Debt Summary
Informa aims to maintain a strong balance sheet and flexible funding mix, creating long-term visibility and liquidity in its financing.
We have public bonds under a Euro Medium Term Note programme and also make use of bank facilities for short-term and revolving financing needs. We expect to continue to be in a net borrowing position for the foreseeable future.
Liquidity risk is managed by maintaining adequate reserves and debt facilities, continuously monitoring forecast and actual cash flows against the maturity profiles of our financial assets and liabilities, and borrowing in currencies in which the Group operates, principally GBP, USD and EUR, to hedge projected future cash flows.
Capital Structure
Strong Visibility and Attractive Cash Flow Dynamics
Informa has visible and predictable revenue streams, with a large proportion of annual income booked in advance through subscriptions or forward bookings for events. This generates attractive cash flow characteristics.
Operating cash flow conversion
| 2023 | 2022 | 2021 | 2020 | 2019 |
| 93.7% | 115.8% | 146.8% | 86.6% | 103.5% |
Free cash flow (£m)
| 2023 | 2022 | 2021 | 2020 | 2019 |
| 631.7 | 466.4 | 438.7 | (153.9) | 722.1 |
Leverage ratio (times)
| 2023 | 2022 | 2021 | 2020 | 2019 |
| 1.4 | *(0.2)x | 2.8 | 5.6 | 2.5 |
*( ) represents net cash
Current Debt Facilities
Informa issues fixed-term debt in a range of maturities, borrowing in US Dollars, Euros and Pounds Sterling. The Group currently has four public bonds issued under its Euro Medium Term Note programme.
Informa also makes use of shorter-term revolving credit bank facilities, provided by an international syndicate of banks.
Term Debt
| Issuer | Format | CUSIP/ISIN | Currency | Amount (m) | Maturity | Original Term | Coupon |
| Informa PLC | EMTN | XS2919101498 | EUR | 600 | 23-Oct-27 | 3 Year | 3.00% |
| Informa PLC | EMTN | XS2919102207 | EUR | 650 | 23-Oct-30 | 6 Year | 3.25% |
| Informa PLC | EMTN | XS2919102892 | EUR | 500 | 23-Oct-34 | 10 Year | 3.625% |
| Informa PLC | EMTN | XS1853426895 | GBP | 450 | 05-Jul-26 | 8 Year | 3.125% |
| Informa PLC | EMTN | XS2068065163 | EUR | 500 | 22-Apr-28 | 8.5 Year | 1.25% |
| Informa PLC | EMTN | XS2240507801 | EUR | 700 | 06-Oct-25 | 5 Year | 2.125% |
Bank Facilities
| Borrower | Format | Currency | Amount (m) | Maturity | Coupon |
| Informa PLC | Revolving | GBP | 1,050 | Aug 2029 | Floating |
Maturity Profile
Stable and secure financing
We aim to maintain a balanced and flexible mix of funding sources on attractive terms, manage our maturity profile and the overall weighted average cost of debt.
As at the end of 2023, the Group’s maturity profile was 2.7 years and overall weighted average cost of gross debt was around 3.5%. There are no financial covenants across the Group’s facilities.
The size of our revolving credit facility is £1,050m and is provided by 11 highly rated banks.
Ratings
Informa has been assigned credit ratings by S&P Global, Fitch and Moody's and is rated as investment grade by each agency.
| Issuing Companies | S&P | Moody's | Fitch |
| Informa PLC | BBB | Baa2 | BBB |
Issuers and Guarantors
Informa comprises a number of different operating, holding and financial companies, and a full list of subsidiaries, associates and joint ventures is available in the Notes section of the latest Informa Annual Report. For all classes of the Group's senior unsecured debt, the guarantor structure is as follows.
| Guarantors and Issuer | ||
| Informa PLC (UK) | Informa Group Holding Limited (UK) | |