in joint ventures
(1)
\u2013
(2)
\nExceptional costs in Exhibitions
183
\u2013
\u2013
\nAdjusted operating profit
2,076
2,210
2,683
\nIn 2020, Exhibitions incurred exceptional costs of \u00a3183m. Of the \u00a3183m exceptional costs, \u00a3135m were cash costs, of which \u00a325m
\nwere paid in 2022 (2021: \u00a352m; 2020: \u00a351m). All costs were included within administration and other expenses in the income
\nstatement.
\nAcquisition-related items in 2021 included a gain of \u00a327m from the revaluation of a put and call option arrangement relating to a non-
\ncontrolling interest in a subsidiary within Legal.
\nThe share of post-tax results of joint ventures of \u00a319m (2021: \u00a329m; 2020: \u00a315m) included in operating profit comprised \u00a310m
\n(2021: \u00a319m; 2020: \u00a310m) relating to Exhibitions, \u00a37m (2021: \u00a36m; 2020: \u00a34m;) relating to Legal and \u00a32m (2021: \u00a34m; 2020: \u00a31m)
\nrelating to Risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19177": {
"value": "2 Revenue, operating profit and segment analysis \nAccounting policy
\nThe Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.
\nAdjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
\nprofit is reconciled to operating profit on page 171.
\nRevenue arises from the provision of products and services under contracts with customers. In all cases, revenue is recognised to
\ndepict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
\nexpects to be entitled in exchange for those goods or services, and is recognised when the customer obtains control of the goods
\nor service.
\nRevenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer
\nsales taxes and other amounts to be collected on behalf of third-parties.
\nWhere the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are
\naccounted for separately.
\nWhere separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling prices or
\nmanagement\u2019s best estimate of relative value where standalone selling prices do not exist. Management estimates may include a
\ncost-plus method or comparable product approach, but must be supported by objective evidence. A residual approach may be
\napplied where it is not possible to derive a reliable management estimate for a specific component.
\nOur subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
\nPayment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts do
\nnot contain significant financing components. Contracts for our transactional electronic revenue streams generally have payments
\nthat vary with volume of usage. Other than that, our contracts do not involve variable consideration.
\nRevenue is recognised for the various categories as follows:
\n\u25a0
Subscriptions \u2013 revenue comprises income derived from the periodic distribution or update of a product. Subscription revenue is
\ngenerally invoiced in advance and recognised systematically over the period of the subscription. Recognition is either on a
\nstraight-line basis where the transaction involves the transfer of goods and services to the customer in a consistent manner over
\na specific period of time; or based on the value received by the customer where the goods and services are not delivered in a
\nconsistent manner
\n\u25a0
Transactional \u2013 revenue is recognised when control of the product is passed to the customer or the service has been performed.
\nFor exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition revenue is
\nrecognised on occurrence of the exhibition
\n
2 Revenue, operating profit and segment analysis (continued)
\nRELX is a global provider of information-based analytics and decision tools for professional and business customers. Operating in four major
\nmarket segments: Risk provides customers with information-based analytics and decision tools that combine public and industry-specific
\ncontent with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency;
\nScientific, Technical & Medical provides information and analytics that help institutions and professionals progress science, advance
\nhealthcare and improve performance; Legal provides legal, regulatory and business information and analytics that helps customers increase
\ntheir productivity, improve decision-making and achieve better outcomes; and Exhibitions combines industry expertise with data and digital
\ntools to help customers connect digitally and face-to-face, learn amount markets, source products and complete transactions.
\nANALYSIS BY BUSINESS SEGMENT
Revenue
Adjusted operating profit
\n2020
2021
2022
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nRisk
2,417
2,474
2,909
894
915
1,078
\nScientific, Technical & Medical
2,692
2,649
2,909
1,021
1,001
1,100
\nLegal
1,639
1,587
1,782
330
326
372
\nExhibitions
362
534
953
(164)
10
162
\nSub
-total
7,110
7,244
8,553
2,081
2,252
2,712
\nUnallocated central costs and other operating
\nitems
\u2013
\u2013
\u2013
(5)
(42)
(29)
\nT
o
o
t
t
a
a
l
l
7,110
7,244
8,553
2,076
2,210
2,683
\nExceptional costs excluded from adjusted operating profit in 2020 are disclosed on page 171. In 2021, unallocated central costs and
\nother operating items includes a \u00a335m one-off charge relating to reductions in our corporate real estate footprint. In 2022, this includes
\na charge of \u00a324m relating to STM incurred from exchange rate movements from the translation of working capital items such as
\naccounts receivable and payable, and intercompany balances, into relevant functional currencies and the outcome of STM\u2019s hedging
\nprogramme. The net effect of these amounts was higher in 2022 due to the extent and timing of exchange rate movements in the year
\nand such amounts were insignificant in 2021 and 2020.
\n2020
Scientific, Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
1,921
1,224
1,119
43
4,307
\nEurope
327
621
338
83
1,369
\nRest of world
169
847
182
236
1,434
\nTotal revenue
2,417
2,692
1,639
362
7,110
\nRevenue by format
\nElectronic
2,387
2,326
1,422
44
6,179
\nFace
-to-face
19
1
7
318
345
\nPrint
11
365
210
\u2013
586
\nTotal revenue
2,417
2,692
1,639
362
7,110
\nRevenue by type
\nSubscriptions
944
2,048
1,287
\u2013
4,279
\nTransactional
1,473
644
352
362
2,831
\nTotal revenue
2,417
2,692
1,639
362
7,110
\n2021
Scientific,
Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
1,957
1,215
1,049
100
4,321
\nEurope
342
602
341
187
1,472
\nRest of world
175
832
197
247
1,451
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nRevenue by format
\nElectronic
2,453
2,334
1,385
58
6,230
\nFace-to-face
13
2
9
476
500
\nPrint
8
313
193
\u2013
514
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nRevenue by type
\nSubscriptions
989
1,970
1,255
\u2013
4,214
\nTransactional
1,485
679
332
534
3,030
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
2 Revenue, operating profit and segment analysis (continued)
\n2022
Scientific, Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
2,317
1,391
1,213
180
5,101
\nEurope*
384
614
357
445
1,800
\nRest of world
208
904
212
328
1,652
\nTotal revenue
2,909
2,909
1,782
953
8,553
\nRevenue by format
\nElectronic
2,890
2,573
1,582
67
7,112
\nFace
-to-face
11
5
10
886
912
\nPrint
8
331
190
\u2013
529
\nTotal revenue
2,909
2,909
1,782
953
8,553
\nRevenue by type
\nSubscriptions
1,135
2,139
1,381
\u2013
4,655
\nTransactional
1,774
770
401
953
3,898
\nTotal revenue
2,909
2,909
1,782
953
8,553
\n*
Europe includes revenue of \u00a3544m from the United Kingdom (2021: \u00a3476m; 2020: \u00a3464m).
\nOver half of RELX\u2019s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-line
\nbasis over the time period covered by the agreement, in line with the provision of services.
\nThere are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery milestones or
\nother specified performance obligations. As at 31 December 2022, the aggregate amount of the transaction price of such contracts
\nwhich relates to performance obligations which have not yet been delivered was approximately \u00a3100m (2021: \u00a395m). It is expected that
\nrevenue will be recognised in relation to this amount over the next six years.
\nANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nNorth America
4,192
4,204
5,002
\nEurope
2,436
2,547
2,974
\nRest of world
482
493
577
\nTotal
7,110
7,244
8,553
\nRevenue by geographical origin from the United Kingdom in 2022 was \u00a31,481m (2021: \u00a31,248m; 2020: \u00a31,176m).
\nANALYSIS BY BUSINESS
\nSEGMENT
Expenditure on
\nacquired goodwill and
Capital expenditure
Amortisation of acquired
Total depreciation and
\nintangible assets
additions
intangible assets
other amortisation
\n2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nRisk
822
208
155
93
83
122
192
186
204
98
93
94
\nScientific, Technical &
\nMedical
169
58
206
94
87
103
65
63
60
148
144
119
\nLegal
\u2013
12
33
153
145
186
68
27
12
210
220
229
\nExhibitions
6
9
\u2013
24
24
28
51
22
20
73
30
49
\nTotal
997
287
394
364
339
439
376
298
296
529
487
491
\nCapital expenditure comprises additions to property, plant and equipment and internally developed intangible assets.
\nAmortisation of acquired intangible assets includes amounts in respect of joint ventures of \u00a31m (2021: \u00a31m; 2020: nil) in Exhibitions.
\nDepreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and amortisation of
\ninternally developed intangible assets and pre-publication costs.
\nIn 2020, \u00a338m of depreciation and other amortisation was classified as exceptional in Exhibitions. Excluding this amount gives total
\ndepreciation and other amortisation of \u00a3491m for 2020.
\n
2 Revenue, operating profit and segment analysis (continued)
\nANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION
2021
2022
\n\u00a3m
\u00a3m
\nNorth America
8,657
9,821
\nEurope
2,123
2,193
\nRest of world
413
460
\nTotal
11,193
12,474
\nNon-current assets held in the United Kingdom totalled \u00a31,253m (2021: \u00a31,299m; 2020: \u00a31,158m). Non-current assets by
\ngeographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments.
\nOperating profit is reconciled to adjusted operating profit as follows:
\nRECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nOperating profit
1,525
1,884
2,323
\nAdjustments:
\nAmortisation of acquired intangible assets
376
298
296
\nAcquisition-related items
(12)
21
62
\nReclassification of tax in joint ventures
5
7
4
\nReclassification of finance income in joint ventures
(1)
\u2013
(2)
\nExceptional costs in Exhibitions
183
\u2013
\u2013
\nAdjusted operating profit
2,076
2,210
2,683
\nIn 2020, Exhibitions incurred exceptional costs of \u00a3183m. Of the \u00a3183m exceptional costs, \u00a3135m were cash costs, of which \u00a325m
\nwere paid in 2022 (2021: \u00a352m; 2020: \u00a351m). All costs were included within administration and other expenses in the income
\nstatement.
\nAcquisition-related items in 2021 included a gain of \u00a327m from the revaluation of a put and call option arrangement relating to a non-
\ncontrolling interest in a subsidiary within Legal.
\nThe share of post-tax results of joint ventures of \u00a319m (2021: \u00a329m; 2020: \u00a315m) included in operating profit comprised \u00a310m
\n(2021: \u00a319m; 2020: \u00a310m) relating to Exhibitions, \u00a37m (2021: \u00a36m; 2020: \u00a34m;) relating to Legal and \u00a32m (2021: \u00a34m; 2020: \u00a31m)
\nrelating to Risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19178": {
"value": "2 Revenue, operating profit and segment analysis \nAccounting policy
\nThe Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.
\nAdjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
\nprofit is reconciled to operating profit on page 171.
\nRevenue arises from the provision of products and services under contracts with customers. In all cases, revenue is recognised to
\ndepict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
\nexpects to be entitled in exchange for those goods or services, and is recognised when the customer obtains control of the goods
\nor service.
\nRevenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer
\nsales taxes and other amounts to be collected on behalf of third-parties.
\nWhere the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are
\naccounted for separately.
\nWhere separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling prices or
\nmanagement\u2019s best estimate of relative value where standalone selling prices do not exist. Management estimates may include a
\ncost-plus method or comparable product approach, but must be supported by objective evidence. A residual approach may be
\napplied where it is not possible to derive a reliable management estimate for a specific component.
\nOur subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
\nPayment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts do
\nnot contain significant financing components. Contracts for our transactional electronic revenue streams generally have payments
\nthat vary with volume of usage. Other than that, our contracts do not involve variable consideration.
\nRevenue is recognised for the various categories as follows:
\n\u25a0
Subscriptions \u2013 revenue comprises income derived from the periodic distribution or update of a product. Subscription revenue is
\ngenerally invoiced in advance and recognised systematically over the period of the subscription. Recognition is either on a
\nstraight-line basis where the transaction involves the transfer of goods and services to the customer in a consistent manner over
\na specific period of time; or based on the value received by the customer where the goods and services are not delivered in a
\nconsistent manner
\n\u25a0
Transactional \u2013 revenue is recognised when control of the product is passed to the customer or the service has been performed.
\nFor exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition revenue is
\nrecognised on occurrence of the exhibition
\n
2 Revenue, operating profit and segment analysis (continued)
\nRELX is a global provider of information-based analytics and decision tools for professional and business customers. Operating in four major
\nmarket segments: Risk provides customers with information-based analytics and decision tools that combine public and industry-specific
\ncontent with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency;
\nScientific, Technical & Medical provides information and analytics that help institutions and professionals progress science, advance
\nhealthcare and improve performance; Legal provides legal, regulatory and business information and analytics that helps customers increase
\ntheir productivity, improve decision-making and achieve better outcomes; and Exhibitions combines industry expertise with data and digital
\ntools to help customers connect digitally and face-to-face, learn amount markets, source products and complete transactions.
\nANALYSIS BY BUSINESS SEGMENT
Revenue
Adjusted operating profit
\n2020
2021
2022
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nRisk
2,417
2,474
2,909
894
915
1,078
\nScientific, Technical & Medical
2,692
2,649
2,909
1,021
1,001
1,100
\nLegal
1,639
1,587
1,782
330
326
372
\nExhibitions
362
534
953
(164)
10
162
\nSub
-total
7,110
7,244
8,553
2,081
2,252
2,712
\nUnallocated central costs and other operating
\nitems
\u2013
\u2013
\u2013
(5)
(42)
(29)
\nT
o
o
t
t
a
a
l
l
7,110
7,244
8,553
2,076
2,210
2,683
\nExceptional costs excluded from adjusted operating profit in 2020 are disclosed on page 171. In 2021, unallocated central costs and
\nother operating items includes a \u00a335m one-off charge relating to reductions in our corporate real estate footprint. In 2022, this includes
\na charge of \u00a324m relating to STM incurred from exchange rate movements from the translation of working capital items such as
\naccounts receivable and payable, and intercompany balances, into relevant functional currencies and the outcome of STM\u2019s hedging
\nprogramme. The net effect of these amounts was higher in 2022 due to the extent and timing of exchange rate movements in the year
\nand such amounts were insignificant in 2021 and 2020.
\n2020
Scientific, Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
1,921
1,224
1,119
43
4,307
\nEurope
327
621
338
83
1,369
\nRest of world
169
847
182
236
1,434
\nTotal revenue
2,417
2,692
1,639
362
7,110
\nRevenue by format
\nElectronic
2,387
2,326
1,422
44
6,179
\nFace
-to-face
19
1
7
318
345
\nPrint
11
365
210
\u2013
586
\nTotal revenue
2,417
2,692
1,639
362
7,110
\nRevenue by type
\nSubscriptions
944
2,048
1,287
\u2013
4,279
\nTransactional
1,473
644
352
362
2,831
\nTotal revenue
2,417
2,692
1,639
362
7,110
\n2021
Scientific,
Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
1,957
1,215
1,049
100
4,321
\nEurope
342
602
341
187
1,472
\nRest of world
175
832
197
247
1,451
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nRevenue by format
\nElectronic
2,453
2,334
1,385
58
6,230
\nFace-to-face
13
2
9
476
500
\nPrint
8
313
193
\u2013
514
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nRevenue by type
\nSubscriptions
989
1,970
1,255
\u2013
4,214
\nTransactional
1,485
679
332
534
3,030
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
2 Revenue, operating profit and segment analysis (continued)
\n2022
Scientific, Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
2,317
1,391
1,213
180
5,101
\nEurope*
384
614
357
445
1,800
\nRest of world
208
904
212
328
1,652
\nTotal revenue
2,909
2,909
1,782
953
8,553
\nRevenue by format
\nElectronic
2,890
2,573
1,582
67
7,112
\nFace
-to-face
11
5
10
886
912
\nPrint
8
331
190
\u2013
529
\nTotal revenue
2,909
2,909
1,782
953
8,553
\nRevenue by type
\nSubscriptions
1,135
2,139
1,381
\u2013
4,655
\nTransactional
1,774
770
401
953
3,898
\nTotal revenue
2,909
2,909
1,782
953
8,553
\n*
Europe includes revenue of \u00a3544m from the United Kingdom (2021: \u00a3476m; 2020: \u00a3464m).
\nOver half of RELX\u2019s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-line
\nbasis over the time period covered by the agreement, in line with the provision of services.
\nThere are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery milestones or
\nother specified performance obligations. As at 31 December 2022, the aggregate amount of the transaction price of such contracts
\nwhich relates to performance obligations which have not yet been delivered was approximately \u00a3100m (2021: \u00a395m). It is expected that
\nrevenue will be recognised in relation to this amount over the next six years.
\nANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nNorth America
4,192
4,204
5,002
\nEurope
2,436
2,547
2,974
\nRest of world
482
493
577
\nTotal
7,110
7,244
8,553
\nRevenue by geographical origin from the United Kingdom in 2022 was \u00a31,481m (2021: \u00a31,248m; 2020: \u00a31,176m).
\nANALYSIS BY BUSINESS
\nSEGMENT
Expenditure on
\nacquired goodwill and
Capital expenditure
Amortisation of acquired
Total depreciation and
\nintangible assets
additions
intangible assets
other amortisation
\n2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nRisk
822
208
155
93
83
122
192
186
204
98
93
94
\nScientific, Technical &
\nMedical
169
58
206
94
87
103
65
63
60
148
144
119
\nLegal
\u2013
12
33
153
145
186
68
27
12
210
220
229
\nExhibitions
6
9
\u2013
24
24
28
51
22
20
73
30
49
\nTotal
997
287
394
364
339
439
376
298
296
529
487
491
\nCapital expenditure comprises additions to property, plant and equipment and internally developed intangible assets.
\nAmortisation of acquired intangible assets includes amounts in respect of joint ventures of \u00a31m (2021: \u00a31m; 2020: nil) in Exhibitions.
\nDepreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and amortisation of
\ninternally developed intangible assets and pre-publication costs.
\nIn 2020, \u00a338m of depreciation and other amortisation was classified as exceptional in Exhibitions. Excluding this amount gives total
\ndepreciation and other amortisation of \u00a3491m for 2020.
\n
2 Revenue, operating profit and segment analysis (continued)
\nANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION
2021
2022
\n\u00a3m
\u00a3m
\nNorth America
8,657
9,821
\nEurope
2,123
2,193
\nRest of world
413
460
\nTotal
11,193
12,474
\nNon-current assets held in the United Kingdom totalled \u00a31,253m (2021: \u00a31,299m; 2020: \u00a31,158m). Non-current assets by
\ngeographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments.
\nOperating profit is reconciled to adjusted operating profit as follows:
\nRECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nOperating profit
1,525
1,884
2,323
\nAdjustments:
\nAmortisation of acquired intangible assets
376
298
296
\nAcquisition-related items
(12)
21
62
\nReclassification of tax in joint ventures
5
7
4
\nReclassification of finance income in joint ventures
(1)
\u2013
(2)
\nExceptional costs in Exhibitions
183
\u2013
\u2013
\nAdjusted operating profit
2,076
2,210
2,683
\nIn 2020, Exhibitions incurred exceptional costs of \u00a3183m. Of the \u00a3183m exceptional costs, \u00a3135m were cash costs, of which \u00a325m
\nwere paid in 2022 (2021: \u00a352m; 2020: \u00a351m). All costs were included within administration and other expenses in the income
\nstatement.
\nAcquisition-related items in 2021 included a gain of \u00a327m from the revaluation of a put and call option arrangement relating to a non-
\ncontrolling interest in a subsidiary within Legal.
\nThe share of post-tax results of joint ventures of \u00a319m (2021: \u00a329m; 2020: \u00a315m) included in operating profit comprised \u00a310m
\n(2021: \u00a319m; 2020: \u00a310m) relating to Exhibitions, \u00a37m (2021: \u00a36m; 2020: \u00a34m;) relating to Legal and \u00a32m (2021: \u00a34m; 2020: \u00a31m)
\nrelating to Risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19179": {
"value": "2 Revenue, operating profit and segment analysis \nAccounting policy
\nThe Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.
\nAdjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
\nprofit is reconciled to operating profit on page 171.
\nRevenue arises from the provision of products and services under contracts with customers. In all cases, revenue is recognised to
\ndepict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
\nexpects to be entitled in exchange for those goods or services, and is recognised when the customer obtains control of the goods
\nor service.
\nRevenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer
\nsales taxes and other amounts to be collected on behalf of third-parties.
\nWhere the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are
\naccounted for separately.
\nWhere separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling prices or
\nmanagement\u2019s best estimate of relative value where standalone selling prices do not exist. Management estimates may include a
\ncost-plus method or comparable product approach, but must be supported by objective evidence. A residual approach may be
\napplied where it is not possible to derive a reliable management estimate for a specific component.
\nOur subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
\nPayment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts do
\nnot contain significant financing components. Contracts for our transactional electronic revenue streams generally have payments
\nthat vary with volume of usage. Other than that, our contracts do not involve variable consideration.
\nRevenue is recognised for the various categories as follows:
\n\u25a0
Subscriptions \u2013 revenue comprises income derived from the periodic distribution or update of a product. Subscription revenue is
\ngenerally invoiced in advance and recognised systematically over the period of the subscription. Recognition is either on a
\nstraight-line basis where the transaction involves the transfer of goods and services to the customer in a consistent manner over
\na specific period of time; or based on the value received by the customer where the goods and services are not delivered in a
\nconsistent manner
\n\u25a0
Transactional \u2013 revenue is recognised when control of the product is passed to the customer or the service has been performed.
\nFor exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition revenue is
\nrecognised on occurrence of the exhibition
\n
2 Revenue, operating profit and segment analysis (continued)
\nRELX is a global provider of information-based analytics and decision tools for professional and business customers. Operating in four major
\nmarket segments: Risk provides customers with information-based analytics and decision tools that combine public and industry-specific
\ncontent with advanced technology and algorithms to assist them in evaluating and predicting risk and enhancing operational efficiency;
\nScientific, Technical & Medical provides information and analytics that help institutions and professionals progress science, advance
\nhealthcare and improve performance; Legal provides legal, regulatory and business information and analytics that helps customers increase
\ntheir productivity, improve decision-making and achieve better outcomes; and Exhibitions combines industry expertise with data and digital
\ntools to help customers connect digitally and face-to-face, learn amount markets, source products and complete transactions.
\nANALYSIS BY BUSINESS SEGMENT
Revenue
Adjusted operating profit
\n2020
2021
2022
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nRisk
2,417
2,474
2,909
894
915
1,078
\nScientific, Technical & Medical
2,692
2,649
2,909
1,021
1,001
1,100
\nLegal
1,639
1,587
1,782
330
326
372
\nExhibitions
362
534
953
(164)
10
162
\nSub
-total
7,110
7,244
8,553
2,081
2,252
2,712
\nUnallocated central costs and other operating
\nitems
\u2013
\u2013
\u2013
(5)
(42)
(29)
\nT
o
o
t
t
a
a
l
l
7,110
7,244
8,553
2,076
2,210
2,683
\nExceptional costs excluded from adjusted operating profit in 2020 are disclosed on page 171. In 2021, unallocated central costs and
\nother operating items includes a \u00a335m one-off charge relating to reductions in our corporate real estate footprint. In 2022, this includes
\na charge of \u00a324m relating to STM incurred from exchange rate movements from the translation of working capital items such as
\naccounts receivable and payable, and intercompany balances, into relevant functional currencies and the outcome of STM\u2019s hedging
\nprogramme. The net effect of these amounts was higher in 2022 due to the extent and timing of exchange rate movements in the year
\nand such amounts were insignificant in 2021 and 2020.
\n2020
Scientific, Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
1,921
1,224
1,119
43
4,307
\nEurope
327
621
338
83
1,369
\nRest of world
169
847
182
236
1,434
\nTotal revenue
2,417
2,692
1,639
362
7,110
\nRevenue by format
\nElectronic
2,387
2,326
1,422
44
6,179
\nFace
-to-face
19
1
7
318
345
\nPrint
11
365
210
\u2013
586
\nTotal revenue
2,417
2,692
1,639
362
7,110
\nRevenue by type
\nSubscriptions
944
2,048
1,287
\u2013
4,279
\nTransactional
1,473
644
352
362
2,831
\nTotal revenue
2,417
2,692
1,639
362
7,110
\n2021
Scientific,
Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
1,957
1,215
1,049
100
4,321
\nEurope
342
602
341
187
1,472
\nRest of world
175
832
197
247
1,451
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nRevenue by format
\nElectronic
2,453
2,334
1,385
58
6,230
\nFace-to-face
13
2
9
476
500
\nPrint
8
313
193
\u2013
514
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nRevenue by type
\nSubscriptions
989
1,970
1,255
\u2013
4,214
\nTransactional
1,485
679
332
534
3,030
\nTotal revenue
2,474
2,649
1,587
534
7,244
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
2 Revenue, operating profit and segment analysis (continued)
\n2022
Scientific, Technical
\nRisk
& Medical
Legal
Exhibitions
Total
\nRevenue by geographical market
\nNorth America
2,317
1,391
1,213
180
5,101
\nEurope*
384
614
357
445
1,800
\nRest of world
208
904
212
328
1,652
\nTotal revenue
2,909
2,909
1,782
953
8,553
\nRevenue by format
\nElectronic
2,890
2,573
1,582
67
7,112
\nFace
-to-face
11
5
10
886
912
\nPrint
8
331
190
\u2013
529
\nTotal revenue
2,909
2,909
1,782
953
8,553
\nRevenue by type
\nSubscriptions
1,135
2,139
1,381
\u2013
4,655
\nTransactional
1,774
770
401
953
3,898
\nTotal revenue
2,909
2,909
1,782
953
8,553
\n*
Europe includes revenue of \u00a3544m from the United Kingdom (2021: \u00a3476m; 2020: \u00a3464m).
\nOver half of RELX\u2019s revenue comes from subscription arrangements, and revenue for these is generally recognised on a straight-line
\nbasis over the time period covered by the agreement, in line with the provision of services.
\nThere are a number of multi-year contracts, mainly in Risk, where revenue is recognised on the achievement of delivery milestones or
\nother specified performance obligations. As at 31 December 2022, the aggregate amount of the transaction price of such contracts
\nwhich relates to performance obligations which have not yet been delivered was approximately \u00a3100m (2021: \u00a395m). It is expected that
\nrevenue will be recognised in relation to this amount over the next six years.
\nANALYSIS OF REVENUE BY GEOGRAPHICAL ORIGIN
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nNorth America
4,192
4,204
5,002
\nEurope
2,436
2,547
2,974
\nRest of world
482
493
577
\nTotal
7,110
7,244
8,553
\nRevenue by geographical origin from the United Kingdom in 2022 was \u00a31,481m (2021: \u00a31,248m; 2020: \u00a31,176m).
\nANALYSIS BY BUSINESS
\nSEGMENT
Expenditure on
\nacquired goodwill and
Capital expenditure
Amortisation of acquired
Total depreciation and
\nintangible assets
additions
intangible assets
other amortisation
\n2020
2021
2022
2020
2021
2022
2020
2021
2022
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nRisk
822
208
155
93
83
122
192
186
204
98
93
94
\nScientific, Technical &
\nMedical
169
58
206
94
87
103
65
63
60
148
144
119
\nLegal
\u2013
12
33
153
145
186
68
27
12
210
220
229
\nExhibitions
6
9
\u2013
24
24
28
51
22
20
73
30
49
\nTotal
997
287
394
364
339
439
376
298
296
529
487
491
\nCapital expenditure comprises additions to property, plant and equipment and internally developed intangible assets.
\nAmortisation of acquired intangible assets includes amounts in respect of joint ventures of \u00a31m (2021: \u00a31m; 2020: nil) in Exhibitions.
\nDepreciation and other amortisation includes depreciation on property, plant and equipment and right-of-use assets and amortisation of
\ninternally developed intangible assets and pre-publication costs.
\nIn 2020, \u00a338m of depreciation and other amortisation was classified as exceptional in Exhibitions. Excluding this amount gives total
\ndepreciation and other amortisation of \u00a3491m for 2020.
\n
2 Revenue, operating profit and segment analysis (continued)
\nANALYSIS OF NON-CURRENT ASSETS BY GEOGRAPHICAL LOCATION
2021
2022
\n\u00a3m
\u00a3m
\nNorth America
8,657
9,821
\nEurope
2,123
2,193
\nRest of world
413
460
\nTotal
11,193
12,474
\nNon-current assets held in the United Kingdom totalled \u00a31,253m (2021: \u00a31,299m; 2020: \u00a31,158m). Non-current assets by
\ngeographical location exclude amounts relating to deferred tax, pension assets and derivative financial instruments.
\nOperating profit is reconciled to adjusted operating profit as follows:
\nRECONCILIATION OF OPERATING PROFIT TO ADJUSTED OPERATING PROFIT
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nOperating profit
1,525
1,884
2,323
\nAdjustments:
\nAmortisation of acquired intangible assets
376
298
296
\nAcquisition-related items
(12)
21
62
\nReclassification of tax in joint ventures
5
7
4
\nReclassification of finance income in joint ventures
(1)
\u2013
(2)
\nExceptional costs in Exhibitions
183
\u2013
\u2013
\nAdjusted operating profit
2,076
2,210
2,683
\nIn 2020, Exhibitions incurred exceptional costs of \u00a3183m. Of the \u00a3183m exceptional costs, \u00a3135m were cash costs, of which \u00a325m
\nwere paid in 2022 (2021: \u00a352m; 2020: \u00a351m). All costs were included within administration and other expenses in the income
\nstatement.
\nAcquisition-related items in 2021 included a gain of \u00a327m from the revaluation of a put and call option arrangement relating to a non-
\ncontrolling interest in a subsidiary within Legal.
\nThe share of post-tax results of joint ventures of \u00a319m (2021: \u00a329m; 2020: \u00a315m) included in operating profit comprised \u00a310m
\n(2021: \u00a319m; 2020: \u00a310m) relating to Exhibitions, \u00a37m (2021: \u00a36m; 2020: \u00a34m;) relating to Legal and \u00a32m (2021: \u00a34m; 2020: \u00a31m)
\nrelating to Risk.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19180": {
"value": "2 Revenue, operating profit and segment analysisRevenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer
\nsales taxes and other amounts to be collected on behalf of third-parties.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19185": {
"value": "Accounting policy
The Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19188": {
"value": "Accounting policy The Group\u2019s reported segments are based on the internal reporting structure and financial information provided to the Board.
\nAdjusted operating profit is the key segmental profit measure used by the Group in assessing performance. Adjusted operating
\nprofit is reconciled to operating profit on page 171.
\nRevenue arises from the provision of products and services under contracts with customers. In all cases, revenue is recognised to
\ndepict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity
\nexpects to be entitled in exchange for those goods or services, and is recognised when the customer obtains control of the goods
\nor service.
\nRevenue is stated at the transaction price, which includes allowance for anticipated discounts and returns and excludes customer
\nsales taxes and other amounts to be collected on behalf of third-parties.
\nWhere the goods or services promised within a contract are distinct, they are identified as separate performance obligations and are
\naccounted for separately.
\nWhere separate performance obligations are identified, total revenue is allocated on the basis of relative standalone selling prices or
\nmanagement\u2019s best estimate of relative value where standalone selling prices do not exist. Management estimates may include a
\ncost-plus method or comparable product approach, but must be supported by objective evidence. A residual approach may be
\napplied where it is not possible to derive a reliable management estimate for a specific component.
\nOur subscription and exhibition related revenue streams generally require payment in advance of the service being provided.
\nPayment terms offered to customers are in line with the standard in the markets and geographies we operate in, and contracts do
\nnot contain significant financing components. Contracts for our transactional electronic revenue streams generally have payments
\nthat vary with volume of usage. Other than that, our contracts do not involve variable consideration.
\nRevenue is recognised for the various categories as follows:
\n\u25a0
Subscriptions \u2013 revenue comprises income derived from the periodic distribution or update of a product. Subscription revenue is
\ngenerally invoiced in advance and recognised systematically over the period of the subscription. Recognition is either on a
\nstraight-line basis where the transaction involves the transfer of goods and services to the customer in a consistent manner over
\na specific period of time; or based on the value received by the customer where the goods and services are not delivered in a
\nconsistent manner
\n\u25a0
Transactional \u2013 revenue is recognised when control of the product is passed to the customer or the service has been performed.
\nFor exhibitions, revenue primarily comprises income from exhibitors and attendees at exhibitions. Exhibition revenue is
\nrecognised on occurrence of the exhibition ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19818": {
"value": "3 Operating expenses \nOperating profit is stated after charging/(crediting) the following:
\n2020
2021
2022
\nNote
\u00a3m
\u00a3m
\u00a3m
\nTotal staff costs
5
2,555
2,549
2,906
\nDepreciation and amortisation
\nAmortisation of acquired intangible assets
14
376
297
294
\nShare of joint ventures\u2019 amortisation of acquired
intangible assets
\u2013
1
2
\nAmortisation of acquired intangible assets including joint ventures\u2019 share
376
298
296
\nAmortisation of internally developed intangible assets
14
319
295
309
\nDepreciation of property, plant
and equipment
16
60
52
47
\nDepreciation of right
-of-use assets
88
80
63
\nPre-publication amortisation
62
60
72
\nTotal depreciation and other amortisation
2
529
487
491
\nTotal depreciation and amortisation (including amortisation of acquired
\nintangibles)
905
785
787
\nOther expenses and income
\nCost of sales including pre
-publication costs and inventory expenses
2,487
2,562
3,045
\nShort-term and low value lease expenses
21
21
19
\nOperating lease rentals income
(1)
(1)
(1)
\nThe amortisation of acquired intangible assets is included within administration and other expenses. In 2020, \u00a338m of depreciation and
\nother amortisation was classified as exceptional in Exhibitions. Excluding this amount gives a total depreciation and other amortisation of
\n\u00a3491m for 2020.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19819": {
"value": "3 Operating expenses \nOperating profit is stated after charging/(crediting) the following:
\n2020
2021
2022
\nNote
\u00a3m
\u00a3m
\u00a3m
\nTotal staff costs
5
2,555
2,549
2,906
\nDepreciation and amortisation
\nAmortisation of acquired intangible assets
14
376
297
294
\nShare of joint ventures\u2019 amortisation of acquired
intangible assets
\u2013
1
2
\nAmortisation of acquired intangible assets including joint ventures\u2019 share
376
298
296
\nAmortisation of internally developed intangible assets
14
319
295
309
\nDepreciation of property, plant
and equipment
16
60
52
47
\nDepreciation of right
-of-use assets
88
80
63
\nPre-publication amortisation
62
60
72
\nTotal depreciation and other amortisation
2
529
487
491
\nTotal depreciation and amortisation (including amortisation of acquired
\nintangibles)
905
785
787
\nOther expenses and income
\nCost of sales including pre
-publication costs and inventory expenses
2,487
2,562
3,045
\nShort-term and low value lease expenses
21
21
19
\nOperating lease rentals income
(1)
(1)
(1)
\nThe amortisation of acquired intangible assets is included within administration and other expenses. In 2020, \u00a338m of depreciation and
\nother amortisation was classified as exceptional in Exhibitions. Excluding this amount gives a total depreciation and other amortisation of
\n\u00a3491m for 2020.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19820": {
"value": "3 Operating expenses \nOperating profit is stated after charging/(crediting) the following:
\n2020
2021
2022
\nNote
\u00a3m
\u00a3m
\u00a3m
\nTotal staff costs
5
2,555
2,549
2,906
\nDepreciation and amortisation
\nAmortisation of acquired intangible assets
14
376
297
294
\nShare of joint ventures\u2019 amortisation of acquired
intangible assets
\u2013
1
2
\nAmortisation of acquired intangible assets including joint ventures\u2019 share
376
298
296
\nAmortisation of internally developed intangible assets
14
319
295
309
\nDepreciation of property, plant
and equipment
16
60
52
47
\nDepreciation of right
-of-use assets
88
80
63
\nPre-publication amortisation
62
60
72
\nTotal depreciation and other amortisation
2
529
487
491
\nTotal depreciation and amortisation (including amortisation of acquired
\nintangibles)
905
785
787
\nOther expenses and income
\nCost of sales including pre
-publication costs and inventory expenses
2,487
2,562
3,045
\nShort-term and low value lease expenses
21
21
19
\nOperating lease rentals income
(1)
(1)
(1)
\nThe amortisation of acquired intangible assets is included within administration and other expenses. In 2020, \u00a338m of depreciation and
\nother amortisation was classified as exceptional in Exhibitions. Excluding this amount gives a total depreciation and other amortisation of
\n\u00a3491m for 2020.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19924": {
"value": "4 Auditor\u2019s remuneration \n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nAuditor\u2019s remuneration
\nPayable to the auditors of RELX PLC
0.9
0.9
0.9
\nPayable to the auditors of the Group\u2019s subsidiaries
8.3
7.7
8.2
\nAudit services
9.2
8.6
9.1
\nAudit
-related assurance services
0.8
0.5
0.6
\nTotal auditor\u2019s remuneration
10.0
9.1
9.7
\nAmounts payable to the auditors of the Group\u2019s subsidiaries include amounts for the audit of internal controls over financial reporting in
\naccordance with the US Sarbanes-Oxley Act. The increase in the 2022 audit fee is mainly due to foreign exchange movements. The
\npreviously reported 2021 fees paid to EY for audit services have been revised to include additional amounts for expenses incurred and
\nfinal fees for statutory audits which took place subsequent to the audit of the RELX consolidated accounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19960": {
"value": "5 Personnel \nAccounting policy
\nShare based remuneration
\nThe fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income statement
\non a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected to vest. Market
\nbased performance criteria are taken into account when determining the fair value at the date of grant. Non-market based
\nperformance criteria are taken into account when estimating the number of shares expected to vest. The fair value of share based
\nremuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate. All of the Group\u2019s share based
\nremuneration is equity settled.
\n2020
2021
2022
\nNote
\u00a3m
\u00a3m
\u00a3m
\nStaff costs
\nWages and salaries
2,173
2,157
2,453
\nSocial security costs
232
214
257
\nPensions
6
125
133
150
\nShare based
remuneration
25
45
46
\nTotal staff costs
2,555
2,549
2,906
\nThe Group provides a number of share based remuneration schemes to directors and employees. The principal share based
\nremuneration schemes are the Executive Share Option Schemes (ESOS), the Long-Term Incentive Plan (LTIP) and the Retention Share
\nPlan (RSP). Share options granted under ESOS are exercisable after three years and up to ten years from the date of grant at a price
\nequivalent to the market value of the respective shares at the date of grant. Conditional shares granted under LTIP and RSP are
\nexercisable after three years for nil consideration if conditions are met. Other awards principally relate to all employee share based
\nsaving schemes in the UK and the Netherlands. Further details are provided in the Remuneration Report on pages 121 to 142.
\nNUMBER OF PEOPLE EMPLOYED: FULL-TIME
\nEQUIVALENTS*
At 31 December
Average during the year
\n2020
2021
2022
2020
2021
2022
\nBusiness segment
\nRisk
9,700
10,000
10,800
9,600
9,800
10,400
\nScientific, Technical & Medical
8,600
8,700
9,500
8,300
8,600
9,300
\nLegal
10,400
10,500
11,300
10,500
10,300
10,900
\nExhibitions
3,700
3,500
3,300
4,200
3,600
3,300
\nSub
-total
32,400
32,700
34,900
32,600
32,300
33,900
\nCorporate/shared functions
800
800
800
800
800
800
\nTotal
33,200
33,500
35,700
33,400
33,100
34,700
\nGeographical location
\nNorth America
14,200
14,000
14,900
14,200
13,900
14,500
\nEurope
9,500
9,300
9,800
9,600
9,400
9,500
\nRest of world
9,500
10,200
11,000
9,600
9,800
10,700
\nTotal
33,200
33,500
35,700
33,400
33,100
34,700
\n* Reported to the nearest 100.
\nThe number of UK full-time equivalents as at 31 December 2022 was 5,800 (2021: 5,400; 2020: 5,400) and the average during
\nthe year was 5,600 (2021: 5,400; 2020: 5,400).
\n
6 Pension schemes
\nAccounting policy
\nThe expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the projected
\nunit credit method and charged in the income statement as an operating expense, based on actuarial assumptions reflecting market
\nconditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the statement of comprehensive
\nincome in the period in which they occur.
\nPast service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and when
\nrelated restructuring costs or termination benefits are recognised. Settlements are recognised when they occur.
\nNet pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present value
\nof scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities, the net
\npension assets are separately included in the statement of financial position. Any net pension asset is limited to the extent that the
\nasset is recoverable.
\nThe expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred.
\nAt 31 December 2022, the Group operates defined benefit pension schemes in the UK and the US. These schemes require
\nmanagement to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the
\nlength of each scheme\u2019s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be
\nrecognised.
\nKey source of estimation uncertainty
\nAccounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life
\nexpectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these factors
\nare used in determining the pension cost and liabilities reported in the financial statements. The estimates made around future
\ndevelopments of each of the critical assumptions are made in conjunction with independent actuaries. Each scheme is subject to a
\nperiodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions may have a material effect in
\ndetermining the defined benefit pension obligation and costs which are reported in the financial statements. Information regarding
\nthe more significant assumptions used for valuation is provided below, together with a sensitivity analysis.
\nA number of pension schemes are operated around the world. The largest defined benefit schemes as at 31 December 2022 were in
\nthe UK and the US, and are summarised below.
\nMajor defined benefit schemes in place at 31 December 2022
\nThe UK scheme is a final salary scheme and is closed to new hires. Members accrue a portion of their final pensionable earnings based
\non the number of years of service. The US scheme is a cash balance scheme and was closed to future accruals effective 1 January 2019.
\nEach of the major defined benefit schemes is administered by a separate fund that is legally separated from the Group. The trustees of
\nthe pension funds in the UK and plan fiduciaries of the US scheme are required by law to act in the interest of the funds\u2019 beneficiaries.
\nIn the UK, the trustees of the pension fund are responsible for the investment policy with regard to the assets of the fund. The board of
\ntrustees consists of an equal number of company-appointed and member-nominated Directors. In the US, the fiduciary duties for the
\nscheme are allocated between committees which are staffed by senior employees of the Group; the investment committee has the
\nprimary responsibility for the investment and management of plan assets. The funding of the Group\u2019s major schemes reflects the
\ndifferent rules within each jurisdiction.
\nIn the UK, the level of funding is determined by statutory triennial actuarial valuations in accordance with pensions legislation. Where the
\nscheme falls below 100% funded status, the Group and the scheme trustees must agree on how the deficit is to be remedied. The UK
\nPensions Regulator has significant powers and sets out in codes and guidance the parameters for scheme funding. As a result of the
\n2021 triennial valuation, the Group\u2019s remaining deficit funding contributions to the scheme over the period 2023 to 2024 are \u00a376m.
\nThe US scheme has an annual statutory valuation which forms the basis for establishing the employer contribution each year (subject to
\nERISA and IRS minimums). Should the statutory funded status fall to below 100%, the US Pension Protection Act requires the deficit to
\nbe rectified with additional contributions over a seven-year period. The US scheme\u2019s funded status is in excess of 100%.
\nEmployer cash contributions to defined benefit pension schemes in respect of 2023 are expected to be approximately \u00a363m including a
\n\u00a350m pension deficit funding contribution relating to the UK scheme recovery plan.
\nThe pension expense (excluding interest amounts) recognised in the income statement consists of:
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nDefined benefit pension expense
11
24
19
\nDefined contribution pension expense
114
109
131
\nTotal
125
133
150
\n\u00a3150m (2021: \u00a3133m; 2020: \u00a3125m) of the total pension cost is recognised within operating profit.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
6 Pension schemes (continued)
\nThe amounts recognised in the income statement in respect of defined benefit pension schemes during the year are presented by major
\nscheme as follows:
\n2020
2021
2022
\nUK
US
Total
UK
US
Total
UK
US
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nService cost
21
3
24
21
3
24
16
3
19
\nSettlement and past service credits
\u2013
(13)
(13)
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\nDefined benefit pension expense
21
(10)
11
21
3
24
16
3
19
\nNet interest on net defined benefit obligation
9
1
10
8
1
9
4
1
5
\nNet defined benefit pension expense
30
(9)
21
29
4
33
20
4
24
\nIn 2020, the past service credit relates to changes to the US scheme allowing in-service distributions to be made.
\nNet interest on net defined benefit pension scheme liabilities is presented within net finance costs in the income statement.
\nThe significant valuation assumptions, determined for each major scheme in conjunction with the respective independent actuaries,
\nare presented below. The net defined benefit pension expense for each year is based on the assumptions and scheme valuations set at
\n31 December of the prior year.
\nAS AT 31 DECEMBER
2020
2021
2022
\nUK
US
UK
US
UK
US
\nDiscount rate
1.45
%
2.45
%
1.95
%
2.80
%
4.90
%
5.35
%
\nInflation
2.80
%
2.50
%
3.30
%
2.50
%
3.20
%
2.50
%
\nDiscount rates are set by reference to high-quality corporate bond yields.
