Preliminary results for year ended 31 March 2011

RNS Number : 7936G

Experian plc

18 May 2011

news release

Preliminary results for the year ended 31 March 2011

18 May 2011─ Experian, the global information services company, today issues its financial results for the year ended 31 March 2011.

Highlights

· Experian has met or exceeded all financial objectives for the year. Strong organic revenue growth, margin improvement and excellent cash flow conversion, driven by execution against strategy.

· Revenue from continuing activities up 10% at constant exchange rates. Organic revenue growth of 8%. Total Group revenue of US$4.2bn (2010: US$3.9bn).

· Further margin progression. EBIT margin from continuing activities up 30 basis points to 24.8%.

· EBIT from continuing activities up 11% at constant exchange rates. Total EBIT of US$1,044m, up 12% at actual exchange rates.

· Profit before tax from continuing operations of US$679m (2010: US$600m). Benchmark profit before tax of US$973m, up 14%.

· Basic EPS of 57.9 US cents (2010: 59.0 US cents). Benchmark EPS of 70.0 US cents, up 10%.

· 98% conversion of EBIT into operating cash flow. Net debt reduced by US$126m to US$1,501m.

· Net share repurchases of US$349m in the year.

· Second interim dividend of 19.00 US cents per ordinary share, to give full-year dividend of 28.00 US cents per ordinary share, up 22%.

John Peace, Chairman, commented:

"Experian has delivered its tenth consecutive year of record earnings before interest and tax, representing a major milestone in the company's history. The business has made excellent progress, creating shareholder value through its strategic execution, strong financial performance, capital management strategy and a 22% dividend increase to 28.00 US cents per share."

Don Robert, Chief Executive Officer, commented:

"Experian performed strongly in FY11. We delivered against our financial and operational objectives, with strong organic revenue growth, margin expansion and excellent cash flow conversion. Strategically, we are executing well against a series of high-impact growth initiatives, designed to build on our market-leading position and sustain growth in the future. For the year ahead, we expect another year of good growth, and are aiming for organic revenue growth in the mid-high single digit range, modest margin improvement and strong cash flow conversion. Due to strong comparatives in the first half, we expect some variability within this range quarter-to-quarter."

Contacts

Experian

Don Robert Chief Executive Officer +44 (0)20 3042 4215

Paul Brooks Chief Financial Officer

Nadia Ridout-Jamieson Director of Investor Relations

James Russell Public Relations Director

Finsbury

Rollo Head +44 (0)20 7251 3801

Don Hunter

There will be a presentation today at 9.30am (UK time) to analysts and investors at the Bank of America Merrill Lynch Financial Centre, 2 King Edward Street, London, EC1A 1HQ. The presentation can be viewed live on the Experian website at www.experianplc.com and can also be accessed live via a dial-in facility on +44 (0)20 3037 9164. The supporting slides and an indexed replay will be available on the website later in the day.

There will be a conference call today for bond analysts and investors at 3.00pm (UK time). This will be broadcast live on the Experian website at www.experianplc.com with supporting slides. A replay will be available on the website later in the day.

Experian will update on first quarter trading on 15 July 2011, when it will issue an Interim Management Statement.

See Appendix 2 for definition of non-GAAP measures used throughout this announcement.

Roundings

Certain financial data have been rounded within this announcement. As a result of this rounding, the totals of data presented may vary slightly from the actual arithmetic totals of such data.

Forward looking statements

Certain statements made in this announcement are forward looking statements. Such statements are based on current expectations and are subject to a number of risks and uncertainties that could cause actual events or results to differ materially from any expected future events or results referred to in these forward looking statements.

Company website

Neither the content of the company's website, nor the content of any website accessible from hyperlinks on the company's website (or any other website), is incorporated into, or forms part of, this announcement.

About Experian

Experian is the leading global information services company, providing data and analytical tools to clients in more than 80 countries. The company helps businesses to manage credit risk, prevent fraud, target marketing offers and automate decision making. Experian also helps individuals to check their credit report and credit score, and protect against identity theft.

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2011 was US$4.2 billion. Experian employs approximately 15,000 people in 41 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; California, US; and São Paulo, Brazil.

For more information, visit http://www.experianplc.com.

Chief Executive Officer's review

Experian performed strongly in FY11. The results of our global growth programme are becoming increasingly apparent, and we benefited from modest improvement in conditions in some of our core markets. Total revenue growth from continuing activities was 10% and organic revenue growth was 8% (H1 7%, H2 8%). EBIT from continuing activities rose 11%. There was further progression in EBIT margin, up 30 basis points to 24.8%. We delivered double-digit growth in Benchmark EPS of 10% to 70.0 US cents per ordinary share and we have raised the dividend by 22% to 28.00 US cents per share, in line with our previously announced increased dividend payout policy.

· We delivered growth across all four regions. Organic revenue growth was 7% in North America, 19% in Latin America, 2% in the UK and Ireland and 7% in EMEA/Asia Pacific.

· We delivered growth across all four principal activities, with organic revenue growth of 7% at Credit Services, 4% at Decision Analytics, 11% at Marketing Services and 9% at Interactive.

· We met or exceeded each of our financial objectives, namely to deliver mid-to-high single digit organic revenue growth, maintain or improve margin and deliver cash flow conversion of over 90%.