\nMortality assumptions make allowance for future improvements in longevity and have been determined by reference to applicable
\nmortality statistics. The average life expectancy assumptions are set out below:
\nAS AT 31 DECEMBER 2022
Male average life
Female average
\nexpectancy
life expectancy
\nUK
US
UK
US
\nMember currently aged 60 years
85
86
89
88
\nMember
currently aged 45 years
87
86
90
89
\n
6 Pension schemes (continued)
\nThe amount recognised in the statement of financial position in respect of defined benefit pension schemes at the start and end of
\nthe year and the movements during the year were as follows:
\n2021
2022
\nUK
US
Total
UK
US
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nDefined benefit obligation
\nAt start of year
(4,668)
(1,062)
(5,730)
(4,629)
(992)
(5,621)
\nService cost
(21)
(3)
(24)
(16)
(3)
(19)
\nInterest on pension scheme liabilities
(67)
(25)
(92)
(89)
(29)
(118)
\nActuarial gain on financial assumptions
155
38
193
1,809
224
2,033
\nActuarial loss arising from experience assumptions
(152)
(1)
(153)
(81)
(7)
(88)
\nContributions by employees
(9)
\u2013
(9)
(8)
\u2013
(8)
\nBenefits paid
133
69
202
127
54
181
\nExchange
translation differences
\u2013
(8)
(8)
\u2013
(112)
(112)
\nAt end of year
(4,629)
(992)
(5,621)
(2,887)
(865)
(3,752)
\nFair value of scheme assets
\nAt start of year
4,076
1,077
5,153
4,390
1,007
5,397
\nInterest income on plan assets
59
24
83
85
28
113
\nReturn on assets excluding amounts included in
\ninterest income
318
(39)
279
(1,573)
(247)
(1,820)
\nContributions by employer
61
6
67
69
6
75
\nContributions by employees
9
\u2013
9
8
\u2013
8
\nBenefits paid
(133)
(69)
(202)
(127)
(54)
(181)
\nExchange translation differences
\u2013
8
8
\u2013
114
114
\nAt end of year
4,390
1,007
5,397
2,852
854
3,706
\nOpening net balance
(592)
15
(577)
(239)
15
(224)
\nService cost
(21)
(3)
(24)
(16)
(3)
(19)
\nNet interest on net defined benefit obligation
(8)
(1)
(9)
(4)
(1)
(5)
\nContributions by employer
61
6
67
69
6
75
\nActuarial gains/(losses)
321
(2)
319
155
(30)
125
\nExchange translation differences
\u2013
\u2013
\u2013
\u2013
2
2
\nNet pension balance
(239)
15
(224)
(35)
(11)
(46)
\nImpact of asset ceiling
(3)
(42)
(45)
(5)
(4)
(9)
\nOverall net pension balance
(242)
(27)
(269)
(40)
(15)
(55)
\nAs at 31 December 2022, the defined benefit obligations comprised \u00a33,569m (2021: \u00a35,360m) in relation to funded schemes and
\n\u00a3183m (2021: \u00a3261m) in relation to unfunded schemes.
\nThe weighted average duration of defined benefit scheme liabilities is 15 years in the UK (2021: 19 years) and 9 years in the US
\n(2021: 11 years). Net deferred tax assets of \u00a314m (2021: \u00a368m) are recognised in respect of the net pension balance.
\nA net pension asset has been recognised in relation to the UK and US funded scheme after considering the guidance in IAS 19 \u2013
\nEmployee Benefits and IFRIC 14. The UK funded scheme moved into a surplus position for the first time at the interim reporting date of
\n30 June 2022. The split between net pension obligations and net pension assets is as follows:
\n2021
2022
\n\u00a3m
\u00a3m
\nNet pension asset recognised
46
129
\nNet pension obligation
(315)
(184)
\nOverall net pension balance
(269)
(55)
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
6 Pension schemes (continued)
\nAmounts recognised in the statement of comprehensive income are set out below:
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nGains and losses arising during the year:
\nExperience gains/(losses) on scheme liabilities
47
(153)
(88)
\nExperience gains/(losses) on scheme assets
426
279
(1,820)
\nActuarial (losses)/gains on the present value of
scheme liabilities due to changes in:
\n\u2013 discount rates
(671)
463
2,000
\n\u2013 inflation
127
(290)
32
\n\u2013 other actuarial assumptions
(47)
20
1
\n(118)
319
125
\nNet cumulative losses at start of year
(828)
(946)
(627)
\nNet cumulative losses at end of year
(946)
(627)
(502)
\nIn addition, a gain of \u00a339m (2021: \u00a32m) is recognised in the statement of comprehensive income in relation to the asset ceiling. As at
\n31 December 2022, the impact of the asset ceiling on the overall net pension obligation is \u00a39m (2021: \u00a345m). In 2022 there was a \u00a34m
\n(2021: nil) foreign exchange gain on the asset ceiling.
\nThe major categories and fair values of scheme assets at the end of the reporting period are as follows:
\nFAIR VALUE OF SCHEME ASSETS
2021
2022
\nUK
US
Total
UK
US
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nEquities
1,595
5
1,600
272
4
276
\nLiability matching assets
1,704
977
2,681
899
802
1,701
\nProperty funds and ground leases
743
\u2013
\u2013
743
651
\u2013
651
\nDirect lending
208
\u2013
\u2013
208
241
\u2013
241
\nCash and cash equivalents
127
25
152
788
17
805
\nOther
13
\u2013
13
1
31
32
\nTotal
4,390
1,007
5,397
2,852
854
3,706
\nIncluded within liability matching assets of the UK scheme are asset backed securities totalling \u00a3375m (2021: \u00a3593m), other credit
\nassets of \u00a3199m (2021: \u00a3205m) and government bonds totalling \u00a31,721m (2021: \u00a31,715m) offset by interest rate swaps of \u00a3115m
\n(2021: \u00a32m) and short-term sale and repurchase agreements totalling \u00a31,284m (2021: \u00a3808m) whereby the UK scheme funds the
\npurchase of government bonds using existing bonds as security.
\nAssets and obligations associated with the schemes are sensitive to changes in the market values of assets and the market-related
\nassumptions used to value scheme liabilities. In particular, adverse changes to asset values, discount rates or inflation could increase
\nfuture pension costs and funding requirements.
\nTypically, the Group\u2019s schemes are exposed to: investment risks, whereby actual rates of return on plan assets may be below those
\nrates used to determine the defined benefit obligations; and interest rate risks, whereby scheme deficits may increase if bond yields in
\nthe UK and the US decline and are not offset by returns in liability matching and other assets. The schemes are also exposed to other
\nrisks, such as unanticipated future increases in member longevity patterns and inflation, all potentially leading to an increase in scheme
\nliabilities.
\nInvestment policies of each scheme are intended to ensure continuous payment of defined benefit pensions in the short term and long
\nterm. Efforts are made to limit risks on marketable securities by adopting investment policies that diversify assets across geographies
\nand among equities, liability matching assets, property funds, cash and other assets. Asset allocations are dependent on a variety of
\nfactors including the duration of scheme liabilities and the funded position of the plan. The primary UK scheme uses a liability driven
\ninvestment (LDI) approach for part of the portfolio, investing primarily in government bonds so that the value of scheme assets change
\nin the same way as the scheme\u2019s liabilities and achieve a matching effect for the most significant plan liability assumptions of interest
\nrates and inflation rates.
\nAll equities and bonds have quoted prices in active markets.
\n
6 Pension schemes (continued)
\nSensitivity analysis
\nThe valuation of the Group\u2019s pension scheme liabilities involves significant actuarial assumptions, being the life expectancy of the
\nmembers, inflation and the rate at which the future pension payments are discounted. Differences arising from actual experience or
\nfuture changes in assumptions may materially affect future pension charges. In particular, changes in assumptions for discount rates,
\ninflation and life expectancies that are reasonably possible would have the following approximate effects on the defined benefit pension
\nobligations:
\n\u00a3m
\nIncrease/decrease of 0.5% in discount rate
225
\nIncrease/decrease of 0.25% in the expected inflation rate
64
\nIncrease/decrease of one year in assumed life expectancy
95
\nThe above analysis has been calculated on the same basis used to determine the defined benefit obligation recognised in the statement
\nof financial position. There has been no change in the methods used to prepare the analysis compared with prior years. This sensitivity
\nanalysis may not be representative of the actual change in the defined benefit obligation as it is unlikely that changes in the above
\nassumptions would occur in isolation as some of the assumptions may be correlated.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19961": {
"value": "5 Personnel \nAccounting policy
\nShare based remuneration
\nThe fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income statement
\non a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected to vest. Market
\nbased performance criteria are taken into account when determining the fair value at the date of grant. Non-market based
\nperformance criteria are taken into account when estimating the number of shares expected to vest. The fair value of share based
\nremuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate. All of the Group\u2019s share based
\nremuneration is equity settled.
\n2020
2021
2022
\nNote
\u00a3m
\u00a3m
\u00a3m
\nStaff costs
\nWages and salaries
2,173
2,157
2,453
\nSocial security costs
232
214
257
\nPensions
6
125
133
150
\nShare based
remuneration
25
45
46
\nTotal staff costs
2,555
2,549
2,906
\nThe Group provides a number of share based remuneration schemes to directors and employees. The principal share based
\nremuneration schemes are the Executive Share Option Schemes (ESOS), the Long-Term Incentive Plan (LTIP) and the Retention Share
\nPlan (RSP). Share options granted under ESOS are exercisable after three years and up to ten years from the date of grant at a price
\nequivalent to the market value of the respective shares at the date of grant. Conditional shares granted under LTIP and RSP are
\nexercisable after three years for nil consideration if conditions are met. Other awards principally relate to all employee share based
\nsaving schemes in the UK and the Netherlands. Further details are provided in the Remuneration Report on pages 121 to 142.
\nNUMBER OF PEOPLE EMPLOYED: FULL-TIME
\nEQUIVALENTS*
At 31 December
Average during the year
\n2020
2021
2022
2020
2021
2022
\nBusiness segment
\nRisk
9,700
10,000
10,800
9,600
9,800
10,400
\nScientific, Technical & Medical
8,600
8,700
9,500
8,300
8,600
9,300
\nLegal
10,400
10,500
11,300
10,500
10,300
10,900
\nExhibitions
3,700
3,500
3,300
4,200
3,600
3,300
\nSub
-total
32,400
32,700
34,900
32,600
32,300
33,900
\nCorporate/shared functions
800
800
800
800
800
800
\nTotal
33,200
33,500
35,700
33,400
33,100
34,700
\nGeographical location
\nNorth America
14,200
14,000
14,900
14,200
13,900
14,500
\nEurope
9,500
9,300
9,800
9,600
9,400
9,500
\nRest of world
9,500
10,200
11,000
9,600
9,800
10,700
\nTotal
33,200
33,500
35,700
33,400
33,100
34,700
\n* Reported to the nearest 100.
\nThe number of UK full-time equivalents as at 31 December 2022 was 5,800 (2021: 5,400; 2020: 5,400) and the average during
\nthe year was 5,600 (2021: 5,400; 2020: 5,400).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19966": {
"value": "Accounting policy \nShare based remuneration
\nThe fair value of share based remuneration is determined at the date of grant and recognised as an expense in the income statement
\non a straight-line basis over the vesting period, taking account of the estimated number of shares that are expected to vest. Market
\nbased performance criteria are taken into account when determining the fair value at the date of grant. Non-market based
\nperformance criteria are taken into account when estimating the number of shares expected to vest. The fair value of share based
\nremuneration is determined by use of a binomial or Monte Carlo simulation model as appropriate. All of the Group\u2019s share based
\nremuneration is equity settled.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f19969": {
"value": "Share based remunerationThe Group provides a number of share based remuneration schemes to directors and employees. The principal share based
\nremuneration schemes are the Executive Share Option Schemes (ESOS), the Long-Term Incentive Plan (LTIP) and the Retention Share
\nPlan (RSP). Share options granted under ESOS are exercisable after three years and up to ten years from the date of grant at a price
\nequivalent to the market value of the respective shares at the date of grant. Conditional shares granted under LTIP and RSP are
\nexercisable after three years for nil consideration if conditions are met. Other awards principally relate to all employee share based
\nsaving schemes in the UK and the Netherlands. Further details are provided in the Remuneration Report on pages 121 to 142.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20127": {
"value": "Accounting policy \nThe expense of defined benefit pension schemes and other post-retirement employee benefits is determined using the projected
\nunit credit method and charged in the income statement as an operating expense, based on actuarial assumptions reflecting market
\nconditions at the beginning of the financial year. Actuarial gains and losses are recognised in full in the statement of comprehensive
\nincome in the period in which they occur.
\nPast service costs and credits are recognised immediately at the earlier of when plan amendments or curtailments occur and when
\nrelated restructuring costs or termination benefits are recognised. Settlements are recognised when they occur.
\nNet pension obligations in respect of defined benefit schemes are included in the statement of financial position at the present value
\nof scheme liabilities, less the fair value of scheme assets. Where schemes are in surplus, i.e. assets exceed liabilities, the net
\npension assets are separately included in the statement of financial position. Any net pension asset is limited to the extent that the
\nasset is recoverable.
\nThe expense of defined contribution pension schemes and other employee benefits is charged in the income statement as incurred.
\nAt 31 December 2022, the Group operates defined benefit pension schemes in the UK and the US. These schemes require
\nmanagement to exercise judgement in: estimating the ultimate cost of providing post-employment benefits, especially given the
\nlength of each scheme\u2019s liabilities and; for funded schemes in an accounting surplus position, whether the surplus can be
\nrecognised.
\nKey source of estimation uncertainty
\nAccounting for defined benefit pension schemes involves judgement and estimation about uncertain events, including the life
\nexpectancy of the members, inflation and the rate at which the future pension payments are discounted. Estimates for these factors
\nare used in determining the pension cost and liabilities reported in the financial statements. The estimates made around future
\ndevelopments of each of the critical assumptions are made in conjunction with independent actuaries. Each scheme is subject to a
\nperiodic review by independent actuaries. The discount rate, inflation rate and mortality assumptions may have a material effect in
\ndetermining the defined benefit pension obligation and costs which are reported in the financial statements. Information regarding
\nthe more significant assumptions used for valuation is provided below, together with a sensitivity analysis.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20784": {
"value": "7 Net finance costs \nAccounting policy
\nInterest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing
\nso as to produce a constant periodic rate of charge.
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nInterest on short
-term bank loans, overdrafts and commercial paper
(17)
(11)
(19)
\nInterest on term debt
(122)
(106)
(157)
\nInterest on lease liabilities
(12)
(8)
(6)
\nTotal borrowing costs
(151)
(125)
(182)
\nLosses on loans and derivatives not designated as hedges
(13)
(16)
(9)
\nFair value losses on designated fair value hedge relationships
\u2013
\u2013
(9)
\nNet financing charge on defined benefit pension schemes and other
(11)
(9)
(5)
\nFinance costs
(175)
(150)
(205)
\nInterest on bank deposits
2
1
4
\nInterest income on net finance lease receivables
1
\u2013
\u2013
\u2013
\nFair value gains on designated fair value hedge relationships
\u2013
\u2013
7
\u2013
\nFinance income
3
8
4
\nNet finance costs
(172)
(142)
(201)
\nGains of \u00a32m (2021: losses of \u00a31m; 2020: gains of \u00a33m) on derivatives designated as cash flow hedges were recognised in other
\ncomprehensive income and accumulated in the hedge reserve, and may be reclassified to the income statement in future periods.
\nLosses of \u00a31m (2021: nil; 2020: \u00a34m) in total were transferred from the hedge reserve in the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20785": {
"value": "7 Net finance costs \nAccounting policy
\nInterest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing
\nso as to produce a constant periodic rate of charge.
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nInterest on short
-term bank loans, overdrafts and commercial paper
(17)
(11)
(19)
\nInterest on term debt
(122)
(106)
(157)
\nInterest on lease liabilities
(12)
(8)
(6)
\nTotal borrowing costs
(151)
(125)
(182)
\nLosses on loans and derivatives not designated as hedges
(13)
(16)
(9)
\nFair value losses on designated fair value hedge relationships
\u2013
\u2013
(9)
\nNet financing charge on defined benefit pension schemes and other
(11)
(9)
(5)
\nFinance costs
(175)
(150)
(205)
\nInterest on bank deposits
2
1
4
\nInterest income on net finance lease receivables
1
\u2013
\u2013
\u2013
\nFair value gains on designated fair value hedge relationships
\u2013
\u2013
7
\u2013
\nFinance income
3
8
4
\nNet finance costs
(172)
(142)
(201)
\nGains of \u00a32m (2021: losses of \u00a31m; 2020: gains of \u00a33m) on derivatives designated as cash flow hedges were recognised in other
\ncomprehensive income and accumulated in the hedge reserve, and may be reclassified to the income statement in future periods.
\nLosses of \u00a31m (2021: nil; 2020: \u00a34m) in total were transferred from the hedge reserve in the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20786": {
"value": "7 Net finance costs \nAccounting policy
\nInterest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing
\nso as to produce a constant periodic rate of charge.
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nInterest on short
-term bank loans, overdrafts and commercial paper
(17)
(11)
(19)
\nInterest on term debt
(122)
(106)
(157)
\nInterest on lease liabilities
(12)
(8)
(6)
\nTotal borrowing costs
(151)
(125)
(182)
\nLosses on loans and derivatives not designated as hedges
(13)
(16)
(9)
\nFair value losses on designated fair value hedge relationships
\u2013
\u2013
(9)
\nNet financing charge on defined benefit pension schemes and other
(11)
(9)
(5)
\nFinance costs
(175)
(150)
(205)
\nInterest on bank deposits
2
1
4
\nInterest income on net finance lease receivables
1
\u2013
\u2013
\u2013
\nFair value gains on designated fair value hedge relationships
\u2013
\u2013
7
\u2013
\nFinance income
3
8
4
\nNet finance costs
(172)
(142)
(201)
\nGains of \u00a32m (2021: losses of \u00a31m; 2020: gains of \u00a33m) on derivatives designated as cash flow hedges were recognised in other
\ncomprehensive income and accumulated in the hedge reserve, and may be reclassified to the income statement in future periods.
\nLosses of \u00a31m (2021: nil; 2020: \u00a34m) in total were transferred from the hedge reserve in the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20787": {
"value": "7 Net finance costs \nAccounting policy
\nInterest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing
\nso as to produce a constant periodic rate of charge.
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nInterest on short
-term bank loans, overdrafts and commercial paper
(17)
(11)
(19)
\nInterest on term debt
(122)
(106)
(157)
\nInterest on lease liabilities
(12)
(8)
(6)
\nTotal borrowing costs
(151)
(125)
(182)
\nLosses on loans and derivatives not designated as hedges
(13)
(16)
(9)
\nFair value losses on designated fair value hedge relationships
\u2013
\u2013
(9)
\nNet financing charge on defined benefit pension schemes and other
(11)
(9)
(5)
\nFinance costs
(175)
(150)
(205)
\nInterest on bank deposits
2
1
4
\nInterest income on net finance lease receivables
1
\u2013
\u2013
\u2013
\nFair value gains on designated fair value hedge relationships
\u2013
\u2013
7
\u2013
\nFinance income
3
8
4
\nNet finance costs
(172)
(142)
(201)
\nGains of \u00a32m (2021: losses of \u00a31m; 2020: gains of \u00a33m) on derivatives designated as cash flow hedges were recognised in other
\ncomprehensive income and accumulated in the hedge reserve, and may be reclassified to the income statement in future periods.
\nLosses of \u00a31m (2021: nil; 2020: \u00a34m) in total were transferred from the hedge reserve in the period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20788": {
"value": "7 Net finance costs 2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nInterest on short
-term bank loans, overdrafts and commercial paper
(17)
(11)
(19)
\nInterest on term debt
(122)
(106)
(157)
\nInterest on lease liabilities
(12)
(8)
(6)
\nTotal borrowing costs
(151)
(125)
(182)
\nLosses on loans and derivatives not designated as hedges
(13)
(16)
(9)
\nFair value losses on designated fair value hedge relationships
\u2013
\u2013
(9)
\nNet financing charge on defined benefit pension schemes and other
(11)
(9)
(5)
\nFinance costs
(175)
(150)
(205)
\nInterest on bank deposits
2
1
4
\nInterest income on net finance lease receivables
1
\u2013
\u2013
\u2013
\nFair value gains on designated fair value hedge relationships
\u2013
\u2013
7
\u2013
\nFinance income
3
8
4
\nNet finance costs
(172)
(142)
(201)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20789": {
"value": "7 Net finance costs2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nInterest on short
-term bank loans, overdrafts and commercial paper
(17)
(11)
(19)
\nInterest on term debt
(122)
(106)
(157)
\nInterest on lease liabilities
(12)
(8)
(6)
\nTotal borrowing costs
(151)
(125)
(182)
\nLosses on loans and derivatives not designated as hedges
(13)
(16)
(9)
\nFair value losses on designated fair value hedge relationships
\u2013
\u2013
(9)
\nNet financing charge on defined benefit pension schemes and other
(11)
(9)
(5)
\nFinance costs
(175)
(150)
(205)
\nInterest on bank deposits
2
1
4
\nInterest income on net finance lease receivables
1
\u2013
\u2013
\u2013
\nFair value gains on designated fair value hedge relationships
\u2013
\u2013
7
\u2013
\nFinance income
3
8
4
\nNet finance costs
(172)
(142)
(201)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20790": {
"value": "7 Net finance costs2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nInterest on short
-term bank loans, overdrafts and commercial paper
(17)
(11)
(19)
\nInterest on term debt
(122)
(106)
(157)
\nInterest on lease liabilities
(12)
(8)
(6)
\nTotal borrowing costs
(151)
(125)
(182)
\nLosses on loans and derivatives not designated as hedges
(13)
(16)
(9)
\nFair value losses on designated fair value hedge relationships
\u2013
\u2013
(9)
\nNet financing charge on defined benefit pension schemes and other
(11)
(9)
(5)
\nFinance costs
(175)
(150)
(205)
\nInterest on bank deposits
2
1
4
\nInterest income on net finance lease receivables
1
\u2013
\u2013
\u2013
\nFair value gains on designated fair value hedge relationships
\u2013
\u2013
7
\u2013
\nFinance income
3
8
4
\nNet finance costs
(172)
(142)
(201)
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20797": {
"value": "Accounting policy \nInterest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing
\nso as to produce a constant periodic rate of charge.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20798": {
"value": "Accounting policy \nInterest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing
\nso as to produce a constant periodic rate of charge.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20799": {
"value": "Accounting policy \nInterest on borrowings is expensed as incurred. The cost of issuing borrowings is generally expensed over the period of borrowing
\nso as to produce a constant periodic rate of charge.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20880": {
"value": "8 Disposals and other non-operating items \nAccounting policy
\nAssets of businesses that are available for immediate sale in their current condition and for which a sales process is considered
\nhighly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and fair value less
\ncosts to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers from potential
\nacquirers. Non-current assets are not amortised or depreciated following their classification as held for sale. Liabilities of businesses
\nheld for sale are also separately classified on the statement of financial position. Fair value movements in the venture capital
\nportfolio are reported within disposals and other items \u2013 see note 15.
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nRevaluation of investments
151
16
9
\n(Loss)/gain on disposal of businesses and assets held for sale
(21)
39
(18)
\nNet gain/(loss) on disposals and other non-operating items
130
55
(9)
\nThe revaluation of investments relates mainly to venture fund investments, further details of which are provided in note 15.
\nDuring the year, net proceeds of \u00a39m were received on the disposal of venture fund investments. In 2021, an investment in Palantir
\nTechnologies Inc which was valued at \u00a3173m on 31 December 2020 was disposed of in February 2021 for gross proceeds of \u00a3187m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20881": {
"value": "8 Disposals and other non-operating items \nAccounting policy
\nAssets of businesses that are available for immediate sale in their current condition and for which a sales process is considered
\nhighly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and fair value less
\ncosts to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers from potential
\nacquirers. Non-current assets are not amortised or depreciated following their classification as held for sale. Liabilities of businesses
\nheld for sale are also separately classified on the statement of financial position. Fair value movements in the venture capital
\nportfolio are reported within disposals and other items \u2013 see note 15.
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nRevaluation of investments
151
16
9
\n(Loss)/gain on disposal of businesses and assets held for sale
(21)
39
(18)
\nNet gain/(loss) on disposals and other non-operating items
130
55
(9)
\nThe revaluation of investments relates mainly to venture fund investments, further details of which are provided in note 15.
\nDuring the year, net proceeds of \u00a39m were received on the disposal of venture fund investments. In 2021, an investment in Palantir
\nTechnologies Inc which was valued at \u00a3173m on 31 December 2020 was disposed of in February 2021 for gross proceeds of \u00a3187m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20885": {
"value": "Accounting policy \nAssets of businesses that are available for immediate sale in their current condition and for which a sales process is considered
\nhighly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and fair value less
\ncosts to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers from potential
\nacquirers. Non-current assets are not amortised or depreciated following their classification as held for sale. Liabilities of businesses
\nheld for sale are also separately classified on the statement of financial position. Fair value movements in the venture capital
\nportfolio are reported within disposals and other items \u2013 see note 15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20886": {
"value": "Accounting policy \nAssets of businesses that are available for immediate sale in their current condition and for which a sales process is considered
\nhighly probable to complete are classified as assets held for sale and are carried at the lower of carrying value and fair value less
\ncosts to sell. Fair value is based on anticipated disposal proceeds, typically derived from firm or indicative offers from potential
\nacquirers. Non-current assets are not amortised or depreciated following their classification as held for sale. Liabilities of businesses
\nheld for sale are also separately classified on the statement of financial position. Fair value movements in the venture capital
\nportfolio are reported within disposals and other items \u2013 see note 15.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20942": {
"value": "9 Taxation \nAccounting policy
\nTax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement except
\nto the extent that the tax arises from a transaction or event which is recognised, in the same or a different period, outside the
\nincome statement (either in other comprehensive income, directly in equity, or through a business combination), in which case the
\ntax appears in the same statement as the transaction that gave rise to it.
\nCurrent tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period as
\nadjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or
\nsubstantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in tax
\nreturns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where
\nappropriate on the basis of amounts expected to be paid to the tax authorities.
\nCurrent tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of
\nthe uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow will
\noccur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of financial
\nposition, and the provisions are remeasured as required to reflect current information.
\nDeferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
\namounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or
\nsubstantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset is
\nrealised or the deferred tax liability is settled.
\nDeferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary
\ndifferences arising on investments in subsidiaries, associates and joint ventures where the reversal of the temporary difference can
\nbe controlled and it is probable that the difference will not reverse in the foreseeable future.
\nDeferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible
\ntemporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that it is no
\nlonger probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The availability of
\nsuitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax liabilities) relating to
\nthe same taxation authority and the same taxable entity, that are expected to reverse in the same period as the deductible
\ntemporary difference or unused tax losses or credit.
\nDeferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets
\nand liabilities acquired other than in a business combination. Deferred tax is not discounted.
\nWhen the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required to be
\nrecognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed. The
\nassets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which a business
\ncombination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such intangibles and
\ngoodwill.
\nIn an \u2018asset acquisition\u2019, where the buyer acquires the trade and assets of a business, there is often a tax deduction available for the
\namortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is recognised on the
\ndifference between the tax base and the book base of the assets.
\nIn a \u2018share acquisition\u2019, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets, tax
\ndeductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise to a
\ndeferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill where
\nthat is not deductible for tax purposes.
\nKey source of estimation uncertainty
\nThe Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, our tax returns
\nin the countries in which we operate are subject to tax authority audits as a matter of routine. While the Group is confident that tax
\nreturns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risk with
\nrespect to tax matters under active discussion with tax authorities, or which are otherwise considered to involve uncertainty.
\nThe valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax
\npositions are measured using one of the following methods, depending on which of the methods management expects will better
\npredict the amount it will pay over to the tax authority:
\n\u25a0
The Single Best Estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for example,
\nwhere the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of possible
\noutcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to be payable, in
\nwhich case the provision is nil; or
\n\u25a0
A Probability-Weighted Expected Value \u2013 where, on the balance of probabilities, something will be paid to the tax authority but
\nthe possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely than not
\nto occur). In this case, the provision is the sum of the probability-weighted amounts in the range.
\n
9 Taxation (continued)
\nIn assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and previous
\nexperience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts
\ngreater or smaller than the liabilities recorded.
\nIn particular, although we report cross-border transactions undertaken between Group subsidiaries on an arm\u2019s-length basis in tax
\nreturns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is frequently possible for
\nthere to be a range of legitimate and reasonable views. This means that it is impossible to be certain that the returns basis will be
\nsustained on examination. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing in a
\nnumber of our major trading jurisdictions. Although the timing and amount of final resolution of these uncertain tax positions cannot
\nbe reliably predicted, no significant impact on the results of the Group is expected in the next year or foreseeable future.
\nEstimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group\u2019s
\nforecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only
\nrecognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits
\nagainst which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each
\nreporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment.
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nCurrent tax
\nUnited Kingdom
(80)
(46)
(102)
\nRest of world
(184)
(376)
(432)
\nTotal current tax charge
(264)
(422)
(534)
\nDeferred tax
(11)
96
53
\nTax expense
(275)
(326)
(481)
\nCash tax paid (net) in the year was \u00a3495m (2021: \u00a3342m; 2020: \u00a3496m), which is different to the tax expense for the year set out
\nabove.
\nThere are a number of reasons why the cash tax payments in a particular year will be different from the tax expense in the accounts:
\n\u25a0
Tax payments relating to a particular year\u2019s profits are typically due partly in the year and partly in the following year. In 2020 there
\nwas an acceleration of instalment payments in the UK.
\n\u25a0
Tax expense includes deferred tax, an accounting adjustment where an item is included in the income statement in one year but is
\ntaxed in another year. The acquisition of intangible assets often results in deferred tax liabilities, the unwind of which does not result
\nin tax payments.
\n\u25a0
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
\ndifferent, any cash tax impact will occur in a later period.
\n\u25a0
Some of the benefits of tax deductions related to share based payments, pensions and hedging are credited to equity or other
\ncomprehensive income rather than to tax expense.
\nSet out below is a reconciliation of the difference between tax expense for the period and the theoretical expense calculated by
\nmultiplying accounting profit by the applicable tax rate.
\nWe believe the most meaningful applicable rate is that obtained by multiplying the accounting profits and losses of all consolidated
\nentities by the applicable domestic rate in each of those entities\u2019 jurisdictions.
\nThe net tax expense charged on profit before tax differs from the theoretical amount that would arise using the weighted average of tax
\nrates applicable to accounting profits and losses of the consolidated entities, as follows:
\n2020
2021
2022
\n\u00a3m
%
\u00a3m
%
\u00a3m
%
\nProfit before tax
1,483
1,797
2,113
\nTax at average applicable rates
(331)
22.3
%
(418)
23.3
%
(498)
23.6
%
\nTax effect of share of results of joint ventures
3
(0.2)
%
6
(0.3)
%
3
(0.1)
%
\nIncome not taxable and expenses not deductible
18
(1.2)
%
24
(1.4)
%
21
(1.0)
%
\nNon
-deductible costs of share based remuneration
(2)
0.1
%
(2)
0.1
%
(1)
0.0
%
\nNon
-deductible disposal-related gains and losses
(2)
0.1
%
1
(0.1)
%
(2)
0.1
%
\nDeferred tax assets of the period not recognised
(19)
1.3
%
(8)
0.4
%
(17)
0.8
%
\nChange in recognition and measurement of
\ndeferred tax
14
(0.9)
%
25
(1.4)
%
5
(0.2)
%
\nMovements in provisions and prior year items
44
(3.0)
%
46
(2.5)
%
8
(0.4)
%
\nTax expense
(275)
18.5
%
(326)
18.1
%
(481)
22.8
%
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
9 Taxation (continued)
\nThe weighted average applicable tax rate for the year was 23.6% (2021: 23.3%; 2020: 22.3%), reflecting the applicable rates in the
\ncountries where the Group operates. The Group\u2019s future tax charge will be sensitive to the geographic mix of profits and losses and the
\ntax rates and laws in force in the jurisdictions in which we operate.
\nIn the US, the Inflation Reduction Act enacted in August 2022 introduced a corporate alternative minimum tax. Based on initial
\nguidance, this is not expected to have any material impact on the Group. We will continue to monitor developments.
\nIn the UK, an increase in the corporation tax rate from 19% to 25% from April 2023 was enacted in 2021. In the Netherlands, an
\nincrease in the corporation tax rate from 25% to 25.8% from 2022 and changes to loss recognition rules were also enacted in 2021. In
\ntotal, the deferred tax effect of changes in tax rates for the year was a tax credit of \u00a33m (2021: \u00a38m; 2020: \u00a314m) in the income statement.
\nThe 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
\ntaxable and expenses not deductible include a credit of \u00a313m (2021: \u00a315m; 2020: \u00a316m) relating to research and development and nil
\n(2021: \u00a37m; 2020: \u00a319m) relating to the revaluation of a put and call option arrangement. In 2021, the change in recognition and
\nmeasurement of deferred tax includes the deferred tax effect of tax rate increases in the UK and the Netherlands of \u00a38m and changes
\nto loss recognition rules in the Netherlands of \u00a315m. In 2020 and 2021, there were tax credits arising from the substantial resolution of
\nprior year tax matters.
\nThe following tax has been recognised in other comprehensive income or directly in equity during the year:
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nTax on items that will not be
reclassified to profit or loss
\nTax on actuarial movements on defined benefit pension schemes
39
(48)
(43)
\nTax on items that may be reclassified to profit or loss
\nTax on fair value movements on cash flow
hedges
(4)
(1)
8
\nNet tax (charge)/credit recognised in other comprehensive income
35
(49)
(35)
\nTax credit on share based remuneration recognised directly in equity
5
12
\u2013
\nThe \u00a343m tax charge (2021: \u00a348m) on actuarial movements on defined benefit pension schemes includes a \u00a32m tax charge (2021:
\n\u00a313m tax credit) reflecting the revaluation of pension related deferred tax balances to the UK corporation tax rate of 25% (previously
\n19%) enacted in 2021.
\n2021
2022
\n\u00a3m
\u00a3m
\nCurrent tax assets
10
15
\nCurrent tax liabilities
(192)
(249)
\nTotal
(182)
(234)
\nCurrent tax assets and liabilities are net amounts in countries where there is a legally enforceable right to offset assets and liabilities on a
\nnet basis.
\nThe Group maintained provisions for uncertain tax positions. The total carrying amount of these provisions of \u00a3239m (2021: \u00a3228m) is
\ncomprised of a number of individually immaterial amounts. It is not expected that any resolution of the matters to which the provisions
\nrelate, or changes in assumptions relating to the provisions, will have a material impact on the Group\u2019s financial results in the next year.
\n2021
2022
\n\u00a3m
\u00a3m
\nDeferred tax
assets
210
146
\nDeferred tax liabilities
(591)
(590)
\nTotal
(381)
(444)
\n
9 Taxation (continued)
\nMovements in deferred tax liabilities and assets (before taking into consideration the offsetting of balances within the same jurisdiction)
\nare summarised as follows:
\nDeferred tax liabilities
Deferred tax assets
\nAcquired
Other
Acquired
Tax losses
Other
\nintangible
temporary
intangible
carried
Pension
temporary
\nassets
differences
assets
forward
balances
differences
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nDeferred tax (liability)/asset at 1 January
\n2021
(710)
(283)
174
99
125
200
(395)
\nCredit
/(charge) to profit
53
86
(9)
4
(8)
(30)
96
\n(Charge)/credit to equity/other
\ncomprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(48)
7
(41)
\nAcquisitions
(33)
\u2013
\u2013
6
\u2013
\u2013
(27)
\nExchange translation differences
(4)
1
(8)
(2)
(1)
\u2013
(14)
\nDeferred tax (liability)/asset at 1 January
\n2022
(694)
(196)
157
107
68
177
(381)
\nCredit/(charge) to profit
62
20
(30)
(17)
(10)
28
53
\n(Charge)/credit to equity/other
\ncomprehensive income
\u2013
(32)
\u2013
\u2013
(10)
3
(39)
\nAcquisitions
(32)
\u2013
\u2013
19
\u2013
\u2013
(13)
\nExchange translation differences
(71)
(23)
5
9
1
15
(64)
\nDeferred tax (liability)/asset at 31
\nDecember 2022
(735)
(231)
132
118
49
223
(444)
\nThe closing deferred tax liability balance of other temporary differences includes those relating to capitalised development costs of
\n\u00a3165m (2021: \u00a3161m) and pension surplus of \u00a332m (2021: nil). The closing deferred tax asset balance of other temporary differences
\nincludes those relating to accruals and provisions of \u00a3118m (2021: \u00a392m), share based remuneration provisions of \u00a341m (2021: \u00a341m)
\nand intercompany interest of \u00a314m (2021: \u00a313m).
\nAs a result of exemptions on dividends from subsidiaries and capital gains on disposal there are no significant taxable temporary
\ndifferences associated with investments in subsidiaries, branches, associates and interests in joint arrangements.
\nWhile a number of entities in Exhibitions suffered losses due to the impact of Covid-19 over the last few years, in no individual country
\nwere they material. Following the return to profitability in the Exhibitions business, it is expected that the remaining trading losses will be
\nsubstantially utilised in the next year. ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20943": {
"value": "9 Taxation2021
2022
\n\u00a3m
\u00a3m
\nDeferred tax
assets
210
146
\nDeferred tax liabilities
(591)
(590)
\nTotal
(381)
(444)
Movements in deferred tax liabilities and assets (before taking into consideration the offsetting of balances within the same jurisdiction)
\nare summarised as follows:
\nDeferred tax liabilities
Deferred tax assets
\nAcquired
Other
Acquired
Tax losses
Other
\nintangible
temporary
intangible
carried
Pension
temporary
\nassets
differences
assets
forward
balances
differences
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nDeferred tax (liability)/asset at 1 January
\n2021
(710)
(283)
174
99
125
200
(395)
\nCredit
/(charge) to profit
53
86
(9)
4
(8)
(30)
96
\n(Charge)/credit to equity/other
\ncomprehensive income
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
(48)
7
(41)
\nAcquisitions
(33)
\u2013
\u2013
6
\u2013
\u2013
(27)
\nExchange translation differences
(4)
1
(8)
(2)
(1)
\u2013
(14)
\nDeferred tax (liability)/asset at 1 January
\n2022
(694)
(196)
157
107
68
177
(381)
\nCredit/(charge) to profit
62
20
(30)
(17)
(10)
28
53
\n(Charge)/credit to equity/other
\ncomprehensive income
\u2013
(32)
\u2013
\u2013
(10)
3
(39)
\nAcquisitions
(32)
\u2013
\u2013
19
\u2013
\u2013
(13)
\nExchange translation differences
(71)
(23)
5
9
1
15
(64)
\nDeferred tax (liability)/asset at 31
\nDecember 2022
(735)
(231)
132
118
49
223
(444)
\nThe closing deferred tax liability balance of other temporary differences includes those relating to capitalised development costs of
\n\u00a3165m (2021: \u00a3161m) and pension surplus of \u00a332m (2021: nil). The closing deferred tax asset balance of other temporary differences
\nincludes those relating to accruals and provisions of \u00a3118m (2021: \u00a392m), share based remuneration provisions of \u00a341m (2021: \u00a341m)
\nand intercompany interest of \u00a314m (2021: \u00a313m).
\nAs a result of exemptions on dividends from subsidiaries and capital gains on disposal there are no significant taxable temporary
\ndifferences associated with investments in subsidiaries, branches, associates and interests in joint arrangements.
\nWhile a number of entities in Exhibitions suffered losses due to the impact of Covid-19 over the last few years, in no individual country
\nwere they material. Following the return to profitability in the Exhibitions business, it is expected that the remaining trading losses will be
\nsubstantially utilised in the next year. Other deferred tax assets have been recognised including for losses in the US and Netherlands,
\nthe majority of which are expected to have been utilised by 2031.
\nDeferred tax assets in respect of tax losses and other deductible temporary differences have only been recognised to the extent that it is
\nmore likely than not that sufficient taxable profits will be available to allow the asset to be recovered.
\nTax losses and temporary differences for which no deferred tax asset was recognised:
\n2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nGross amount
Tax effected
Gross amount
Tax effected
\nTrading losses and temporary differences expiring
\nWithin 10 years
100
29
123
35
\nMore than 10 years
\u2013
\u2013
1
\u2013
\nAvailable indefinitely
187
50
208
58
\nTotal
287
79
332
93
\nState and local tax losses expiring
\nWithin 10 years
27
2
19
1
\nMore than 10 years
46
4
89
6
\nAvailable indefinitely
\u2013
\u2013
\u2013
\u2013
\nTotal
73
6
108
7
\nCapital losses expiring
\nWithin 10
years
\u2013
\u2013
\u2013
\u2013
\nMore than 10 years
\u2013
\u2013
\u2013
\u2013
\nAvailable indefinitely
22
5
22
5
\nTotal
22
5
22
5
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20944": {
"value": "9 TaxationDeferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
\namounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or
\nsubstantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset is
\nrealised or the deferred tax liability is settled.
\nDeferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary
\ndifferences arising on investments in subsidiaries, associates and joint ventures where the reversal of the temporary difference can
\nbe controlled and it is probable that the difference will not reverse in the foreseeable future.
\nDeferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible
\ntemporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that it is no
\nlonger probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The availability of
\nsuitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax liabilities) relating to
\nthe same taxation authority and the same taxable entity, that are expected to reverse in the same period as the deductible
\ntemporary difference or unused tax losses or credit.
\nDeferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets
\nand liabilities acquired other than in a business combination. Deferred tax is not discounted.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f20948": {
"value": "Accounting policy \nTax expense comprises current and deferred tax. Current and deferred tax are charged or credited in the income statement except
\nto the extent that the tax arises from a transaction or event which is recognised, in the same or a different period, outside the
\nincome statement (either in other comprehensive income, directly in equity, or through a business combination), in which case the
\ntax appears in the same statement as the transaction that gave rise to it.
\nCurrent tax is the amount of corporate income taxes expected to be payable or recoverable based on the profit for the period as
\nadjusted for items that are not taxable or not deductible, and is calculated using tax rates and laws that were enacted or
\nsubstantively enacted at the date of the statement of financial position. Management periodically evaluates positions taken in tax
\nreturns with respect to situations in which applicable tax regulation is subject to interpretation. Provisions are established where
\nappropriate on the basis of amounts expected to be paid to the tax authorities.
\nCurrent tax includes amounts provided in respect of uncertain tax positions when management expects that, upon examination of
\nthe uncertainty by a tax authority in possession of all relevant knowledge, it is more likely than not that an economic outflow will
\noccur. Changes in facts and circumstances underlying these provisions are reassessed at the date of each statement of financial
\nposition, and the provisions are remeasured as required to reflect current information.
\nDeferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying
\namounts in the statement of financial position. Deferred tax is calculated using tax rates and laws that have been enacted or
\nsubstantively enacted at the end of the reporting period, and which are expected to apply when the related deferred tax asset is
\nrealised or the deferred tax liability is settled.
\nDeferred tax liabilities are generally recognised for all taxable temporary differences but not recognised for taxable temporary
\ndifferences arising on investments in subsidiaries, associates and joint ventures where the reversal of the temporary difference can
\nbe controlled and it is probable that the difference will not reverse in the foreseeable future.
\nDeferred tax assets are recognised to the extent it is probable that taxable profits will be available against which the deductible
\ntemporary differences can be utilised, and are reviewed at the end of each reporting period and reduced to the extent that it is no
\nlonger probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The availability of
\nsuitable taxable profit is considered probable when an entity has taxable temporary differences (i.e. deferred tax liabilities) relating to
\nthe same taxation authority and the same taxable entity, that are expected to reverse in the same period as the deductible
\ntemporary difference or unused tax losses or credit.
\nDeferred tax assets and liabilities are not recognised in respect of temporary differences that arise on initial recognition of assets
\nand liabilities acquired other than in a business combination. Deferred tax is not discounted.
\nWhen the acquisition of an asset qualifies to be accounted for as a business combination, deferred tax is generally required to be
\nrecognised on the difference between the tax base and the book base of the assets and liabilities acquired and assumed. The
\nassets acquired often include identifiable intangible assets as well as goodwill. In many jurisdictions, the manner in which a business
\ncombination is effected will impact the tax deductibility and therefore the deferred tax recognised in relation to such intangibles and
\ngoodwill.
\nIn an \u2018asset acquisition\u2019, where the buyer acquires the trade and assets of a business, there is often a tax deduction available for the
\namortisation of the identifiable intangible assets and sometimes for the goodwill. In this situation, deferred tax is recognised on the
\ndifference between the tax base and the book base of the assets.
\nIn a \u2018share acquisition\u2019, where the buyer acquires the share capital of a legal entity that continues to own the trade and assets, tax
\ndeductions for amortisation are usually not available. Intangibles which do not qualify for tax deductions therefore give rise to a
\ndeferred tax liability. However, deferred tax liabilities are not recognised on temporary differences that arise from goodwill where
\nthat is not deductible for tax purposes.
\nKey source of estimation uncertainty
\nThe Group is subject to tax in numerous jurisdictions, giving rise to complex tax issues. As a multinational enterprise, our tax returns
\nin the countries in which we operate are subject to tax authority audits as a matter of routine. While the Group is confident that tax
\nreturns are appropriately prepared and filed, amounts are provided in respect of uncertain tax positions that reflect the risk with
\nrespect to tax matters under active discussion with tax authorities, or which are otherwise considered to involve uncertainty.
\nThe valuation of provisions required in relation to uncertain tax positions involves estimation. Provisions against uncertain tax
\npositions are measured using one of the following methods, depending on which of the methods management expects will better
\npredict the amount it will pay over to the tax authority:
\n\u25a0
The Single Best Estimate \u2013 where there is a single outcome that is more likely than not to occur. This will happen, for example,
\nwhere the tax outcome is binary (such as whether an entity can deduct an item of expenditure) or the range of possible
\noutcomes is narrow or concentrated on a single value. The most likely outcome may be that no tax is expected to be payable, in
\nwhich case the provision is nil; or
\n\u25a0
A Probability-Weighted Expected Value \u2013 where, on the balance of probabilities, something will be paid to the tax authority but
\nthe possible outcomes are widely dispersed with low individual probabilities (i.e. there is no single outcome more likely than not
\nto occur). In this case, the provision is the sum of the probability-weighted amounts in the range.
\n
9 Taxation (continued)
\nIn assessing provisions against uncertain tax positions, management uses in-house tax experts, professional firms and previous
\nexperience to inform the evaluation of risk. However, it remains possible that uncertainties will ultimately be resolved at amounts
\ngreater or smaller than the liabilities recorded.
\nIn particular, although we report cross-border transactions undertaken between Group subsidiaries on an arm\u2019s-length basis in tax
\nreturns in accordance with OECD guidelines, transfer pricing relies on the exercise of judgement and it is frequently possible for
\nthere to be a range of legitimate and reasonable views. This means that it is impossible to be certain that the returns basis will be
\nsustained on examination. Discussions with tax authorities relating to cross-border transactions and other matters are ongoing in a
\nnumber of our major trading jurisdictions. Although the timing and amount of final resolution of these uncertain tax positions cannot
\nbe reliably predicted, no significant impact on the results of the Group is expected in the next year or foreseeable future.
\nEstimation of income taxes also includes assessments of the recoverability of deferred tax assets, consistent with the Group\u2019s
\nforecasts and annual strategy plan used in the preparation of the annual report and accounts. Deferred tax assets are only
\nrecognised to the extent that they are considered recoverable based on existing tax laws and forecasts of future taxable profits
\nagainst which the underlying tax deductions can be utilised. The recoverability of these assets is reassessed at the end of each
\nreporting period, and changes in recognition of deferred tax assets will affect the tax liability in the period of that reassessment.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21559": {
"value": "10 Earnings per share \nAccounting policy
\nEarnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the total
\nweighted average number of shares.
\nThe diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and
\nconditional shares.
\nAdjusted earnings per share is calculated by dividing adjusted net profit attributable to RELX PLC shareholders by the total weighted
\naverage number of shares.
\nEARNINGS PER SHARE \u2013 FOR
\nTHE YEAR
2020
2021
2022
\nENDED 31 DECEMBER
Weighted
Weighted
Weighted
\nNet profit
average
Net profit
average
Net profit
average
\nattributable to
number
attributable to
number
attributable to
number
\nshareholders
of shares
EPS
shareholders
of shares
EPS
shareholders
of shares
EPS
\n\u00a3m
(millions)
(pence)
\u00a3m
(millions)
(pence)
\u00a3m
(millions)
(pence)
\nBasic 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
\nDiluted 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
\nADJUSTED EARNINGS
\nPER SHARE
2020
2021
2022
\nAdjusted net
Weighted
Adjusted net
Weighted
Adjusted net
Weighted
\nprofit
average
profit
average
profit
average
\nattributable to
number
Adjusted
attributable to
number
Adjusted
attributable to
number
Adjusted
\nshareholders
of shares
EPS
shareholders
of shares
EPS
shareholders
of shares
EPS
\n\u00a3m
(millions)
(pence)
\u00a3m
(millions)
(pence)
\u00a3m
(millions)
(pence)
\nAdjusted earnings per
\nshare
1,543
1,926.2
80.1
p
1,689
1,928.0
87.6
p
1,961
1,918.5
102.2
p
\nRECONCILIATION OF ADJUSTED NET PROFIT ATTRIBUTABLE TO RELX PLC SHAREHOLDERS
\n2020
Pre-tax
Tax on
\nadjustment
adjustment
Total
\n\u00a3m
\u00a3m
\u00a3m
\nNet profit attributable to shareholders
1,224
\nAdjustments:
\nAmortisation of acquired intangible assets
360
35
395
\nOther deferred tax credits from intangible assets*
\u2013
(78)
(78)
\nAcquisition-related items
(12)
(6)
(18)
\nNet interest on net defined benefit pension obligation and other
11
(2)
9
\nDisposals and other non-operating items
(130)
3
(127)
\nExceptional costs in Exhibitions
183
(45)
138
\nA
d
d
j
j
u
u
s
s
t
t
e
e
d
d
n
n
e
e
t
t
p
p
r
r
o
o
f
f
i
i
t
t
a
a
t
t
t
t
r
r
i
i
b
b
u
u
t
t
a
a
b
b
l
l
e
e
t
t
o
o
s
s
h
h
a
a
r
r
e
e
h
h
o
o
l
l
d
d
e
e
r
r
s
s
1,543
\n2021
Pre-tax
Tax on
\nadjustment
adjustment
Total
\n\u00a3m
\u00a3m
\u00a3m
\nNet profit attributable to shareholders
1,471
\nAdjustments:
\nAmortisation of acquired intangible assets
294
22
316
\nOther deferred tax credits from intangible assets*
\u2013
(61)
(61)
\nAcquisition-related items
21
(11)
10
\nNet interest on net defined benefit pension obligation and other
9
(2)
7
\nDisposals and other non-operating items
(55)
1
(54)
\nAdjusted net profit attributable to shareholders
1,689
\n2022
Pre-tax
Tax on
\nadjustment
adjustment
Total
\n\u00a3m
\u00a3m
\u00a3m
\nNet profit attributable to shareholders
1,634
\nAdjustments:
\nAmortisation of acquired intangible assets
296
30
326
\nOther deferred tax credits from intangible assets*
\u2013
(64)
(64)
\nAcquisition-related items
62
(13)
49
\nNet interest on net defined benefit pension obligation and other
5
(1)
4
\nDisposals and other non-operating items
9
3
12
\nAdjusted net profit attributable to shareholders
1,961
\n*
Movements on deferred tax liabilities arising on acquired intangible assets that do not qualify for tax amortisation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21563": {
"value": "Accounting policy \nEarnings per share (EPS) is calculated by taking the reported net profit attributable to shareholders and dividing this by the total
\nweighted average number of shares.
\nThe diluted figures are calculated after taking account of potential additional ordinary shares arising from share options and
\nconditional shares.
\nAdjusted earnings per share is calculated by dividing adjusted net profit attributable to RELX PLC shareholders by the total weighted
\naverage number of shares.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21904": {
"value": "11 Statement of cash flows \nAccounting policy
\nCash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the
\nstatement of financial position at fair value.
\nRECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nOperating profit
1,525
1,884
2,323
\nShare of results of joint ventures
(15)
(29)
(19)
\nAmortisation of acquired intangible assets
376
297
294
\nAmortisation of internally developed intangible assets
319
295
309
\nAmortisation of pre
-publication costs
62
60
72
\nDepreciation of property, plant and equipment
60
52
47
\nDepreciation of right-of-use assets
88
80
63
\nShare based remuneration
25
45
46
\nTotal non-cash items
930
829
831
\nIncrease in inventories and pre
-publication costs
(80)
(73)
(103)
\n(Increase)/decrease in receivables
149
(103)
(251)
\n(Decrease)/increase in payables
(245)
(32)
280
\nIncrease in working capital
(176)
(208)
(74)
\nCash generated from operations
2,264
2,476
3,061
\nCASH FLOW ON ACQUISITIONS
2020
2021
2022
\nNote
\u00a3m
\u00a3m
\u00a3m
\nPurchase of
businesses
12
(864)
(235)
(373)
\nDeferred payments relating to prior year acquisitions
(5)
(19)
(21)
\nTotal
(869)
(254)
(394)
\nRECONCILIATION OF NET DEBT
Related
\nCash and
derivative
Finance
\ncash
financial
lease
\n2020
2021
equivalents
Debt
instruments
receivable
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nAt start of year
(6,191)
(6,898)
113
(6,167)
35
2
(6,017)
\n(Decrease)/increase in cash and cash
\nequivalents
(51)
26
208
\u2013
\u2013
\u2013
208
\nDecrease in short-term bank loans,
\noverdrafts and commercial paper
436
200
\u2013
101
\u2013
\u2013
101
\nIssuan
ce of term debt
(2,342)
\u2013
\u2013
(397)
\u2013
\u2013
(397)
\nRepaym
ent of term debt
1,233
431
\u2013
35
\u2013
\u2013
35
\nRepaym
ent of leases
90
76
\u2013
79
\u2013
(1)
78
\nChange in net debt resulting from cash
\nflows
(634)
733
208
(182)
\u2013
(1)
25
\nBorrowings in acquired businesses
(3)
\u2013
\u2013
(3)
\u2013
\u2013
(3)
\nRemeasurement and derecognition of leases
(8)
(4)
\u2013
(5)
\u2013
\u2013
(5)
\nIncept
ion of leases
(24)
(24)
\u2013
(34)
\u2013
5
(29)
\nFair value and other adjustments to debt and
\nrelated derivatives
(4)
2
\u2013
230
(245)
\u2013
(15)
\nExchan
ge translation differences
(34)
174
13
(569)
(3)
(1)
(560)
\nAt end of year
(6,898)
(6,017)
334
(6,730)
(213)
5
(6,604)
\nNet debt comprises cash and cash equivalents, loan capital, lease liabilities and receivables, promissory notes, bank and other loans
\nand derivative financial instruments that are used to hedge certain borrowings. The Group monitors net debt as part of capital and
\nliquidity management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21905": {
"value": "11 Statement of cash flows \nAccounting policy
\nCash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the
\nstatement of financial position at fair value.
\nRECONCILIATION OF OPERATING PROFIT TO CASH GENERATED FROM OPERATIONS
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nOperating profit
1,525
1,884
2,323
\nShare of results of joint ventures
(15)
(29)
(19)
\nAmortisation of acquired intangible assets
376
297
294
\nAmortisation of internally developed intangible assets
319
295
309
\nAmortisation of pre
-publication costs
62
60
72
\nDepreciation of property, plant and equipment
60
52
47
\nDepreciation of right-of-use assets
88
80
63
\nShare based remuneration
25
45
46
\nTotal non-cash items
930
829
831
\nIncrease in inventories and pre
-publication costs
(80)
(73)
(103)
\n(Increase)/decrease in receivables
149
(103)
(251)
\n(Decrease)/increase in payables
(245)
(32)
280
\nIncrease in working capital
(176)
(208)
(74)
\nCash generated from operations
2,264
2,476
3,061
\nCASH FLOW ON ACQUISITIONS
2020
2021
2022
\nNote
\u00a3m
\u00a3m
\u00a3m
\nPurchase of
businesses
12
(864)
(235)
(373)
\nDeferred payments relating to prior year acquisitions
(5)
(19)
(21)
\nTotal
(869)
(254)
(394)
\nRECONCILIATION OF NET DEBT
Related
\nCash and
derivative
Finance
\ncash
financial
lease
\n2020
2021
equivalents
Debt
instruments
receivable
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nAt start of year
(6,191)
(6,898)
113
(6,167)
35
2
(6,017)
\n(Decrease)/increase in cash and cash
\nequivalents
(51)
26
208
\u2013
\u2013
\u2013
208
\nDecrease in short-term bank loans,
\noverdrafts and commercial paper
436
200
\u2013
101
\u2013
\u2013
101
\nIssuan
ce of term debt
(2,342)
\u2013
\u2013
(397)
\u2013
\u2013
(397)
\nRepaym
ent of term debt
1,233
431
\u2013
35
\u2013
\u2013
35
\nRepaym
ent of leases
90
76
\u2013
79
\u2013
(1)
78
\nChange in net debt resulting from cash
\nflows
(634)
733
208
(182)
\u2013
(1)
25
\nBorrowings in acquired businesses
(3)
\u2013
\u2013
(3)
\u2013
\u2013
(3)
\nRemeasurement and derecognition of leases
(8)
(4)
\u2013
(5)
\u2013
\u2013
(5)
\nIncept
ion of leases
(24)
(24)
\u2013
(34)
\u2013
5
(29)
\nFair value and other adjustments to debt and
\nrelated derivatives
(4)
2
\u2013
230
(245)
\u2013
(15)
\nExchan
ge translation differences
(34)
174
13
(569)
(3)
(1)
(560)
\nAt end of year
(6,898)
(6,017)
334
(6,730)
(213)
5
(6,604)
\nNet debt comprises cash and cash equivalents, loan capital, lease liabilities and receivables, promissory notes, bank and other loans
\nand derivative financial instruments that are used to hedge certain borrowings. The Group monitors net debt as part of capital and
\nliquidity management.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f21910": {
"value": "Accounting policy \nCash and cash equivalents comprise cash balances, call deposits and other short-term highly liquid investments and are held in the
\nstatement of financial position at fair value.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22164": {
"value": "12 Acquisitions \nAccounting policy
\nGoodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which do
\nnot qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual assets;
\nskilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the recognition of
\ndeferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions.
\nDuring the year, a number of acquisitions were made. The net assets of the businesses acquired are incorporated at their fair value to
\nthe Group. The fair values of the consideration given and of the assets and liabilities acquired are summarised below.
\nFair value
Fair value
Fair value
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nGoodwill
570
131
269
\nIntangible assets
427
156
125
\nProperty, plant and equipment
3
1
1
\nOther non
-current assets
1
\u2013
3
\nCurrent assets
20
4
8
\nCurrent liabilities
(24)
(16)
(21)
\nBorrowings
(3)
\u2013
(3)
\nDeferred tax
(90)
(27)
(13)
\nNet assets acquired
904
249
369
\nConsideration (after taking account of \u00a36m net cash acquired (2020: \u00a329m;
\n2021: \u00a38m))
904
249
369
\nChange in consideration deferred to
future years and changes in contingent consideration
\nrelating to prior year acquisitions
(40)
(14)
4
\nNet cash flow
864
235
373
\nDuring 2022, RELX completed several acquisitions for total consideration of \u00a3443m (2021: \u00a3255m), or \u00a3437m (2021: \u00a3249m) adjusted
\nfor cash acquired. This includes the acquisition of investments in joint ventures and associates of \u00a361m. Refer to note 15 for further
\ndetails.
\nThe businesses acquired in 2022 contributed \u00a319m to revenue, decreased adjusted operating profit by \u00a35m, decreased net profit by
\n\u00a324m (after charging \u00a319m of integration costs and amortisation of acquired intangibles) and decreased net cash inflow from operating
\nactivities for the part year under the Group\u2019s ownership and before taking account of acquisition financing costs by \u00a34m. Had the
\nbusinesses been acquired at the beginning of the year, on a pro forma basis the Group revenues, adjusted operating profit and net
\nprofit attributable to RELX PLC shareholders for the year would have been \u00a38,567m, \u00a32,679m and \u00a31,626m respectively, before taking
\naccount of acquisition financing costs.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22168": {
"value": "Accounting policy Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which do
\nnot qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual assets;
\nskilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the recognition of
\ndeferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22169": {
"value": "Accounting policy Goodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which do
\nnot qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual assets;
\nskilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the recognition of
\ndeferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22170": {
"value": "Accounting policyGoodwill, being the excess of the consideration over the net tangible and intangible assets acquired, represents benefits which do
\nnot qualify for recognition as intangible assets, including: the ability of a business to generate higher returns than individual assets;
\nskilled workforces; and acquisition synergies that are specific to the Group. In addition, goodwill arises on the recognition of
\ndeferred tax liabilities in respect of intangible assets for which amortisation does not qualify for tax deductions.
On acquisition of a subsidiary or business, the purchase consideration is allocated between the net tangible and intangible assets
\nother than goodwill on a fair value basis, with any excess purchase consideration representing goodwill. Goodwill is carried at fair
\nvalue as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their fair value as at the date of
\nacquisition less accumulated amortisation (including impairment). On disposal of a subsidiary or business, the attributable amount of
\ngoodwill is included in the determination of profit or loss recognised in the income statement.
Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for
\nimpairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the
\nincome statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount
\nand not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying
\namounts of all other intangible assets are reviewed where there are indications of possible impairment.
\nAn impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest
\nmanagement cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses
\nare the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the
\ndiscount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
\nand discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates
\nare made based on the cash flows of the CGU to which the asset belongs.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22254": {
"value": "13 Equity dividends \nORDINARY DIVIDENDS PAID IN THE YEAR
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nRELX PLC
880
920
983
\nOrdinary dividends declared and paid in the year ended 31 December 2022, in amounts per ordinary share, comprise: a 2021 final
\ndividend 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
\n(2021: 47.7p; 2020: 45.7p;).
\nThe 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
\n54.6p (2021: 49.8p; 2020: 47.0p). The total cost of funding the proposed final dividend is expected to be \u00a3743m, for which no liability
\nhas been recognised at the statement of financial position date.
\nThe Employee Benefit Trust has currently waived the right to receive dividends on RELX PLC shares. This waiver has been applied to
\ndividends paid in 2020, 2021 and 2022.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22271": {
"value": "0.389",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f22272": {
"value": "0.355",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2021-01-01T00:00:00/2022-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f22273": {
"value": "0.334",
"decimals": 3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
"unit": "iso4217:GBP/xbrli:shares"
}
},
"f22275": {
"value": "743000000",
"decimals": -6,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00",
"unit": "iso4217:GBP"
}
},
"f22295": {
"value": "14 Intangible assets \nAccounting policy
\nOn acquisition of a subsidiary or business, the purchase consideration is allocated between the net tangible and intangible assets
\nother than goodwill on a fair value basis, with any excess purchase consideration representing goodwill. Goodwill is carried at fair
\nvalue as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their fair value as at the date of
\nacquisition less accumulated amortisation (including impairment). On disposal of a subsidiary or business, the attributable amount of
\ngoodwill is included in the determination of profit or loss recognised in the income statement.
\nManagement judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
\nrelated assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
\nrelationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process
\nresearch and development); and other intangible assets mainly comprising contract and rights-related assets.
\nThe valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation
\nmethodologies, including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in
\nestimating valuation of the intangible assets include growth in cash flows over the forecast period, the long-term growth rate
\nassumed thereafter and the discount rate applied to the forecast cash flows.
\nThe selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
\nbrands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
\nthe technological and competitive risks that they face. Certain intangible assets are in relation to acquired science and medical
\npublishing businesses that have been determined to have indefinite lives. The longevity of these assets is evidenced by their long-
\nestablished and well regarded journal titles, and their characteristically stable market positions. Intangible assets, other than journal
\ntitles determined to have indefinite lives, are amortised on a straight-line basis over their estimated useful lives. The estimated useful
\nlives of intangible assets with finite lives are:
\n\u25a0
Market-related assets \u2013 1 to 40 years
\n\u25a0
Customer-related assets \u2013 1 to 20 years
\n\u25a0
Editorial content \u2013 1 to 40 years
\n\u25a0
Software and systems \u2013 1 to 10 years
\n\u25a0
Other \u2013 3 to 20 years
\nJournal titles determined to have indefinite lives are not amortised and are subject to impairment review at least annually, including a
\nreview of events and circumstances to ensure that they continue to support an indefinite useful life.
\nInternally developed intangible assets typically comprise software and systems development where an identifiable asset is created
\nthat is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally developed
\nintangible assets are amortised on a straight line basis over their estimated useful lives of three to 15 years. Impairment reviews are
\ncarried out at least annually or where indicators of impairment are identified.
\nImpairment reviews
\nGoodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for
\nimpairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the
\nincome statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount
\nand not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying
\namounts of all other intangible assets are reviewed where there are indications of possible impairment.
\nAn impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest
\nmanagement cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses
\nare the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the
\ndiscount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
\nand discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates
\nare made based on the cash flows of the CGU to which the asset belongs.
\nCritical judgements and key sources of estimation uncertainty
\nAcquired intangible assets
\nIn 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of
\nfuture cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation
\nuncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions
\ncompleted during the year.
\nDevelopment spend
\nDevelopment spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
\nplatforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing
\noperating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms
\nand infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable
\nvalue and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified
\nand directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is
\nrequired in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and
\nthe selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and
\ndiscount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of
\nintangible assets.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
14 Intangible assets (continued)
\nTotal
Total
\nTotal
internally
intangible
\nSoftware
acquired
developed
assets
\nMarket
Customer
Editorial
and
intangible
intangible
excluding
\nrelated
related
content
technology
Other
assets
assets
goodwill
\nGoodwill
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nCOST
\nAs at 1 January 2021
7,224
2,391
1,750
614
688
2,381
7,824
3,251
11,075
\nAcquisitions
131
11
78
11
51
5
156
\u2013
156
\nAdditions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
310
310
\nDisposals and other
(3)
(2)
2
(7)
\u2013
(23)
(30)
(19)
(49)
\nExchange translation differences
14
15
10
2
1
(13)
15
(31)
(16)
\nAt 1 January 2022
7,366
2,415
1,840
620
740
2,350
7,965
3,511
11,476
\nAcquisitions
269
18
43
27
37
\u2013
125
\u2013
125
\nAdditions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
402
402
\nDisposals and other
\u2013
(2)
(4)
\u2013
\u2013
(9)
(15)
(84)
(99)
\nExchange translation differences
753
268
197
43
68
177
753
291
1,044
\nAt 31 December 2022
8,388
2,699
2,076
690
845
2,518
8,828
4,120
12,948
\nACCUMULATED AMORTISATION
\nAs at 1 January 2021
\u2013
1,323
1,054
514
414
2,338
5,643
2,007
7,650
\nCharge for the year*
\u2013
109
79
39
54
16
297
295
592
\nDisposals and other
\u2013
(2)
(6)
1
\u2013
(23)
(30)
(19)
(49)
\nExchange translation differences
\u2013
8
5
2
(1)
(12)
2
(23)
(21)
\nAt 1 January 2022
\u2013
1,438
1,132
556
467
2,319
5,912
2,260
8,172
\nCharge for the year*
\u2013
121
78
29
53
13
294
309
603
\nDisposals and other
\u2013
(2)
(4)
(5)
5
(9)
(15)
(78)
(93)
\nExchange translation differences
\u2013
161
126
37
47
177
548
194
742
\nAt 31 December 2022
\u2013
1,718
1,332
617
572
2,500
6,739
2,685
9,424
\nNET BOOK AMOUNT
\nAt 31 December 2021
7,366
977
708
64
273
31
2,053
1,251
3,304
\nAt 31 December 2022
8,388
981
744
73
273
18
2,089
1,435
3,524
\n* Includes impairments of
acquired intangible assets of \u00a31m (2021: \u00a313m; 2020: \u00a342m in Legal and \u00a323m in Exhibitions) and an impairment of internally developed
\nintangible assets of \u00a313m in Exhibitions (2021:nil; 2020: \u00a329m). Refer to note 2 for further detail on the exceptional costs in Exhibitions in 2020.
\nThe carrying amount of goodwill is shown after cumulative amortisation of \u00a31,253m (2021: \u00a31,144m), which was charged prior to the
\nadoption of IFRS, and \u00a39m (2021: \u00a38m) of subsequent impairment charges recorded in prior years.
\nThe Legal business has \u00a3735m (2021: \u00a3663m) of capitalised development costs associated with platforms and infrastructure.
\nIncluded in market-related intangible assets are \u00a3125m (2021: \u00a3112m) of journal titles relating to Scientific, Technical & Medical
\ndetermined to have indefinite lives based on an assessment of their historical longevity and stable market positions.
\nImpairment review
\nThere were no charges for impairment of goodwill or indefinite lived intangible assets in 2022 (2021: nil).
\nGoodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level at
\nwhich goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill arising
\nis allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas have
\nbecome increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills, knowledge and
\ntechnology platforms, and the monitoring of goodwill by management.
\nGOODWILL
2021
2022
\n\u00a3m
\u00a3m
\nRisk
3,675
4,167
\nScientific, Technical &
Medical
1,683
2,015
\nLegal
1,406
1,572
\nExhibitions
602
634
\nTotal
7,366
8,388
\n
14 Intangible assets (continued)
\nThe key assumptions used for each group of CGUs are disclosed below:
\nKEY ASSUMPTIONS
2021
2022
\nNominal
Nominal
\nPre-tax
long-term
Pre-tax
long-term
\ndiscount
market
discount
market
\nrate
growth rate
rate
growth rate
\nRisk
9.8
%
3
%
11.2
%
4
%
\nScientific, Technical & Medical
9.1
%
3
%
10.5
%
3
%
\nLegal
9.9
%
2
%
10.9
%
3
%
\nExhibitions
11.7
%
3
%
13.0
%
4
%
\nThe pre\u2013tax discount rates used are based on the Group\u2019s weighted average cost of capital, adjusted to reflect a risk premium specific
\nto each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has been estimated
\nby grossing up the post-tax rate.
The Group\u2019s weighted average cost of capital is derived from a risk free rate, a market risk premium,
\na risk adjustment (beta) and a cost of debt adjustment. The discount rates and the cash flow projections are in nominal terms and
\ntherefore, take into account the impact of inflation. The Group\u2019s weighted average cost of capital was calculated as at 30 September 2022
\nwhen the impairment review was performed, and there were no indicators of impairment in the intervening period to 31 December 2022.
\nThe key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth,
\noperating margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past
\nresults adjusted by management based on salient current and future considerations. Cash conversion rates for each CGU are based on
\nhistorical cash conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years,
\ndo not exceed the long-term average growth prospects for the sectors and territories in which the businesses operate.
\nA sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by management:
\nincreases 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
\n2.0; 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
\nthe nominal long-term market growth rates of 1%. These sensitivity analyses show that no impairment charges would result from these
\nscenarios.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22296": {
"value": "14 Intangible assets \nAccounting policy
\nOn acquisition of a subsidiary or business, the purchase consideration is allocated between the net tangible and intangible assets
\nother than goodwill on a fair value basis, with any excess purchase consideration representing goodwill. Goodwill is carried at fair
\nvalue as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their fair value as at the date of
\nacquisition less accumulated amortisation (including impairment). On disposal of a subsidiary or business, the attributable amount of
\ngoodwill is included in the determination of profit or loss recognised in the income statement.
\nManagement judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
\nrelated assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
\nrelationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process
\nresearch and development); and other intangible assets mainly comprising contract and rights-related assets.
\nThe valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation
\nmethodologies, including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in
\nestimating valuation of the intangible assets include growth in cash flows over the forecast period, the long-term growth rate
\nassumed thereafter and the discount rate applied to the forecast cash flows.
\nThe selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
\nbrands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
\nthe technological and competitive risks that they face. Certain intangible assets are in relation to acquired science and medical
\npublishing businesses that have been determined to have indefinite lives. The longevity of these assets is evidenced by their long-
\nestablished and well regarded journal titles, and their characteristically stable market positions. Intangible assets, other than journal
\ntitles determined to have indefinite lives, are amortised on a straight-line basis over their estimated useful lives. The estimated useful
\nlives of intangible assets with finite lives are:
\n\u25a0
Market-related assets \u2013 1 to 40 years
\n\u25a0
Customer-related assets \u2013 1 to 20 years
\n\u25a0
Editorial content \u2013 1 to 40 years
\n\u25a0
Software and systems \u2013 1 to 10 years
\n\u25a0
Other \u2013 3 to 20 years
\nJournal titles determined to have indefinite lives are not amortised and are subject to impairment review at least annually, including a
\nreview of events and circumstances to ensure that they continue to support an indefinite useful life.
\nInternally developed intangible assets typically comprise software and systems development where an identifiable asset is created
\nthat is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally developed
\nintangible assets are amortised on a straight line basis over their estimated useful lives of three to 15 years. Impairment reviews are
\ncarried out at least annually or where indicators of impairment are identified.
\nImpairment reviews
\nGoodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for
\nimpairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the
\nincome statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount
\nand not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying
\namounts of all other intangible assets are reviewed where there are indications of possible impairment.
\nAn impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest
\nmanagement cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses
\nare the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the
\ndiscount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
\nand discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates
\nare made based on the cash flows of the CGU to which the asset belongs.
\nCritical judgements and key sources of estimation uncertainty
\nAcquired intangible assets
\nIn 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of
\nfuture cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation
\nuncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions
\ncompleted during the year.
\nDevelopment spend
\nDevelopment spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
\nplatforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing
\noperating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms
\nand infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable
\nvalue and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified
\nand directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is
\nrequired in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and
\nthe selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and
\ndiscount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of
\nintangible assets.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
14 Intangible assets (continued)
\nTotal
Total
\nTotal
internally
intangible
\nSoftware
acquired
developed
assets
\nMarket
Customer
Editorial
and
intangible
intangible
excluding
\nrelated
related
content
technology
Other
assets
assets
goodwill
\nGoodwill
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nCOST
\nAs at 1 January 2021
7,224
2,391
1,750
614
688
2,381
7,824
3,251
11,075
\nAcquisitions
131
11
78
11
51
5
156
\u2013
156
\nAdditions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
310
310
\nDisposals and other
(3)
(2)
2
(7)
\u2013
(23)
(30)
(19)
(49)
\nExchange translation differences
14
15
10
2
1
(13)
15
(31)
(16)
\nAt 1 January 2022
7,366
2,415
1,840
620
740
2,350
7,965
3,511
11,476
\nAcquisitions
269
18
43
27
37
\u2013
125
\u2013
125
\nAdditions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
402
402
\nDisposals and other
\u2013
(2)
(4)
\u2013
\u2013
(9)
(15)
(84)
(99)
\nExchange translation differences
753
268
197
43
68
177
753
291
1,044
\nAt 31 December 2022
8,388
2,699
2,076
690
845
2,518
8,828
4,120
12,948
\nACCUMULATED AMORTISATION
\nAs at 1 January 2021
\u2013
1,323
1,054
514
414
2,338
5,643
2,007
7,650
\nCharge for the year*
\u2013
109
79
39
54
16
297
295
592
\nDisposals and other
\u2013
(2)
(6)
1
\u2013
(23)
(30)
(19)
(49)
\nExchange translation differences
\u2013
8
5
2
(1)
(12)
2
(23)
(21)
\nAt 1 January 2022
\u2013
1,438
1,132
556
467
2,319
5,912
2,260
8,172
\nCharge for the year*
\u2013
121
78
29
53
13
294
309
603
\nDisposals and other
\u2013
(2)
(4)
(5)
5
(9)
(15)
(78)
(93)
\nExchange translation differences
\u2013
161
126
37
47
177
548
194
742
\nAt 31 December 2022
\u2013
1,718
1,332
617
572
2,500
6,739
2,685
9,424
\nNET BOOK AMOUNT
\nAt 31 December 2021
7,366
977
708
64
273
31
2,053
1,251
3,304
\nAt 31 December 2022
8,388
981
744
73
273
18
2,089
1,435
3,524
\n* Includes impairments of
acquired intangible assets of \u00a31m (2021: \u00a313m; 2020: \u00a342m in Legal and \u00a323m in Exhibitions) and an impairment of internally developed
\nintangible assets of \u00a313m in Exhibitions (2021:nil; 2020: \u00a329m). Refer to note 2 for further detail on the exceptional costs in Exhibitions in 2020.
\nThe carrying amount of goodwill is shown after cumulative amortisation of \u00a31,253m (2021: \u00a31,144m), which was charged prior to the
\nadoption of IFRS, and \u00a39m (2021: \u00a38m) of subsequent impairment charges recorded in prior years.
\nThe Legal business has \u00a3735m (2021: \u00a3663m) of capitalised development costs associated with platforms and infrastructure.
\nIncluded in market-related intangible assets are \u00a3125m (2021: \u00a3112m) of journal titles relating to Scientific, Technical & Medical
\ndetermined to have indefinite lives based on an assessment of their historical longevity and stable market positions.
\nImpairment review
\nThere were no charges for impairment of goodwill or indefinite lived intangible assets in 2022 (2021: nil).
\nGoodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level at
\nwhich goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill arising
\nis allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas have
\nbecome increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills, knowledge and
\ntechnology platforms, and the monitoring of goodwill by management.
\nGOODWILL
2021
2022
\n\u00a3m
\u00a3m
\nRisk
3,675
4,167
\nScientific, Technical &
Medical
1,683
2,015
\nLegal
1,406
1,572
\nExhibitions
602
634
\nTotal
7,366
8,388
\n
14 Intangible assets (continued)
\nThe key assumptions used for each group of CGUs are disclosed below:
\nKEY ASSUMPTIONS
2021
2022
\nNominal
Nominal
\nPre-tax
long-term
Pre-tax
long-term
\ndiscount
market
discount
market
\nrate
growth rate
rate
growth rate
\nRisk
9.8
%
3
%
11.2
%
4
%
\nScientific, Technical & Medical
9.1
%
3
%
10.5
%
3
%
\nLegal
9.9
%
2
%
10.9
%
3
%
\nExhibitions
11.7
%
3
%
13.0
%
4
%
\nThe pre\u2013tax discount rates used are based on the Group\u2019s weighted average cost of capital, adjusted to reflect a risk premium specific
\nto each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has been estimated
\nby grossing up the post-tax rate.
The Group\u2019s weighted average cost of capital is derived from a risk free rate, a market risk premium,
\na risk adjustment (beta) and a cost of debt adjustment. The discount rates and the cash flow projections are in nominal terms and
\ntherefore, take into account the impact of inflation. The Group\u2019s weighted average cost of capital was calculated as at 30 September 2022
\nwhen the impairment review was performed, and there were no indicators of impairment in the intervening period to 31 December 2022.
\nThe key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth,
\noperating margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past
\nresults adjusted by management based on salient current and future considerations. Cash conversion rates for each CGU are based on
\nhistorical cash conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years,
\ndo not exceed the long-term average growth prospects for the sectors and territories in which the businesses operate.
\nA sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by management:
\nincreases 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
\n2.0; 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
\nthe nominal long-term market growth rates of 1%. These sensitivity analyses show that no impairment charges would result from these
\nscenarios.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22297": {
"value": "14 Intangible assets \nAccounting policy
\nOn acquisition of a subsidiary or business, the purchase consideration is allocated between the net tangible and intangible assets
\nother than goodwill on a fair value basis, with any excess purchase consideration representing goodwill. Goodwill is carried at fair
\nvalue as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their fair value as at the date of
\nacquisition less accumulated amortisation (including impairment). On disposal of a subsidiary or business, the attributable amount of
\ngoodwill is included in the determination of profit or loss recognised in the income statement.
\nManagement judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
\nrelated assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
\nrelationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process
\nresearch and development); and other intangible assets mainly comprising contract and rights-related assets.
\nThe valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation
\nmethodologies, including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in
\nestimating valuation of the intangible assets include growth in cash flows over the forecast period, the long-term growth rate
\nassumed thereafter and the discount rate applied to the forecast cash flows.
\nThe selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
\nbrands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
\nthe technological and competitive risks that they face. Certain intangible assets are in relation to acquired science and medical
\npublishing businesses that have been determined to have indefinite lives. The longevity of these assets is evidenced by their long-
\nestablished and well regarded journal titles, and their characteristically stable market positions. Intangible assets, other than journal
\ntitles determined to have indefinite lives, are amortised on a straight-line basis over their estimated useful lives. The estimated useful
\nlives of intangible assets with finite lives are:
\n\u25a0
Market-related assets \u2013 1 to 40 years
\n\u25a0
Customer-related assets \u2013 1 to 20 years
\n\u25a0
Editorial content \u2013 1 to 40 years
\n\u25a0
Software and systems \u2013 1 to 10 years
\n\u25a0
Other \u2013 3 to 20 years
\nJournal titles determined to have indefinite lives are not amortised and are subject to impairment review at least annually, including a
\nreview of events and circumstances to ensure that they continue to support an indefinite useful life.
\nInternally developed intangible assets typically comprise software and systems development where an identifiable asset is created
\nthat is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally developed
\nintangible assets are amortised on a straight line basis over their estimated useful lives of three to 15 years. Impairment reviews are
\ncarried out at least annually or where indicators of impairment are identified.
\nImpairment reviews
\nGoodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for
\nimpairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the
\nincome statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount
\nand not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying
\namounts of all other intangible assets are reviewed where there are indications of possible impairment.
\nAn impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest
\nmanagement cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses
\nare the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the
\ndiscount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
\nand discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates
\nare made based on the cash flows of the CGU to which the asset belongs.
\nCritical judgements and key sources of estimation uncertainty
\nAcquired intangible assets
\nIn 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of
\nfuture cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation
\nuncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions
\ncompleted during the year.
\nDevelopment spend
\nDevelopment spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
\nplatforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing
\noperating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms
\nand infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable
\nvalue and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified
\nand directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is
\nrequired in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and
\nthe selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and
\ndiscount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of
\nintangible assets.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
14 Intangible assets (continued)
\nTotal
Total
\nTotal
internally
intangible
\nSoftware
acquired
developed
assets
\nMarket
Customer
Editorial
and
intangible
intangible
excluding
\nrelated
related
content
technology
Other
assets
assets
goodwill
\nGoodwill
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nCOST
\nAs at 1 January 2021
7,224
2,391
1,750
614
688
2,381
7,824
3,251
11,075
\nAcquisitions
131
11
78
11
51
5
156
\u2013
156
\nAdditions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
310
310
\nDisposals and other
(3)
(2)
2
(7)
\u2013
(23)
(30)
(19)
(49)
\nExchange translation differences
14
15
10
2
1
(13)
15
(31)
(16)
\nAt 1 January 2022
7,366
2,415
1,840
620
740
2,350
7,965
3,511
11,476
\nAcquisitions
269
18
43
27
37
\u2013
125
\u2013
125
\nAdditions
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
402
402
\nDisposals and other
\u2013
(2)
(4)
\u2013
\u2013
(9)
(15)
(84)
(99)
\nExchange translation differences
753
268
197
43
68
177
753
291
1,044
\nAt 31 December 2022
8,388
2,699
2,076
690
845
2,518
8,828
4,120
12,948
\nACCUMULATED AMORTISATION
\nAs at 1 January 2021
\u2013
1,323
1,054
514
414
2,338
5,643
2,007
7,650
\nCharge for the year*
\u2013
109
79
39
54
16
297
295
592
\nDisposals and other
\u2013
(2)
(6)
1
\u2013
(23)
(30)
(19)
(49)
\nExchange translation differences
\u2013
8
5
2
(1)
(12)
2
(23)
(21)
\nAt 1 January 2022
\u2013
1,438
1,132
556
467
2,319
5,912
2,260
8,172
\nCharge for the year*
\u2013
121
78
29
53
13
294
309
603
\nDisposals and other
\u2013
(2)
(4)
(5)
5
(9)
(15)
(78)
(93)
\nExchange translation differences
\u2013
161
126
37
47
177
548
194
742
\nAt 31 December 2022
\u2013
1,718
1,332
617
572
2,500
6,739
2,685
9,424
\nNET BOOK AMOUNT
\nAt 31 December 2021
7,366
977
708
64
273
31
2,053
1,251
3,304
\nAt 31 December 2022
8,388
981
744
73
273
18
2,089
1,435
3,524
\n* Includes impairments of
acquired intangible assets of \u00a31m (2021: \u00a313m; 2020: \u00a342m in Legal and \u00a323m in Exhibitions) and an impairment of internally developed
\nintangible assets of \u00a313m in Exhibitions (2021:nil; 2020: \u00a329m). Refer to note 2 for further detail on the exceptional costs in Exhibitions in 2020.
\nThe carrying amount of goodwill is shown after cumulative amortisation of \u00a31,253m (2021: \u00a31,144m), which was charged prior to the
\nadoption of IFRS, and \u00a39m (2021: \u00a38m) of subsequent impairment charges recorded in prior years.
\nThe Legal business has \u00a3735m (2021: \u00a3663m) of capitalised development costs associated with platforms and infrastructure.
\nIncluded in market-related intangible assets are \u00a3125m (2021: \u00a3112m) of journal titles relating to Scientific, Technical & Medical
\ndetermined to have indefinite lives based on an assessment of their historical longevity and stable market positions.
\nImpairment review
\nThere were no charges for impairment of goodwill or indefinite lived intangible assets in 2022 (2021: nil).
\nGoodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level at
\nwhich goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill arising
\nis allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas have
\nbecome increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills, knowledge and
\ntechnology platforms, and the monitoring of goodwill by management.
\nGOODWILL
2021
2022
\n\u00a3m
\u00a3m
\nRisk
3,675
4,167
\nScientific, Technical &
Medical
1,683
2,015
\nLegal
1,406
1,572
\nExhibitions
602
634
\nTotal
7,366
8,388
\n
14 Intangible assets (continued)
\nThe key assumptions used for each group of CGUs are disclosed below:
\nKEY ASSUMPTIONS
2021
2022
\nNominal
Nominal
\nPre-tax
long-term
Pre-tax
long-term
\ndiscount
market
discount
market
\nrate
growth rate
rate
growth rate
\nRisk
9.8
%
3
%
11.2
%
4
%
\nScientific, Technical & Medical
9.1
%
3
%
10.5
%
3
%
\nLegal
9.9
%
2
%
10.9
%
3
%
\nExhibitions
11.7
%
3
%
13.0
%
4
%
\nThe pre\u2013tax discount rates used are based on the Group\u2019s weighted average cost of capital, adjusted to reflect a risk premium specific
\nto each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has been estimated
\nby grossing up the post-tax rate.
The Group\u2019s weighted average cost of capital is derived from a risk free rate, a market risk premium,
\na risk adjustment (beta) and a cost of debt adjustment. The discount rates and the cash flow projections are in nominal terms and
\ntherefore, take into account the impact of inflation. The Group\u2019s weighted average cost of capital was calculated as at 30 September 2022
\nwhen the impairment review was performed, and there were no indicators of impairment in the intervening period to 31 December 2022.
\nThe key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth,
\noperating margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past
\nresults adjusted by management based on salient current and future considerations. Cash conversion rates for each CGU are based on
\nhistorical cash conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years,
\ndo not exceed the long-term average growth prospects for the sectors and territories in which the businesses operate.
\nA sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by management:
\nincreases 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
\n2.0; 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
\nthe nominal long-term market growth rates of 1%. These sensitivity analyses show that no impairment charges would result from these
\nscenarios.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22303": {
"value": "Accounting policy \nOn acquisition of a subsidiary or business, the purchase consideration is allocated between the net tangible and intangible assets
\nother than goodwill on a fair value basis, with any excess purchase consideration representing goodwill. Goodwill is carried at fair
\nvalue as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their fair value as at the date of
\nacquisition less accumulated amortisation (including impairment). On disposal of a subsidiary or business, the attributable amount of
\ngoodwill is included in the determination of profit or loss recognised in the income statement.
\nManagement judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
\nrelated assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
\nrelationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process
\nresearch and development); and other intangible assets mainly comprising contract and rights-related assets.
\nThe valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation
\nmethodologies, including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in
\nestimating valuation of the intangible assets include growth in cash flows over the forecast period, the long-term growth rate
\nassumed thereafter and the discount rate applied to the forecast cash flows.
\nThe selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
\nbrands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
\nthe technological and competitive risks that they face. Certain intangible assets are in relation to acquired science and medical
\npublishing businesses that have been determined to have indefinite lives. The longevity of these assets is evidenced by their long-
\nestablished and well regarded journal titles, and their characteristically stable market positions. Intangible assets, other than journal
\ntitles determined to have indefinite lives, are amortised on a straight-line basis over their estimated useful lives. The estimated useful
\nlives of intangible assets with finite lives are:
\n\u25a0
Market-related assets \u2013 1 to 40 years
\n\u25a0
Customer-related assets \u2013 1 to 20 years
\n\u25a0
Editorial content \u2013 1 to 40 years
\n\u25a0
Software and systems \u2013 1 to 10 years
\n\u25a0
Other \u2013 3 to 20 years
\nJournal titles determined to have indefinite lives are not amortised and are subject to impairment review at least annually, including a
\nreview of events and circumstances to ensure that they continue to support an indefinite useful life.
\nInternally developed intangible assets typically comprise software and systems development where an identifiable asset is created
\nthat is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally developed
\nintangible assets are amortised on a straight line basis over their estimated useful lives of three to 15 years. Impairment reviews are
\ncarried out at least annually or where indicators of impairment are identified.
\nImpairment reviews
\nGoodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for
\nimpairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the
\nincome statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount
\nand not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying
\namounts of all other intangible assets are reviewed where there are indications of possible impairment.
\nAn impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest
\nmanagement cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses
\nare the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the
\ndiscount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
\nand discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates
\nare made based on the cash flows of the CGU to which the asset belongs.
\nCritical judgements and key sources of estimation uncertainty
\nAcquired intangible assets
\nIn 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of
\nfuture cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation
\nuncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions
\ncompleted during the year.
\nDevelopment spend
\nDevelopment spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
\nplatforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing
\noperating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms
\nand infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable
\nvalue and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified
\nand directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is
\nrequired in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and
\nthe selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and
\ndiscount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of
\nintangible assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22304": {
"value": "Accounting policy \nOn acquisition of a subsidiary or business, the purchase consideration is allocated between the net tangible and intangible assets
\nother than goodwill on a fair value basis, with any excess purchase consideration representing goodwill. Goodwill is carried at fair
\nvalue as at the date of acquisition less impairment charges. Acquired intangible assets are carried at their fair value as at the date of
\nacquisition less accumulated amortisation (including impairment). On disposal of a subsidiary or business, the attributable amount of
\ngoodwill is included in the determination of profit or loss recognised in the income statement.
\nManagement judgement is required to identify intangible assets acquired as part of business combinations which comprise: market-
\nrelated assets (e.g. trademarks, imprints, brands); customer-related assets (e.g. subscription bases, customer lists, customer
\nrelationships); editorial content; software and systems (e.g. application infrastructure, product delivery platforms, in-process
\nresearch and development); and other intangible assets mainly comprising contract and rights-related assets.
\nThe valuation of acquired intangible assets represents the estimated economic value in use, using standard valuation
\nmethodologies, including as appropriate, discounted cash flow and comparable market transactions. Judgements involved in
\nestimating valuation of the intangible assets include growth in cash flows over the forecast period, the long-term growth rate
\nassumed thereafter and the discount rate applied to the forecast cash flows.
\nThe selection of appropriate amortisation periods for acquired intangible assets requires management to assess the longevity of
\nbrands and imprints, the strength and stability of customer relationships, the market positions of the acquired intangible assets and
\nthe technological and competitive risks that they face. Certain intangible assets are in relation to acquired science and medical
\npublishing businesses that have been determined to have indefinite lives. The longevity of these assets is evidenced by their long-
\nestablished and well regarded journal titles, and their characteristically stable market positions. Intangible assets, other than journal
\ntitles determined to have indefinite lives, are amortised on a straight-line basis over their estimated useful lives. The estimated useful
\nlives of intangible assets with finite lives are:
\n\u25a0
Market-related assets \u2013 1 to 40 years
\n\u25a0
Customer-related assets \u2013 1 to 20 years
\n\u25a0
Editorial content \u2013 1 to 40 years
\n\u25a0
Software and systems \u2013 1 to 10 years
\n\u25a0
Other \u2013 3 to 20 years
\nJournal titles determined to have indefinite lives are not amortised and are subject to impairment review at least annually, including a
\nreview of events and circumstances to ensure that they continue to support an indefinite useful life.
\nInternally developed intangible assets typically comprise software and systems development where an identifiable asset is created
\nthat is probable to generate future economic benefits and are carried at cost less accumulated amortisation. Internally developed
\nintangible assets are amortised on a straight line basis over their estimated useful lives of three to 15 years. Impairment reviews are
\ncarried out at least annually or where indicators of impairment are identified.
\nImpairment reviews
\nGoodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for
\nimpairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the
\nincome statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount
\nand not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying
\namounts of all other intangible assets are reviewed where there are indications of possible impairment.
\nAn impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest
\nmanagement cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses
\nare the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the
\ndiscount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
\nand discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates
\nare made based on the cash flows of the CGU to which the asset belongs.
\nCritical judgements and key sources of estimation uncertainty
\nAcquired intangible assets
\nIn 2022, the identification of intangible assets was not considered to be a critical judgement and estimates used in determination of
\nfuture cash flows and discount rate used in the valuation of intangible assets were not considered to be a key source of estimation
\nuncertainty which could give rise to a risk of material adjustment in the next 12 months given the size and quantum of acquisitions
\ncompleted during the year.
\nDevelopment spend
\nDevelopment spend encompasses investment in new products and other initiatives, ranging from the building of online delivery
\nplatforms, to launch costs of new services, to building new infrastructure and applications. Launch costs and other ongoing
\noperating expenses of new products and services are expensed as incurred. The costs of building product applications, platforms
\nand infrastructure are capitalised as internally generated intangible assets, where the investment they represent has demonstrable
\nvalue and the technical and commercial feasibility is assured. Costs eligible for capitalisation must be incremental, clearly identified
\nand directly attributable to a particular project. The resulting assets are amortised over their estimated useful lives. Judgement is
\nrequired in the assessment of the potential value of a development project, the identification of costs eligible for capitalisation and
\nthe selection of appropriate asset lives. Where indicators of impairment are identified, estimates relating to the future cash flows and
\ndiscount rates used in calculating the value in use of the intangible asset may have a material effect on the reported amounts of
\nintangible assets.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22345": {
"value": "Impairment reviews Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for
\nimpairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the
\nincome statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount
\nand not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying
\namounts of all other intangible assets are reviewed where there are indications of possible impairment.
\nAn impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest
\nmanagement cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses
\nare the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the
\ndiscount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
\nand discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates
\nare made based on the cash flows of the CGU to which the asset belongs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22346": {
"value": "Impairment reviews Goodwill and acquired intangible assets with an indefinite life are allocated to cash generating units (CGUs) and tested for
\nimpairment at least annually or when there is an indicator that the asset may be impaired. An impairment loss is recognised in the
\nincome statement in administration and other expenses to the extent the carrying value of goodwill exceeds its recoverable amount
\nand not subsequently reversed. The recoverable amount is the higher of fair value less costs to sell and value in use. The carrying
\namounts of all other intangible assets are reviewed where there are indications of possible impairment.
\nAn impairment review involves a comparison of the carrying value of the asset with estimated values in use based on the latest
\nmanagement cash flow projections, approved by the Board. Key areas of judgement in estimating the values in use of businesses
\nare the growth in cash flows over a forecast period of up to five years, the long-term growth rate assumed thereafter and the
\ndiscount rate applied to the forecast cash flows. These calculations require the use of estimates in respect of forecast cash flows
\nand discount rates. Where the asset does not generate cash flows that are independent from other assets, value in use estimates
\nare made based on the cash flows of the CGU to which the asset belongs.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22679": {
"value": "Impairment review \nThere were no charges for impairment of goodwill or indefinite lived intangible assets in 2022 (2021: nil).
\nGoodwill and indefinite lived intangible assets are compiled and assessed among groups of CGUs, which represent the lowest level at
\nwhich goodwill is monitored by management. Typically, acquisitions are integrated into existing business areas, and the goodwill arising
\nis allocated to the groups of CGUs that are expected to benefit from the synergies of the acquisition. As the business areas have
\nbecome increasingly integrated and globalised, the current CGU allocation reflects the global leverage of assets, skills, knowledge and
\ntechnology platforms, and the monitoring of goodwill by management.
\nGOODWILL
2021
2022
\n\u00a3m
\u00a3m
\nRisk
3,675
4,167
\nScientific, Technical &
Medical
1,683
2,015
\nLegal
1,406
1,572
\nExhibitions
602
634
\nTotal
7,366
8,388
\n
14 Intangible assets (continued)
\nThe key assumptions used for each group of CGUs are disclosed below:
\nKEY ASSUMPTIONS
2021
2022
\nNominal
Nominal
\nPre-tax
long-term
Pre-tax
long-term
\ndiscount
market
discount
market
\nrate
growth rate
rate
growth rate
\nRisk
9.8
%
3
%
11.2
%
4
%
\nScientific, Technical & Medical
9.1
%
3
%
10.5
%
3
%
\nLegal
9.9
%
2
%
10.9
%
3
%
\nExhibitions
11.7
%
3
%
13.0
%
4
%
\nThe pre\u2013tax discount rates used are based on the Group\u2019s weighted average cost of capital, adjusted to reflect a risk premium specific
\nto each business. A post-tax discount rate was applied to post-tax cash flows. The equivalent pre-tax discount rate has been estimated
\nby grossing up the post-tax rate.
The Group\u2019s weighted average cost of capital is derived from a risk free rate, a market risk premium,
\na risk adjustment (beta) and a cost of debt adjustment. The discount rates and the cash flow projections are in nominal terms and
\ntherefore, take into account the impact of inflation. The Group\u2019s weighted average cost of capital was calculated as at 30 September 2022
\nwhen the impairment review was performed, and there were no indicators of impairment in the intervening period to 31 December 2022.
\nThe key assumptions within the forecast growth in the cash flows over a forecast period of up to five years are revenue growth,
\noperating margin and cash conversion. Revenue growth and operating profit margin forecasts for each CGU are derived from past
\nresults adjusted by management based on salient current and future considerations. Cash conversion rates for each CGU are based on
\nhistorical cash conversion rates. Nominal long-term market growth rates, which are applied after the forecast period of up to five years,
\ndo not exceed the long-term average growth prospects for the sectors and territories in which the businesses operate.
\nA sensitivity analysis has been performed based on changes in key assumptions considered to be reasonably possible by management:
\nincreases 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
\n2.0; 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
\nthe nominal long-term market growth rates of 1%. These sensitivity analyses show that no impairment charges would result from these
\nscenarios.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22804": {
"value": "15 Investments \nAccounting policy
\nInvestments, other than investments in joint arrangements and associates, are stated in the statement of financial position at fair
\nvalue. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and other non-
\noperating items in the income statement. All items recognised in the income statement relating to investments, other than
\ninvestments in joint arrangements and associates, are reported as disposals and other non-operating items.
\nVenture capital investments and equity investments represent interests in listed and unlisted securities. The fair value of listed
\nsecurities is based on quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of
\nfair value based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard
\nto maximising the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate.
\nAll joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the
\narrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement
\nof financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n2021
2022
\n\u00a3m
\u00a3m
\nInvestments in joint ventures and associates
105
159
\nVenture capital investments
107
127
\nTotal
212
286
\nThe value of venture capital investments and equity investments has been determined by reference to quoted prices in active markets,
\nother observable market inputs or, when these are not available, by reference to inputs we believe would reflect the assumptions market
\nparticipants would use.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
15 Investments (continued)
\nAn analysis of changes in the carrying value of investments in joint ventures and associates is set out below:
\n2021
2022
\n\u00a3m
\u00a3m
\nAt start of year
103
105
\nShare of results of joint ventures
29
19
\nDividends received from joint ventures
(20)
(33)
\nAcquisitions
\u2013
62
\nDisposals and other
(4)
1
\nExchange translation differences
(3)
5
\nAt end of year
105
159
\nSummarised aggregate information in respect of the Group\u2019s share of joint ventures and associates is set out below:
\nRELX\u2019s share
\n2021
2022
\n\u00a3m
\u00a3m
\nRevenue
78
55
\nNet profit for the year
29
19
\nTotal assets
136
190
\nTotal liabilities
(70)
(75)
\nNet assets
66
115
\nGoodwill
39
44
\nTotal
105
159
\nThe Group\u2019s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2022
\nand 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22805": {
"value": "15 Investments \nAccounting policy
\nInvestments, other than investments in joint arrangements and associates, are stated in the statement of financial position at fair
\nvalue. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and other non-
\noperating items in the income statement. All items recognised in the income statement relating to investments, other than
\ninvestments in joint arrangements and associates, are reported as disposals and other non-operating items.
\nVenture capital investments and equity investments represent interests in listed and unlisted securities. The fair value of listed
\nsecurities is based on quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of
\nfair value based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard
\nto maximising the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate.
\nAll joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the
\narrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement
\nof financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
\n2021
2022
\n\u00a3m
\u00a3m
\nInvestments in joint ventures and associates
105
159
\nVenture capital investments
107
127
\nTotal
212
286
\nThe value of venture capital investments and equity investments has been determined by reference to quoted prices in active markets,
\nother observable market inputs or, when these are not available, by reference to inputs we believe would reflect the assumptions market
\nparticipants would use.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
15 Investments (continued)
\nAn analysis of changes in the carrying value of investments in joint ventures and associates is set out below:
\n2021
2022
\n\u00a3m
\u00a3m
\nAt start of year
103
105
\nShare of results of joint ventures
29
19
\nDividends received from joint ventures
(20)
(33)
\nAcquisitions
\u2013
62
\nDisposals and other
(4)
1
\nExchange translation differences
(3)
5
\nAt end of year
105
159
\nSummarised aggregate information in respect of the Group\u2019s share of joint ventures and associates is set out below:
\nRELX\u2019s share
\n2021
2022
\n\u00a3m
\u00a3m
\nRevenue
78
55
\nNet profit for the year
29
19
\nTotal assets
136
190
\nTotal liabilities
(70)
(75)
\nNet assets
66
115
\nGoodwill
39
44
\nTotal
105
159
\nThe Group\u2019s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2022
\nand 2021.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22806": {
"value": "15 InvestmentsAn analysis of changes in the carrying value of investments in joint ventures and associates is set out below:
\n2021
2022
\n\u00a3m
\u00a3m
\nAt start of year
103
105
\nShare of results of joint ventures
29
19
\nDividends received from joint ventures
(20)
(33)
\nAcquisitions
\u2013
62
\nDisposals and other
(4)
1
\nExchange translation differences
(3)
5
\nAt end of year
105
159
\nSummarised aggregate information in respect of the Group\u2019s share of joint ventures and associates is set out below:
\nRELX\u2019s share
\n2021
2022
\n\u00a3m
\u00a3m
\nRevenue
78
55
\nNet profit for the year
29
19
\nTotal assets
136
190
\nTotal liabilities
(70)
(75)
\nNet assets
66
115
\nGoodwill
39
44
\nTotal
105
159
\nThe Group\u2019s consolidated other comprehensive income includes no income or losses relating to joint ventures and associates in 2022
\nand 2021.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22810": {
"value": "Accounting policy
\nInvestments, other than investments in joint arrangements and associates, are stated in the statement of financial position at fair
\nvalue. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and other non-
\noperating items in the income statement. All items recognised in the income statement relating to investments, other than
\ninvestments in joint arrangements and associates, are reported as disposals and other non-operating items.
\nVenture capital investments and equity investments represent interests in listed and unlisted securities. The fair value of listed
\nsecurities is based on quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of
\nfair value based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard
\nto maximising the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate.
\nAll joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the
\narrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement
\nof financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
Accounting policy
\nFinancial instruments comprise investments (other than investments in joint ventures or associates), trade receivables, cash and
\ncash equivalents, payables and accruals, borrowings and derivative financial instruments.
\nInvestments (other than investments in joint ventures and associates) are described in note 15. The fair value of such investments is
\nbased on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to
\nmaximising the use of observable inputs and adjusting for risk. (These investments are typically classified as either Level 2 or 3 in
\nthe IFRS 13 fair value hierarchy.)
\nTrade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
\nExpected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables are
\nrecorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated hedging
\nrelationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss
\nattributable to the hedged risk).
\nDerivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place
\nagainst changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable
\nto the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The
\noffsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement
\nwithin finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the
\ncumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the
\nborrowing using the effective interest method.
\nChanges in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are
\nrecognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to
\nforeign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm
\ncommitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or
\nliability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive
\nincome are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or
\na liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged
\nitem affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement.
\nCash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer
\nqualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
\ncomprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or, where
\na hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
\nDerivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position at
\nfair value, with changes in fair value recognised in the income statement.
\nThe fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of
\ninterest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable
\nmarket rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.)
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22811": {
"value": "Accounting policy
\nInvestments, other than investments in joint arrangements and associates, are stated in the statement of financial position at fair
\nvalue. Changes in the fair value of investments held as part of the venture capital portfolio are reported in disposals and other non-
\noperating items in the income statement. All items recognised in the income statement relating to investments, other than
\ninvestments in joint arrangements and associates, are reported as disposals and other non-operating items.
\nVenture capital investments and equity investments represent interests in listed and unlisted securities. The fair value of listed
\nsecurities is based on quoted prices in active markets. The fair value of unlisted securities is based on management\u2019s estimate of
\nfair value based on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard
\nto maximising the use of observable inputs and adjusting for risk. Advice from valuation experts is used as appropriate.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22813": {
"value": "Accounting policyAll joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the
\narrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement
\nof financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22814": {
"value": "Accounting policyAll joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the
\narrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement
\nof financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22815": {
"value": "Accounting policyAll joint arrangements are classified as joint ventures because the Group shares joint control and has rights to the net assets of the
\narrangements. Investments in joint ventures and associates are accounted for under the equity method and stated in the statement
\nof financial position at cost as adjusted for post-acquisition changes in the Group\u2019s share of net assets, less any impairment in value.
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22933": {
"value": "16 Property, plant and equipment \nAccounting policy
\nProperty, plant and equipment are stated in the statement of financial position at cost less accumulated depreciation. No
\ndepreciation is provided on freehold land. Freehold buildings and long leaseholds are depreciated over their estimated useful lives
\nup to a maximum of 50 years. Short leases are written off over the duration of the lease. Depreciation is provided on other assets on
\na straight-line basis over their estimated useful lives as follows:
\n\u25a0
land and buildings: land \u2013 not depreciated; leasehold improvements \u2013 shorter of life of lease and 10 years
\n\u25a0
fixtures and equipment: plant \u2013 3 to 20 years; office furniture, fixtures and fittings \u2013 5 to 10 years; computer systems,
\ncommunication networks and equipment \u2013 3 to 7 years
\n2021
2022
\nLand and
Fixtures and
Land and
Fixtures and
\nbuildings
equipment
Total
buildings
equipment
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nCost
\nAt start of year
206
527
733
167
516
683
\nAcquisitions
\u2013
1
1
1
\u2013
1
\nCapital expenditure
5
23
28
3
33
36
\nDisposals
(43)
(32)
(75)
(19)
(140)
(159)
\nExchange translation differences
(1)
(3)
(4)
14
43
57
\nAt end of year
167
516
683
166
452
618
\nAccumulated depreciation
\nAt start of year
143
428
571
111
441
552
\nCharge for the year
6
46
52
6
41
47
\nDisposals
(37)
(31)
(68)
(12)
(142)
(154)
\nExchange translation differences
(1)
(2)
(3)
10
37
47
\nAt end of year
111
441
552
115
377
492
\nNet book amount
56
75
131
51
75
126
\nIncluded in land and buildings is freehold land of \u00a310m (2021: \u00a310m).
\nAmounts relating to right-of-use assets under IFRS 16 can be found in note 22.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22937": {
"value": "Accounting policy \nProperty, plant and equipment are stated in the statement of financial position at cost less accumulated depreciation. No
\ndepreciation is provided on freehold land. Freehold buildings and long leaseholds are depreciated over their estimated useful lives
\nup to a maximum of 50 years. Short leases are written off over the duration of the lease. Depreciation is provided on other assets on
\na straight-line basis over their estimated useful lives as follows:
\n\u25a0
land and buildings: land \u2013 not depreciated; leasehold improvements \u2013 shorter of life of lease and 10 years
\n\u25a0
fixtures and equipment: plant \u2013 3 to 20 years; office furniture, fixtures and fittings \u2013 5 to 10 years; computer systems,
\ncommunication networks and equipment \u2013 3 to 7 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f22938": {
"value": "Accounting policy \nProperty, plant and equipment are stated in the statement of financial position at cost less accumulated depreciation. No
\ndepreciation is provided on freehold land. Freehold buildings and long leaseholds are depreciated over their estimated useful lives
\nup to a maximum of 50 years. Short leases are written off over the duration of the lease. Depreciation is provided on other assets on
\na straight-line basis over their estimated useful lives as follows:
\n\u25a0
land and buildings: land \u2013 not depreciated; leasehold improvements \u2013 shorter of life of lease and 10 years
\n\u25a0
fixtures and equipment: plant \u2013 3 to 20 years; office furniture, fixtures and fittings \u2013 5 to 10 years; computer systems,
\ncommunication networks and equipment \u2013 3 to 7 years ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23074": {
"value": "17 Financial instruments \nAccounting policy
\nFinancial instruments comprise investments (other than investments in joint ventures or associates), trade receivables, cash and
\ncash equivalents, payables and accruals, borrowings and derivative financial instruments.
\nInvestments (other than investments in joint ventures and associates) are described in note 15. The fair value of such investments is
\nbased on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to
\nmaximising the use of observable inputs and adjusting for risk. (These investments are typically classified as either Level 2 or 3 in
\nthe IFRS 13 fair value hierarchy.)
\nTrade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
\nExpected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables are
\nrecorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated hedging
\nrelationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss
\nattributable to the hedged risk).
\nDerivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place
\nagainst changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable
\nto the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The
\noffsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement
\nwithin finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the
\ncumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the
\nborrowing using the effective interest method.
\nChanges in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are
\nrecognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to
\nforeign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm
\ncommitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or
\nliability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive
\nincome are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or
\na liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged
\nitem affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement.
\nCash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer
\nqualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
\ncomprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or, where
\na hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
\nDerivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position at
\nfair value, with changes in fair value recognised in the income statement.
\nThe fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of
\ninterest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable
\nmarket rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.)
\nThe main financial risks faced by the Group are liquidity risk, market risk \u2013 comprising interest rate risk and foreign exchange risk \u2013 and
\ncredit risk. Financial instruments are used to finance the Group\u2019s businesses and to manage interest rate and foreign exchange risks.
\nThe Group\u2019s businesses do not enter into speculative derivative transactions. Details of financial instruments subject to liquidity, market
\nand credit risks are described below.
\nLiquidity risk
\nThe Group maintains a range of borrowing facilities and debt programmes to fund its requirements at competitive rates.
\nThe balance of long-term debt, short-term debt and committed bank facilities is managed to provide security of funding, taking into
\naccount the cash generation cycle of the business and the uncertain size and timing of acquisition spend. To accommodate the
\nsignificant free cash flow generated by the Group and to capitalise on an inexpensive source of funding, a meaningful portion of the
\noverall debt portfolio is typically kept short term as long as there exists acceptable liquidity in the commercial paper markets and
\nsufficient capacity under committed credit lines. The Group\u2019s treasury policies ensure adequate liquidity by requiring that (a) no more
\nthan $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
\nborrowings is less than the sum of available cash plus committed facilities and (c) minimum levels of borrowing with maturities over
\nthree and five years are maintained.
\nThe treasury policies ensure debt efficiency by (a) targeting certain levels of short-term borrowings across a given year, (b) maintaining
\na weighted average maturity of the gross debt portfolio of approximately five years and (c) minimising surplus cash balances. From time
\nto time, based on cash flow and market conditions, the Group may redeem term debt early or repurchase outstanding debt in the
\nopen market.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
17 Financial instruments (continued)
\nDebt is issued to meet the funding requirements of various jurisdictions and in the currencies that are needed. It is recognised that debt
\ncan act as a natural translation hedge of earnings, net assets and net cash flow in currencies other than the reporting currency. For this
\nreason, the majority of the Group\u2019s net debt is denominated in US dollars and euros, reflecting the Group\u2019s largest geographical
\nmarkets. There were no changes to the Group\u2019s long-term approach to capital and liquidity management during the year.
\nThe remaining contractual maturities for borrowings and derivative financial instruments are shown in the table below. The table shows
\nundiscounted principal and interest cash flows and includes contractual gross cash flows to be exchanged as part of cross-currency
\ninterest rate swaps and forward foreign exchange contracts where there is a legal right of set-off.
\nAT 31 DECEMBER 2021
Contractual cash flow (including interest)
\nCarrying
Within
More than
\namount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nBorrowings
\nFixed rate borrowings
(5,828)
(156)
(741)
(1,106)
(704)
(709)
(3,126)
(6,542)
\nFloating rate borrowings
(131)
(131)
\u2013
\u2013
\u2013
\u2013
\u2013
(131)
\nLease liabilities
(208)
(75)
(63)
(43)
(25)
(4)
(31)
(241)
\nDerivative financial liabilities
\nCash inflows
371
86
103
2
\u2013
\u2013
562
\nCash outflows
(374)
(88)
(105)
(2)
\u2013
\u2013
(569)
\nForward foreign exchange contracts
(7)
(3)
(2)
(2)
\u2013
\u2013
\u2013
(7)
\nInterest rate derivatives
(5)
\u2013
\u2013
(1)
(2)
(2)
(7)
(12)
\nCross
-currency interest rate swaps
(2)
(32)
(34)
(14)
(501)
\u2013
\u2013
(581)
\nDerivative financial assets
\nCash inflows
1,399
312
107
26
\u2013
\u2013
1,844
\nCash outflows
(1,367)
(294)
(102)
(25)
\u2013
\u2013
(1,788)
\nForward foreign exchange contracts
48
32
18
5
1
\u2013
\u2013
56
\nInterest rate derivatives
19
22
10
4
\u2013
\u2013
\u2013
36
\nCross
-currency interest rate swaps
16
29
26
7
511
\u2013
\u2013
573
\nTotal
(6,098)
(314)
(786)
(1,150)
(720)
(715)
(3,164)
(6,849)
\nAT 31 DECEMBER 2022
Contractual cash flow (including interest)
\nCarrying
Within
More than
\namount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nBorrowings
\nFixed rate borrowings
(6,446)
(847)
(1,188)
(772)
(769)
(704)
(3,212)
(7,492)
\nFloating rate borrowings
(102)
(102)
\u2013
\u2013
\u2013
\u2013
\u2013
(102)
\nLease liabilities
(182)
(80)
(58)
(36)
(17)
(6)
(34)
(231)
\nDerivative financial liabilities
\nCash inflows
835
242
122
8
\u2013
\u2013
1,207
\nCash outflows
(870)
(262)
(127)
(8)
\u2013
\u2013
(1,267)
\nForward foreign exchange contracts
(53)
(35)
(20)
(5)
\u2013
\u2013
\u2013
(60)
\nInterest rate derivatives
(158)
(48)
(29)
(20)
(18)
(17)
(43)
(175)
\nCross
-currency interest rate swaps
(58)
(56)
(31)
(567)
\u2013
\u2013
\u2013
(654)
\nDerivative financial assets
\nCash inflows
665
199
126
24
1,014
\nCash outflows
(645)
(192)
(123)
(23)
(983)
\nForward foreign exchange contracts
32
20
7
3
1
\u2013
\u2013
31
\nInterest rate derivatives
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
2
\nCross
-currency interest rate swaps
\u2013
29
7
538
\u2013
\u2013
\u2013
574
\nTotal
(6,967)
(1,117)
(1,312)
(859)
(803)
(727)
(3,289)
(8,107)
\nThe carrying amount of derivative financial liabilities comprises \u00a3215m (2021: \u00a35m) in relation to fair value hedges, \u00a332m (2021: \u00a37m)
\nin relation to cash flow hedges and \u00a322m (2021: \u00a32m) not designated as hedging instruments. The carrying amount of derivative
\nfinancial assets comprises nil (2021: \u00a335m) in relation to fair value hedges, \u00a324m (2021: \u00a336m) in relation to cash flow hedges and \u00a38m
\n(2021: \u00a312m) not designated as hedging instruments.
\nThe Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance borrowings as they mature
\nand to fund ongoing requirements. At 31 December 2022, the Group had access to a $3.0bn committed bank facility maturing in April
\n2025, which was undrawn. This facility backs up short-term borrowings, and has pricing linked to three ESG performance targets. All
\nborrowings that mature within the next two years can be covered by the facility and by utilising available cash resources. The committed
\nbank facility is not subject to a financial covenant and there are no financial covenants in any outstanding public bonds.
\n
17 Financial instruments (continued)
\nMarket risk
\nThe Group\u2019s primary market risks are interest rate fluctuations and exchange rate movements. Derivatives are used to manage the risks
\nassociated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Where the
\nimpact of derivatives on the income statement and the statement of financial position could be significant, hedge accounting is applied
\n(subject to satisfying the required criteria) as described in \u2018Hedge accounting\u2019 below. Derivatives used by the Group for hedging a
\nparticular risk are not specialised and are generally available from numerous sources. The Group is also exposed to changes in the
\nmarket value of its venture capital investments as described in note 15. The impact of market risks on net post-employment benefit
\nobligations and taxation is excluded from the following market risk sensitivity analysis.
\nInterest rate exposure management
\nThe Group\u2019s interest rate exposure management policy aims to minimise interest costs with an acceptable level of year-on-year
\nvolatility. 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
\nborrowings. Interest rate derivatives are used only to hedge an underlying risk and no net market positions are held.
\nAt 31 December 2022, including the effect of interest rate swaps, 58% of gross bank and bond borrowings were at fixed rates.
\nA 100 basis point reduction in short-term interest rates would result in an estimated decrease in annual net finance costs of \u00a325m
\n(2021: \u00a321m), based on the composition of financial instruments including cash, cash equivalents, bank loans and commercial paper
\nborrowings at 31 December 2022. A 100 basis point rise in short-term interest rates would result in an estimated increase in net finance
\ncosts of \u00a325m (2021: \u00a321m).
\nThe impact on net equity of a theoretical change in interest rates as at 31 December 2022 is restricted to the change in carrying value
\nof floating rate to fixed rate interest rate derivatives in a designated cash flow hedge relationship and undesignated interest rate
\nderivatives. A 100 basis point reduction in interest rates would result in an estimated decrease in net equity of nil (2021: nil) and a 100
\nbasis point increase in interest rates would increase net equity by an estimated amount of nil (2021: nil). The impact of a change in
\ninterest rates on the carrying value of fixed rate borrowings in a designated fair value hedge relationship would be offset by the change
\nin carrying value of the related interest rate derivative. Fixed rate borrowings not in a designated hedging relationship are carried at
\namortised cost.
\nThe Group has assessed the impact of the Interbank Offered Rates (IBOR) reform and concluded that there will be no significant impact
\non the financial statements. The Group is primarily exposed to IBOR through its derivatives which swap fixed rate bond issuances to a
\nfloating rate of interest and which are designated in fair value hedge relationships. The table on page 192 details these interest rate
\nderivatives which swap \u00a31,917m of bonds with weighted average maturity of 3.3 years to a floating rate of interest referencing US dollar
\nLIBOR (3 months) and swap \u00a3443m of bonds with weighted average maturity of 1.2 years to a floating rate of interest referencing
\nEuribor (3 months). The Group has adopted the ISDA fallback protocol in respect of these derivatives and the fair value hedge
\ndesignations are expected to remain highly effective throughout the transition to alternative risk free rates.
\nForeign currency exposure management
\nTranslation exposures arise on the earnings and net assets of individual businesses whose operational currencies are other than
\nsterling. Some of these exposures are offset by denominating borrowings in US dollars, euros and other currencies. Currency exposures
\non transactions denominated in a foreign currency are generally hedged using forward contracts. In addition, recurring transactions and
\nfuture investment exposures may be hedged, in advance of becoming contractual. The precise policy differs according to the specific
\ncircumstances of the individual businesses. Highly predictable future cash flows may be covered for transactions expected to occur
\nduring the next 24 months (50 months for the Scientific, Technical & Medical subscription businesses) within limits defined according to
\nthe period before the transaction is expected to become contractual. Cover takes the form of foreign exchange forward contracts.
\nFurther information is provided in \u2018Cash flow hedges\u2019 below.
\nA theoretical weakening of all currencies by 10% against sterling at 31 December 2022 would decrease the carrying value of net
\nassets, excluding net borrowings, by \u00a3892m (2021: \u00a3781m). This would be offset to a degree by a decrease in net borrowings of
\n\u00a3671m (2021: \u00a3677m). A strengthening of all currencies by 10% against sterling at 31 December 2022 would increase the carrying
\nvalue of net assets, excluding net borrowings, by \u00a3892m (2021: \u00a3781m) and increase net borrowings by \u00a3671m (2021: \u00a3677m).
\nA retranslation of the Group\u2019s net profit for the year, assuming a 10% weakening of all foreign currencies against sterling but excluding
\ntransactional exposures, would reduce net profit by \u00a3126m (2021: \u00a3112m). A 10% strengthening of all foreign currencies against
\nsterling on this basis would increase net profit for the year by \u00a3126m (2021: \u00a3112m).
\nCredit risk
\nThe Group seeks to manage interest rate risk and limit foreign exchange risks described above by the use of financial instruments and
\nas a result has a credit risk from the potential non-performance by the counterparties to these financial instruments, which are
\nunsecured. The amount of this credit risk is normally restricted to the amounts of any hedge gain and not the principal amount being
\nhedged. The Group also has a credit exposure to counterparties for the full principal amount of cash and cash equivalents. Credit risks
\nare controlled by monitoring the credit quality of these counterparties, principally licensed commercial banks and investment banks with
\nstrong long-term credit ratings, and the amounts outstanding with each of them.
\nThe Group has treasury policies in place which do not allow concentrations of risk with individual counterparties and do not allow
\nsignificant treasury exposures with counterparties which are rated lower than A-/A3 by Standard & Poor\u2019s, Moody\u2019s and Fitch.
\nAt 31 December 2022, cash and cash equivalents totalled \u00a3334m (2021: \u00a3113m), of which 96% (2021: 89%) was held with banks
\nrated A-/A3 or better.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
17 Financial instruments (continued)
\nThe Group also has credit risk with respect to trade receivables due from its customers, which include national and state governments,
\nacademic institutions and large and small enterprises including insurance companies, law firms and life science companies. The
\nconcentration of credit risk from trade receivables is limited due to the large and broad customer base. Trade receivable exposures are
\nmanaged locally in the business areas where they arise. Where appropriate, business areas seek to minimise this exposure by taking
\npayment in advance and through management of credit terms. Expected credit losses are based on management\u2019s assessment of the
\nrisk taking into account the ageing profile, experience and circumstance. The maximum exposure to credit risk is represented by the
\ncarrying amount of each financial asset, including derivative financial instruments, recorded in the statement of financial position.
\nIncluded within trade receivables are the following amounts which are past due, after considering loss allowance:
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nUp to one month
170
156
265
\n2 to 3 months
83
96
115
\n4 to 6 months
34
35
46
\nGreater than 6 months
46
18
23
\nTotal past due
333
305
449
\nHedge accounting
\nThe hedging relationships that are designated under IFRS 9 \u2013 Financial Instruments are described below.
\nFair value hedges
\nThe Group has entered into interest rate swaps and cross-currency interest rate swaps to hedge the exposure to changes in the fair
\nvalue of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement. The table
\nbelow details the designated fair value hedge relationships that were in place at 31 December 2022, swapping fixed rate term debt
\nissues denominated in US dollars (USD) and euros to floating rate USD and euro debt respectively for the whole or part of their term,
\ntogether with the related fixed and floating rates.
\nFAIR VALUE HEDGE RELATIONSHIPS
31
December
31
December
\n2021
2022
\nPrincipal
Principal
\namount
amount
\n\u00a3m
\u00a3m
Fixed rate
Floating rate
\n$700m bond and $700m interest rate swaps maturing 2023
(517)
(579)
3.5
%
USD LIBOR+0.8%
\n\u20ac500m bond and \u20ac500m interest rate swaps maturing 2024
(421)
(443)
1.0
%
Euribor+0.7%
\n\u20ac600m bond and \u20ac600m/$669.3m cross
-currency interest rate
\nswaps maturing 2025
\n(494)
(553)
1.3
%
USD LIBOR+1.3%
\n$200m bond and $200m interest rate swaps maturing 2027
(148)
(165)
7.2
%
USD LIBOR+5.8%
\n$750m bond and $750m interest rate swaps maturing 2030
(554)
(620)
3.0
%
USD
LIBOR+1.6%
\n$500m bond and $500m interest rate swaps maturing 2032
\u2013
(413)
4.75
%
USD SOFR+2.0%
\n(2,134)
(2,773)
\nThe gains and losses on the borrowings and related derivatives designated as fair value hedges, which are included in the income
\nstatement as part of finance costs, together with the total carrying values of the borrowings and related derivatives included in the
\nstatement of financial position, for the three years ended 31 December 2020, 2021 and 2022 were as follows:
\nGAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\nAND CARRYING VALUES
Fair value
\n1 January
movement
Exchange
31 December
Carrying
\n2020
gain/(loss)
gain/(loss)
2020
values
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUSD debt
(13)
(25)
2
(36)
(701)
\nRelated interest rate swaps
13
25
(2)
36
36
\n\u2013
\u2013
\u2013
\u2013
(665)
\nEUR debt
(39)
(47)
3
(83)
(1,467)
\nRelated interest rate swaps
39
47
(3)
83
83
\n\u2013
\u2013
\u2013
\u2013
(1,384)
\nTotal relating to USD and EUR debt
(52)
(72)
5
(119)
(2,168)
\nTotal related interest rate swaps
52
72
(5)
119
119
\nNet gain on borrowings and related
derivatives/total
\ncarrying value
\u2013
\u2013
\u2013
\u2013
(2,049)
\n
17 Financial instruments (continued)
\nGAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\nAND CARRYING VALUES
Fair value
\n1 January
movement
Exchange
31 December
Carrying
\n2021
gain/(loss)
gain/(loss)
2021
values
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUSD debt
(36)
35
\u2013
(1)
(1,221)
\nRelated interest rate swaps
36
(28)
\u2013
8
8
\n\u2013
7
\u2013
7
(1,213)
\nEUR debt
(83)
55
1
(27)
(940)
\nRelated interest rate swaps
83
(55)
(1)
27
27
\n\u2013
\u2013
\u2013
\u2013
(913)
\nTotal relating to USD and EUR debt
(119)
90
1
(28)
(2,161)
\nTotal related interest rate
swaps
119
(83)
(1)
35
35
\nNet gain on borrowings and related derivatives/total
\ncarrying value
\u2013
7
\u2013
7
(2,126)
\nGAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\nAND CARRYING VALUES
Fair value
\n1 January
movement
Exchange
31 December
Carrying
\n2022
gain/(loss)
gain/(loss)
2022
values
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUSD debt
(1)
140
2
141
(1,630)
\nRelated interest rate swaps
8
(149)
(2)
(143)
(143)
\n7
(9)
\u2013
(2)
(1,773)
\nEUR debt
(27)
96
1
70
(924)
\nRelated interest rate swaps
27
(96)
(1)
(70)
(70)
\n\u2013
\u2013
\u2013
\u2013
(994)
\nTotal relating to USD and EUR debt
(28)
236
3
211
(2,554)
\nTotal related interest rate swaps
35
(245)
(3)
(213)
(213)
\nNet gain/(loss) on borrowings and related
\nderivatives/total carrying value
7
(9)
\u2013
(2)
(2,767)
\nAll fair value hedges were highly effective throughout the three years ended 31 December 2022.
\nGross borrowings as at 31 December 2022 included \u00a310m (2021: \u00a312m) in relation to fair value adjustments to borrowings previously
\ndesignated in a fair value hedge relationship which were de-designated in 2008. The related derivatives were closed out on de-
\ndesignation with a cash inflow of \u00a362m. \u00a33m (2021: \u00a33m) of these fair value adjustments were amortised in the year as a reduction to
\nfinance costs.
\nCash flow hedges
\nAs part of the Group\u2019s interest rate exposure management, it has entered into certain cross-currency interest rate derivatives, individual
\ncomponents of which have been accounted for as cash flow hedges (with the remaining components accounted for as fair value
\nhedges, as described above). These comprised interest rate derivatives which swapped a fixed rate \u20ac600m bond, issued in May 2015
\nand 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
\nmargin to USD is being accounted for as a cash flow hedge under IFRS 9, with the amount associated with foreign currency basis
\nspreads recorded in the cost of hedging reserve.
\nAs part of the Group\u2019s foreign currency exposure management, it has entered into forward foreign exchange contracts which fix the
\nexchange rate on a portion of future foreign currency subscription revenues forecast by the businesses for up to 50 months. These have
\nbeen accounted for as cash flow hedges under IFRS 9 of the forecast foreign currency revenues, with gains and losses on the forward
\ncontracts deferred in the hedge reserve until the related revenue is recognised, at which time the accumulated gains and losses are
\nreclassified to the income statement.
\nMovements in the hedge reserve and the cost of hedging reserve in 2021 and 2022, including gains and losses on cash flow hedging
\ninstruments, were as follows:
\nCost of
Foreign
\nInterest rate
hedging
currency
\nhedge reserve
reserve
hedge reserve
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nHedge reserve at 31 December 2020: gains/(losses) deferred
4
(8)
27
23
\n(Losses)/gains arising in 2021
(3)
2
11
10
\nAmounts recognised in income statement
\u2013
\u2013
(9)
(9)
\nHedge reserve at 31 December 2021: gains/(losses) deferred
1
(6)
29
24
\n(Losses)/gains arising in 2022
(3)
5
(20)
(18)
\nAmounts recognised in income statement
1
\u2013
(18)
(17)
\nExchange translation differences
(1)
\u2013
1
\u2013
\nHedge reserve at 31 December 2022: losses deferred
(2)
(1)
(8)
(11)
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
17 Financial instruments (continued)
\nAll cash flow hedges were highly effective throughout the two years ended 31 December 2022.
\nA deferred tax credit of \u00a33m (2021: debit of \u00a35m) in respect of the above gains and losses at 31 December 2022 was also deferred in
\nthe hedge reserve.
\nOf the amounts recognised in the income statement in the year, gains of \u00a318m (2021: \u00a39m) were recognised in revenue, and losses of
\n\u00a31m (2021: nil) were recognised in finance costs. A tax debit of \u00a34m (2021: \u00a32m) was recognised in relation to these items.
\nThe deferred gains and losses on foreign currency cash flow hedges at 31 December 2022 are currently expected to be recognised in
\nthe income statement in future years as shown in the table below, together with the principal amount of hedges relating to each year
\nand their total carrying values included within derivative assets and liabilities in the statement of financial position:
\nForeign
Principal
\ncurrency
amount of
Carrying
\nhedge reserve
hedges
values
\n\u00a3m
\u00a3m
\u00a3m
\n2023
4
673
(11)
\n2024
(10)
459
(10)
\n2025
(2)
250
(2)
\n2026
\u2013
36
\u2013
\nTotal
(8)
1,418
(23)
\nThe 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
\nthe preceding year. These cash flows are included in the table on page 190.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23075": {
"value": "17 Financial instruments \nAccounting policy
\nFinancial instruments comprise investments (other than investments in joint ventures or associates), trade receivables, cash and
\ncash equivalents, payables and accruals, borrowings and derivative financial instruments.
\nInvestments (other than investments in joint ventures and associates) are described in note 15. The fair value of such investments is
\nbased on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to
\nmaximising the use of observable inputs and adjusting for risk. (These investments are typically classified as either Level 2 or 3 in
\nthe IFRS 13 fair value hierarchy.)
\nTrade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
\nExpected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables are
\nrecorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated hedging
\nrelationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss
\nattributable to the hedged risk).
\nDerivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place
\nagainst changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable
\nto the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The
\noffsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement
\nwithin finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the
\ncumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the
\nborrowing using the effective interest method.
\nChanges in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are
\nrecognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to
\nforeign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm
\ncommitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or
\nliability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive
\nincome are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or
\na liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged
\nitem affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement.
\nCash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer
\nqualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
\ncomprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or, where
\na hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
\nDerivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position at
\nfair value, with changes in fair value recognised in the income statement.
\nThe fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of
\ninterest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable
\nmarket rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.)
\nThe main financial risks faced by the Group are liquidity risk, market risk \u2013 comprising interest rate risk and foreign exchange risk \u2013 and
\ncredit risk. Financial instruments are used to finance the Group\u2019s businesses and to manage interest rate and foreign exchange risks.
\nThe Group\u2019s businesses do not enter into speculative derivative transactions. Details of financial instruments subject to liquidity, market
\nand credit risks are described below.
\nLiquidity risk
\nThe Group maintains a range of borrowing facilities and debt programmes to fund its requirements at competitive rates.
\nThe balance of long-term debt, short-term debt and committed bank facilities is managed to provide security of funding, taking into
\naccount the cash generation cycle of the business and the uncertain size and timing of acquisition spend. To accommodate the
\nsignificant free cash flow generated by the Group and to capitalise on an inexpensive source of funding, a meaningful portion of the
\noverall debt portfolio is typically kept short term as long as there exists acceptable liquidity in the commercial paper markets and
\nsufficient capacity under committed credit lines. The Group\u2019s treasury policies ensure adequate liquidity by requiring that (a) no more
\nthan $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
\nborrowings is less than the sum of available cash plus committed facilities and (c) minimum levels of borrowing with maturities over
\nthree and five years are maintained.
\nThe treasury policies ensure debt efficiency by (a) targeting certain levels of short-term borrowings across a given year, (b) maintaining
\na weighted average maturity of the gross debt portfolio of approximately five years and (c) minimising surplus cash balances. From time
\nto time, based on cash flow and market conditions, the Group may redeem term debt early or repurchase outstanding debt in the
\nopen market.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
17 Financial instruments (continued)
\nDebt is issued to meet the funding requirements of various jurisdictions and in the currencies that are needed. It is recognised that debt
\ncan act as a natural translation hedge of earnings, net assets and net cash flow in currencies other than the reporting currency. For this
\nreason, the majority of the Group\u2019s net debt is denominated in US dollars and euros, reflecting the Group\u2019s largest geographical
\nmarkets. There were no changes to the Group\u2019s long-term approach to capital and liquidity management during the year.
\nThe remaining contractual maturities for borrowings and derivative financial instruments are shown in the table below. The table shows
\nundiscounted principal and interest cash flows and includes contractual gross cash flows to be exchanged as part of cross-currency
\ninterest rate swaps and forward foreign exchange contracts where there is a legal right of set-off.
\nAT 31 DECEMBER 2021
Contractual cash flow (including interest)
\nCarrying
Within
More than
\namount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nBorrowings
\nFixed rate borrowings
(5,828)
(156)
(741)
(1,106)
(704)
(709)
(3,126)
(6,542)
\nFloating rate borrowings
(131)
(131)
\u2013
\u2013
\u2013
\u2013
\u2013
(131)
\nLease liabilities
(208)
(75)
(63)
(43)
(25)
(4)
(31)
(241)
\nDerivative financial liabilities
\nCash inflows
371
86
103
2
\u2013
\u2013
562
\nCash outflows
(374)
(88)
(105)
(2)
\u2013
\u2013
(569)
\nForward foreign exchange contracts
(7)
(3)
(2)
(2)
\u2013
\u2013
\u2013
(7)
\nInterest rate derivatives
(5)
\u2013
\u2013
(1)
(2)
(2)
(7)
(12)
\nCross
-currency interest rate swaps
(2)
(32)
(34)
(14)
(501)
\u2013
\u2013
(581)
\nDerivative financial assets
\nCash inflows
1,399
312
107
26
\u2013
\u2013
1,844
\nCash outflows
(1,367)
(294)
(102)
(25)
\u2013
\u2013
(1,788)
\nForward foreign exchange contracts
48
32
18
5
1
\u2013
\u2013
56
\nInterest rate derivatives
19
22
10
4
\u2013
\u2013
\u2013
36
\nCross
-currency interest rate swaps
16
29
26
7
511
\u2013
\u2013
573
\nTotal
(6,098)
(314)
(786)
(1,150)
(720)
(715)
(3,164)
(6,849)
\nAT 31 DECEMBER 2022
Contractual cash flow (including interest)
\nCarrying
Within
More than
\namount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nBorrowings
\nFixed rate borrowings
(6,446)
(847)
(1,188)
(772)
(769)
(704)
(3,212)
(7,492)
\nFloating rate borrowings
(102)
(102)
\u2013
\u2013
\u2013
\u2013
\u2013
(102)
\nLease liabilities
(182)
(80)
(58)
(36)
(17)
(6)
(34)
(231)
\nDerivative financial liabilities
\nCash inflows
835
242
122
8
\u2013
\u2013
1,207
\nCash outflows
(870)
(262)
(127)
(8)
\u2013
\u2013
(1,267)
\nForward foreign exchange contracts
(53)
(35)
(20)
(5)
\u2013
\u2013
\u2013
(60)
\nInterest rate derivatives
(158)
(48)
(29)
(20)
(18)
(17)
(43)
(175)
\nCross
-currency interest rate swaps
(58)
(56)
(31)
(567)
\u2013
\u2013
\u2013
(654)
\nDerivative financial assets
\nCash inflows
665
199
126
24
1,014
\nCash outflows
(645)
(192)
(123)
(23)
(983)
\nForward foreign exchange contracts
32
20
7
3
1
\u2013
\u2013
31
\nInterest rate derivatives
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
2
\nCross
-currency interest rate swaps
\u2013
29
7
538
\u2013
\u2013
\u2013
574
\nTotal
(6,967)
(1,117)
(1,312)
(859)
(803)
(727)
(3,289)
(8,107)
\nThe carrying amount of derivative financial liabilities comprises \u00a3215m (2021: \u00a35m) in relation to fair value hedges, \u00a332m (2021: \u00a37m)
\nin relation to cash flow hedges and \u00a322m (2021: \u00a32m) not designated as hedging instruments. The carrying amount of derivative
\nfinancial assets comprises nil (2021: \u00a335m) in relation to fair value hedges, \u00a324m (2021: \u00a336m) in relation to cash flow hedges and \u00a38m
\n(2021: \u00a312m) not designated as hedging instruments.
\nThe Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance borrowings as they mature
\nand to fund ongoing requirements. At 31 December 2022, the Group had access to a $3.0bn committed bank facility maturing in April
\n2025, which was undrawn. This facility backs up short-term borrowings, and has pricing linked to three ESG performance targets. All
\nborrowings that mature within the next two years can be covered by the facility and by utilising available cash resources. The committed
\nbank facility is not subject to a financial covenant and there are no financial covenants in any outstanding public bonds.
\n
17 Financial instruments (continued)
\nMarket risk
\nThe Group\u2019s primary market risks are interest rate fluctuations and exchange rate movements. Derivatives are used to manage the risks
\nassociated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Where the
\nimpact of derivatives on the income statement and the statement of financial position could be significant, hedge accounting is applied
\n(subject to satisfying the required criteria) as described in \u2018Hedge accounting\u2019 below. Derivatives used by the Group for hedging a
\nparticular risk are not specialised and are generally available from numerous sources. The Group is also exposed to changes in the
\nmarket value of its venture capital investments as described in note 15. The impact of market risks on net post-employment benefit
\nobligations and taxation is excluded from the following market risk sensitivity analysis.
\nInterest rate exposure management
\nThe Group\u2019s interest rate exposure management policy aims to minimise interest costs with an acceptable level of year-on-year
\nvolatility. 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
\nborrowings. Interest rate derivatives are used only to hedge an underlying risk and no net market positions are held.
\nAt 31 December 2022, including the effect of interest rate swaps, 58% of gross bank and bond borrowings were at fixed rates.
\nA 100 basis point reduction in short-term interest rates would result in an estimated decrease in annual net finance costs of \u00a325m
\n(2021: \u00a321m), based on the composition of financial instruments including cash, cash equivalents, bank loans and commercial paper
\nborrowings at 31 December 2022. A 100 basis point rise in short-term interest rates would result in an estimated increase in net finance
\ncosts of \u00a325m (2021: \u00a321m).
\nThe impact on net equity of a theoretical change in interest rates as at 31 December 2022 is restricted to the change in carrying value
\nof floating rate to fixed rate interest rate derivatives in a designated cash flow hedge relationship and undesignated interest rate
\nderivatives. A 100 basis point reduction in interest rates would result in an estimated decrease in net equity of nil (2021: nil) and a 100
\nbasis point increase in interest rates would increase net equity by an estimated amount of nil (2021: nil). The impact of a change in
\ninterest rates on the carrying value of fixed rate borrowings in a designated fair value hedge relationship would be offset by the change
\nin carrying value of the related interest rate derivative. Fixed rate borrowings not in a designated hedging relationship are carried at
\namortised cost.
\nThe Group has assessed the impact of the Interbank Offered Rates (IBOR) reform and concluded that there will be no significant impact
\non the financial statements. The Group is primarily exposed to IBOR through its derivatives which swap fixed rate bond issuances to a
\nfloating rate of interest and which are designated in fair value hedge relationships. The table on page 192 details these interest rate
\nderivatives which swap \u00a31,917m of bonds with weighted average maturity of 3.3 years to a floating rate of interest referencing US dollar
\nLIBOR (3 months) and swap \u00a3443m of bonds with weighted average maturity of 1.2 years to a floating rate of interest referencing
\nEuribor (3 months). The Group has adopted the ISDA fallback protocol in respect of these derivatives and the fair value hedge
\ndesignations are expected to remain highly effective throughout the transition to alternative risk free rates.
\nForeign currency exposure management
\nTranslation exposures arise on the earnings and net assets of individual businesses whose operational currencies are other than
\nsterling. Some of these exposures are offset by denominating borrowings in US dollars, euros and other currencies. Currency exposures
\non transactions denominated in a foreign currency are generally hedged using forward contracts. In addition, recurring transactions and
\nfuture investment exposures may be hedged, in advance of becoming contractual. The precise policy differs according to the specific
\ncircumstances of the individual businesses. Highly predictable future cash flows may be covered for transactions expected to occur
\nduring the next 24 months (50 months for the Scientific, Technical & Medical subscription businesses) within limits defined according to
\nthe period before the transaction is expected to become contractual. Cover takes the form of foreign exchange forward contracts.
\nFurther information is provided in \u2018Cash flow hedges\u2019 below.
\nA theoretical weakening of all currencies by 10% against sterling at 31 December 2022 would decrease the carrying value of net
\nassets, excluding net borrowings, by \u00a3892m (2021: \u00a3781m). This would be offset to a degree by a decrease in net borrowings of
\n\u00a3671m (2021: \u00a3677m). A strengthening of all currencies by 10% against sterling at 31 December 2022 would increase the carrying
\nvalue of net assets, excluding net borrowings, by \u00a3892m (2021: \u00a3781m) and increase net borrowings by \u00a3671m (2021: \u00a3677m).
\nA retranslation of the Group\u2019s net profit for the year, assuming a 10% weakening of all foreign currencies against sterling but excluding
\ntransactional exposures, would reduce net profit by \u00a3126m (2021: \u00a3112m). A 10% strengthening of all foreign currencies against
\nsterling on this basis would increase net profit for the year by \u00a3126m (2021: \u00a3112m).
\nCredit risk
\nThe Group seeks to manage interest rate risk and limit foreign exchange risks described above by the use of financial instruments and
\nas a result has a credit risk from the potential non-performance by the counterparties to these financial instruments, which are
\nunsecured. The amount of this credit risk is normally restricted to the amounts of any hedge gain and not the principal amount being
\nhedged. The Group also has a credit exposure to counterparties for the full principal amount of cash and cash equivalents. Credit risks
\nare controlled by monitoring the credit quality of these counterparties, principally licensed commercial banks and investment banks with
\nstrong long-term credit ratings, and the amounts outstanding with each of them.
\nThe Group has treasury policies in place which do not allow concentrations of risk with individual counterparties and do not allow
\nsignificant treasury exposures with counterparties which are rated lower than A-/A3 by Standard & Poor\u2019s, Moody\u2019s and Fitch.
\nAt 31 December 2022, cash and cash equivalents totalled \u00a3334m (2021: \u00a3113m), of which 96% (2021: 89%) was held with banks
\nrated A-/A3 or better.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
17 Financial instruments (continued)
\nThe Group also has credit risk with respect to trade receivables due from its customers, which include national and state governments,
\nacademic institutions and large and small enterprises including insurance companies, law firms and life science companies. The
\nconcentration of credit risk from trade receivables is limited due to the large and broad customer base. Trade receivable exposures are
\nmanaged locally in the business areas where they arise. Where appropriate, business areas seek to minimise this exposure by taking
\npayment in advance and through management of credit terms. Expected credit losses are based on management\u2019s assessment of the
\nrisk taking into account the ageing profile, experience and circumstance. The maximum exposure to credit risk is represented by the
\ncarrying amount of each financial asset, including derivative financial instruments, recorded in the statement of financial position.
\nIncluded within trade receivables are the following amounts which are past due, after considering loss allowance:
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nUp to one month
170
156
265
\n2 to 3 months
83
96
115
\n4 to 6 months
34
35
46
\nGreater than 6 months
46
18
23
\nTotal past due
333
305
449
\nHedge accounting
\nThe hedging relationships that are designated under IFRS 9 \u2013 Financial Instruments are described below.
\nFair value hedges
\nThe Group has entered into interest rate swaps and cross-currency interest rate swaps to hedge the exposure to changes in the fair
\nvalue of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement. The table
\nbelow details the designated fair value hedge relationships that were in place at 31 December 2022, swapping fixed rate term debt
\nissues denominated in US dollars (USD) and euros to floating rate USD and euro debt respectively for the whole or part of their term,
\ntogether with the related fixed and floating rates.
\nFAIR VALUE HEDGE RELATIONSHIPS
31
December
31
December
\n2021
2022
\nPrincipal
Principal
\namount
amount
\n\u00a3m
\u00a3m
Fixed rate
Floating rate
\n$700m bond and $700m interest rate swaps maturing 2023
(517)
(579)
3.5
%
USD LIBOR+0.8%
\n\u20ac500m bond and \u20ac500m interest rate swaps maturing 2024
(421)
(443)
1.0
%
Euribor+0.7%
\n\u20ac600m bond and \u20ac600m/$669.3m cross
-currency interest rate
\nswaps maturing 2025
\n(494)
(553)
1.3
%
USD LIBOR+1.3%
\n$200m bond and $200m interest rate swaps maturing 2027
(148)
(165)
7.2
%
USD LIBOR+5.8%
\n$750m bond and $750m interest rate swaps maturing 2030
(554)
(620)
3.0
%
USD
LIBOR+1.6%
\n$500m bond and $500m interest rate swaps maturing 2032
\u2013
(413)
4.75
%
USD SOFR+2.0%
\n(2,134)
(2,773)
\nThe gains and losses on the borrowings and related derivatives designated as fair value hedges, which are included in the income
\nstatement as part of finance costs, together with the total carrying values of the borrowings and related derivatives included in the
\nstatement of financial position, for the three years ended 31 December 2020, 2021 and 2022 were as follows:
\nGAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\nAND CARRYING VALUES
Fair value
\n1 January
movement
Exchange
31 December
Carrying
\n2020
gain/(loss)
gain/(loss)
2020
values
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUSD debt
(13)
(25)
2
(36)
(701)
\nRelated interest rate swaps
13
25
(2)
36
36
\n\u2013
\u2013
\u2013
\u2013
(665)
\nEUR debt
(39)
(47)
3
(83)
(1,467)
\nRelated interest rate swaps
39
47
(3)
83
83
\n\u2013
\u2013
\u2013
\u2013
(1,384)
\nTotal relating to USD and EUR debt
(52)
(72)
5
(119)
(2,168)
\nTotal related interest rate swaps
52
72
(5)
119
119
\nNet gain on borrowings and related
derivatives/total
\ncarrying value
\u2013
\u2013
\u2013
\u2013
(2,049)
\n
17 Financial instruments (continued)
\nGAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\nAND CARRYING VALUES
Fair value
\n1 January
movement
Exchange
31 December
Carrying
\n2021
gain/(loss)
gain/(loss)
2021
values
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUSD debt
(36)
35
\u2013
(1)
(1,221)
\nRelated interest rate swaps
36
(28)
\u2013
8
8
\n\u2013
7
\u2013
7
(1,213)
\nEUR debt
(83)
55
1
(27)
(940)
\nRelated interest rate swaps
83
(55)
(1)
27
27
\n\u2013
\u2013
\u2013
\u2013
(913)
\nTotal relating to USD and EUR debt
(119)
90
1
(28)
(2,161)
\nTotal related interest rate
swaps
119
(83)
(1)
35
35
\nNet gain on borrowings and related derivatives/total
\ncarrying value
\u2013
7
\u2013
7
(2,126)
\nGAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\nAND CARRYING VALUES
Fair value
\n1 January
movement
Exchange
31 December
Carrying
\n2022
gain/(loss)
gain/(loss)
2022
values
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUSD debt
(1)
140
2
141
(1,630)
\nRelated interest rate swaps
8
(149)
(2)
(143)
(143)
\n7
(9)
\u2013
(2)
(1,773)
\nEUR debt
(27)
96
1
70
(924)
\nRelated interest rate swaps
27
(96)
(1)
(70)
(70)
\n\u2013
\u2013
\u2013
\u2013
(994)
\nTotal relating to USD and EUR debt
(28)
236
3
211
(2,554)
\nTotal related interest rate swaps
35
(245)
(3)
(213)
(213)
\nNet gain/(loss) on borrowings and related
\nderivatives/total carrying value
7
(9)
\u2013
(2)
(2,767)
\nAll fair value hedges were highly effective throughout the three years ended 31 December 2022.
\nGross borrowings as at 31 December 2022 included \u00a310m (2021: \u00a312m) in relation to fair value adjustments to borrowings previously
\ndesignated in a fair value hedge relationship which were de-designated in 2008. The related derivatives were closed out on de-
\ndesignation with a cash inflow of \u00a362m. \u00a33m (2021: \u00a33m) of these fair value adjustments were amortised in the year as a reduction to
\nfinance costs.
\nCash flow hedges
\nAs part of the Group\u2019s interest rate exposure management, it has entered into certain cross-currency interest rate derivatives, individual
\ncomponents of which have been accounted for as cash flow hedges (with the remaining components accounted for as fair value
\nhedges, as described above). These comprised interest rate derivatives which swapped a fixed rate \u20ac600m bond, issued in May 2015
\nand 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
\nmargin to USD is being accounted for as a cash flow hedge under IFRS 9, with the amount associated with foreign currency basis
\nspreads recorded in the cost of hedging reserve.
\nAs part of the Group\u2019s foreign currency exposure management, it has entered into forward foreign exchange contracts which fix the
\nexchange rate on a portion of future foreign currency subscription revenues forecast by the businesses for up to 50 months. These have
\nbeen accounted for as cash flow hedges under IFRS 9 of the forecast foreign currency revenues, with gains and losses on the forward
\ncontracts deferred in the hedge reserve until the related revenue is recognised, at which time the accumulated gains and losses are
\nreclassified to the income statement.
\nMovements in the hedge reserve and the cost of hedging reserve in 2021 and 2022, including gains and losses on cash flow hedging
\ninstruments, were as follows:
\nCost of
Foreign
\nInterest rate
hedging
currency
\nhedge reserve
reserve
hedge reserve
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nHedge reserve at 31 December 2020: gains/(losses) deferred
4
(8)
27
23
\n(Losses)/gains arising in 2021
(3)
2
11
10
\nAmounts recognised in income statement
\u2013
\u2013
(9)
(9)
\nHedge reserve at 31 December 2021: gains/(losses) deferred
1
(6)
29
24
\n(Losses)/gains arising in 2022
(3)
5
(20)
(18)
\nAmounts recognised in income statement
1
\u2013
(18)
(17)
\nExchange translation differences
(1)
\u2013
1
\u2013
\nHedge reserve at 31 December 2022: losses deferred
(2)
(1)
(8)
(11)
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
17 Financial instruments (continued)
\nAll cash flow hedges were highly effective throughout the two years ended 31 December 2022.
\nA deferred tax credit of \u00a33m (2021: debit of \u00a35m) in respect of the above gains and losses at 31 December 2022 was also deferred in
\nthe hedge reserve.
\nOf the amounts recognised in the income statement in the year, gains of \u00a318m (2021: \u00a39m) were recognised in revenue, and losses of
\n\u00a31m (2021: nil) were recognised in finance costs. A tax debit of \u00a34m (2021: \u00a32m) was recognised in relation to these items.
\nThe deferred gains and losses on foreign currency cash flow hedges at 31 December 2022 are currently expected to be recognised in
\nthe income statement in future years as shown in the table below, together with the principal amount of hedges relating to each year
\nand their total carrying values included within derivative assets and liabilities in the statement of financial position:
\nForeign
Principal
\ncurrency
amount of
Carrying
\nhedge reserve
hedges
values
\n\u00a3m
\u00a3m
\u00a3m
\n2023
4
673
(11)
\n2024
(10)
459
(10)
\n2025
(2)
250
(2)
\n2026
\u2013
36
\u2013
\nTotal
(8)
1,418
(23)
\nThe 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
\nthe preceding year. These cash flows are included in the table on page 190.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23076": {
"value": "17 Financial instrumentsAT 31 DECEMBER 2021
Contractual cash flow (including interest)
\nCarrying
Within
More than
\namount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nBorrowings
\nFixed rate borrowings
(5,828)
(156)
(741)
(1,106)
(704)
(709)
(3,126)
(6,542)
\nFloating rate borrowings
(131)
(131)
\u2013
\u2013
\u2013
\u2013
\u2013
(131)
\nLease liabilities
(208)
(75)
(63)
(43)
(25)
(4)
(31)
(241)
\nDerivative financial liabilities
\nCash inflows
371
86
103
2
\u2013
\u2013
562
\nCash outflows
(374)
(88)
(105)
(2)
\u2013
\u2013
(569)
\nForward foreign exchange contracts
(7)
(3)
(2)
(2)
\u2013
\u2013
\u2013
(7)
\nInterest rate derivatives
(5)
\u2013
\u2013
(1)
(2)
(2)
(7)
(12)
\nCross
-currency interest rate swaps
(2)
(32)
(34)
(14)
(501)
\u2013
\u2013
(581)
\nDerivative financial assets
\nCash inflows
1,399
312
107
26
\u2013
\u2013
1,844
\nCash outflows
(1,367)
(294)
(102)
(25)
\u2013
\u2013
(1,788)
\nForward foreign exchange contracts
48
32
18
5
1
\u2013
\u2013
56
\nInterest rate derivatives
19
22
10
4
\u2013
\u2013
\u2013
36
\nCross
-currency interest rate swaps
16
29
26
7
511
\u2013
\u2013
573
\nTotal
(6,098)
(314)
(786)
(1,150)
(720)
(715)
(3,164)
(6,849)
\nAT 31 DECEMBER 2022
Contractual cash flow (including interest)
\nCarrying
Within
More than
\namount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nBorrowings
\nFixed rate borrowings
(6,446)
(847)
(1,188)
(772)
(769)
(704)
(3,212)
(7,492)
\nFloating rate borrowings
(102)
(102)
\u2013
\u2013
\u2013
\u2013
\u2013
(102)
\nLease liabilities
(182)
(80)
(58)
(36)
(17)
(6)
(34)
(231)
\nDerivative financial liabilities
\nCash inflows
835
242
122
8
\u2013
\u2013
1,207
\nCash outflows
(870)
(262)
(127)
(8)
\u2013
\u2013
(1,267)
\nForward foreign exchange contracts
(53)
(35)
(20)
(5)
\u2013
\u2013
\u2013
(60)
\nInterest rate derivatives
(158)
(48)
(29)
(20)
(18)
(17)
(43)
(175)
\nCross
-currency interest rate swaps
(58)
(56)
(31)
(567)
\u2013
\u2013
\u2013
(654)
\nDerivative financial assets
\nCash inflows
665
199
126
24
1,014
\nCash outflows
(645)
(192)
(123)
(23)
(983)
\nForward foreign exchange contracts
32
20
7
3
1
\u2013
\u2013
31
\nInterest rate derivatives
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
2
\nCross
-currency interest rate swaps
\u2013
29
7
538
\u2013
\u2013
\u2013
574
\nTotal
(6,967)
(1,117)
(1,312)
(859)
(803)
(727)
(3,289)
(8,107)
\nThe carrying amount of derivative financial liabilities comprises \u00a3215m (2021: \u00a35m) in relation to fair value hedges, \u00a332m (2021: \u00a37m)
\nin relation to cash flow hedges and \u00a322m (2021: \u00a32m) not designated as hedging instruments. The carrying amount of derivative
\nfinancial assets comprises nil (2021: \u00a335m) in relation to fair value hedges, \u00a324m (2021: \u00a336m) in relation to cash flow hedges and \u00a38m
\n(2021: \u00a312m) not designated as hedging instruments.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23082": {
"value": "Accounting policy \nFinancial instruments comprise investments (other than investments in joint ventures or associates), trade receivables, cash and
\ncash equivalents, payables and accruals, borrowings and derivative financial instruments.
\nInvestments (other than investments in joint ventures and associates) are described in note 15. The fair value of such investments is
\nbased on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to
\nmaximising the use of observable inputs and adjusting for risk. (These investments are typically classified as either Level 2 or 3 in
\nthe IFRS 13 fair value hierarchy.)
\nTrade receivables are carried in the statement of financial position at invoiced value less allowance for expected credit losses.
\nExpected credit losses are based on the ageing of trade receivables, experience and circumstance. Borrowings and payables are
\nrecorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated hedging
\nrelationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss
\nattributable to the hedged risk).
\nDerivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place
\nagainst changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable
\nto the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The
\noffsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement
\nwithin finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the
\ncumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the
\nborrowing using the effective interest method.
\nChanges in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are
\nrecognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to
\nforeign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm
\ncommitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or
\nliability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive
\nincome are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or
\na liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged
\nitem affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement.
\nCash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer
\nqualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
\ncomprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or, where
\na hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
\nDerivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position at
\nfair value, with changes in fair value recognised in the income statement.
\nThe fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of
\ninterest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable
\nmarket rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.)",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23083": {
"value": "Accounting policyDerivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place
\nagainst changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable
\nto the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The
\noffsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement
\nwithin finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the
\ncumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the
\nborrowing using the effective interest method.
\nChanges in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are
\nrecognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to
\nforeign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm
\ncommitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or
\nliability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive
\nincome are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or
\na liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged
\nitem affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement.
\nCash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer
\nqualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
\ncomprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or, where
\na hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
\nDerivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position at
\nfair value, with changes in fair value recognised in the income statement.
\nThe fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of
\ninterest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable
\nmarket rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.)
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForHedgingExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23084": {
"value": "Accounting policyInvestments (other than investments in joint ventures and associates) are described in note 15. The fair value of such investments is
\nbased on standard valuation techniques, including market comparisons and discounts of future cash flows, having regard to
\nmaximising the use of observable inputs and adjusting for risk. (These investments are typically classified as either Level 2 or 3 in
\nthe IFRS 13 fair value hierarchy.)
\nTrade 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.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23085": {
"value": "Accounting policyBorrowings and payables arerecorded initially at fair value and subsequently carried at amortised cost (other than fixed rate borrowings in designated hedging
\nrelationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted for the gain or loss
\nattributable to the hedged risk).
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23086": {
"value": "Accounting policyDerivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place
\nagainst changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable
\nto the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The
\noffsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement
\nwithin finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the
\ncumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the
\nborrowing using the effective interest method.
\nChanges in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are
\nrecognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to
\nforeign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm
\ncommitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or
\nliability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive
\nincome are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or
\na liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged
\nitem affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement.
\nCash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer
\nqualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
\ncomprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or, where
\na hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
\nDerivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position at
\nfair value, with changes in fair value recognised in the income statement.
\nThe fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of
\ninterest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable
\nmarket rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.)
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23087": {
"value": "Accounting policyDerivative financial instruments are used to hedge interest rate and foreign exchange risks. Where an effective hedge is in place
\nagainst changes in the fair value of fixed rate borrowings, the hedged borrowings are adjusted for changes in fair value attributable
\nto the risk being hedged with a corresponding income or expense included in the income statement within finance costs. The
\noffsetting gains or losses from remeasuring the fair value of the related derivatives are also recognised in the income statement
\nwithin finance costs. When the related derivative expires, is sold or terminated, or no longer qualifies for hedge accounting, the
\ncumulative change in fair value of the hedged borrowing is amortised in the income statement over the period to maturity of the
\nborrowing using the effective interest method.
\nChanges in the fair value of derivative financial instruments that are designated and effective as hedges of future cash flows are
\nrecognised (net of tax) in other comprehensive income and accumulated in the hedge reserve. The fair value amounts relating to
\nforeign currency basis spreads are recorded in a separate component of equity in the cost of hedging reserve. If a hedged firm
\ncommitment or forecasted transaction results in the recognition of a non-financial asset or liability, then, at the time that the asset or
\nliability is recognised, the associated gains or losses on the derivative that had previously been recognised in other comprehensive
\nincome are included in the initial measurement of the asset or liability. For hedges that do not result in the recognition of an asset or
\na liability, amounts deferred in the hedge reserve are recognised in the income statement in the same period in which the hedged
\nitem affects net profit or loss. Any ineffective portion of hedges is recognised immediately in the income statement.
\nCash flow hedge accounting is discontinued when a hedging instrument expires or is sold, terminated or exercised, or no longer
\nqualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in other
\ncomprehensive income is either retained in the hedge reserve until the firm commitment or forecasted transaction occurs, or, where
\na hedged transaction is no longer expected to occur, is immediately credited or expensed in the income statement.
\nDerivative financial instruments that are not designated as hedging instruments are recorded in the statement of financial position at
\nfair value, with changes in fair value recognised in the income statement.
\nThe fair values of derivative financial instruments represent the replacement costs calculated using observable market rates of
\ninterest and exchange. The fair value of long-term borrowings is calculated by discounting expected future cash flows at observable
\nmarket rates. (These instruments are accordingly classified as Level 2 in the IFRS 13 fair value hierarchy.)
",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23138": {
"value": "Liquidity risk \nThe Group maintains a range of borrowing facilities and debt programmes to fund its requirements at competitive rates.
\nThe balance of long-term debt, short-term debt and committed bank facilities is managed to provide security of funding, taking into
\naccount the cash generation cycle of the business and the uncertain size and timing of acquisition spend. To accommodate the
\nsignificant free cash flow generated by the Group and to capitalise on an inexpensive source of funding, a meaningful portion of the
\noverall debt portfolio is typically kept short term as long as there exists acceptable liquidity in the commercial paper markets and
\nsufficient capacity under committed credit lines. The Group\u2019s treasury policies ensure adequate liquidity by requiring that (a) no more
\nthan $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
\nborrowings is less than the sum of available cash plus committed facilities and (c) minimum levels of borrowing with maturities over
\nthree and five years are maintained.
\nThe treasury policies ensure debt efficiency by (a) targeting certain levels of short-term borrowings across a given year, (b) maintaining
\na weighted average maturity of the gross debt portfolio of approximately five years and (c) minimising surplus cash balances. From time
\nto time, based on cash flow and market conditions, the Group may redeem term debt early or repurchase outstanding debt in the
\nopen market.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
17 Financial instruments (continued)
\nDebt is issued to meet the funding requirements of various jurisdictions and in the currencies that are needed. It is recognised that debt
\ncan act as a natural translation hedge of earnings, net assets and net cash flow in currencies other than the reporting currency. For this
\nreason, the majority of the Group\u2019s net debt is denominated in US dollars and euros, reflecting the Group\u2019s largest geographical
\nmarkets. There were no changes to the Group\u2019s long-term approach to capital and liquidity management during the year.
\nThe remaining contractual maturities for borrowings and derivative financial instruments are shown in the table below. The table shows
\nundiscounted principal and interest cash flows and includes contractual gross cash flows to be exchanged as part of cross-currency
\ninterest rate swaps and forward foreign exchange contracts where there is a legal right of set-off.
\nAT 31 DECEMBER 2021
Contractual cash flow (including interest)
\nCarrying
Within
More than
\namount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nBorrowings
\nFixed rate borrowings
(5,828)
(156)
(741)
(1,106)
(704)
(709)
(3,126)
(6,542)
\nFloating rate borrowings
(131)
(131)
\u2013
\u2013
\u2013
\u2013
\u2013
(131)
\nLease liabilities
(208)
(75)
(63)
(43)
(25)
(4)
(31)
(241)
\nDerivative financial liabilities
\nCash inflows
371
86
103
2
\u2013
\u2013
562
\nCash outflows
(374)
(88)
(105)
(2)
\u2013
\u2013
(569)
\nForward foreign exchange contracts
(7)
(3)
(2)
(2)
\u2013
\u2013
\u2013
(7)
\nInterest rate derivatives
(5)
\u2013
\u2013
(1)
(2)
(2)
(7)
(12)
\nCross
-currency interest rate swaps
(2)
(32)
(34)
(14)
(501)
\u2013
\u2013
(581)
\nDerivative financial assets
\nCash inflows
1,399
312
107
26
\u2013
\u2013
1,844
\nCash outflows
(1,367)
(294)
(102)
(25)
\u2013
\u2013
(1,788)
\nForward foreign exchange contracts
48
32
18
5
1
\u2013
\u2013
56
\nInterest rate derivatives
19
22
10
4
\u2013
\u2013
\u2013
36
\nCross
-currency interest rate swaps
16
29
26
7
511
\u2013
\u2013
573
\nTotal
(6,098)
(314)
(786)
(1,150)
(720)
(715)
(3,164)
(6,849)
\nAT 31 DECEMBER 2022
Contractual cash flow (including interest)
\nCarrying
Within
More than
\namount
1 year
1-2 years
2-3 years
3-4 years
4-5 years
5 years
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nBorrowings
\nFixed rate borrowings
(6,446)
(847)
(1,188)
(772)
(769)
(704)
(3,212)
(7,492)
\nFloating rate borrowings
(102)
(102)
\u2013
\u2013
\u2013
\u2013
\u2013
(102)
\nLease liabilities
(182)
(80)
(58)
(36)
(17)
(6)
(34)
(231)
\nDerivative financial liabilities
\nCash inflows
835
242
122
8
\u2013
\u2013
1,207
\nCash outflows
(870)
(262)
(127)
(8)
\u2013
\u2013
(1,267)
\nForward foreign exchange contracts
(53)
(35)
(20)
(5)
\u2013
\u2013
\u2013
(60)
\nInterest rate derivatives
(158)
(48)
(29)
(20)
(18)
(17)
(43)
(175)
\nCross
-currency interest rate swaps
(58)
(56)
(31)
(567)
\u2013
\u2013
\u2013
(654)
\nDerivative financial assets
\nCash inflows
665
199
126
24
1,014
\nCash outflows
(645)
(192)
(123)
(23)
(983)
\nForward foreign exchange contracts
32
20
7
3
1
\u2013
\u2013
31
\nInterest rate derivatives
\u2013
2
\u2013
\u2013
\u2013
\u2013
\u2013
2
\nCross
-currency interest rate swaps
\u2013
29
7
538
\u2013
\u2013
\u2013
574
\nTotal
(6,967)
(1,117)
(1,312)
(859)
(803)
(727)
(3,289)
(8,107)
\nThe carrying amount of derivative financial liabilities comprises \u00a3215m (2021: \u00a35m) in relation to fair value hedges, \u00a332m (2021: \u00a37m)
\nin relation to cash flow hedges and \u00a322m (2021: \u00a32m) not designated as hedging instruments. The carrying amount of derivative
\nfinancial assets comprises nil (2021: \u00a335m) in relation to fair value hedges, \u00a324m (2021: \u00a336m) in relation to cash flow hedges and \u00a38m
\n(2021: \u00a312m) not designated as hedging instruments.
\nThe Group has ample liquidity and access to debt capital markets, providing the ability to repay or refinance borrowings as they mature
\nand to fund ongoing requirements. At 31 December 2022, the Group had access to a $3.0bn committed bank facility maturing in April
\n2025, which was undrawn. This facility backs up short-term borrowings, and has pricing linked to three ESG performance targets. All
\nborrowings that mature within the next two years can be covered by the facility and by utilising available cash resources. The committed
\nbank facility is not subject to a financial covenant and there are no financial covenants in any outstanding public bonds.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23509": {
"value": "Market risk \nThe Group\u2019s primary market risks are interest rate fluctuations and exchange rate movements. Derivatives are used to manage the risks
\nassociated with interest rate and exchange rate movements and the Group does not enter into speculative derivatives. Where the
\nimpact of derivatives on the income statement and the statement of financial position could be significant, hedge accounting is applied
\n(subject to satisfying the required criteria) as described in \u2018Hedge accounting\u2019 below. Derivatives used by the Group for hedging a
\nparticular risk are not specialised and are generally available from numerous sources. The Group is also exposed to changes in the
\nmarket value of its venture capital investments as described in note 15. The impact of market risks on net post-employment benefit
\nobligations and taxation is excluded from the following market risk sensitivity analysis.
\nInterest rate exposure management
\nThe Group\u2019s interest rate exposure management policy aims to minimise interest costs with an acceptable level of year-on-year
\nvolatility. 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
\nborrowings. Interest rate derivatives are used only to hedge an underlying risk and no net market positions are held.
\nAt 31 December 2022, including the effect of interest rate swaps, 58% of gross bank and bond borrowings were at fixed rates.
\nA 100 basis point reduction in short-term interest rates would result in an estimated decrease in annual net finance costs of \u00a325m
\n(2021: \u00a321m), based on the composition of financial instruments including cash, cash equivalents, bank loans and commercial paper
\nborrowings at 31 December 2022. A 100 basis point rise in short-term interest rates would result in an estimated increase in net finance
\ncosts of \u00a325m (2021: \u00a321m).
\nThe impact on net equity of a theoretical change in interest rates as at 31 December 2022 is restricted to the change in carrying value
\nof floating rate to fixed rate interest rate derivatives in a designated cash flow hedge relationship and undesignated interest rate
\nderivatives. A 100 basis point reduction in interest rates would result in an estimated decrease in net equity of nil (2021: nil) and a 100
\nbasis point increase in interest rates would increase net equity by an estimated amount of nil (2021: nil). The impact of a change in
\ninterest rates on the carrying value of fixed rate borrowings in a designated fair value hedge relationship would be offset by the change
\nin carrying value of the related interest rate derivative. Fixed rate borrowings not in a designated hedging relationship are carried at
\namortised cost.
\nThe Group has assessed the impact of the Interbank Offered Rates (IBOR) reform and concluded that there will be no significant impact
\non the financial statements. The Group is primarily exposed to IBOR through its derivatives which swap fixed rate bond issuances to a
\nfloating rate of interest and which are designated in fair value hedge relationships. The table on page 192 details these interest rate
\nderivatives which swap \u00a31,917m of bonds with weighted average maturity of 3.3 years to a floating rate of interest referencing US dollar
\nLIBOR (3 months) and swap \u00a3443m of bonds with weighted average maturity of 1.2 years to a floating rate of interest referencing
\nEuribor (3 months). The Group has adopted the ISDA fallback protocol in respect of these derivatives and the fair value hedge
\ndesignations are expected to remain highly effective throughout the transition to alternative risk free rates.
\nForeign currency exposure management
\nTranslation exposures arise on the earnings and net assets of individual businesses whose operational currencies are other than
\nsterling. Some of these exposures are offset by denominating borrowings in US dollars, euros and other currencies. Currency exposures
\non transactions denominated in a foreign currency are generally hedged using forward contracts. In addition, recurring transactions and
\nfuture investment exposures may be hedged, in advance of becoming contractual. The precise policy differs according to the specific
\ncircumstances of the individual businesses. Highly predictable future cash flows may be covered for transactions expected to occur
\nduring the next 24 months (50 months for the Scientific, Technical & Medical subscription businesses) within limits defined according to
\nthe period before the transaction is expected to become contractual. Cover takes the form of foreign exchange forward contracts.
\nFurther information is provided in \u2018Cash flow hedges\u2019 below.
\nA theoretical weakening of all currencies by 10% against sterling at 31 December 2022 would decrease the carrying value of net
\nassets, excluding net borrowings, by \u00a3892m (2021: \u00a3781m). This would be offset to a degree by a decrease in net borrowings of
\n\u00a3671m (2021: \u00a3677m). A strengthening of all currencies by 10% against sterling at 31 December 2022 would increase the carrying
\nvalue of net assets, excluding net borrowings, by \u00a3892m (2021: \u00a3781m) and increase net borrowings by \u00a3671m (2021: \u00a3677m).
\nA retranslation of the Group\u2019s net profit for the year, assuming a 10% weakening of all foreign currencies against sterling but excluding
\ntransactional exposures, would reduce net profit by \u00a3126m (2021: \u00a3112m). A 10% strengthening of all foreign currencies against
\nsterling on this basis would increase net profit for the year by \u00a3126m (2021: \u00a3112m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23559": {
"value": "Credit risk \nThe Group seeks to manage interest rate risk and limit foreign exchange risks described above by the use of financial instruments and
\nas a result has a credit risk from the potential non-performance by the counterparties to these financial instruments, which are
\nunsecured. The amount of this credit risk is normally restricted to the amounts of any hedge gain and not the principal amount being
\nhedged. The Group also has a credit exposure to counterparties for the full principal amount of cash and cash equivalents. Credit risks
\nare controlled by monitoring the credit quality of these counterparties, principally licensed commercial banks and investment banks with
\nstrong long-term credit ratings, and the amounts outstanding with each of them.
\nThe Group has treasury policies in place which do not allow concentrations of risk with individual counterparties and do not allow
\nsignificant treasury exposures with counterparties which are rated lower than A-/A3 by Standard & Poor\u2019s, Moody\u2019s and Fitch.
\nAt 31 December 2022, cash and cash equivalents totalled \u00a3334m (2021: \u00a3113m), of which 96% (2021: 89%) was held with banks
\nrated A-/A3 or better.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
17 Financial instruments (continued)
\nThe Group also has credit risk with respect to trade receivables due from its customers, which include national and state governments,
\nacademic institutions and large and small enterprises including insurance companies, law firms and life science companies. The
\nconcentration of credit risk from trade receivables is limited due to the large and broad customer base. Trade receivable exposures are
\nmanaged locally in the business areas where they arise. Where appropriate, business areas seek to minimise this exposure by taking
\npayment in advance and through management of credit terms. Expected credit losses are based on management\u2019s assessment of the
\nrisk taking into account the ageing profile, experience and circumstance. The maximum exposure to credit risk is represented by the
\ncarrying amount of each financial asset, including derivative financial instruments, recorded in the statement of financial position.
\nIncluded within trade receivables are the following amounts which are past due, after considering loss allowance:
\n2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nUp to one month
170
156
265
\n2 to 3 months
83
96
115
\n4 to 6 months
34
35
46
\nGreater than 6 months
46
18
23
\nTotal past due
333
305
449 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f23632": {
"value": "Hedge accounting
\nThe hedging relationships that are designated under IFRS 9 \u2013 Financial Instruments are described below.
\nFair value hedges
\nThe Group has entered into interest rate swaps and cross-currency interest rate swaps to hedge the exposure to changes in the fair
\nvalue of fixed rate borrowings due to interest rate and foreign currency movements which could affect the income statement. The table
\nbelow details the designated fair value hedge relationships that were in place at 31 December 2022, swapping fixed rate term debt
\nissues denominated in US dollars (USD) and euros to floating rate USD and euro debt respectively for the whole or part of their term,
\ntogether with the related fixed and floating rates.
\nFAIR VALUE HEDGE RELATIONSHIPS
31
December
31
December
\n2021
2022
\nPrincipal
Principal
\namount
amount
\n\u00a3m
\u00a3m
Fixed rate
Floating rate
\n$700m bond and $700m interest rate swaps maturing 2023
(517)
(579)
3.5
%
USD LIBOR+0.8%
\n\u20ac500m bond and \u20ac500m interest rate swaps maturing 2024
(421)
(443)
1.0
%
Euribor+0.7%
\n\u20ac600m bond and \u20ac600m/$669.3m cross
-currency interest rate
\nswaps maturing 2025
\n(494)
(553)
1.3
%
USD LIBOR+1.3%
\n$200m bond and $200m interest rate swaps maturing 2027
(148)
(165)
7.2
%
USD LIBOR+5.8%
\n$750m bond and $750m interest rate swaps maturing 2030
(554)
(620)
3.0
%
USD
LIBOR+1.6%
\n$500m bond and $500m interest rate swaps maturing 2032
\u2013
(413)
4.75
%
USD SOFR+2.0%
\n(2,134)
(2,773)
\nThe gains and losses on the borrowings and related derivatives designated as fair value hedges, which are included in the income
\nstatement as part of finance costs, together with the total carrying values of the borrowings and related derivatives included in the
\nstatement of financial position, for the three years ended 31 December 2020, 2021 and 2022 were as follows:
\nGAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\nAND CARRYING VALUES
Fair value
\n1 January
movement
Exchange
31 December
Carrying
\n2020
gain/(loss)
gain/(loss)
2020
values
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUSD debt
(13)
(25)
2
(36)
(701)
\nRelated interest rate swaps
13
25
(2)
36
36
\n\u2013
\u2013
\u2013
\u2013
(665)
\nEUR debt
(39)
(47)
3
(83)
(1,467)
\nRelated interest rate swaps
39
47
(3)
83
83
\n\u2013
\u2013
\u2013
\u2013
(1,384)
\nTotal relating to USD and EUR debt
(52)
(72)
5
(119)
(2,168)
\nTotal related interest rate swaps
52
72
(5)
119
119
\nNet gain on borrowings and related
derivatives/total
\ncarrying value
\u2013
\u2013
\u2013
\u2013
(2,049)
GAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\nAND CARRYING VALUES
Fair value
\n1 January
movement
Exchange
31 December
Carrying
\n2021
gain/(loss)
gain/(loss)
2021
values
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUSD debt
(36)
35
\u2013
(1)
(1,221)
\nRelated interest rate swaps
36
(28)
\u2013
8
8
\n\u2013
7
\u2013
7
(1,213)
\nEUR debt
(83)
55
1
(27)
(940)
\nRelated interest rate swaps
83
(55)
(1)
27
27
\n\u2013
\u2013
\u2013
\u2013
(913)
\nTotal relating to USD and EUR debt
(119)
90
1
(28)
(2,161)
\nTotal related interest rate
swaps
119
(83)
(1)
35
35
\nNet gain on borrowings and related derivatives/total
\ncarrying value
\u2013
7
\u2013
7
(2,126)
\nGAINS/(LOSSES) ON BORROWINGS AND RELATED DERIVATIVES
\nAND CARRYING VALUES
Fair value
\n1 January
movement
Exchange
31 December
Carrying
\n2022
gain/(loss)
gain/(loss)
2022
values
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUSD debt
(1)
140
2
141
(1,630)
\nRelated interest rate swaps
8
(149)
(2)
(143)
(143)
\n7
(9)
\u2013
(2)
(1,773)
\nEUR debt
(27)
96
1
70
(924)
\nRelated interest rate swaps
27
(96)
(1)
(70)
(70)
\n\u2013
\u2013
\u2013
\u2013
(994)
\nTotal relating to USD and EUR debt
(28)
236
3
211
(2,554)
\nTotal related interest rate swaps
35
(245)
(3)
(213)
(213)
\nNet gain/(loss) on borrowings and related
\nderivatives/total carrying value
7
(9)
\u2013
(2)
(2,767)
\nAll fair value hedges were highly effective throughout the three years ended 31 December 2022.
\nGross borrowings as at 31 December 2022 included \u00a310m (2021: \u00a312m) in relation to fair value adjustments to borrowings previously
\ndesignated in a fair value hedge relationship which were de-designated in 2008. The related derivatives were closed out on de-
\ndesignation with a cash inflow of \u00a362m. \u00a33m (2021: \u00a33m) of these fair value adjustments were amortised in the year as a reduction to
\nfinance costs.
\nCash flow hedges
\nAs part of the Group\u2019s interest rate exposure management, it has entered into certain cross-currency interest rate derivatives, individual
\ncomponents of which have been accounted for as cash flow hedges (with the remaining components accounted for as fair value
\nhedges, as described above). These comprised interest rate derivatives which swapped a fixed rate \u20ac600m bond, issued in May 2015
\nand 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
\nmargin to USD is being accounted for as a cash flow hedge under IFRS 9, with the amount associated with foreign currency basis
\nspreads recorded in the cost of hedging reserve.
\nAs part of the Group\u2019s foreign currency exposure management, it has entered into forward foreign exchange contracts which fix the
\nexchange rate on a portion of future foreign currency subscription revenues forecast by the businesses for up to 50 months. These have
\nbeen accounted for as cash flow hedges under IFRS 9 of the forecast foreign currency revenues, with gains and losses on the forward
\ncontracts deferred in the hedge reserve until the related revenue is recognised, at which time the accumulated gains and losses are
\nreclassified to the income statement.
\nMovements in the hedge reserve and the cost of hedging reserve in 2021 and 2022, including gains and losses on cash flow hedging
\ninstruments, were as follows:
\nCost of
Foreign
\nInterest rate
hedging
currency
\nhedge reserve
reserve
hedge reserve
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nHedge reserve at 31 December 2020: gains/(losses) deferred
4
(8)
27
23
\n(Losses)/gains arising in 2021
(3)
2
11
10
\nAmounts recognised in income statement
\u2013
\u2013
(9)
(9)
\nHedge reserve at 31 December 2021: gains/(losses) deferred
1
(6)
29
24
\n(Losses)/gains arising in 2022
(3)
5
(20)
(18)
\nAmounts recognised in income statement
1
\u2013
(18)
(17)
\nExchange translation differences
(1)
\u2013
1
\u2013
\nHedge reserve at 31 December 2022: losses deferred
(2)
(1)
(8)
(11)
All cash flow hedges were highly effective throughout the two years ended 31 December 2022.
\nA deferred tax credit of \u00a33m (2021: debit of \u00a35m) in respect of the above gains and losses at 31 December 2022 was also deferred in
\nthe hedge reserve.
\nOf the amounts recognised in the income statement in the year, gains of \u00a318m (2021: \u00a39m) were recognised in revenue, and losses of
\n\u00a31m (2021: nil) were recognised in finance costs. A tax debit of \u00a34m (2021: \u00a32m) was recognised in relation to these items.
\nThe deferred gains and losses on foreign currency cash flow hedges at 31 December 2022 are currently expected to be recognised in
\nthe income statement in future years as shown in the table below, together with the principal amount of hedges relating to each year
\nand their total carrying values included within derivative assets and liabilities in the statement of financial position:
\nForeign
Principal
\ncurrency
amount of
Carrying
\nhedge reserve
hedges
values
\n\u00a3m
\u00a3m
\u00a3m
\n2023
4
673
(11)
\n2024
(10)
459
(10)
\n2025
(2)
250
(2)
\n2026
\u2013
36
\u2013
\nTotal
(8)
1,418
(23)
\nThe 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
\nthe preceding year. These cash flows are included in the table on page 190.
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDetailedInformationAboutHedgingInstrumentsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24076": {
"value": "18 Inventories and pre-publication costs \nAccounting policy
\nInventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and estimated net
\nrealisable value. Such costs typically comprise direct internal labour costs and externally commissioned editorial and other fees.
\nPre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically
\nreflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years.
\nAnnual reviews are carried out to assess the recoverability of carrying amounts.
\n2021
2022
\n\u00a3m
\u00a3m
\nRaw materials
2
3
\nPre
-publication costs
218
264
\nFinished goods
33
42
\nTotal
253
309
\nDuring the year, pre-publication costs of \u00a394m (2021: \u00a373m) were capitalised. The related amortisation charge was \u00a372m (2021:
\n\u00a360m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24080": {
"value": "Accounting policy \nInventories and pre-publication costs are stated at the lower of cost, including appropriate attributable overhead, and estimated net
\nrealisable value. Such costs typically comprise direct internal labour costs and externally commissioned editorial and other fees.
\nPre-publication costs, representing costs incurred in the origination of content prior to publication, are expensed systematically
\nreflecting the expected sales profile over the estimated economic lives of the related products, generally up to five years.
\nAnnual reviews are carried out to assess the recoverability of carrying amounts.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24109": {
"value": "19 Trade and other receivables \nAccounting policy
\nTrade receivables are stated net of a loss allowance for expected credit losses.
\n2021
2022
\n\u00a3m
\u00a3m
\nTrade receivables
1,738
2,193
\nLoss allowance
(106)
(118)
\n1,632
2,075
\nPrepayments and accrued income
316
310
\nCurrent tax receivable
10
15
\nNet finance lease receivable
2
5
\nTotal
1,960
2,405
\nTrade receivables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
\n
19 Trade and other receivables (continued)
\nThe movements in the loss allowance during the year were as follows:
\n2021
2022
\n\u00a3m
\u00a3m
\nAt
start of year
99
106
\nCharge for the year
17
11
\nTrade receivables written off
(8)
(7)
\nExchange translation differences
(2)
8
\nAt end of year
106
118 ",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24110": {
"value": "19 Trade and other receivablesThe movements in the loss allowance during the year were as follows:
\n2021
2022
\n\u00a3m
\u00a3m
\nAt
start of year
99
106
\nCharge for the year
17
11
\nTrade receivables written off
(8)
(7)
\nExchange translation differences
(2)
8
\nAt end of year
106
118
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24114": {
"value": "Accounting policy Trade receivables are stated net of a loss allowance for expected credit losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24184": {
"value": "20 Trade and other payables \nAccounting policy
\nDeferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an amount of
\nconsideration, in advance of the goods and services being delivered.
\nTrade payables, accruals and other payables are not interest-bearing and are stated at their nominal values.
\n2021
2022
\n\u00a3m
\u00a3m
\nTrade payables
109
129
\nAccruals
718
844
\nSocial security and other taxes
141
159
\nOther payables
351
517
\nDeferred income
1,956
2,368
\nTotal
3,275
4,017
\nTrade and other payables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
\nMaterially all of the opening deferred income balance has been recognised in the reporting period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24185": {
"value": "20 Trade and other payables \nAccounting policy
\nDeferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an amount of
\nconsideration, in advance of the goods and services being delivered.
\nTrade payables, accruals and other payables are not interest-bearing and are stated at their nominal values.
\n2021
2022
\n\u00a3m
\u00a3m
\nTrade payables
109
129
\nAccruals
718
844
\nSocial security and other taxes
141
159
\nOther payables
351
517
\nDeferred income
1,956
2,368
\nTotal
3,275
4,017
\nTrade and other payables are predominantly non-interest bearing and their carrying amounts approximate to their fair value.
\nMaterially all of the opening deferred income balance has been recognised in the reporting period.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24190": {
"value": "Accounting policy \nDeferred income is recognised when either a customer has paid consideration, or RELX has an unconditional right to an amount of
\nconsideration, in advance of the goods and services being delivered.
\nTrade payables, accruals and other payables are not interest-bearing and are stated at their nominal values.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24223": {
"value": "21 Debt \nAccounting policy
\nBorrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings in
\ndesignated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted
\nfor the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires, is sold or
\nterminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in
\nthe income statement over the period to maturity of the borrowing using the effective interest method.
\n2021
2022
\nFalling
due
Falling due
Falling
due
Falling
due in
\nwithin
in
more than
within
more than
\n1 year
1 year
Total
1 year
1 year
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nFinancial liabilities measured at amortised cost:
\nShort-term bank loans, overdrafts and commercial paper
131
\u2013
131
102
\u2013
102
\nTerm debt
32
3,410
3,442
\u2013
3,641
3,641
\nLease liabilities
69
139
208
67
115
182
\nTerm debt in fair value hedging relationships
\u2013
2,161
2,161
576
1,978
2,554
\nTerm debt previously in fair value hedging relationships
\u2013
\u2013
225
225
125
126
251
\nTotal
232
5,935
6,167
870
5,860
6,730
\nThe total fair value of financial liabilities measured at amortised cost (excluding lease liabilities) is \u00a33,451m (2021: \u00a33,746m). The total
\nfair value of term debt in fair value hedging relationships is \u00a32,688m (2021: \u00a32,268m). The total fair value of term debt previously in fair
\nvalue hedging relationships is \u00a3257m (2021: \u00a3255m).
\nRELX PLC has given guarantees in respect of certain long-term and short-term borrowings issued by subsidiaries. Included within term
\ndebt above are debt securities issued by RELX Capital Inc., a 100% indirectly owned finance subsidiary of RELX PLC, which have been
\nregistered with the US Securities and Exchange Commission. RELX PLC has fully and unconditionally guaranteed these securities,
\nwhich are not guaranteed by any other subsidiary of RELX PLC.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
21 Debt (continued)
\nAnalysis by year of repayment
\n2021
2022
\nShort-term
Short-term
\nbank
loans,
bank loans,
\noverdrafts
overdrafts
\nand
and
\ncommercial
Lease
commercial
Lease
\npaper
Term debt
liabilities
Total
paper
Term debt
liabilities
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nWithin 1 year
131
32
69
232
102
701
67
870
\nWithin 1 to 2 years
\u2013
641
40
681
\u2013
1,045
24
1,069
\nWithin 2 to 3 years
\u2013
1,012
37
1,049
\u2013
623
25
648
\nWithin 3 to 4 years
\u2013
628
29
657
\u2013
660
24
684
\nWithin 4 to 5 years
\u2013
626
17
643
\u2013
595
17
612
\nAfter 5 years
\u2013
2,889
16
2,905
\u2013
2,822
25
2,847
\nAfter 1 year
\u2013
5,796
139
5,935
\u2013
5,745
115
5,860
\nTotal
131
5,828
208
6,167
102
6,446
182
6,730
\nShort-term bank loans, overdrafts and commercial paper were backed up at 31 December 2022 by a $3.0bn (\u00a32.5bn) committed bank
\nfacility maturing in 2025. The committed bank facility was undrawn.
\nAnalysis by currency
\n2021
2022
\nShort-term
Short-term
\nbank
loans,
bank loans,
\noverdrafts
overdrafts
\nand
and
\ncommercial
Lease
commercial
Lease
\npaper
Term debt
liabilities
Total
paper
Term
debt
liabilities
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUS dollar
68
2,691
79
2,838
2
3,160
65
3,227
\nPound sterling
\u2013
\u2013
\u2013
\u2013
51
51
\u2013
\u2013
40
40
\nEuro
15
3,137
47
3,199
\u2013
3,286
57
3,343
\nOther currencies
48
\u2013
\u2013
31
79
100
\u2013
20
120
\nTotal
131
5,828
208
6,167
102
6,446
182
6,730
\nIncluded in the US dollar amounts for term debt above is \u00a3498m (2021: \u00a3515m) of debt denominated in euros (\u20ac600m) (2021: \u20ac600m)
\nthat was swapped into US dollars on issuance and against which there are related derivative financial instruments, which, as at 31
\nDecember 2022, had a fair value of \u00a355m (2021: \u00a321m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24224": {
"value": "21 Debt \nAccounting policy
\nBorrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings in
\ndesignated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted
\nfor the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires, is sold or
\nterminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in
\nthe income statement over the period to maturity of the borrowing using the effective interest method.
\n2021
2022
\nFalling
due
Falling due
Falling
due
Falling
due in
\nwithin
in
more than
within
more than
\n1 year
1 year
Total
1 year
1 year
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nFinancial liabilities measured at amortised cost:
\nShort-term bank loans, overdrafts and commercial paper
131
\u2013
131
102
\u2013
102
\nTerm debt
32
3,410
3,442
\u2013
3,641
3,641
\nLease liabilities
69
139
208
67
115
182
\nTerm debt in fair value hedging relationships
\u2013
2,161
2,161
576
1,978
2,554
\nTerm debt previously in fair value hedging relationships
\u2013
\u2013
225
225
125
126
251
\nTotal
232
5,935
6,167
870
5,860
6,730
\nThe total fair value of financial liabilities measured at amortised cost (excluding lease liabilities) is \u00a33,451m (2021: \u00a33,746m). The total
\nfair value of term debt in fair value hedging relationships is \u00a32,688m (2021: \u00a32,268m). The total fair value of term debt previously in fair
\nvalue hedging relationships is \u00a3257m (2021: \u00a3255m).
\nRELX PLC has given guarantees in respect of certain long-term and short-term borrowings issued by subsidiaries. Included within term
\ndebt above are debt securities issued by RELX Capital Inc., a 100% indirectly owned finance subsidiary of RELX PLC, which have been
\nregistered with the US Securities and Exchange Commission. RELX PLC has fully and unconditionally guaranteed these securities,
\nwhich are not guaranteed by any other subsidiary of RELX PLC.
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
21 Debt (continued)
\nAnalysis by year of repayment
\n2021
2022
\nShort-term
Short-term
\nbank
loans,
bank loans,
\noverdrafts
overdrafts
\nand
and
\ncommercial
Lease
commercial
Lease
\npaper
Term debt
liabilities
Total
paper
Term debt
liabilities
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nWithin 1 year
131
32
69
232
102
701
67
870
\nWithin 1 to 2 years
\u2013
641
40
681
\u2013
1,045
24
1,069
\nWithin 2 to 3 years
\u2013
1,012
37
1,049
\u2013
623
25
648
\nWithin 3 to 4 years
\u2013
628
29
657
\u2013
660
24
684
\nWithin 4 to 5 years
\u2013
626
17
643
\u2013
595
17
612
\nAfter 5 years
\u2013
2,889
16
2,905
\u2013
2,822
25
2,847
\nAfter 1 year
\u2013
5,796
139
5,935
\u2013
5,745
115
5,860
\nTotal
131
5,828
208
6,167
102
6,446
182
6,730
\nShort-term bank loans, overdrafts and commercial paper were backed up at 31 December 2022 by a $3.0bn (\u00a32.5bn) committed bank
\nfacility maturing in 2025. The committed bank facility was undrawn.
\nAnalysis by currency
\n2021
2022
\nShort-term
Short-term
\nbank
loans,
bank loans,
\noverdrafts
overdrafts
\nand
and
\ncommercial
Lease
commercial
Lease
\npaper
Term debt
liabilities
Total
paper
Term
debt
liabilities
Total
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nUS dollar
68
2,691
79
2,838
2
3,160
65
3,227
\nPound sterling
\u2013
\u2013
\u2013
\u2013
51
51
\u2013
\u2013
40
40
\nEuro
15
3,137
47
3,199
\u2013
3,286
57
3,343
\nOther currencies
48
\u2013
\u2013
31
79
100
\u2013
20
120
\nTotal
131
5,828
208
6,167
102
6,446
182
6,730
\nIncluded in the US dollar amounts for term debt above is \u00a3498m (2021: \u00a3515m) of debt denominated in euros (\u20ac600m) (2021: \u20ac600m)
\nthat was swapped into US dollars on issuance and against which there are related derivative financial instruments, which, as at 31
\nDecember 2022, had a fair value of \u00a355m (2021: \u00a321m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24229": {
"value": "Accounting policy \nBorrowings are recorded initially at fair value and subsequently carried at amortised cost, other than fixed rate borrowings in
\ndesignated hedging relationships for which the carrying amount of the hedged portion of the borrowings is subsequently adjusted
\nfor the gain or loss attributable to the hedged risk. When the related derivative in such a hedging relationship expires, is sold or
\nterminated, or no longer qualifies for hedge accounting, the cumulative change in fair value of the hedged borrowing is amortised in
\nthe income statement over the period to maturity of the borrowing using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24533": {
"value": "22 Lease arrangements \nAccounting policy
\nAll leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of
\nfinancial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding right-
\nof-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.
\nLease payments are apportioned between finance charges and a reduction of the lease liability.
\nLow-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
\npayments made in relation to these leases are recognised on a straight-line basis in the income statement.
\nThe leases held by the Group can be split into two categories: property and non-property. The Group leases various properties,
\nprincipally offices, which have varying terms and renewal rights that are typical to the territory in which they are located.
\nNon-property includes all other leases, such as cars and printers.
\n
22 Lease arrangements (continued)
\nRight-of-use assets
\n2021
2022
\n\u00a3m
\u00a3m
\nAt
start of year
216
161
\nAdditions
25
34
\nAcquisitions
\u2013
\u2013
3
\nRemeasurement
9
8
\nDisposals
(5)
(8)
\nDepreciation
(66)
(63)
\nImpairment
(14)
\u2013
\nExchange translation differences
(4)
10
\nAt end of year
161
145
\nLease liability
\n2021
2022
\n\u00a3m
\u00a3m
\nCurrent
\nProperty
(67)
(65)
\nNon
-property
(2)
(2)
\nNon-current
\nProperty
(136)
(113)
\nNon
-property
(3)
(2)
\nTotal
(208)
(182)
\nInterest expense on the lease liabilities recognised within finance costs was \u00a36m (2021: \u00a38m; 2020: \u00a312m).
\nAs at 31 December 2022, RELX was committed to leases with future cash outflows totalling \u00a332m (31 December 2021: \u00a35m) which
\nhad not yet commenced and as such are not accounted for as a liability as at 31 December 2022. A liability and corresponding right-of-
\nuse asset will be recognised for these leases at the lease commencement date.
\nRELX subleases vacant space available within its leased properties. IFRS 16 specifies conditions whereby a sublease is classed as a
\nfinance lease for the sub-lessor. The finance lease receivable balance held is as follows:
\n2021
2022
\n\u00a3m
\u00a3m
\nNet finance lease receivable
2
5
\nShort-term and low-value lease expenses have been included in note 3.
\nInterest income recognised in relation to finance lease receivables is disclosed in note 7.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLeasesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24537": {
"value": "Accounting policy \nAll leases where RELX is the lessee (with the exception of short-term and low-value leases) are recognised in the statement of
\nfinancial position. A lease liability is recognised based on the present value of the future lease payments, and a corresponding right-
\nof-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.
\nLease payments are apportioned between finance charges and a reduction of the lease liability.
\nLow-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
\npayments made in relation to these leases are recognised on a straight-line basis in the income statement.
\nThe leases held by the Group can be split into two categories: property and non-property. The Group leases various properties,
\nprincipally offices, which have varying terms and renewal rights that are typical to the territory in which they are located.
\nNon-property includes all other leases, such as cars and printers.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24641": {
"value": "23 Share capital and shares held in treasury \nAccounting policy
\nShares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid,
\nincluding directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
\nEmployee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity.
\nRELX PLC
\nCALLED UP SHARE CAPITAL
\u2013 ISSUED AND FULLY PAID
2021
2022
\nNo. of shares
\u00a3m
No. of shares
\u00a3m
\nAt start of year
1,982,299,312
286
1,984,961,632
286
\nIssue of ordinary shares
2,662,320
\u2013
1,918,456
\u2013
\nCancellation of ordinary shares
\u2013
\u2013
(52,000,000)
(7)
\nAt end of year
1,984,961,632
286
1,934,880,088
279
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
23 Share capital and shares held in treasury (continued)
\nNUMBER OF ORDINARY SHARES
Year ended 31 December
\n2021
2022
\nShares in
Shares in
\nissue net of
issue net of
\ntreasury
Shares in
Treasury
treasury
\nshares*
issue
shares
shares*
\n(millions)
(millions)
(millions)
(millions)
\nRELX PLC
\nAt start of year
1,926.0
1,985.0
(55.6)
1,929.4
\nIssue of ordinary shares
2.7
1.9
\u2013
1.9
\nRepurchase of ordinary shares
\u2013
\u2013
(21.7)
(21.7)
\nNet release/(purchase) of shares by the Employee Benefit Trust
0.7
\u2013
(0.1)
(0.1)
\nCancellation of ordinary shares
\u2013
(52.0)
52.0
\u2013
\nAt end of year
1,929.4
1,934.9
(25.4)
1,909.5
\n*
At 31 December 2022 the total shares in issue net of treasury shares is 1,909,526,620 (2021: 1,929,425,389).
\nDuring the year, RELX PLC repurchased 21.7m (2021: nil; 2020: 7.8m) RELX PLC ordinary shares for an average price of 2,303p;
\nrepurchased shares are held in treasury. In 2022 the total consideration for the RELX PLC repurchases was \u00a3500m (2021: nil;
\n2020: \u00a3150m).
\nThe Employee Benefit Trust purchases RELX PLC shares which, at the trustees\u2019 discretion, can be used in respect of the exercise of
\nshare options and to meet commitments under conditional share awards. During the year, the Employee Benefit Trust purchased 2.2m
\nshares for a total cost of \u00a350m (2021: \u00a31m; 2020: \u00a337m). At 31 December 2022, shares held by the Employee Benefit Trust were
\n\u00a3101m (2021: \u00a386m; 2020: \u00a397m) at cost.
\nThe issue of ordinary shares in the year relates to the exercise of share options.
\nAll of the RELX PLC ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for shares held in
\ntreasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.
\nAt 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
\nshares held by the Employee Benefit Trust; and 19,800,067 (2021: 50,087,679; 2020: 50,087,679) RELX PLC ordinary shares held by
\nthe parent company. During 2022, 52m (2021: nil; 2020: nil) RELX PLC ordinary shares held in treasury were cancelled.
\nOn 9 December 2022, RELX PLC announced a non-discretionary programme to repurchase further ordinary shares up to the value of
\n\u00a3150m. At 31 December 2022, an accrual of \u00a3150m was recognised in respect of this non-discretionary commitment. A further 6.3m
\nRELX PLC ordinary shares have been repurchased in January and February 2023 under this programme.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24642": {
"value": "23 Share capital and shares held in treasury \nAccounting policy
\nShares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid,
\nincluding directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
\nEmployee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity.
\nRELX PLC
\nCALLED UP SHARE CAPITAL
\u2013 ISSUED AND FULLY PAID
2021
2022
\nNo. of shares
\u00a3m
No. of shares
\u00a3m
\nAt start of year
1,982,299,312
286
1,984,961,632
286
\nIssue of ordinary shares
2,662,320
\u2013
1,918,456
\u2013
\nCancellation of ordinary shares
\u2013
\u2013
(52,000,000)
(7)
\nAt end of year
1,984,961,632
286
1,934,880,088
279
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
23 Share capital and shares held in treasury (continued)
\nNUMBER OF ORDINARY SHARES
Year ended 31 December
\n2021
2022
\nShares in
Shares in
\nissue net of
issue net of
\ntreasury
Shares in
Treasury
treasury
\nshares*
issue
shares
shares*
\n(millions)
(millions)
(millions)
(millions)
\nRELX PLC
\nAt start of year
1,926.0
1,985.0
(55.6)
1,929.4
\nIssue of ordinary shares
2.7
1.9
\u2013
1.9
\nRepurchase of ordinary shares
\u2013
\u2013
(21.7)
(21.7)
\nNet release/(purchase) of shares by the Employee Benefit Trust
0.7
\u2013
(0.1)
(0.1)
\nCancellation of ordinary shares
\u2013
(52.0)
52.0
\u2013
\nAt end of year
1,929.4
1,934.9
(25.4)
1,909.5
\n*
At 31 December 2022 the total shares in issue net of treasury shares is 1,909,526,620 (2021: 1,929,425,389).
\nDuring the year, RELX PLC repurchased 21.7m (2021: nil; 2020: 7.8m) RELX PLC ordinary shares for an average price of 2,303p;
\nrepurchased shares are held in treasury. In 2022 the total consideration for the RELX PLC repurchases was \u00a3500m (2021: nil;
\n2020: \u00a3150m).
\nThe Employee Benefit Trust purchases RELX PLC shares which, at the trustees\u2019 discretion, can be used in respect of the exercise of
\nshare options and to meet commitments under conditional share awards. During the year, the Employee Benefit Trust purchased 2.2m
\nshares for a total cost of \u00a350m (2021: \u00a31m; 2020: \u00a337m). At 31 December 2022, shares held by the Employee Benefit Trust were
\n\u00a3101m (2021: \u00a386m; 2020: \u00a397m) at cost.
\nThe issue of ordinary shares in the year relates to the exercise of share options.
\nAll of the RELX PLC ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for shares held in
\ntreasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.
\nAt 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
\nshares held by the Employee Benefit Trust; and 19,800,067 (2021: 50,087,679; 2020: 50,087,679) RELX PLC ordinary shares held by
\nthe parent company. During 2022, 52m (2021: nil; 2020: nil) RELX PLC ordinary shares held in treasury were cancelled.
\nOn 9 December 2022, RELX PLC announced a non-discretionary programme to repurchase further ordinary shares up to the value of
\n\u00a3150m. At 31 December 2022, an accrual of \u00a3150m was recognised in respect of this non-discretionary commitment. A further 6.3m
\nRELX PLC ordinary shares have been repurchased in January and February 2023 under this programme.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24643": {
"value": "23 Share capital and shares held in treasury \nAccounting policy
\nShares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid,
\nincluding directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
\nEmployee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity.
\nRELX PLC
\nCALLED UP SHARE CAPITAL
\u2013 ISSUED AND FULLY PAID
2021
2022
\nNo. of shares
\u00a3m
No. of shares
\u00a3m
\nAt start of year
1,982,299,312
286
1,984,961,632
286
\nIssue of ordinary shares
2,662,320
\u2013
1,918,456
\u2013
\nCancellation of ordinary shares
\u2013
\u2013
(52,000,000)
(7)
\nAt end of year
1,984,961,632
286
1,934,880,088
279
\nFinancial statements and
\nother information
\nGovernance
Market segments
Financial review
Corporate Responsibility
Overview
\n
23 Share capital and shares held in treasury (continued)
\nNUMBER OF ORDINARY SHARES
Year ended 31 December
\n2021
2022
\nShares in
Shares in
\nissue net of
issue net of
\ntreasury
Shares in
Treasury
treasury
\nshares*
issue
shares
shares*
\n(millions)
(millions)
(millions)
(millions)
\nRELX PLC
\nAt start of year
1,926.0
1,985.0
(55.6)
1,929.4
\nIssue of ordinary shares
2.7
1.9
\u2013
1.9
\nRepurchase of ordinary shares
\u2013
\u2013
(21.7)
(21.7)
\nNet release/(purchase) of shares by the Employee Benefit Trust
0.7
\u2013
(0.1)
(0.1)
\nCancellation of ordinary shares
\u2013
(52.0)
52.0
\u2013
\nAt end of year
1,929.4
1,934.9
(25.4)
1,909.5
\n*
At 31 December 2022 the total shares in issue net of treasury shares is 1,909,526,620 (2021: 1,929,425,389).
\nDuring the year, RELX PLC repurchased 21.7m (2021: nil; 2020: 7.8m) RELX PLC ordinary shares for an average price of 2,303p;
\nrepurchased shares are held in treasury. In 2022 the total consideration for the RELX PLC repurchases was \u00a3500m (2021: nil;
\n2020: \u00a3150m).
\nThe Employee Benefit Trust purchases RELX PLC shares which, at the trustees\u2019 discretion, can be used in respect of the exercise of
\nshare options and to meet commitments under conditional share awards. During the year, the Employee Benefit Trust purchased 2.2m
\nshares for a total cost of \u00a350m (2021: \u00a31m; 2020: \u00a337m). At 31 December 2022, shares held by the Employee Benefit Trust were
\n\u00a3101m (2021: \u00a386m; 2020: \u00a397m) at cost.
\nThe issue of ordinary shares in the year relates to the exercise of share options.
\nAll of the RELX PLC ordinary shares rank equally with respect to voting rights and rights to receive dividends, except for shares held in
\ntreasury, which do not attract voting or dividend rights. There are no restrictions on the rights to transfer shares.
\nAt 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
\nshares held by the Employee Benefit Trust; and 19,800,067 (2021: 50,087,679; 2020: 50,087,679) RELX PLC ordinary shares held by
\nthe parent company. During 2022, 52m (2021: nil; 2020: nil) RELX PLC ordinary shares held in treasury were cancelled.
\nOn 9 December 2022, RELX PLC announced a non-discretionary programme to repurchase further ordinary shares up to the value of
\n\u00a3150m. At 31 December 2022, an accrual of \u00a3150m was recognised in respect of this non-discretionary commitment. A further 6.3m
\nRELX PLC ordinary shares have been repurchased in January and February 2023 under this programme.
\n24 Other reserves and translation reserve
\nTranslation
Hedge
Other
\nTotal
reserve
reserve
reserves
Total
\n2021
2022
2022
2022
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nAt start of year
1,241
250
19
2,062
2,331
\nProfit attributable to shareholders
1,471
\u2013
\u2013
1,634
1,634
\nDividends paid
(920)
\u2013
\u2013
(983)
(983)
\nActuarial gains on defined benefit pension schemes
321
\u2013
\u2013
164
164
\nFair value movements on cash flow hedges
10
\u2013
(18)
\u2013
(18)
\nTransfer to profit from cash flow hedge reserve
(9)
\u2013
(17)
\u2013
(17)
\nTax recognised in other comprehensive income
(49)
\u2013
8
(43)
(35)
\nExchange differences on translation of foreign operations
223
427
\u2013
\u2013
427
\nCancellation of shares
\u2013
\u2013
\u2013
(1,120)
(1,120)
\nIncrease in share based remuneration reserve (net of tax)
55
\u2013
\u2013
47
47
\nSettlement of share awards
(12)
\u2013
\u2013
(35)
(35)
\nDisposal of non
-
controlling interests
\u2013
\u2013
\u2013
(1)
(1)
\nAt end of year
2,331
677
(8)
1,725
2,394
\nOther reserves principally comprise retained earnings and the share based remuneration reserve. Movements in reserves during the
\nperiod includes the effects of profits generated during the period, share repurchases, changes in exchange rates and other items.
\nDividends paid during 2022 were \u00a3983m (2021: \u00a3920m). Refer to note 13 for further details.
\n52m (2021: nil) RELX PLC ordinary shares held in treasury were cancelled resulting in a transfer of \u00a31.1bn between other reserves and
\nshares held in treasury.
\nThe increase of \u00a3427m in the translation reserve is due to the net effect of changes in exchange rates during the period which
\nincreased net debt by \u00a3560m and assets (net of other liabilities) by \u00a3987m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24649": {
"value": "Accounting policy \nShares of RELX PLC that are repurchased and not cancelled are classified as shares held in treasury. The consideration paid,
\nincluding directly attributable costs, is recognised as a deduction from equity. Shares of RELX PLC that are purchased by the
\nEmployee Benefit Trust are also classified as shares held in treasury, with the cost recognised as a deduction from equity. ",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24784": {
"value": "24 Other reserves and translation reserve \nTranslation
Hedge
Other
\nTotal
reserve
reserve
reserves
Total
\n2021
2022
2022
2022
2022
\n\u00a3m
\u00a3m
\u00a3m
\u00a3m
\u00a3m
\nAt start of year
1,241
250
19
2,062
2,331
\nProfit attributable to shareholders
1,471
\u2013
\u2013
1,634
1,634
\nDividends paid
(920)
\u2013
\u2013
(983)
(983)
\nActuarial gains on defined benefit pension schemes
321
\u2013
\u2013
164
164
\nFair value movements on cash flow hedges
10
\u2013
(18)
\u2013
(18)
\nTransfer to profit from cash flow hedge reserve
(9)
\u2013
(17)
\u2013
(17)
\nTax recognised in other comprehensive income
(49)
\u2013
8
(43)
(35)
\nExchange differences on translation of foreign operations
223
427
\u2013
\u2013
427
\nCancellation of shares
\u2013
\u2013
\u2013
(1,120)
(1,120)
\nIncrease in share based remuneration reserve (net of tax)
55
\u2013
\u2013
47
47
\nSettlement of share awards
(12)
\u2013
\u2013
(35)
(35)
\nDisposal of non
-
controlling interests
\u2013
\u2013
\u2013
(1)
(1)
\nAt end of year
2,331
677
(8)
1,725
2,394
\nOther reserves principally comprise retained earnings and the share based remuneration reserve. Movements in reserves during the
\nperiod includes the effects of profits generated during the period, share repurchases, changes in exchange rates and other items.
\nDividends paid during 2022 were \u00a3983m (2021: \u00a3920m). Refer to note 13 for further details.
\n52m (2021: nil) RELX PLC ordinary shares held in treasury were cancelled resulting in a transfer of \u00a31.1bn between other reserves and
\nshares held in treasury.
\nThe increase of \u00a3427m in the translation reserve is due to the net effect of changes in exchange rates during the period which
\nincreased net debt by \u00a3560m and assets (net of other liabilities) by \u00a3987m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24907": {
"value": "25 Related party transactions
\nTransactions with related parties were made on normal market terms of trading.
\nTransactions between RELX PLC and subsidiaries of the Group have been eliminated within the consolidated financial statements.
\nTransactions with joint ventures comprise sales of goods and services of \u00a30.4m (2020: nil; 2021: nil) and the rendering and receiving of
\ngoods and services of nil (2021: \u00a30.2m; 2020: \u00a30.1m). As at 31 December 2022, amounts owed by joint ventures were \u00a34.2m (2021:
\n\u00a32.4m; 2020: \u00a30.8m) and amounts due to joint ventures were \u00a31.2m (2021: \u00a31.4m; 2020: \u00a30.4m). See note 6 for details of the Group\u2019s
\nparticipation in defined benefit pension schemes.
\nKey management personnel are also related parties as defined by IAS 24 \u2013 Related Party Disclosures and comprise the Executive and
\nNon-Executive Directors of RELX PLC. Key management personnel remuneration is set out below. For reporting purposes, salary,
\nbenefits and annual incentive payments are considered short-term employee benefits.
\nKEY MANAGEMENT PERSONNEL REMUNERATION
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nSalaries, other short-term employee benefits and non-executive fees
6
7
7
\nPost
-employment benefits
1
1
\u2013
\nShare based remuneration*
1
8
7
\nTotal
8
16
14
\nEXECUTIVE DIRECTORS
Annual
Share based
\nSalary
Benefits
incentive
remuneration*
Pension*
Total
\n\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\nTotal Executive Directors
2020
2,034
99
2,623
595
687
6,038
\n2021
2,085
97
3,604
7,953
774
14,513
\n2022
2,137
97
3,251
6,857
268
12,610
\n*
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
\nbased awards includes share price appreciation since the date the award was granted. Please see page 124 for further details. Pension is calculated in
\naccordance with the methodology set out in the UK Regulations.
\nNON-EXECUTIVE DIRECTORS
2020
2021
2022
\n\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\nFees and benefits
1,558
1,598
1,566
\nThe remuneration of non-executive directors comprises fees for services, and benefits primarily relating to tax filing support in respect
\nof filings resulting from their directorships. No deemed benefits were provided during 2022 to former directors (2021: nil; 2020: nil).
\nNo loans, advances or guarantees have been provided on behalf of any director. The aggregate gains made by Executive Directors on
\nthe exercise of options during 2022 were nil (2021: nil; 2020: nil).
28 Related undertakings
\nA full list of related undertakings (comprising subsidiaries, joint ventures, associates and other significant holdings) is set out below.
\nAll are 100% owned directly or indirectly by the Group except where percentage ownership denoted in (x%).
\nShare
Reg
\nCompany name
class
office
\nAustralia
\nLNRS Data Services (Australia) Pty Ltd
Ordinary
AUS1
\nReed Exhibitions Australia Pty Ltd
Ordinary
AUS2
\nReed International Books Australia Pty Ltd
Ordinary
AUS2
\nRELX Australia Pty Ltd
Ordinary
AUS2
\nThreatMetrix Pty Ltd
Ordinary
AUS2
\nAustria
\nLexisNexis Verlag ARD ORAC GmbH & Co KG
Partnership Interest
AUT2
\nORAC GmbH
Ordinary
AUT2
\nRELX Austria GmbH
Ordinary
AUT3
\nRX CEE GmbH
Ordinary
AUT1
\nRX Salzburg GmbH
Ordinary
AUT3
\nRX Wien GmbH
Ordinary
AUT1
\nStandout GmbH
Ordinary
AUT4
\nBelgium
\nLexisNexis BV
Ordinary
BEL1
\nBrazil
\nElsevier Editora Ltda
Quotas
BRA1
\nFircosoft Brasil Consultoria e Servicos de Informatica Ltda
Quotas
BRA2
\nGestora de Intelig\u00eancia de Cr\u00e9dito S.A. (20%)
Common, Preferred
BRA8
\nLexisNexis Informa\u00e7\u00f5es e Sistemas Empresariais Ltda
Quotas
BRA6
\nLexisNexis Servi\u00e7os de An\u00e1lise de Risco Ltda
Quotas
BRA7
\nMLex Brasil Midia Mercadologica Ltda
Quotas
BRA4
\nReed Exhibitions Alc\u00e2ntara Machado Ltda
Quotas
BRA3
\nSST Software do Brasil Ltda
Quotas
BRA5
\nCanada
\nElsevier Canada Inc.
Common
CAN2
\nLexisNexis Canada Inc.
Class B
CAN1
\nRELX Canada Ltd
Common
CAN1
\nChina
\nBakery China Exhibitions Co., Ltd (25%)
Ordinary
CHN1
\nBeijing Medtime Elsevier Education Technology Co., Ltd
\n(49%)
\nCommon
CHN2
\nC
-One Energy (Guangzhou) Co., Ltd
Ordinary
CHN5
\nICIS Consulting (Beijing) Co., Ltd
(Liquidation in progress)
Ordinary
CHN18
\nKeAi Communications Co., Ltd (49%)
Ordinary
CHN15
\nLexisNexis Information Technology Co. Ltd
Ordinary
CHN19
\nLexisNexis Risk Solutions (Shanghai) Information
\nTechnologies Co.
Ltd
\nCommon
CHN7
\nLNRS Data Services (Shanghai) Co Ltd
Ordinary
CHN13
\nReed Elsevier Information Technology (Beijing) Co., Ltd
Common
CHN3
\nReed Exhibitions (China) Co., Ltd
Ordinary
CHN4
\nReed Exhibitions Hengjin Co., Ltd (51%)
Ordinary
CHN12
\nReed Exhibitions (Shanghai) Co., Ltd
Ordinary
CHN10
\nReed Huabai Exhibitions (Beijing) Co., Ltd (51%)
Ordinary
CHN4
\nReed Huabo Exhibitions (Shenzhen) Co., Ltd (65%)
Ordinary
CHN16
\nReed Huaqun Exhibitions Co., Ltd (52%)
Ordinary
CHN4
\nReed Exhibitions Kuozhan (Shanghai) Co., Ltd (60%)
Ordinary
CHN8
\nReed Sinopharm Exhibitions Co., Ltd (50%)
Ordinary
CHN4
\nRELX (China) Investment Co., Ltd
Ordinary
CHN9
\nRX (Shenzhen) Co., Ltd
Ordinary
CHN6
\nShanghai Datong Medical Information Technology Co., Ltd
Ordinary
CHN17
\nShanghai SinoReal Exhibitions Co., Ltd (27.5%)
Ordinary
CHN11
\nZ&R Exhibitions Co., Ltd (27.5%)
Ordinary
CHN14
\nColombia
\nLexisNexis Risk Solutions SAS
Ordinary
COL1
\nDenmark
\nElsevier A/S
Ordinary
DNK1
\nEgypt
\nElsevier Egypt LLC
Ordinary
EGY1
\nShare
Reg
\nCompany name
class
office
\nFrance
\nClosd SAS
Ordinary
FRA9
\nElsevier Holding France SAS
Ordinary
FRA1
\nElsevier Masson SAS
Ordinary
FRA1
\nEvoluprint SAS
Ordinary
FRA2
\nFircosoft SAS
Ordinary
FRA8
\nGIE EDI Data (83%)
Ordinary
FRA3
\nGIE Juris Data
Ordinary
FRA3
\nLexisNexis Business Information Solutions SA
Ordinary
FRA3
\nLexisNexis Business Information Solutions Holding SA
Ordinary
FRA5
\nLexisNexis International Development & Services SAS
Ordinary
FRA3
\nLexisNexis SA
Ordinary
FRA3
\nReed Exhibitions ISG SARL
Ordinary
FRA6
\nRELX France SA
Ordinary
FRA6
\nRELX France Services SAS
Ordinary
FRA8
\nRX France SAS
Ordinary
FRA4
\nSAFI SA (50%)
Ordinary
FRA7
\nGermany
\nBehavioSec GmbH
Ordinary
DEU7
\nElsevier GmbH
Ordinary
DEU3
\nElsevier Information Systems GmbH
Ordinary
DEU2
\nIPlytics GmbH
Ordinary
DEU8
\nLexisNexis GmbH
Ordinary
DEU4
\nPatentSight GmbH
Ordinary
DEU6
\nRELX Deutschland GmbH
Ordinary
DEU1
\nRX Deutschland GmbH
Ordinary
DEU1
\nTschach Solutions GmbH
Ordinary
DEU5
\nGreece
\nMack Brooks Hellas SA (87.36%)
(Liquidation in progress)
Ordinary
GRE1
\nHong Kong
\nAscend China Holding Ltd
Ordinary
HNK4
\nJC Exhibition and Promotion Ltd (65%)
Ordinary
HNK4
\nJYLN Sager Ltd
Ordinary
HNK2
\nLNRS Data Services (China) Ltd
Ordinary
HNK1
\nReed Exhibitions Ltd
Ordinary
HNK4
\nRELX (Greater China) Ltd
Ordinary
HNK3
\nIndia
\nFircoSoft India Private Ltd
Ordinary
IND2
\nNext Events Private Ltd
Ordinary
IND1
\nParity Computing India Private Ltd
Ordinary
IND3
\nReed Elsevier Publishing (India) Private Ltd
Ordinary
IND1
\nReed Manch Exhibitions Private Ltd
Ordinary
IND1
\nReed Triune Exhibitions Private Ltd (72%)
Ordinary
IND4
\nRELX India Private Ltd
Ordinary
IND1
\nIndonesia
\nPT Reed Exhibitions Indonesia (70%)
Class A Preferred
IDN1
\nClass B Common
\nPT RELX Information Analytics Indonesia
Ordinary
IDN2
\nIrish Republic
\nElsevier Services Ireland Ltd
Ordinary
IRL2
\nLexisNexis Risk Solutions (Europe) Ltd
Ordinary
IRL1
\nLexisNexis Risk Solutions (Ireland) Ltd
Ordinary
IRL1
\n3D4Medical Ltd
Ordinary
IRL3
\nIsrael
\nLexisNexis Israel Ltd
Ordinary
ISR1
\nItaly
\nElsevier SRL
Registered Capital
ITA1
\nICIS Italia SRL
Ordinary
ITA2
\nRX Italy SRL
Ordinary
ITA1
Share
Reg
\nCompany name
class
office
\nJapan
\nAscend Japan KK
Ordinary
JPN1
\nElsevier Japan KK
Ordinary
JPN2
\nLexisNexis Japan KK
Ordinary
JPN2
\nPatentSight Japan Inc.
Common
JPN2
\nRX Japan KK
Ordinary
JPN3
\nKorea (Republic of)
\nElsevier Korea LLC
Ordinary
KOR1
\nLexisNexis Legal and Professional Service Korea Ltd
Ordinary
KOR2
\nReed Exhibitions Korea Ltd
Ordinary
KOR3
\nReed Exporum Ltd (60%)
Ordinary
KOR4
\nReed K. Fairs Ltd (70%)
Ordinary
KOR3
\nMacau
\nReed Exhibitions Macau Ltd
Ordinary
MAC1
\nMalaysia
\nLexisNexis Malaysia Sdn Bhd
Ordinary
MYS1
\nMexico
\nMasson-Doyma Mexico, S.A.
Ordinary
MEX1
\nReed Exhibitions Mexico S.A. de C.V.
Fixed
MEX2
\nNetherlands
\nAGRM Solutions C.V.
Partnership Interest
NLD1
\nCaselex B.V.
Ordinary
NLD1
\nElsevier B.V.
Ordinary
NLD1
\nICIS Benchmarking Europe B.V.
Ordinary
NLD1
\nLexisNexis Business Information Solutions B.V.
Ordinary
NLD1
\nLNRS Data Services B.V.
Ordinary
NLD1
\nMisset Uitgeverij B.V. (49%)
Ordinary
NLD2
\nRELX Employment Company B.V.
Ordinary
NLD1
\nRELX Finance B.V.
Ordinary
NLD1
\nRELX Holdings B.V.
Ordinary
NLD1
\nRELX Nederland B.V.
Ordinary
NLD1
\nRELX Overseas B.V.
Ordinary RE
NLD1
\nNew Zealand
\nLexisNexis NZ Ltd
Ordinary
NZL1
\nPhilippines
\nReed Elsevier Shared Services (Philippines) Inc.
Common
PHL1
\nPoland
\nAI Digital Contracts Sp. z.o.o. (75%)
Ordinary
POL1
\nElsevier Sp. z.o.o.
Ordinary
POL2
\nRussia
\nElsevier LLC
(Liquidation in progress)
Participation Shares
RUS2
\nLexisNexis LLC
(Liquidation in progress)
Participation Shares
RUS3
\nReal Estate Events Direct LLC
(80%)
(Liquidation in
\nprogress)
\nParticipation Shares
RUS1
\nRELX LLC
(Liquidation in progress)
Participation Shares
RUS1
\nSingapore
\nElsevier (Singapore) Pte Ltd
Ordinary
SGP1
\nLexis-Nexis Philippines Pte Ltd
Ordinary-B, Preference
SGP2
\nLNRS Data Services Pte Ltd
Ordinary
SGP3
\nRE (HAPL) Pte Ltd
Ordinary
SGP1
\nRELX (Singapore) Pte Ltd
Ordinary
SGP2
\nSouth Africa
\nGlobalrange SA (Pty) Ltd
Ordinary
ZAF1
\nLexisNexis (Pty) Ltd (78%)
A-Ordinary
ZAF2
\nLexisNexis Risk Management (Pty) Ltd (78%)
Ordinary
ZAF2
\nLexisNexis South Africa Shared Services (Pty) Ltd
Ordinary
ZAF2
\nShare
Reg
\nCompany name
class
office
\nReed Events Management (Pty) Ltd (90%)
Ordinary
ZAF2
\nReed Exhibitions (Pty) Ltd (90%)
Ordinary
ZAF2
\nReed Exhibitions Group (Pty) Ltd (90%)
Ordinary
ZAF2
\nReed Venue Management (Pty) Ltd
(90%)
Ordinary
ZAF2
\nRELX (Pty) Ltd
Ordinary
ZAF2
\nSpain
\nElsevier Espana SL
Participations
ESP1
\nSweden
\nBehaviometrics AB
Ordinary
SWE1
\nSwitzerland
\nFircosoft Schweiz GmbH
(Liquidation in progress)
Ordinary
CHE1
\nTaiwan
\nElsevier Taiwan LLC
Ordinary
TWN1
\nThailand
\nReed Tradex Company Ltd (49%)
Ordinary, Preference
THA1
\nRELX Holding (Thailand) Co., Ltd
Ordinary
THA2
\nRELX Information Analytics (Thailand) Co., Ltd
Ordinary
THA3
\nTurkey
\nElsevier STM Bilgi Hizmetleri Limited \u015eirketi
Ordinary
TUR1
\nMack Brooks Fuarcilik A.S.
Registered Capital
TUR3
\nReed T\u00fcyap Fuarcilik A.S. (50%)
A Ordinary, B Ordinary
TUR2
\nUnited Arab Emirates
\nReed Exhibitions FZ-LLC
Ordinary
UAE1
\nRELX Middle East
FZ-LLC
Ordinary
UAE2
\nUnited Kingdom
\n3rd Street Group Ltd
Ordinary
GBR3
\nButterworths Ltd
Ordinary
GBR4
\nCordery Compliance Ltd (71%)
Ordinary
GBR4
\nCordery Ltd (71%)
Ordinary
GBR4
\nCrediva Ltd
Ordinary
GBR5
\nDigital Foundry Network Ltd
(50%)
Ordinary
GBR3
\nE & P Events LLP (50%)
Membership Interest
GBR3
\nElsevier Ltd
Ordinary
GBR6
\nEmailage Ltd
Ordinary
GBR5
\nGamer Network Ltd
Ordinary
GBR3
\nGapsquare Ltd
A Ordinary, B Ordinary
GBR2
\nHookshot Media Ltd (23.5%)
Ordinary
GBR8
\nInterfolio UK Ltd
Ordinary
GBR10
\nLexisNexis Risk Solutions UK Ltd
Ordinary
GBR5
\nLNRS Data Services Holdings Ltd
Ordinary
GBR1
\nLNRS Data Services Ltd
Ordinary
GBR2
\nMack
-Brooks Exhibitions Ltd
Ordinary
GBR3
\nMCM Expo Ltd
Ordinary
GBR3
\nMendeley Ltd
Ordinary
GBR6
\nMLex Ltd
Ordinary
GBR4
\nOffshore Europe (Management) Ltd
Ordinary
GBR3
\nOffshore Europe Partnership (50%)
Partnership Interest
GBR3
\nOut There Gaming Ltd (70%)
Ordinary
GBR3
\nOxford Spires Management Co; Ltd (55%)
Ordinary
GBR7
\nRE (HPL) Ltd
Ordinary
GBR1
\nRE (RCB) Ltd
Ordinary
GBR1
\nRE Secretaries Ltd
Ordinary
GBR1
\nRE (SOE) Ltd
Ordinary
GBR3
\nReed Events Ltd
Ordinary
GBR3
\nReed Exhibitions Ltd
Ordinary
GBR3
\nReed Nominees Ltd
Ordinary
GBR1
\nRELX Finance Ltd
Ordinary
GBR1
\nRELX Group plc
Ordinary
GBR1
\nRELX (Holdings) Ltd
Ordinary
GBR1
Share
Reg
\nCompany name
class
office
\nRELX (Investments) plc
Ordinary
GBR1
\nRELX Overseas Holdings Ltd
Ordinary
GBR1
\nRELX (UK) Ltd
Ordinary
GBR1
\nREV GP (UK) LLP
Membership Interest
GBR1
\nREV Venture Partners Ltd
Ordinary
GBR1
\nREV V LP
Partnership Interest
GBR1
\nSciBite Ltd
A Ordinary, B
Ordinary, C Ordinary
GBR9
\nTracesmart Ltd
Ordinary
GBR5
\nTruNarrative Ltd
Ordinary
GBR5
\nUnited States
\nAccuity Asset Verification Services Inc.
Common Stock
USA1
\nAccuity Inc.
Common Stock
USA1
\nAmerican Textile Machinery Exhibition
\nInternational Inc.
(40%)
\nCommon Stock
USA3
\nAries Systems Corporation
Common Stock
USA3
\nBehavioSec Inc
Common Stock
USA2
\nCrop Data Management Systems, Inc.
Common Stock
USA2
\nDunlap
-Hanna Publishers (50%)
Partnership Interest
USA7
\nElsevier Holdings Inc.
Common Stock
USA3
\nElsevier Inc.
Common Stock
USA3
\nElsevier Medical Information LLC
Membership Interest
USA3
\nElsevier STM Inc.
Common Stock
USA3
\nEmailage Corp.
Common Stock
USA2
\nEnclarity, Inc.
Common Stock
USA2
\nFlyreel Inc.
Common Stock
USA2
\nGaming Business Asia LLC
(50%)
Membership Interest
USA3
\nHealth Market Science, Inc.
Common Stock
USA2
\nID Analytics LLC
Membership Interest
USA2
\nIDG-RBI China Publishers LLC (50%)
Membership Interest
USA3
\nInterfolio, Inc.
Common Stock
USA3
\nInterfolio Data 180, LLC
Membership Interest
USA3
\nKnovel Corporation
Common Stock
USA3
\nKnowable Inc (75%)
Common Stock
USA3
\nLegal InQuery Solutions Inc.
Common Stock
USA8
\nLexisNexis Claims Solutions Inc.
Common Stock
USA2
\nLexisNexis Coplogic Solutions Inc.
Common Stock
USA2
\nLexisNexis of Puerto Rico Inc.
Common Stock
USA8
\nLexisNexis Risk Data Management LLC
Membership Interest
USA2
\nLexisNexis Risk Holdings Inc.
Common Stock
USA2
\nLexisNexis Risk Solutions Inc.
Common Stock
USA2
\nLexisNexis Risk Solutions FL Inc.
Common Stock
USA2
\nLexisNexis Special Services Inc.
Common Stock
USA6
\nLexisNexis VitalChek Network Inc.
Common Stock
USA2
\nLNRS Data Services Inc.
Common Stock
USA5
\nMatthew Bender & Company, Inc.
Common Stock
USA3
\nMLex US, Inc.
Common Stock
USA3
\nParley Pro Inc.
Common Stock
USA3
\nPCLaw Time Matters LLC (51%)
Membership Interest
USA3
\nPortfolio Media, Inc.
Common Stock
USA3
\nReed Technology and Information Services
\nLLC
\nMembership Interest
USA3
\nRELX Capital Inc.
Common Stock
USA4
\nRELX Inc.
Common Stock
USA3
\nRELX Risks Inc.
Common Stock
USA9
\nREV IV Partnership LP
Partnership Interest
USA4
\nSAFI Americas LLC (50%)
Membership Interest
USA3
\nSageStream LLC
Membership Interest
USA2
\nThe Reed Elsevier
Ventures 2005 Partnership
\nLP
\nPartnership Interest
USA4
\nThe Reed Elsevier Ventures 2011 Partnership
\nLP
\nPartnership Interest
USA4
\nThe Reed Elsevier Ventures 2013 Partnership
\nLP
\nPartnership Interest
USA4
\nThe Remick Publishers (50%)
Partnership
Interest
USA7
\nThreatMetrix, Inc.
Common Stock
USA2
\nWorld Compliance, Inc.
Common Stock
USA4
\nVietnam
\nReed Tradex Vietnam LLC
(49%)
Membership Interest
VIE1
\nRegistered offices
\nAustralia
\nAUS1:
Building B, Level 2, Unit 11, 1 Maitland Place, Baulkham Hills, NSW 2153
\nAUS2:
Tower 2, Level 1, 475 Victoria Avenue, Chatswood NSW 2067
\nAustria
\nAUT1:
Messeplatz 1, 1020, Vienna
\nAUT2:
Trabrennstrassee 2\u00aa,1020, Vienna
\nAUT3:
Am Messezentrum 6, 5020, Salzburg
\nAUT4:
Am Messezentrum 7, 5020, Salzburg
\nBelgium
\nBEL1:
Oudenaardseheerweg 129, 9810 Nazareth
\nBrazil
\nBRA1:
Rua da Assembleia no 100, 6th Floor, RJ Centro, Rio de Janiero, 20011
-904
\nBRA2:
Rua Bela Cintra 2305, S\u00e3o Paulo, 01415-009
\nBRA3:
Rua Bela Cintra no. 1200, 10th floor, S\u00e3o Paulo, 01415-001
\nBRA4:
Avenida Paulista, 2300
-Piso Pilotis room 28, S\u00e3o Paulo, 01310-300
\nBRA5:
Rua Cel Fonseca, 203 A-Centro, Botucatu, S\u00e3o Paulo, 18600-200
\nBRA6:
Rua Funchal, 538, conjunto 42, Vila Ol\u00edmpia, S\u00e3o Paulo - CEP 04551-060
\nBRA7:
Alameda Rio Negro, 161 Alphaville Industrial, Barueri, S\u00e3o Paulo 06.455-000
\nBRA8:
Alphaville, Conjuntos 81
-84, Centro Empresarial Araguaia, Barueri, S\u00e3o Paulo
\n2104, 8-9 Andar
\nCanada
\nCAN1:
111 Gordon Baker Road, Suite 900,
Toronto, Ontario, M2H 3R1
\nCAN2:
26E-1501 av. McGill College, Montreal, Quebec, H3A 3N9
\nChina
\nCHN1:
Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan District,
\nBeijing, 100044
\nCHN2:
Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian
\nDistrict, Beijing
\nCHN3:
Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit
1-7,
Dong
\nCheng District, Beijing, 100738
\nCHN4:
Ping An International Finance Center, Room 1504, 15th Floor, Tower A-
\n101,
3-24 floor, Xinyuan South Road, Chaoyang District, Beijing, 100027
\nCHN5:
Unit
B1303-1
& 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe District
\nGuangzhou
\nCHN6:
Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District, Fu
\nTian Distri
ct, Shenzhen
\nCHN7:
Room 5106, Raffle City, 268 Middle Xizang Road, Huangpu District, Shanghai,
\n200001
\nCHN8:
Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai,
\n200070
\nCHN9:
Room 319, 238 Jiangchangsan Road, Jing\u2019an
District, Shanghai
\nCHN10:
Room 304, Sanlian Building, No.8, Huajing Road, Pudong District, Shanghai,
\n200070
\nCHN11:
Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm,
\nChongming County, Shanghai
\nCHN12:
Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District, Shanghai
\nCHN13:
4/F Block 3, No 999 Jingzhong Road, Changning District, Shanghai
\nCHN14:
A0208, 1st floor, building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan
\nDistrict Beijing
\nCHN15:
16 Donghuangchenggen North Street, Beijing, 100717
\nCHN16:
Shenzhen International Chamber of Commerce Tower, Room 1801-1802,
\n1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048
\nCHN17:
5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing
\nDistrict, Shanghai, 200335
\nCHN18:
Room 12B, 7th Floor, Oriental Plaza, 1 East Chang An Avenue, Beijing, 100738
\nCHN19:
404 F4, No.9 Shangdi 9th Street, Haidian District, Beijing, 100085
\nColombia
\nCOL1:
Philippe Prietocarrizosa & Uria Abogados, Carrera 9 No. 74-08 Oficina 105,
\nBogota, d.c., 76600
\nDenmark
\nDNK1:
Niels Jernes Vej 10, 9220, Aalborg East
\nEgypt
\nEGY1:
Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th Settlement,
\nNew
Cairo, Cairo
Registered offices
\nFrance
\nFRA1:
65, rue Camille Desmoulins, 92130, Issy les Moulineaux
\nFRA2:
Parc Euronord, 10 rue du Parc, 31150, Bruguieres
\nFRA3:
141 rue de Javel, 75015, Paris
\nFRA4:
52 Quai de Dion Bouton, 92800, Puteaux
\nFRA5:
Immeuble Technopolis, 350 rue Georges Besse, 30000, Nimes
\nFRA6:
27-33 quai Alphonse Le Gallo, 92100, Boulogne-Billancourt
\nFRA7:
6-8 Rue Chaptal, 75009, Paris
\nFRA8:
151-155 Rue de Bercy, 75012, Paris
\nFRA9:
168 Rue Saint-Denis, 75002, Paris
\nGermany
\nDEU1:
Volklinger Strasse 4, 40219, Dusseldorf
\nDEU2:
St. Martin Tower, Wing, 2nd floor, Franklinstrasse 61-63, 60486,
\nFrankfurt am Main Hessen
\nDEU3:
Bernhard-Wicki-Strasse 5, 80636, Munich
\nDEU4:
Heerdter Sandberg 30, 40549, Dusseldorf
\nDEU5:
Steinhauserstrasse 9, 76135, Karlsruhe
\nDEU6:
Joseph-Schumpeter-Allee 33, 53227, Bonn
\nDEU7:
Fritz-Haber-Strasse 9 OG 13, 06217 Merseburg
\nDEU8:
Schopenhauer Strasse 93 e, 14129, Berlin
\nGreece
\nGRE1:
188A, Filolaou Str., Athens. 11632
\nHong Kong
\nHNK1:
5/F, Manulife Place, 348 Kwun Tong Road, Kowloon
\nHNK2:
Flat 1506, 15/F, Lucky Center, No. 165-171 Wan Chai Road, Wan Chai
\nHNK3:
11/F Oxford House, Taikoo Place, 979 King\u2019s Road, Quarry Bay
\nHNK4:
17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry
\nBay
\nIndia
\nIND1:
818, 8th Floor, Indraprakash Builing, 21 Barakhamba Road, New Delhi,
\nDelhi, 110001
\nIND2:
Ascendas International Tech Park, Crest Building 12th Floor, Taramani
\nRoad, Taramani, Chennai, 600113
\nIND3:
99/100, Prestige Towers Unit No. 505, Fifth Floor, Residency Road,
\nBangalore, Karnataka, 560025
\nIND4:
25, 3rd floor, 8th Main Road, Vasanthnager, Bangalore, Karnataka,
\n560052
\nIndonesia
\nIDN1:
APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28,
\nGrogol, Pertamburan Jakarta Barat 11470
\nIDN2:
Gedung World Trade Center, 3 LT 20 Spaces JL Jend Sudirman Kav 29
-
\n31 RT/RW 008/003, Karet Kuningan, Setiabudi, Jakarta Selatan, DKI
\nJakarta 12940
\nIrish Republic
\nIRL1:
80 Harcourt Street, Dublin 2, Dublin, D02 F449
\nIRL2:
Suite 4320, Atlantic Avenue, Westpark Business Campus, Shannon,
\nClare, V14 YX01
\nIRL3:
1F Cedarhurst Building, Arkle Road, Sandyford Business Park, Dublin,
\nD18 X6N2
\nIsrael
\nISR1:
Meitar, Attorneys at Law, 16 Abba Hillel Rd. Ramat Gan 5250608
\nItaly
\nITA1:
Via Marostica 1, 20146, Milan
\nITA2:
Studio Colombo e Associati, Via Cino del Duca 5, 20122, Milan
\nJapan
\nJPN1:
Kyodo Tsushin Kaikam 2F, 2-2-5 Toronomon, Minato-ku, Tokyo, 105-
\n0001
\nJPN2:
1
-9-15, Higashi Azabu, Minato-ku Tokyo, 106-0044
\nJPN3:
Shinjuku
-Nomura Bldg., 1-26-2 Nishi-shinjuku, Shinjuku-ku, Tokyo, 163-
\n0525
\nKorea (Republic of)
\nKOR1:
Chunwoo Building, 4th floor, 534
Itaewon-dong, Yongsan-gu, Seoul,
\n140
-861
\nKOR2:
206 Noksapyeong-daero, Yongsan-gu, Seoul, 140-861
\nKOR3:
1622-24 Block A Terra Tower 2, 201 Songpa-daero, Songpa-gu, Seoul
\nKOR4:
4th floor at 195
-6 Jamsil-dong, Songpagu, Seoul
\nMacau
\nMAC1:
Rua De
Xangai, No. 175 Edif. Associacao Comercial de Macau, 11
\nAndar, Bloco K
\nMalaysia
\nMYS1:
Suite 29
-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The
\nVertical, 59200 Bangsar South City, Kuala Lumpur
\nRegistered offices
\nMexico
\nMEX1:
Masson-Doyma Mexico S.A., Av Insurgentes Sur 1388 Piso 8, Col
\nActipan Mixcoac Del. Benito Juarez, Mexico DF, CP 03230
\nMEX2:
Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico
\nCity, 06500
\nNetherlands
\nNLD1:
Radarweg 29, 1043 NX Amsterdam
\nNLD2:
Hanzestraat 1, 7006RH Doetinchem
\nNew Zealand
\nNZL1:
Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011
\nPhilippines
\nPHL1:
Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth
\nAvenue, Quezon City, Metro
Manila, 1101
\nPoland
\nPOL1:
Plac Grunwaldzki 23
-27, 50-365 Wroclaw
\nPOL2:
Al. JJana Pawla II, 22, 00-133, Warszawa
\nRussia
\nRUS1:
2nd Syromyatnichesky per, bld.1, Space I, Room 13, 105120,
\nMoscow
\nRUS2:
Building 1, Facility 1, Room 80, 9/26 Shchipok St., Municipal District
\nZamoskvorechye, 115054, Moscow
\nRUS3:
Building 1, facility 1, Room 5, 9/26 Shchipok St., Municipal District
\nZamoskvorechye, 115054, Moscow
\nSingapore
\nSGP1:
3 Killiney Road, #08
-01 Winsland House 1, 239519
\nSGP2:
80 Robinson Road, #02-00, 068898
\nSGP3:
1 Changi Business Park Crescent, #06
-01 Plaza 8 & CBP, 48602551
\nSouth Africa
\nZAF1:
Ground Floor, Pebble Beach, Fourways Golf Park, Roos Street,
\nFourways Sandton, Johannesburg, Gauteng 2068
\nZAF2:
Building 8,
Country Club Estate Office Park, 21 Woodlands Drive,
\nWoodmead, Gauteng, 2191
\nSpain
\nESP1:
C/ Josep Tarradellas 20
-30, 1\u00ba / 20029, Barcelona
\nSweden
\nSWE1:
Aurorum 8A 977 75 Lulea
\nSwitzerland
\nCHE1:
Bahnhofstrasse 100, 8001 Zurich
\nTaiwan
\nTWN1:
Rm N818, 8F, Chia Hsin Building II, No. 9, Lane 3, Minsheng West
\nRoad, Taipei 10449
\nThailand
\nTHA1:
Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road,
\nSilom, Bangrak, Bangkok, 10500
\nTHA2:
14th Floor, CTI Tower,
191/70-73 Ratchadapisek Road, Khwaeng
\nKlongtoey, Khet, Klongtoey, Bangkok
\nTHA3:
2 Ploenchit Centre, Room 7, Floor G., Sukhumvit Road, Klongtoey,
\nBangkok, 10110
\nTurkey
\nTUR1:
Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul
\nTUR2:
Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mahallesi Eski Hadimkoy
\nYolu 9/4, 34500 Buyukcekmece, Istanbul
\nTUR3:
Esentepe Mah. Ali Kaya SK. Polat Plaza B Blok No: 1/1B Sisli, Istanbul
\nUnited Arab Emirates
\nUAE1:
Office 0225 Podium 2, Yas
Creative Hub Tower 2, Abu Dhabi, PO
\nBOX 77899
\nUAE2:
Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media
\nCity, Dubai
\nUnited Kingdom
\nGBR1:
1-3 Strand, London, WC2N 5JR
\nGBR2:
Quadrant House, The Quadrant, Sutton, Surrey, SM2 5AS
\nGBR3:
Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN
\nGBR4:
Lexis House, 30 Farringdon Street, London, EC4A 4HH
\nGBR5:
Global Reach, Dunleavy Drive, Cardiff, CF11 0SN
\nGBR6:
The Boulevard, Langford Lane, Kidlington, Oxford, OX5 1GB
Registered offices
\nGBR7:
40 Kimbolton Road, Bedford, MK40 2NR
\nGBR8:
5 Oakwood Drive, Loughborough, LE11 3QF
\nGBR9:
Biodata Innovation Centre Wellcome Genome Campus, Hinxton, Cambridge,
\nCB10 1DR
\nGBR10:
The Barn, Horningsea Road, Cambridge, CB5 8SZ
\nUnited States
\nUSA1:
1007 Church Street, Evanston IL 60201
\nUSA2:
1000 Alderman Dr., Alpharetta, GA 30005
\nUSA3:
230 Park Ave, New York, NY 10169
\nUSA4:
1105 North Market St, Wilmington, DE 19801
\nUSA5:
3355 West Alabama Street, Houston, TX 77098
\nUSA6:
1150 18th St, NW, Washington, DC 20036
\nUSA7:
313 Washington Street, Suite 400, Newton, MA 02458
\nUSA8:
9443 Springboro Pike, Miamisburg, OH 45342
\nUSA9:
76 St. Paul Street, Suite 500, Burlington, VT 05401-4477
\nVietnam
\nVIE1:
2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22,
\nDistrict.
Binh Thanh, Ho Chi Minh City
\nThe following UK subsidiaries will take advantage of the audit
\nexemption set out with in Section 479A of the Companies Act
\n2006 supported by guarantees issued by RELX PLC over their
\nliabilities for the year ended 31 December 2022.
\nRegistration
\nCompany name
number
\nButterworths Limited
2826955
\nCrediva Limited
6567484
\nE&P Events LLP
OC328529
\nEmailage Limited
9282165
\nInterfolio UK Limited
7820803
\nMack-Brooks Exhibitions Limited
967560
\nMCM Expo Limited
8421024
\nMLex Limited
5488651
\nOffshore Europe (Management) Limited
2318214
\nRE (SOE) Limited
2330299
\nReed Events Limited
5893942
\nRELX (Holdings) Limited
5807690
\nRELX (Investments) plc
5810043
\nRELX Overseas Holding Limited
9489059
\nREV GP (UK) LLP
OC437653
\nREV
Venture Partners Limited
4226986
\nSciBite Limited
7778456
\nTracesmart Limited
3827062
\nTruNarrative Limited
10241297
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f24909": {
"value": "25 Related party transactionsKey management personnel are also related parties as defined by IAS 24 \u2013 Related Party Disclosures and comprise the Executive and
\nNon-Executive Directors of RELX PLC. Key management personnel remuneration is set out below. For reporting purposes, salary,
\nbenefits and annual incentive payments are considered short-term employee benefits.
\nKEY MANAGEMENT PERSONNEL REMUNERATION
2020
2021
2022
\n\u00a3m
\u00a3m
\u00a3m
\nSalaries, other short-term employee benefits and non-executive fees
6
7
7
\nPost
-employment benefits
1
1
\u2013
\nShare based remuneration*
1
8
7
\nTotal
8
16
14
\nEXECUTIVE DIRECTORS
Annual
Share based
\nSalary
Benefits
incentive
remuneration*
Pension*
Total
\n\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\nTotal Executive Directors
2020
2,034
99
2,623
595
687
6,038
\n2021
2,085
97
3,604
7,953
774
14,513
\n2022
2,137
97
3,251
6,857
268
12,610
\n*
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
\nbased awards includes share price appreciation since the date the award was granted. Please see page 124 for further details. Pension is calculated in
\naccordance with the methodology set out in the UK Regulations.
\nNON-EXECUTIVE DIRECTORS
2020
2021
2022
\n\u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000
\nFees and benefits
1,558
1,598
1,566
\nThe remuneration of non-executive directors comprises fees for services, and benefits primarily relating to tax filing support in respect
\nof filings resulting from their directorships. No deemed benefits were provided during 2022 to former directors (2021: nil; 2020: nil).
\nNo loans, advances or guarantees have been provided on behalf of any director. The aggregate gains made by Executive Directors on
\nthe exercise of options during 2022 were nil (2021: nil; 2020: nil).
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25001": {
"value": "26 Exchange rates \nThe following exchange rates have been applied in preparing the consolidated financial statements:
\nStatement of
\nIncome statement
financial position
\n2020
2021
2022
2021
2022
\nEuro to sterling
1.12
1.16
1.17
1.19
1.13
\nUS dollar to sterling
1.28
1.38
1.24
1.35
1.21",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25026": {
"value": "27 Approval of financial statements The consolidated financial statements were approved and authorised for issue by the Board of Directors on 15 February 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25051": {
"value": "28 Related undertakings
\nA full list of related undertakings (comprising subsidiaries, joint ventures, associates and other significant holdings) is set out below.
\nAll are 100% owned directly or indirectly by the Group except where percentage ownership denoted in (x%).
\nShare
Reg
\nCompany name
class
office
\nAustralia
\nLNRS Data Services (Australia) Pty Ltd
Ordinary
AUS1
\nReed Exhibitions Australia Pty Ltd
Ordinary
AUS2
\nReed International Books Australia Pty Ltd
Ordinary
AUS2
\nRELX Australia Pty Ltd
Ordinary
AUS2
\nThreatMetrix Pty Ltd
Ordinary
AUS2
\nAustria
\nLexisNexis Verlag ARD ORAC GmbH & Co KG
Partnership Interest
AUT2
\nORAC GmbH
Ordinary
AUT2
\nRELX Austria GmbH
Ordinary
AUT3
\nRX CEE GmbH
Ordinary
AUT1
\nRX Salzburg GmbH
Ordinary
AUT3
\nRX Wien GmbH
Ordinary
AUT1
\nStandout GmbH
Ordinary
AUT4
\nBelgium
\nLexisNexis BV
Ordinary
BEL1
\nBrazil
\nElsevier Editora Ltda
Quotas
BRA1
\nFircosoft Brasil Consultoria e Servicos de Informatica Ltda
Quotas
BRA2
\nGestora de Intelig\u00eancia de Cr\u00e9dito S.A. (20%)
Common, Preferred
BRA8
\nLexisNexis Informa\u00e7\u00f5es e Sistemas Empresariais Ltda
Quotas
BRA6
\nLexisNexis Servi\u00e7os de An\u00e1lise de Risco Ltda
Quotas
BRA7
\nMLex Brasil Midia Mercadologica Ltda
Quotas
BRA4
\nReed Exhibitions Alc\u00e2ntara Machado Ltda
Quotas
BRA3
\nSST Software do Brasil Ltda
Quotas
BRA5
\nCanada
\nElsevier Canada Inc.
Common
CAN2
\nLexisNexis Canada Inc.
Class B
CAN1
\nRELX Canada Ltd
Common
CAN1
\nChina
\nBakery China Exhibitions Co., Ltd (25%)
Ordinary
CHN1
\nBeijing Medtime Elsevier Education Technology Co., Ltd
\n(49%)
\nCommon
CHN2
\nC
-One Energy (Guangzhou) Co., Ltd
Ordinary
CHN5
\nICIS Consulting (Beijing) Co., Ltd
(Liquidation in progress)
Ordinary
CHN18
\nKeAi Communications Co., Ltd (49%)
Ordinary
CHN15
\nLexisNexis Information Technology Co. Ltd
Ordinary
CHN19
\nLexisNexis Risk Solutions (Shanghai) Information
\nTechnologies Co.
Ltd
\nCommon
CHN7
\nLNRS Data Services (Shanghai) Co Ltd
Ordinary
CHN13
\nReed Elsevier Information Technology (Beijing) Co., Ltd
Common
CHN3
\nReed Exhibitions (China) Co., Ltd
Ordinary
CHN4
\nReed Exhibitions Hengjin Co., Ltd (51%)
Ordinary
CHN12
\nReed Exhibitions (Shanghai) Co., Ltd
Ordinary
CHN10
\nReed Huabai Exhibitions (Beijing) Co., Ltd (51%)
Ordinary
CHN4
\nReed Huabo Exhibitions (Shenzhen) Co., Ltd (65%)
Ordinary
CHN16
\nReed Huaqun Exhibitions Co., Ltd (52%)
Ordinary
CHN4
\nReed Exhibitions Kuozhan (Shanghai) Co., Ltd (60%)
Ordinary
CHN8
\nReed Sinopharm Exhibitions Co., Ltd (50%)
Ordinary
CHN4
\nRELX (China) Investment Co., Ltd
Ordinary
CHN9
\nRX (Shenzhen) Co., Ltd
Ordinary
CHN6
\nShanghai Datong Medical Information Technology Co., Ltd
Ordinary
CHN17
\nShanghai SinoReal Exhibitions Co., Ltd (27.5%)
Ordinary
CHN11
\nZ&R Exhibitions Co., Ltd (27.5%)
Ordinary
CHN14
\nColombia
\nLexisNexis Risk Solutions SAS
Ordinary
COL1
\nDenmark
\nElsevier A/S
Ordinary
DNK1
\nEgypt
\nElsevier Egypt LLC
Ordinary
EGY1
\nShare
Reg
\nCompany name
class
office
\nFrance
\nClosd SAS
Ordinary
FRA9
\nElsevier Holding France SAS
Ordinary
FRA1
\nElsevier Masson SAS
Ordinary
FRA1
\nEvoluprint SAS
Ordinary
FRA2
\nFircosoft SAS
Ordinary
FRA8
\nGIE EDI Data (83%)
Ordinary
FRA3
\nGIE Juris Data
Ordinary
FRA3
\nLexisNexis Business Information Solutions SA
Ordinary
FRA3
\nLexisNexis Business Information Solutions Holding SA
Ordinary
FRA5
\nLexisNexis International Development & Services SAS
Ordinary
FRA3
\nLexisNexis SA
Ordinary
FRA3
\nReed Exhibitions ISG SARL
Ordinary
FRA6
\nRELX France SA
Ordinary
FRA6
\nRELX France Services SAS
Ordinary
FRA8
\nRX France SAS
Ordinary
FRA4
\nSAFI SA (50%)
Ordinary
FRA7
\nGermany
\nBehavioSec GmbH
Ordinary
DEU7
\nElsevier GmbH
Ordinary
DEU3
\nElsevier Information Systems GmbH
Ordinary
DEU2
\nIPlytics GmbH
Ordinary
DEU8
\nLexisNexis GmbH
Ordinary
DEU4
\nPatentSight GmbH
Ordinary
DEU6
\nRELX Deutschland GmbH
Ordinary
DEU1
\nRX Deutschland GmbH
Ordinary
DEU1
\nTschach Solutions GmbH
Ordinary
DEU5
\nGreece
\nMack Brooks Hellas SA (87.36%)
(Liquidation in progress)
Ordinary
GRE1
\nHong Kong
\nAscend China Holding Ltd
Ordinary
HNK4
\nJC Exhibition and Promotion Ltd (65%)
Ordinary
HNK4
\nJYLN Sager Ltd
Ordinary
HNK2
\nLNRS Data Services (China) Ltd
Ordinary
HNK1
\nReed Exhibitions Ltd
Ordinary
HNK4
\nRELX (Greater China) Ltd
Ordinary
HNK3
\nIndia
\nFircoSoft India Private Ltd
Ordinary
IND2
\nNext Events Private Ltd
Ordinary
IND1
\nParity Computing India Private Ltd
Ordinary
IND3
\nReed Elsevier Publishing (India) Private Ltd
Ordinary
IND1
\nReed Manch Exhibitions Private Ltd
Ordinary
IND1
\nReed Triune Exhibitions Private Ltd (72%)
Ordinary
IND4
\nRELX India Private Ltd
Ordinary
IND1
\nIndonesia
\nPT Reed Exhibitions Indonesia (70%)
Class A Preferred
IDN1
\nClass B Common
\nPT RELX Information Analytics Indonesia
Ordinary
IDN2
\nIrish Republic
\nElsevier Services Ireland Ltd
Ordinary
IRL2
\nLexisNexis Risk Solutions (Europe) Ltd
Ordinary
IRL1
\nLexisNexis Risk Solutions (Ireland) Ltd
Ordinary
IRL1
\n3D4Medical Ltd
Ordinary
IRL3
\nIsrael
\nLexisNexis Israel Ltd
Ordinary
ISR1
\nItaly
\nElsevier SRL
Registered Capital
ITA1
\nICIS Italia SRL
Ordinary
ITA2
\nRX Italy SRL
Ordinary
ITA1
Share
Reg
\nCompany name
class
office
\nJapan
\nAscend Japan KK
Ordinary
JPN1
\nElsevier Japan KK
Ordinary
JPN2
\nLexisNexis Japan KK
Ordinary
JPN2
\nPatentSight Japan Inc.
Common
JPN2
\nRX Japan KK
Ordinary
JPN3
\nKorea (Republic of)
\nElsevier Korea LLC
Ordinary
KOR1
\nLexisNexis Legal and Professional Service Korea Ltd
Ordinary
KOR2
\nReed Exhibitions Korea Ltd
Ordinary
KOR3
\nReed Exporum Ltd (60%)
Ordinary
KOR4
\nReed K. Fairs Ltd (70%)
Ordinary
KOR3
\nMacau
\nReed Exhibitions Macau Ltd
Ordinary
MAC1
\nMalaysia
\nLexisNexis Malaysia Sdn Bhd
Ordinary
MYS1
\nMexico
\nMasson-Doyma Mexico, S.A.
Ordinary
MEX1
\nReed Exhibitions Mexico S.A. de C.V.
Fixed
MEX2
\nNetherlands
\nAGRM Solutions C.V.
Partnership Interest
NLD1
\nCaselex B.V.
Ordinary
NLD1
\nElsevier B.V.
Ordinary
NLD1
\nICIS Benchmarking Europe B.V.
Ordinary
NLD1
\nLexisNexis Business Information Solutions B.V.
Ordinary
NLD1
\nLNRS Data Services B.V.
Ordinary
NLD1
\nMisset Uitgeverij B.V. (49%)
Ordinary
NLD2
\nRELX Employment Company B.V.
Ordinary
NLD1
\nRELX Finance B.V.
Ordinary
NLD1
\nRELX Holdings B.V.
Ordinary
NLD1
\nRELX Nederland B.V.
Ordinary
NLD1
\nRELX Overseas B.V.
Ordinary RE
NLD1
\nNew Zealand
\nLexisNexis NZ Ltd
Ordinary
NZL1
\nPhilippines
\nReed Elsevier Shared Services (Philippines) Inc.
Common
PHL1
\nPoland
\nAI Digital Contracts Sp. z.o.o. (75%)
Ordinary
POL1
\nElsevier Sp. z.o.o.
Ordinary
POL2
\nRussia
\nElsevier LLC
(Liquidation in progress)
Participation Shares
RUS2
\nLexisNexis LLC
(Liquidation in progress)
Participation Shares
RUS3
\nReal Estate Events Direct LLC
(80%)
(Liquidation in
\nprogress)
\nParticipation Shares
RUS1
\nRELX LLC
(Liquidation in progress)
Participation Shares
RUS1
\nSingapore
\nElsevier (Singapore) Pte Ltd
Ordinary
SGP1
\nLexis-Nexis Philippines Pte Ltd
Ordinary-B, Preference
SGP2
\nLNRS Data Services Pte Ltd
Ordinary
SGP3
\nRE (HAPL) Pte Ltd
Ordinary
SGP1
\nRELX (Singapore) Pte Ltd
Ordinary
SGP2
\nSouth Africa
\nGlobalrange SA (Pty) Ltd
Ordinary
ZAF1
\nLexisNexis (Pty) Ltd (78%)
A-Ordinary
ZAF2
\nLexisNexis Risk Management (Pty) Ltd (78%)
Ordinary
ZAF2
\nLexisNexis South Africa Shared Services (Pty) Ltd
Ordinary
ZAF2
\nShare
Reg
\nCompany name
class
office
\nReed Events Management (Pty) Ltd (90%)
Ordinary
ZAF2
\nReed Exhibitions (Pty) Ltd (90%)
Ordinary
ZAF2
\nReed Exhibitions Group (Pty) Ltd (90%)
Ordinary
ZAF2
\nReed Venue Management (Pty) Ltd
(90%)
Ordinary
ZAF2
\nRELX (Pty) Ltd
Ordinary
ZAF2
\nSpain
\nElsevier Espana SL
Participations
ESP1
\nSweden
\nBehaviometrics AB
Ordinary
SWE1
\nSwitzerland
\nFircosoft Schweiz GmbH
(Liquidation in progress)
Ordinary
CHE1
\nTaiwan
\nElsevier Taiwan LLC
Ordinary
TWN1
\nThailand
\nReed Tradex Company Ltd (49%)
Ordinary, Preference
THA1
\nRELX Holding (Thailand) Co., Ltd
Ordinary
THA2
\nRELX Information Analytics (Thailand) Co., Ltd
Ordinary
THA3
\nTurkey
\nElsevier STM Bilgi Hizmetleri Limited \u015eirketi
Ordinary
TUR1
\nMack Brooks Fuarcilik A.S.
Registered Capital
TUR3
\nReed T\u00fcyap Fuarcilik A.S. (50%)
A Ordinary, B Ordinary
TUR2
\nUnited Arab Emirates
\nReed Exhibitions FZ-LLC
Ordinary
UAE1
\nRELX Middle East
FZ-LLC
Ordinary
UAE2
\nUnited Kingdom
\n3rd Street Group Ltd
Ordinary
GBR3
\nButterworths Ltd
Ordinary
GBR4
\nCordery Compliance Ltd (71%)
Ordinary
GBR4
\nCordery Ltd (71%)
Ordinary
GBR4
\nCrediva Ltd
Ordinary
GBR5
\nDigital Foundry Network Ltd
(50%)
Ordinary
GBR3
\nE & P Events LLP (50%)
Membership Interest
GBR3
\nElsevier Ltd
Ordinary
GBR6
\nEmailage Ltd
Ordinary
GBR5
\nGamer Network Ltd
Ordinary
GBR3
\nGapsquare Ltd
A Ordinary, B Ordinary
GBR2
\nHookshot Media Ltd (23.5%)
Ordinary
GBR8
\nInterfolio UK Ltd
Ordinary
GBR10
\nLexisNexis Risk Solutions UK Ltd
Ordinary
GBR5
\nLNRS Data Services Holdings Ltd
Ordinary
GBR1
\nLNRS Data Services Ltd
Ordinary
GBR2
\nMack
-Brooks Exhibitions Ltd
Ordinary
GBR3
\nMCM Expo Ltd
Ordinary
GBR3
\nMendeley Ltd
Ordinary
GBR6
\nMLex Ltd
Ordinary
GBR4
\nOffshore Europe (Management) Ltd
Ordinary
GBR3
\nOffshore Europe Partnership (50%)
Partnership Interest
GBR3
\nOut There Gaming Ltd (70%)
Ordinary
GBR3
\nOxford Spires Management Co; Ltd (55%)
Ordinary
GBR7
\nRE (HPL) Ltd
Ordinary
GBR1
\nRE (RCB) Ltd
Ordinary
GBR1
\nRE Secretaries Ltd
Ordinary
GBR1
\nRE (SOE) Ltd
Ordinary
GBR3
\nReed Events Ltd
Ordinary
GBR3
\nReed Exhibitions Ltd
Ordinary
GBR3
\nReed Nominees Ltd
Ordinary
GBR1
\nRELX Finance Ltd
Ordinary
GBR1
\nRELX Group plc
Ordinary
GBR1
\nRELX (Holdings) Ltd
Ordinary
GBR1
Share
Reg
\nCompany name
class
office
\nRELX (Investments) plc
Ordinary
GBR1
\nRELX Overseas Holdings Ltd
Ordinary
GBR1
\nRELX (UK) Ltd
Ordinary
GBR1
\nREV GP (UK) LLP
Membership Interest
GBR1
\nREV Venture Partners Ltd
Ordinary
GBR1
\nREV V LP
Partnership Interest
GBR1
\nSciBite Ltd
A Ordinary, B
Ordinary, C Ordinary
GBR9
\nTracesmart Ltd
Ordinary
GBR5
\nTruNarrative Ltd
Ordinary
GBR5
\nUnited States
\nAccuity Asset Verification Services Inc.
Common Stock
USA1
\nAccuity Inc.
Common Stock
USA1
\nAmerican Textile Machinery Exhibition
\nInternational Inc.
(40%)
\nCommon Stock
USA3
\nAries Systems Corporation
Common Stock
USA3
\nBehavioSec Inc
Common Stock
USA2
\nCrop Data Management Systems, Inc.
Common Stock
USA2
\nDunlap
-Hanna Publishers (50%)
Partnership Interest
USA7
\nElsevier Holdings Inc.
Common Stock
USA3
\nElsevier Inc.
Common Stock
USA3
\nElsevier Medical Information LLC
Membership Interest
USA3
\nElsevier STM Inc.
Common Stock
USA3
\nEmailage Corp.
Common Stock
USA2
\nEnclarity, Inc.
Common Stock
USA2
\nFlyreel Inc.
Common Stock
USA2
\nGaming Business Asia LLC
(50%)
Membership Interest
USA3
\nHealth Market Science, Inc.
Common Stock
USA2
\nID Analytics LLC
Membership Interest
USA2
\nIDG-RBI China Publishers LLC (50%)
Membership Interest
USA3
\nInterfolio, Inc.
Common Stock
USA3
\nInterfolio Data 180, LLC
Membership Interest
USA3
\nKnovel Corporation
Common Stock
USA3
\nKnowable Inc (75%)
Common Stock
USA3
\nLegal InQuery Solutions Inc.
Common Stock
USA8
\nLexisNexis Claims Solutions Inc.
Common Stock
USA2
\nLexisNexis Coplogic Solutions Inc.
Common Stock
USA2
\nLexisNexis of Puerto Rico Inc.
Common Stock
USA8
\nLexisNexis Risk Data Management LLC
Membership Interest
USA2
\nLexisNexis Risk Holdings Inc.
Common Stock
USA2
\nLexisNexis Risk Solutions Inc.
Common Stock
USA2
\nLexisNexis Risk Solutions FL Inc.
Common Stock
USA2
\nLexisNexis Special Services Inc.
Common Stock
USA6
\nLexisNexis VitalChek Network Inc.
Common Stock
USA2
\nLNRS Data Services Inc.
Common Stock
USA5
\nMatthew Bender & Company, Inc.
Common Stock
USA3
\nMLex US, Inc.
Common Stock
USA3
\nParley Pro Inc.
Common Stock
USA3
\nPCLaw Time Matters LLC (51%)
Membership Interest
USA3
\nPortfolio Media, Inc.
Common Stock
USA3
\nReed Technology and Information Services
\nLLC
\nMembership Interest
USA3
\nRELX Capital Inc.
Common Stock
USA4
\nRELX Inc.
Common Stock
USA3
\nRELX Risks Inc.
Common Stock
USA9
\nREV IV Partnership LP
Partnership Interest
USA4
\nSAFI Americas LLC (50%)
Membership Interest
USA3
\nSageStream LLC
Membership Interest
USA2
\nThe Reed Elsevier
Ventures 2005 Partnership
\nLP
\nPartnership Interest
USA4
\nThe Reed Elsevier Ventures 2011 Partnership
\nLP
\nPartnership Interest
USA4
\nThe Reed Elsevier Ventures 2013 Partnership
\nLP
\nPartnership Interest
USA4
\nThe Remick Publishers (50%)
Partnership
Interest
USA7
\nThreatMetrix, Inc.
Common Stock
USA2
\nWorld Compliance, Inc.
Common Stock
USA4
\nVietnam
\nReed Tradex Vietnam LLC
(49%)
Membership Interest
VIE1
\nRegistered offices
\nAustralia
\nAUS1:
Building B, Level 2, Unit 11, 1 Maitland Place, Baulkham Hills, NSW 2153
\nAUS2:
Tower 2, Level 1, 475 Victoria Avenue, Chatswood NSW 2067
\nAustria
\nAUT1:
Messeplatz 1, 1020, Vienna
\nAUT2:
Trabrennstrassee 2\u00aa,1020, Vienna
\nAUT3:
Am Messezentrum 6, 5020, Salzburg
\nAUT4:
Am Messezentrum 7, 5020, Salzburg
\nBelgium
\nBEL1:
Oudenaardseheerweg 129, 9810 Nazareth
\nBrazil
\nBRA1:
Rua da Assembleia no 100, 6th Floor, RJ Centro, Rio de Janiero, 20011
-904
\nBRA2:
Rua Bela Cintra 2305, S\u00e3o Paulo, 01415-009
\nBRA3:
Rua Bela Cintra no. 1200, 10th floor, S\u00e3o Paulo, 01415-001
\nBRA4:
Avenida Paulista, 2300
-Piso Pilotis room 28, S\u00e3o Paulo, 01310-300
\nBRA5:
Rua Cel Fonseca, 203 A-Centro, Botucatu, S\u00e3o Paulo, 18600-200
\nBRA6:
Rua Funchal, 538, conjunto 42, Vila Ol\u00edmpia, S\u00e3o Paulo - CEP 04551-060
\nBRA7:
Alameda Rio Negro, 161 Alphaville Industrial, Barueri, S\u00e3o Paulo 06.455-000
\nBRA8:
Alphaville, Conjuntos 81
-84, Centro Empresarial Araguaia, Barueri, S\u00e3o Paulo
\n2104, 8-9 Andar
\nCanada
\nCAN1:
111 Gordon Baker Road, Suite 900,
Toronto, Ontario, M2H 3R1
\nCAN2:
26E-1501 av. McGill College, Montreal, Quebec, H3A 3N9
\nChina
\nCHN1:
Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan District,
\nBeijing, 100044
\nCHN2:
Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian
\nDistrict, Beijing
\nCHN3:
Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit
1-7,
Dong
\nCheng District, Beijing, 100738
\nCHN4:
Ping An International Finance Center, Room 1504, 15th Floor, Tower A-
\n101,
3-24 floor, Xinyuan South Road, Chaoyang District, Beijing, 100027
\nCHN5:
Unit
B1303-1
& 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe District
\nGuangzhou
\nCHN6:
Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District, Fu
\nTian Distri
ct, Shenzhen
\nCHN7:
Room 5106, Raffle City, 268 Middle Xizang Road, Huangpu District, Shanghai,
\n200001
\nCHN8:
Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai,
\n200070
\nCHN9:
Room 319, 238 Jiangchangsan Road, Jing\u2019an
District, Shanghai
\nCHN10:
Room 304, Sanlian Building, No.8, Huajing Road, Pudong District, Shanghai,
\n200070
\nCHN11:
Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm,
\nChongming County, Shanghai
\nCHN12:
Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District, Shanghai
\nCHN13:
4/F Block 3, No 999 Jingzhong Road, Changning District, Shanghai
\nCHN14:
A0208, 1st floor, building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan
\nDistrict Beijing
\nCHN15:
16 Donghuangchenggen North Street, Beijing, 100717
\nCHN16:
Shenzhen International Chamber of Commerce Tower, Room 1801-1802,
\n1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048
\nCHN17:
5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing
\nDistrict, Shanghai, 200335
\nCHN18:
Room 12B, 7th Floor, Oriental Plaza, 1 East Chang An Avenue, Beijing, 100738
\nCHN19:
404 F4, No.9 Shangdi 9th Street, Haidian District, Beijing, 100085
\nColombia
\nCOL1:
Philippe Prietocarrizosa & Uria Abogados, Carrera 9 No. 74-08 Oficina 105,
\nBogota, d.c., 76600
\nDenmark
\nDNK1:
Niels Jernes Vej 10, 9220, Aalborg East
\nEgypt
\nEGY1:
Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th Settlement,
\nNew
Cairo, Cairo
Registered offices
\nFrance
\nFRA1:
65, rue Camille Desmoulins, 92130, Issy les Moulineaux
\nFRA2:
Parc Euronord, 10 rue du Parc, 31150, Bruguieres
\nFRA3:
141 rue de Javel, 75015, Paris
\nFRA4:
52 Quai de Dion Bouton, 92800, Puteaux
\nFRA5:
Immeuble Technopolis, 350 rue Georges Besse, 30000, Nimes
\nFRA6:
27-33 quai Alphonse Le Gallo, 92100, Boulogne-Billancourt
\nFRA7:
6-8 Rue Chaptal, 75009, Paris
\nFRA8:
151-155 Rue de Bercy, 75012, Paris
\nFRA9:
168 Rue Saint-Denis, 75002, Paris
\nGermany
\nDEU1:
Volklinger Strasse 4, 40219, Dusseldorf
\nDEU2:
St. Martin Tower, Wing, 2nd floor, Franklinstrasse 61-63, 60486,
\nFrankfurt am Main Hessen
\nDEU3:
Bernhard-Wicki-Strasse 5, 80636, Munich
\nDEU4:
Heerdter Sandberg 30, 40549, Dusseldorf
\nDEU5:
Steinhauserstrasse 9, 76135, Karlsruhe
\nDEU6:
Joseph-Schumpeter-Allee 33, 53227, Bonn
\nDEU7:
Fritz-Haber-Strasse 9 OG 13, 06217 Merseburg
\nDEU8:
Schopenhauer Strasse 93 e, 14129, Berlin
\nGreece
\nGRE1:
188A, Filolaou Str., Athens. 11632
\nHong Kong
\nHNK1:
5/F, Manulife Place, 348 Kwun Tong Road, Kowloon
\nHNK2:
Flat 1506, 15/F, Lucky Center, No. 165-171 Wan Chai Road, Wan Chai
\nHNK3:
11/F Oxford House, Taikoo Place, 979 King\u2019s Road, Quarry Bay
\nHNK4:
17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry
\nBay
\nIndia
\nIND1:
818, 8th Floor, Indraprakash Builing, 21 Barakhamba Road, New Delhi,
\nDelhi, 110001
\nIND2:
Ascendas International Tech Park, Crest Building 12th Floor, Taramani
\nRoad, Taramani, Chennai, 600113
\nIND3:
99/100, Prestige Towers Unit No. 505, Fifth Floor, Residency Road,
\nBangalore, Karnataka, 560025
\nIND4:
25, 3rd floor, 8th Main Road, Vasanthnager, Bangalore, Karnataka,
\n560052
\nIndonesia
\nIDN1:
APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28,
\nGrogol, Pertamburan Jakarta Barat 11470
\nIDN2:
Gedung World Trade Center, 3 LT 20 Spaces JL Jend Sudirman Kav 29
-
\n31 RT/RW 008/003, Karet Kuningan, Setiabudi, Jakarta Selatan, DKI
\nJakarta 12940
\nIrish Republic
\nIRL1:
80 Harcourt Street, Dublin 2, Dublin, D02 F449
\nIRL2:
Suite 4320, Atlantic Avenue, Westpark Business Campus, Shannon,
\nClare, V14 YX01
\nIRL3:
1F Cedarhurst Building, Arkle Road, Sandyford Business Park, Dublin,
\nD18 X6N2
\nIsrael
\nISR1:
Meitar, Attorneys at Law, 16 Abba Hillel Rd. Ramat Gan 5250608
\nItaly
\nITA1:
Via Marostica 1, 20146, Milan
\nITA2:
Studio Colombo e Associati, Via Cino del Duca 5, 20122, Milan
\nJapan
\nJPN1:
Kyodo Tsushin Kaikam 2F, 2-2-5 Toronomon, Minato-ku, Tokyo, 105-
\n0001
\nJPN2:
1
-9-15, Higashi Azabu, Minato-ku Tokyo, 106-0044
\nJPN3:
Shinjuku
-Nomura Bldg., 1-26-2 Nishi-shinjuku, Shinjuku-ku, Tokyo, 163-
\n0525
\nKorea (Republic of)
\nKOR1:
Chunwoo Building, 4th floor, 534
Itaewon-dong, Yongsan-gu, Seoul,
\n140
-861
\nKOR2:
206 Noksapyeong-daero, Yongsan-gu, Seoul, 140-861
\nKOR3:
1622-24 Block A Terra Tower 2, 201 Songpa-daero, Songpa-gu, Seoul
\nKOR4:
4th floor at 195
-6 Jamsil-dong, Songpagu, Seoul
\nMacau
\nMAC1:
Rua De
Xangai, No. 175 Edif. Associacao Comercial de Macau, 11
\nAndar, Bloco K
\nMalaysia
\nMYS1:
Suite 29
-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The
\nVertical, 59200 Bangsar South City, Kuala Lumpur
\nRegistered offices
\nMexico
\nMEX1:
Masson-Doyma Mexico S.A., Av Insurgentes Sur 1388 Piso 8, Col
\nActipan Mixcoac Del. Benito Juarez, Mexico DF, CP 03230
\nMEX2:
Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico
\nCity, 06500
\nNetherlands
\nNLD1:
Radarweg 29, 1043 NX Amsterdam
\nNLD2:
Hanzestraat 1, 7006RH Doetinchem
\nNew Zealand
\nNZL1:
Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011
\nPhilippines
\nPHL1:
Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth
\nAvenue, Quezon City, Metro
Manila, 1101
\nPoland
\nPOL1:
Plac Grunwaldzki 23
-27, 50-365 Wroclaw
\nPOL2:
Al. JJana Pawla II, 22, 00-133, Warszawa
\nRussia
\nRUS1:
2nd Syromyatnichesky per, bld.1, Space I, Room 13, 105120,
\nMoscow
\nRUS2:
Building 1, Facility 1, Room 80, 9/26 Shchipok St., Municipal District
\nZamoskvorechye, 115054, Moscow
\nRUS3:
Building 1, facility 1, Room 5, 9/26 Shchipok St., Municipal District
\nZamoskvorechye, 115054, Moscow
\nSingapore
\nSGP1:
3 Killiney Road, #08
-01 Winsland House 1, 239519
\nSGP2:
80 Robinson Road, #02-00, 068898
\nSGP3:
1 Changi Business Park Crescent, #06
-01 Plaza 8 & CBP, 48602551
\nSouth Africa
\nZAF1:
Ground Floor, Pebble Beach, Fourways Golf Park, Roos Street,
\nFourways Sandton, Johannesburg, Gauteng 2068
\nZAF2:
Building 8,
Country Club Estate Office Park, 21 Woodlands Drive,
\nWoodmead, Gauteng, 2191
\nSpain
\nESP1:
C/ Josep Tarradellas 20
-30, 1\u00ba / 20029, Barcelona
\nSweden
\nSWE1:
Aurorum 8A 977 75 Lulea
\nSwitzerland
\nCHE1:
Bahnhofstrasse 100, 8001 Zurich
\nTaiwan
\nTWN1:
Rm N818, 8F, Chia Hsin Building II, No. 9, Lane 3, Minsheng West
\nRoad, Taipei 10449
\nThailand
\nTHA1:
Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road,
\nSilom, Bangrak, Bangkok, 10500
\nTHA2:
14th Floor, CTI Tower,
191/70-73 Ratchadapisek Road, Khwaeng
\nKlongtoey, Khet, Klongtoey, Bangkok
\nTHA3:
2 Ploenchit Centre, Room 7, Floor G., Sukhumvit Road, Klongtoey,
\nBangkok, 10110
\nTurkey
\nTUR1:
Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul
\nTUR2:
Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mahallesi Eski Hadimkoy
\nYolu 9/4, 34500 Buyukcekmece, Istanbul
\nTUR3:
Esentepe Mah. Ali Kaya SK. Polat Plaza B Blok No: 1/1B Sisli, Istanbul
\nUnited Arab Emirates
\nUAE1:
Office 0225 Podium 2, Yas
Creative Hub Tower 2, Abu Dhabi, PO
\nBOX 77899
\nUAE2:
Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media
\nCity, Dubai
\nUnited Kingdom
\nGBR1:
1-3 Strand, London, WC2N 5JR
\nGBR2:
Quadrant House, The Quadrant, Sutton, Surrey, SM2 5AS
\nGBR3:
Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN
\nGBR4:
Lexis House, 30 Farringdon Street, London, EC4A 4HH
\nGBR5:
Global Reach, Dunleavy Drive, Cardiff, CF11 0SN
\nGBR6:
The Boulevard, Langford Lane, Kidlington, Oxford, OX5 1GB
Registered offices
\nGBR7:
40 Kimbolton Road, Bedford, MK40 2NR
\nGBR8:
5 Oakwood Drive, Loughborough, LE11 3QF
\nGBR9:
Biodata Innovation Centre Wellcome Genome Campus, Hinxton, Cambridge,
\nCB10 1DR
\nGBR10:
The Barn, Horningsea Road, Cambridge, CB5 8SZ
\nUnited States
\nUSA1:
1007 Church Street, Evanston IL 60201
\nUSA2:
1000 Alderman Dr., Alpharetta, GA 30005
\nUSA3:
230 Park Ave, New York, NY 10169
\nUSA4:
1105 North Market St, Wilmington, DE 19801
\nUSA5:
3355 West Alabama Street, Houston, TX 77098
\nUSA6:
1150 18th St, NW, Washington, DC 20036
\nUSA7:
313 Washington Street, Suite 400, Newton, MA 02458
\nUSA8:
9443 Springboro Pike, Miamisburg, OH 45342
\nUSA9:
76 St. Paul Street, Suite 500, Burlington, VT 05401-4477
\nVietnam
\nVIE1:
2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22,
\nDistrict.
Binh Thanh, Ho Chi Minh City
\nThe following UK subsidiaries will take advantage of the audit
\nexemption set out with in Section 479A of the Companies Act
\n2006 supported by guarantees issued by RELX PLC over their
\nliabilities for the year ended 31 December 2022.
\nRegistration
\nCompany name
number
\nButterworths Limited
2826955
\nCrediva Limited
6567484
\nE&P Events LLP
OC328529
\nEmailage Limited
9282165
\nInterfolio UK Limited
7820803
\nMack-Brooks Exhibitions Limited
967560
\nMCM Expo Limited
8421024
\nMLex Limited
5488651
\nOffshore Europe (Management) Limited
2318214
\nRE (SOE) Limited
2330299
\nReed Events Limited
5893942
\nRELX (Holdings) Limited
5807690
\nRELX (Investments) plc
5810043
\nRELX Overseas Holding Limited
9489059
\nREV GP (UK) LLP
OC437653
\nREV
Venture Partners Limited
4226986
\nSciBite Limited
7778456
\nTracesmart Limited
3827062
\nTruNarrative Limited
10241297
",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f25052": {
"value": "28 Related undertakings
\nA full list of related undertakings (comprising subsidiaries, joint ventures, associates and other significant holdings) is set out below.
\nAll are 100% owned directly or indirectly by the Group except where percentage ownership denoted in (x%).
\nShare
Reg
\nCompany name
class
office
\nAustralia
\nLNRS Data Services (Australia) Pty Ltd
Ordinary
AUS1
\nReed Exhibitions Australia Pty Ltd
Ordinary
AUS2
\nReed International Books Australia Pty Ltd
Ordinary
AUS2
\nRELX Australia Pty Ltd
Ordinary
AUS2
\nThreatMetrix Pty Ltd
Ordinary
AUS2
\nAustria
\nLexisNexis Verlag ARD ORAC GmbH & Co KG
Partnership Interest
AUT2
\nORAC GmbH
Ordinary
AUT2
\nRELX Austria GmbH
Ordinary
AUT3
\nRX CEE GmbH
Ordinary
AUT1
\nRX Salzburg GmbH
Ordinary
AUT3
\nRX Wien GmbH
Ordinary
AUT1
\nStandout GmbH
Ordinary
AUT4
\nBelgium
\nLexisNexis BV
Ordinary
BEL1
\nBrazil
\nElsevier Editora Ltda
Quotas
BRA1
\nFircosoft Brasil Consultoria e Servicos de Informatica Ltda
Quotas
BRA2
\nGestora de Intelig\u00eancia de Cr\u00e9dito S.A. (20%)
Common, Preferred
BRA8
\nLexisNexis Informa\u00e7\u00f5es e Sistemas Empresariais Ltda
Quotas
BRA6
\nLexisNexis Servi\u00e7os de An\u00e1lise de Risco Ltda
Quotas
BRA7
\nMLex Brasil Midia Mercadologica Ltda
Quotas
BRA4
\nReed Exhibitions Alc\u00e2ntara Machado Ltda
Quotas
BRA3
\nSST Software do Brasil Ltda
Quotas
BRA5
\nCanada
\nElsevier Canada Inc.
Common
CAN2
\nLexisNexis Canada Inc.
Class B
CAN1
\nRELX Canada Ltd
Common
CAN1
\nChina
\nBakery China Exhibitions Co., Ltd (25%)
Ordinary
CHN1
\nBeijing Medtime Elsevier Education Technology Co., Ltd
\n(49%)
\nCommon
CHN2
\nC
-One Energy (Guangzhou) Co., Ltd
Ordinary
CHN5
\nICIS Consulting (Beijing) Co., Ltd
(Liquidation in progress)
Ordinary
CHN18
\nKeAi Communications Co., Ltd (49%)
Ordinary
CHN15
\nLexisNexis Information Technology Co. Ltd
Ordinary
CHN19
\nLexisNexis Risk Solutions (Shanghai) Information
\nTechnologies Co.
Ltd
\nCommon
CHN7
\nLNRS Data Services (Shanghai) Co Ltd
Ordinary
CHN13
\nReed Elsevier Information Technology (Beijing) Co., Ltd
Common
CHN3
\nReed Exhibitions (China) Co., Ltd
Ordinary
CHN4
\nReed Exhibitions Hengjin Co., Ltd (51%)
Ordinary
CHN12
\nReed Exhibitions (Shanghai) Co., Ltd
Ordinary
CHN10
\nReed Huabai Exhibitions (Beijing) Co., Ltd (51%)
Ordinary
CHN4
\nReed Huabo Exhibitions (Shenzhen) Co., Ltd (65%)
Ordinary
CHN16
\nReed Huaqun Exhibitions Co., Ltd (52%)
Ordinary
CHN4
\nReed Exhibitions Kuozhan (Shanghai) Co., Ltd (60%)
Ordinary
CHN8
\nReed Sinopharm Exhibitions Co., Ltd (50%)
Ordinary
CHN4
\nRELX (China) Investment Co., Ltd
Ordinary
CHN9
\nRX (Shenzhen) Co., Ltd
Ordinary
CHN6
\nShanghai Datong Medical Information Technology Co., Ltd
Ordinary
CHN17
\nShanghai SinoReal Exhibitions Co., Ltd (27.5%)
Ordinary
CHN11
\nZ&R Exhibitions Co., Ltd (27.5%)
Ordinary
CHN14
\nColombia
\nLexisNexis Risk Solutions SAS
Ordinary
COL1
\nDenmark
\nElsevier A/S
Ordinary
DNK1
\nEgypt
\nElsevier Egypt LLC
Ordinary
EGY1
\nShare
Reg
\nCompany name
class
office
\nFrance
\nClosd SAS
Ordinary
FRA9
\nElsevier Holding France SAS
Ordinary
FRA1
\nElsevier Masson SAS
Ordinary
FRA1
\nEvoluprint SAS
Ordinary
FRA2
\nFircosoft SAS
Ordinary
FRA8
\nGIE EDI Data (83%)
Ordinary
FRA3
\nGIE Juris Data
Ordinary
FRA3
\nLexisNexis Business Information Solutions SA
Ordinary
FRA3
\nLexisNexis Business Information Solutions Holding SA
Ordinary
FRA5
\nLexisNexis International Development & Services SAS
Ordinary
FRA3
\nLexisNexis SA
Ordinary
FRA3
\nReed Exhibitions ISG SARL
Ordinary
FRA6
\nRELX France SA
Ordinary
FRA6
\nRELX France Services SAS
Ordinary
FRA8
\nRX France SAS
Ordinary
FRA4
\nSAFI SA (50%)
Ordinary
FRA7
\nGermany
\nBehavioSec GmbH
Ordinary
DEU7
\nElsevier GmbH
Ordinary
DEU3
\nElsevier Information Systems GmbH
Ordinary
DEU2
\nIPlytics GmbH
Ordinary
DEU8
\nLexisNexis GmbH
Ordinary
DEU4
\nPatentSight GmbH
Ordinary
DEU6
\nRELX Deutschland GmbH
Ordinary
DEU1
\nRX Deutschland GmbH
Ordinary
DEU1
\nTschach Solutions GmbH
Ordinary
DEU5
\nGreece
\nMack Brooks Hellas SA (87.36%)
(Liquidation in progress)
Ordinary
GRE1
\nHong Kong
\nAscend China Holding Ltd
Ordinary
HNK4
\nJC Exhibition and Promotion Ltd (65%)
Ordinary
HNK4
\nJYLN Sager Ltd
Ordinary
HNK2
\nLNRS Data Services (China) Ltd
Ordinary
HNK1
\nReed Exhibitions Ltd
Ordinary
HNK4
\nRELX (Greater China) Ltd
Ordinary
HNK3
\nIndia
\nFircoSoft India Private Ltd
Ordinary
IND2
\nNext Events Private Ltd
Ordinary
IND1
\nParity Computing India Private Ltd
Ordinary
IND3
\nReed Elsevier Publishing (India) Private Ltd
Ordinary
IND1
\nReed Manch Exhibitions Private Ltd
Ordinary
IND1
\nReed Triune Exhibitions Private Ltd (72%)
Ordinary
IND4
\nRELX India Private Ltd
Ordinary
IND1
\nIndonesia
\nPT Reed Exhibitions Indonesia (70%)
Class A Preferred
IDN1
\nClass B Common
\nPT RELX Information Analytics Indonesia
Ordinary
IDN2
\nIrish Republic
\nElsevier Services Ireland Ltd
Ordinary
IRL2
\nLexisNexis Risk Solutions (Europe) Ltd
Ordinary
IRL1
\nLexisNexis Risk Solutions (Ireland) Ltd
Ordinary
IRL1
\n3D4Medical Ltd
Ordinary
IRL3
\nIsrael
\nLexisNexis Israel Ltd
Ordinary
ISR1
\nItaly
\nElsevier SRL
Registered Capital
ITA1
\nICIS Italia SRL
Ordinary
ITA2
\nRX Italy SRL
Ordinary
ITA1
Share
Reg
\nCompany name
class
office
\nJapan
\nAscend Japan KK
Ordinary
JPN1
\nElsevier Japan KK
Ordinary
JPN2
\nLexisNexis Japan KK
Ordinary
JPN2
\nPatentSight Japan Inc.
Common
JPN2
\nRX Japan KK
Ordinary
JPN3
\nKorea (Republic of)
\nElsevier Korea LLC
Ordinary
KOR1
\nLexisNexis Legal and Professional Service Korea Ltd
Ordinary
KOR2
\nReed Exhibitions Korea Ltd
Ordinary
KOR3
\nReed Exporum Ltd (60%)
Ordinary
KOR4
\nReed K. Fairs Ltd (70%)
Ordinary
KOR3
\nMacau
\nReed Exhibitions Macau Ltd
Ordinary
MAC1
\nMalaysia
\nLexisNexis Malaysia Sdn Bhd
Ordinary
MYS1
\nMexico
\nMasson-Doyma Mexico, S.A.
Ordinary
MEX1
\nReed Exhibitions Mexico S.A. de C.V.
Fixed
MEX2
\nNetherlands
\nAGRM Solutions C.V.
Partnership Interest
NLD1
\nCaselex B.V.
Ordinary
NLD1
\nElsevier B.V.
Ordinary
NLD1
\nICIS Benchmarking Europe B.V.
Ordinary
NLD1
\nLexisNexis Business Information Solutions B.V.
Ordinary
NLD1
\nLNRS Data Services B.V.
Ordinary
NLD1
\nMisset Uitgeverij B.V. (49%)
Ordinary
NLD2
\nRELX Employment Company B.V.
Ordinary
NLD1
\nRELX Finance B.V.
Ordinary
NLD1
\nRELX Holdings B.V.
Ordinary
NLD1
\nRELX Nederland B.V.
Ordinary
NLD1
\nRELX Overseas B.V.
Ordinary RE
NLD1
\nNew Zealand
\nLexisNexis NZ Ltd
Ordinary
NZL1
\nPhilippines
\nReed Elsevier Shared Services (Philippines) Inc.
Common
PHL1
\nPoland
\nAI Digital Contracts Sp. z.o.o. (75%)
Ordinary
POL1
\nElsevier Sp. z.o.o.
Ordinary
POL2
\nRussia
\nElsevier LLC
(Liquidation in progress)
Participation Shares
RUS2
\nLexisNexis LLC
(Liquidation in progress)
Participation Shares
RUS3
\nReal Estate Events Direct LLC
(80%)
(Liquidation in
\nprogress)
\nParticipation Shares
RUS1
\nRELX LLC
(Liquidation in progress)
Participation Shares
RUS1
\nSingapore
\nElsevier (Singapore) Pte Ltd
Ordinary
SGP1
\nLexis-Nexis Philippines Pte Ltd
Ordinary-B, Preference
SGP2
\nLNRS Data Services Pte Ltd
Ordinary
SGP3
\nRE (HAPL) Pte Ltd
Ordinary
SGP1
\nRELX (Singapore) Pte Ltd
Ordinary
SGP2
\nSouth Africa
\nGlobalrange SA (Pty) Ltd
Ordinary
ZAF1
\nLexisNexis (Pty) Ltd (78%)
A-Ordinary
ZAF2
\nLexisNexis Risk Management (Pty) Ltd (78%)
Ordinary
ZAF2
\nLexisNexis South Africa Shared Services (Pty) Ltd
Ordinary
ZAF2
\nShare
Reg
\nCompany name
class
office
\nReed Events Management (Pty) Ltd (90%)
Ordinary
ZAF2
\nReed Exhibitions (Pty) Ltd (90%)
Ordinary
ZAF2
\nReed Exhibitions Group (Pty) Ltd (90%)
Ordinary
ZAF2
\nReed Venue Management (Pty) Ltd
(90%)
Ordinary
ZAF2
\nRELX (Pty) Ltd
Ordinary
ZAF2
\nSpain
\nElsevier Espana SL
Participations
ESP1
\nSweden
\nBehaviometrics AB
Ordinary
SWE1
\nSwitzerland
\nFircosoft Schweiz GmbH
(Liquidation in progress)
Ordinary
CHE1
\nTaiwan
\nElsevier Taiwan LLC
Ordinary
TWN1
\nThailand
\nReed Tradex Company Ltd (49%)
Ordinary, Preference
THA1
\nRELX Holding (Thailand) Co., Ltd
Ordinary
THA2
\nRELX Information Analytics (Thailand) Co., Ltd
Ordinary
THA3
\nTurkey
\nElsevier STM Bilgi Hizmetleri Limited \u015eirketi
Ordinary
TUR1
\nMack Brooks Fuarcilik A.S.
Registered Capital
TUR3
\nReed T\u00fcyap Fuarcilik A.S. (50%)
A Ordinary, B Ordinary
TUR2
\nUnited Arab Emirates
\nReed Exhibitions FZ-LLC
Ordinary
UAE1
\nRELX Middle East
FZ-LLC
Ordinary
UAE2
\nUnited Kingdom
\n3rd Street Group Ltd
Ordinary
GBR3
\nButterworths Ltd
Ordinary
GBR4
\nCordery Compliance Ltd (71%)
Ordinary
GBR4
\nCordery Ltd (71%)
Ordinary
GBR4
\nCrediva Ltd
Ordinary
GBR5
\nDigital Foundry Network Ltd
(50%)
Ordinary
GBR3
\nE & P Events LLP (50%)
Membership Interest
GBR3
\nElsevier Ltd
Ordinary
GBR6
\nEmailage Ltd
Ordinary
GBR5
\nGamer Network Ltd
Ordinary
GBR3
\nGapsquare Ltd
A Ordinary, B Ordinary
GBR2
\nHookshot Media Ltd (23.5%)
Ordinary
GBR8
\nInterfolio UK Ltd
Ordinary
GBR10
\nLexisNexis Risk Solutions UK Ltd
Ordinary
GBR5
\nLNRS Data Services Holdings Ltd
Ordinary
GBR1
\nLNRS Data Services Ltd
Ordinary
GBR2
\nMack
-Brooks Exhibitions Ltd
Ordinary
GBR3
\nMCM Expo Ltd
Ordinary
GBR3
\nMendeley Ltd
Ordinary
GBR6
\nMLex Ltd
Ordinary
GBR4
\nOffshore Europe (Management) Ltd
Ordinary
GBR3
\nOffshore Europe Partnership (50%)
Partnership Interest
GBR3
\nOut There Gaming Ltd (70%)
Ordinary
GBR3
\nOxford Spires Management Co; Ltd (55%)
Ordinary
GBR7
\nRE (HPL) Ltd
Ordinary
GBR1
\nRE (RCB) Ltd
Ordinary
GBR1
\nRE Secretaries Ltd
Ordinary
GBR1
\nRE (SOE) Ltd
Ordinary
GBR3
\nReed Events Ltd
Ordinary
GBR3
\nReed Exhibitions Ltd
Ordinary
GBR3
\nReed Nominees Ltd
Ordinary
GBR1
\nRELX Finance Ltd
Ordinary
GBR1
\nRELX Group plc
Ordinary
GBR1
\nRELX (Holdings) Ltd
Ordinary
GBR1
Share
Reg
\nCompany name
class
office
\nRELX (Investments) plc
Ordinary
GBR1
\nRELX Overseas Holdings Ltd
Ordinary
GBR1
\nRELX (UK) Ltd
Ordinary
GBR1
\nREV GP (UK) LLP
Membership Interest
GBR1
\nREV Venture Partners Ltd
Ordinary
GBR1
\nREV V LP
Partnership Interest
GBR1
\nSciBite Ltd
A Ordinary, B
Ordinary, C Ordinary
GBR9
\nTracesmart Ltd
Ordinary
GBR5
\nTruNarrative Ltd
Ordinary
GBR5
\nUnited States
\nAccuity Asset Verification Services Inc.
Common Stock
USA1
\nAccuity Inc.
Common Stock
USA1
\nAmerican Textile Machinery Exhibition
\nInternational Inc.
(40%)
\nCommon Stock
USA3
\nAries Systems Corporation
Common Stock
USA3
\nBehavioSec Inc
Common Stock
USA2
\nCrop Data Management Systems, Inc.
Common Stock
USA2
\nDunlap
-Hanna Publishers (50%)
Partnership Interest
USA7
\nElsevier Holdings Inc.
Common Stock
USA3
\nElsevier Inc.
Common Stock
USA3
\nElsevier Medical Information LLC
Membership Interest
USA3
\nElsevier STM Inc.
Common Stock
USA3
\nEmailage Corp.
Common Stock
USA2
\nEnclarity, Inc.
Common Stock
USA2
\nFlyreel Inc.
Common Stock
USA2
\nGaming Business Asia LLC
(50%)
Membership Interest
USA3
\nHealth Market Science, Inc.
Common Stock
USA2
\nID Analytics LLC
Membership Interest
USA2
\nIDG-RBI China Publishers LLC (50%)
Membership Interest
USA3
\nInterfolio, Inc.
Common Stock
USA3
\nInterfolio Data 180, LLC
Membership Interest
USA3
\nKnovel Corporation
Common Stock
USA3
\nKnowable Inc (75%)
Common Stock
USA3
\nLegal InQuery Solutions Inc.
Common Stock
USA8
\nLexisNexis Claims Solutions Inc.
Common Stock
USA2
\nLexisNexis Coplogic Solutions Inc.
Common Stock
USA2
\nLexisNexis of Puerto Rico Inc.
Common Stock
USA8
\nLexisNexis Risk Data Management LLC
Membership Interest
USA2
\nLexisNexis Risk Holdings Inc.
Common Stock
USA2
\nLexisNexis Risk Solutions Inc.
Common Stock
USA2
\nLexisNexis Risk Solutions FL Inc.
Common Stock
USA2
\nLexisNexis Special Services Inc.
Common Stock
USA6
\nLexisNexis VitalChek Network Inc.
Common Stock
USA2
\nLNRS Data Services Inc.
Common Stock
USA5
\nMatthew Bender & Company, Inc.
Common Stock
USA3
\nMLex US, Inc.
Common Stock
USA3
\nParley Pro Inc.
Common Stock
USA3
\nPCLaw Time Matters LLC (51%)
Membership Interest
USA3
\nPortfolio Media, Inc.
Common Stock
USA3
\nReed Technology and Information Services
\nLLC
\nMembership Interest
USA3
\nRELX Capital Inc.
Common Stock
USA4
\nRELX Inc.
Common Stock
USA3
\nRELX Risks Inc.
Common Stock
USA9
\nREV IV Partnership LP
Partnership Interest
USA4
\nSAFI Americas LLC (50%)
Membership Interest
USA3
\nSageStream LLC
Membership Interest
USA2
\nThe Reed Elsevier
Ventures 2005 Partnership
\nLP
\nPartnership Interest
USA4
\nThe Reed Elsevier Ventures 2011 Partnership
\nLP
\nPartnership Interest
USA4
\nThe Reed Elsevier Ventures 2013 Partnership
\nLP
\nPartnership Interest
USA4
\nThe Remick Publishers (50%)
Partnership
Interest
USA7
\nThreatMetrix, Inc.
Common Stock
USA2
\nWorld Compliance, Inc.
Common Stock
USA4
\nVietnam
\nReed Tradex Vietnam LLC
(49%)
Membership Interest
VIE1
\nRegistered offices
\nAustralia
\nAUS1:
Building B, Level 2, Unit 11, 1 Maitland Place, Baulkham Hills, NSW 2153
\nAUS2:
Tower 2, Level 1, 475 Victoria Avenue, Chatswood NSW 2067
\nAustria
\nAUT1:
Messeplatz 1, 1020, Vienna
\nAUT2:
Trabrennstrassee 2\u00aa,1020, Vienna
\nAUT3:
Am Messezentrum 6, 5020, Salzburg
\nAUT4:
Am Messezentrum 7, 5020, Salzburg
\nBelgium
\nBEL1:
Oudenaardseheerweg 129, 9810 Nazareth
\nBrazil
\nBRA1:
Rua da Assembleia no 100, 6th Floor, RJ Centro, Rio de Janiero, 20011
-904
\nBRA2:
Rua Bela Cintra 2305, S\u00e3o Paulo, 01415-009
\nBRA3:
Rua Bela Cintra no. 1200, 10th floor, S\u00e3o Paulo, 01415-001
\nBRA4:
Avenida Paulista, 2300
-Piso Pilotis room 28, S\u00e3o Paulo, 01310-300
\nBRA5:
Rua Cel Fonseca, 203 A-Centro, Botucatu, S\u00e3o Paulo, 18600-200
\nBRA6:
Rua Funchal, 538, conjunto 42, Vila Ol\u00edmpia, S\u00e3o Paulo - CEP 04551-060
\nBRA7:
Alameda Rio Negro, 161 Alphaville Industrial, Barueri, S\u00e3o Paulo 06.455-000
\nBRA8:
Alphaville, Conjuntos 81
-84, Centro Empresarial Araguaia, Barueri, S\u00e3o Paulo
\n2104, 8-9 Andar
\nCanada
\nCAN1:
111 Gordon Baker Road, Suite 900,
Toronto, Ontario, M2H 3R1
\nCAN2:
26E-1501 av. McGill College, Montreal, Quebec, H3A 3N9
\nChina
\nCHN1:
Zhongkun Building, Room 612, Gaoliangqiaoxie Street, No. 59, Haidan District,
\nBeijing, 100044
\nCHN2:
Room 516, 5th Floor, Building 22, Area 11, No. 38, Xueyuan Road, Haidian
\nDistrict, Beijing
\nCHN3:
Oriental Plaza, No. 1 East Chang An Ave, Tower W1, 7th Floor, Unit
1-7,
Dong
\nCheng District, Beijing, 100738
\nCHN4:
Ping An International Finance Center, Room 1504, 15th Floor, Tower A-
\n101,
3-24 floor, Xinyuan South Road, Chaoyang District, Beijing, 100027
\nCHN5:
Unit
B1303-1
& 1305, 13F Center Plaza, 161 Linhe Road West, Tianhe District
\nGuangzhou
\nCHN6:
Unit 303, 3F, Tower 3 Kerry Plaza ,No.1 Zhong Xin Si Road, Fu Tian District, Fu
\nTian Distri
ct, Shenzhen
\nCHN7:
Room 5106, Raffle City, 268 Middle Xizang Road, Huangpu District, Shanghai,
\n200001
\nCHN8:
Intercontinental Center, 42F, 100 Yutong Road, Zhabei District, Shanghai,
\n200070
\nCHN9:
Room 319, 238 Jiangchangsan Road, Jing\u2019an
District, Shanghai
\nCHN10:
Room 304, Sanlian Building, No.8, Huajing Road, Pudong District, Shanghai,
\n200070
\nCHN11:
Building 2, Room No. 3895, Changjiang Avenue, No. 161, Changliang Farm,
\nChongming County, Shanghai
\nCHN12:
Floor 2, No.979, Yunhan Road, Nicheng Town, Pudong New District, Shanghai
\nCHN13:
4/F Block 3, No 999 Jingzhong Road, Changning District, Shanghai
\nCHN14:
A0208, 1st floor, building 2, Yard 66, Yanfu Road, Yancun Tow, Fangshan
\nDistrict Beijing
\nCHN15:
16 Donghuangchenggen North Street, Beijing, 100717
\nCHN16:
Shenzhen International Chamber of Commerce Tower, Room 1801-1802,
\n1805, Fuhua 3rd Road, Futian District, Shenzhen, 518048
\nCHN17:
5/F Unit A, Digital China Centre No. 567 Tianshan West Road, ChangNing
\nDistrict, Shanghai, 200335
\nCHN18:
Room 12B, 7th Floor, Oriental Plaza, 1 East Chang An Avenue, Beijing, 100738
\nCHN19:
404 F4, No.9 Shangdi 9th Street, Haidian District, Beijing, 100085
\nColombia
\nCOL1:
Philippe Prietocarrizosa & Uria Abogados, Carrera 9 No. 74-08 Oficina 105,
\nBogota, d.c., 76600
\nDenmark
\nDNK1:
Niels Jernes Vej 10, 9220, Aalborg East
\nEgypt
\nEGY1:
Land Mark Office Building, 2nd Floor, 90th Street, City Center, 5th Settlement,
\nNew
Cairo, Cairo
Registered offices
\nFrance
\nFRA1:
65, rue Camille Desmoulins, 92130, Issy les Moulineaux
\nFRA2:
Parc Euronord, 10 rue du Parc, 31150, Bruguieres
\nFRA3:
141 rue de Javel, 75015, Paris
\nFRA4:
52 Quai de Dion Bouton, 92800, Puteaux
\nFRA5:
Immeuble Technopolis, 350 rue Georges Besse, 30000, Nimes
\nFRA6:
27-33 quai Alphonse Le Gallo, 92100, Boulogne-Billancourt
\nFRA7:
6-8 Rue Chaptal, 75009, Paris
\nFRA8:
151-155 Rue de Bercy, 75012, Paris
\nFRA9:
168 Rue Saint-Denis, 75002, Paris
\nGermany
\nDEU1:
Volklinger Strasse 4, 40219, Dusseldorf
\nDEU2:
St. Martin Tower, Wing, 2nd floor, Franklinstrasse 61-63, 60486,
\nFrankfurt am Main Hessen
\nDEU3:
Bernhard-Wicki-Strasse 5, 80636, Munich
\nDEU4:
Heerdter Sandberg 30, 40549, Dusseldorf
\nDEU5:
Steinhauserstrasse 9, 76135, Karlsruhe
\nDEU6:
Joseph-Schumpeter-Allee 33, 53227, Bonn
\nDEU7:
Fritz-Haber-Strasse 9 OG 13, 06217 Merseburg
\nDEU8:
Schopenhauer Strasse 93 e, 14129, Berlin
\nGreece
\nGRE1:
188A, Filolaou Str., Athens. 11632
\nHong Kong
\nHNK1:
5/F, Manulife Place, 348 Kwun Tong Road, Kowloon
\nHNK2:
Flat 1506, 15/F, Lucky Center, No. 165-171 Wan Chai Road, Wan Chai
\nHNK3:
11/F Oxford House, Taikoo Place, 979 King\u2019s Road, Quarry Bay
\nHNK4:
17th Floor, One Island East, Taikoo Place, 18 Westlands Road, Quarry
\nBay
\nIndia
\nIND1:
818, 8th Floor, Indraprakash Builing, 21 Barakhamba Road, New Delhi,
\nDelhi, 110001
\nIND2:
Ascendas International Tech Park, Crest Building 12th Floor, Taramani
\nRoad, Taramani, Chennai, 600113
\nIND3:
99/100, Prestige Towers Unit No. 505, Fifth Floor, Residency Road,
\nBangalore, Karnataka, 560025
\nIND4:
25, 3rd floor, 8th Main Road, Vasanthnager, Bangalore, Karnataka,
\n560052
\nIndonesia
\nIDN1:
APL Tower Central Park 26th Floor Unit T3 Jl. S. Parman Kav., 28,
\nGrogol, Pertamburan Jakarta Barat 11470
\nIDN2:
Gedung World Trade Center, 3 LT 20 Spaces JL Jend Sudirman Kav 29
-
\n31 RT/RW 008/003, Karet Kuningan, Setiabudi, Jakarta Selatan, DKI
\nJakarta 12940
\nIrish Republic
\nIRL1:
80 Harcourt Street, Dublin 2, Dublin, D02 F449
\nIRL2:
Suite 4320, Atlantic Avenue, Westpark Business Campus, Shannon,
\nClare, V14 YX01
\nIRL3:
1F Cedarhurst Building, Arkle Road, Sandyford Business Park, Dublin,
\nD18 X6N2
\nIsrael
\nISR1:
Meitar, Attorneys at Law, 16 Abba Hillel Rd. Ramat Gan 5250608
\nItaly
\nITA1:
Via Marostica 1, 20146, Milan
\nITA2:
Studio Colombo e Associati, Via Cino del Duca 5, 20122, Milan
\nJapan
\nJPN1:
Kyodo Tsushin Kaikam 2F, 2-2-5 Toronomon, Minato-ku, Tokyo, 105-
\n0001
\nJPN2:
1
-9-15, Higashi Azabu, Minato-ku Tokyo, 106-0044
\nJPN3:
Shinjuku
-Nomura Bldg., 1-26-2 Nishi-shinjuku, Shinjuku-ku, Tokyo, 163-
\n0525
\nKorea (Republic of)
\nKOR1:
Chunwoo Building, 4th floor, 534
Itaewon-dong, Yongsan-gu, Seoul,
\n140
-861
\nKOR2:
206 Noksapyeong-daero, Yongsan-gu, Seoul, 140-861
\nKOR3:
1622-24 Block A Terra Tower 2, 201 Songpa-daero, Songpa-gu, Seoul
\nKOR4:
4th floor at 195
-6 Jamsil-dong, Songpagu, Seoul
\nMacau
\nMAC1:
Rua De
Xangai, No. 175 Edif. Associacao Comercial de Macau, 11
\nAndar, Bloco K
\nMalaysia
\nMYS1:
Suite 29
-1, Level 29, Vertical Corporate, Tower B, Avenue 10, The
\nVertical, 59200 Bangsar South City, Kuala Lumpur
\nRegistered offices
\nMexico
\nMEX1:
Masson-Doyma Mexico S.A., Av Insurgentes Sur 1388 Piso 8, Col
\nActipan Mixcoac Del. Benito Juarez, Mexico DF, CP 03230
\nMEX2:
Avenida Paseo de la Reforma 243, Piso 15, Col. Cuauhtemoc, Mexico
\nCity, 06500
\nNetherlands
\nNLD1:
Radarweg 29, 1043 NX Amsterdam
\nNLD2:
Hanzestraat 1, 7006RH Doetinchem
\nNew Zealand
\nNZL1:
Level 1, 138 The Terrace, P.O. Box 472, Wellington 6011
\nPhilippines
\nPHL1:
Building H, 2nd Floor, U.P. Ayalaland TechnoHub, Commonwealth
\nAvenue, Quezon City, Metro
Manila, 1101
\nPoland
\nPOL1:
Plac Grunwaldzki 23
-27, 50-365 Wroclaw
\nPOL2:
Al. JJana Pawla II, 22, 00-133, Warszawa
\nRussia
\nRUS1:
2nd Syromyatnichesky per, bld.1, Space I, Room 13, 105120,
\nMoscow
\nRUS2:
Building 1, Facility 1, Room 80, 9/26 Shchipok St., Municipal District
\nZamoskvorechye, 115054, Moscow
\nRUS3:
Building 1, facility 1, Room 5, 9/26 Shchipok St., Municipal District
\nZamoskvorechye, 115054, Moscow
\nSingapore
\nSGP1:
3 Killiney Road, #08
-01 Winsland House 1, 239519
\nSGP2:
80 Robinson Road, #02-00, 068898
\nSGP3:
1 Changi Business Park Crescent, #06
-01 Plaza 8 & CBP, 48602551
\nSouth Africa
\nZAF1:
Ground Floor, Pebble Beach, Fourways Golf Park, Roos Street,
\nFourways Sandton, Johannesburg, Gauteng 2068
\nZAF2:
Building 8,
Country Club Estate Office Park, 21 Woodlands Drive,
\nWoodmead, Gauteng, 2191
\nSpain
\nESP1:
C/ Josep Tarradellas 20
-30, 1\u00ba / 20029, Barcelona
\nSweden
\nSWE1:
Aurorum 8A 977 75 Lulea
\nSwitzerland
\nCHE1:
Bahnhofstrasse 100, 8001 Zurich
\nTaiwan
\nTWN1:
Rm N818, 8F, Chia Hsin Building II, No. 9, Lane 3, Minsheng West
\nRoad, Taipei 10449
\nThailand
\nTHA1:
Sathorn Nakorn Building, Floor 32, No. 100/68-69 North Sathon Road,
\nSilom, Bangrak, Bangkok, 10500
\nTHA2:
14th Floor, CTI Tower,
191/70-73 Ratchadapisek Road, Khwaeng
\nKlongtoey, Khet, Klongtoey, Bangkok
\nTHA3:
2 Ploenchit Centre, Room 7, Floor G., Sukhumvit Road, Klongtoey,
\nBangkok, 10110
\nTurkey
\nTUR1:
Maslak Mah. Bilim Sokak Sun Plaza Kat:13 Sisli-Maslak, Istanbul
\nTUR2:
Tuyap Fuar ve Kongre Merkezi, Cumhuriyet Mahallesi Eski Hadimkoy
\nYolu 9/4, 34500 Buyukcekmece, Istanbul
\nTUR3:
Esentepe Mah. Ali Kaya SK. Polat Plaza B Blok No: 1/1B Sisli, Istanbul
\nUnited Arab Emirates
\nUAE1:
Office 0225 Podium 2, Yas
Creative Hub Tower 2, Abu Dhabi, PO
\nBOX 77899
\nUAE2:
Al Sufouh Complex, Office nos. 404, 405, 406 & 407, Dubai Media
\nCity, Dubai
\nUnited Kingdom
\nGBR1:
1-3 Strand, London, WC2N 5JR
\nGBR2:
Quadrant House, The Quadrant, Sutton, Surrey, SM2 5AS
\nGBR3:
Gateway House, 28 The Quadrant, Richmond, Surrey, TW9 1DN
\nGBR4:
Lexis House, 30 Farringdon Street, London, EC4A 4HH
\nGBR5:
Global Reach, Dunleavy Drive, Cardiff, CF11 0SN
\nGBR6:
The Boulevard, Langford Lane, Kidlington, Oxford, OX5 1GB
Registered offices
\nGBR7:
40 Kimbolton Road, Bedford, MK40 2NR
\nGBR8:
5 Oakwood Drive, Loughborough, LE11 3QF
\nGBR9:
Biodata Innovation Centre Wellcome Genome Campus, Hinxton, Cambridge,
\nCB10 1DR
\nGBR10:
The Barn, Horningsea Road, Cambridge, CB5 8SZ
\nUnited States
\nUSA1:
1007 Church Street, Evanston IL 60201
\nUSA2:
1000 Alderman Dr., Alpharetta, GA 30005
\nUSA3:
230 Park Ave, New York, NY 10169
\nUSA4:
1105 North Market St, Wilmington, DE 19801
\nUSA5:
3355 West Alabama Street, Houston, TX 77098
\nUSA6:
1150 18th St, NW, Washington, DC 20036
\nUSA7:
313 Washington Street, Suite 400, Newton, MA 02458
\nUSA8:
9443 Springboro Pike, Miamisburg, OH 45342
\nUSA9:
76 St. Paul Street, Suite 500, Burlington, VT 05401-4477
\nVietnam
\nVIE1:
2nd Floor, Kova Center, 92G-92H Nguyen Huu Canh Street, Ward no. 22,
\nDistrict.
Binh Thanh, Ho Chi Minh City
\nThe following UK subsidiaries will take advantage of the audit
\nexemption set out with in Section 479A of the Companies Act
\n2006 supported by guarantees issued by RELX PLC over their
\nliabilities for the year ended 31 December 2022.
\nRegistration
\nCompany name
number
\nButterworths Limited
2826955
\nCrediva Limited
6567484
\nE&P Events LLP
OC328529
\nEmailage Limited
9282165
\nInterfolio UK Limited
7820803
\nMack-Brooks Exhibitions Limited
967560
\nMCM Expo Limited
8421024
\nMLex Limited
5488651
\nOffshore Europe (Management) Limited
2318214
\nRE (SOE) Limited
2330299
\nReed Events Limited
5893942
\nRELX (Holdings) Limited
5807690
\nRELX (Investments) plc
5810043
\nRELX Overseas Holding Limited
9489059
\nREV GP (UK) LLP
OC437653
\nREV
Venture Partners Limited
4226986
\nSciBite Limited
7778456
\nTracesmart Limited
3827062
\nTruNarrative Limited
10241297
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"f28937": {
"value": "England and Wales",
"dimensions": {
"concept": "ifrs-full:CountryOfIncorporation",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29116": {
"value": "1-3 Strand \nLondon WC2N 5JR \nUnited Kingdom",
"dimensions": {
"concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
},
"f29120": {
"value": "United Kingdom",
"dimensions": {
"concept": "ifrs-full:DomicileOfEntity",
"language": "en",
"entity": "scheme:549300WSX3VBUFFJOO66",
"period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
}
}
}
}