· We are executing well strategically, with a strong contribution in the year from our global growth programme.

These achievements are testimony to the outstanding efforts of our diverse and richly talented global workforce.

Key trends

In North America, we saw gradual recovery in the financial services sector, as lenders slowly start to expand underwriting programmes and seek to grow credit portfolios. This helped Credit Services return to growth in the year. Within Marketing Services, we delivered double digit revenue growth, as we benefit from the actions we took to reposition the business to focus on targeted digital marketing. Digital consumption habits are evolving rapidly and marketing expenditure is lagging behind. We are well placed to capture this shift. At Consumer Direct, the transition to new brands is proceeding well, and the business delivered organic revenue growth for the year. The Mighty Net acquisition has also performed well and to plan.

In Latin America, we delivered strong growth in Brazil, aided by rising credit penetration and by our own efforts to grow the market, particularly within the small and medium enterprise (SME) segment and through recent Experian product introductions. We also see new opportunities emerging from the legalisation of positive data usage in Brazil, which, in time, will enable credit bureaux to hold full account-level credit payment histories for all consumer credit accounts in Brazil. We are developing plans to expand our data coverage and expect benefits to accrue over the next 18 to 24 months.

In May 2011, we took a significant step towards extending our global leadership in credit information when we announced the signing of a definitive agreement to acquire a controlling interest in Computec. Computec owns the market leading credit bureau in Colombia, as well as smaller bureau operations in Peru and Venezuela. The acquisition, which is expected to complete later this calendar year, will build on the strength we have established in Brazil. We are excited by the potential to bring Experian's global expertise to these markets and by the attractive market fundamentals, particularly in Colombia.

In the United Kingdom, both credit supply and demand remained muted, holding back progress in Credit Services. That said, new entrants in the financial services sector are expanding the lending market, creating new opportunities for Experian. We are also benefiting from the investments we have made in new customer segments, which are progressing well. We have seen some recovery in Decision Analytics as appetite increases for our analytics and for our fraud prevention and risk management software. Marketing Services delivered growth, with recovery in telecommunications and utilities helping to offset slower decision-making in the public sector segment, while at Interactive, enhancements to our offer are delivering greater value to consumers.

We continue to build scale across EMEA /Asia Pacific, which accounted for US$0.5bn of Group revenue in the year. We are seeing strong demand for our Decision Analytics products, and feel we are well placed to benefit from rising credit penetration across emerging markets in Europe, such as Turkey and Russia. Meanwhile in Marketing Services, we are benefiting from the investments we have made to expand our global footprint, which allows us to grow our business locally in regional markets as well as to grow our relationships alongside multinational organisations. These factors have more than offset weak conditions in our more established bureau markets.

Strategic progress

We made progress during the financial year against our five strategic goals to:

· Extend our global lead in credit information and analytics,

· Create successful businesses in new customer segments,

· Build large-scale operations in major emerging consumer economies,

· Become the global leader in digital marketing services, and

· Become the most trusted consumer brand for credit information and identity protection services.

During the year, we invested in a series of initiatives through our global growth programme aimed at achieving these goals. We are pleased with our progress and, collectively, these initiatives contributed 2% to organic revenue growth in the year, which is in line with our previous expectations. The top contributing initiatives were fraud prevention, consumer protection products, and the telecommunications, utilities and SME segments.

Our growth focus means that we continue to deliver against our strategic metrics, with 29% of Group revenue now arising from outside the US and the UK, 67% from non-financial verticals and over 10% generated from product innovations in the past five years.

Investment to support growth during FY11 included approximately 200 basis points of margin, US$374m by way of capital expenditure and US$301m through acquisitions.

For FY12, we will continue to invest to deliver premium growth on a sustained basis, both organically and through selective acquisition opportunities. Some examples of the growth initiatives we are pursuing include:

· New technology, as we develop new platforms and release new versions of existing software, bringing new functionality to clients and supporting cost-effective expansion in new geographies,

· Completion of the Computec acquisition and integration into our Latin America region,

· Organic bureau expansion, in particular bureau builds in India and Australia,

· Business information development, as we expand our product range and invest in new sources of data,

· Multi-channel digital marketing, as we expand and develop our market position, for example in the social media and mobile delivery channels, and

· Further investment in client service quality and sales excellence.

In support of these and other initiatives, we anticipate continued investment through the income statement in FY12 and capital expenditure in the range of US$410m to US$440m during that year.

Net debt

Net debt in the year was reduced by US$126m to US$1,501m at 31 March 2011. EBIT conversion into operating cash flow was 98%, exceeding our target of 90% conversion. The reduction in net debt was after funding net share purchases of US$349m, consistent with the previously announced buyback programme, which has been completed. At 31 March 2011, the adjusted net debt to EBITDA gearing ratio was 1.8 times, including the current value of the Serasa put option of US$870m.

Debt funding

During the year, we completed an 18 month programme to refinance our borrowing facilities, spread debt maturities and diversify sources of funding. This included the arrangement of new five-year committed revolving credit facilities totalling US$1,700m with 13 leading banks, and the issue in January 2011 of £400m 4.75% bonds due 2018, swapped into US dollars. Following this, our expectation is that net interest expense will be in the range of US$65m to US$75m for the year ending 31 March 2012.

Capital strategy

We remain committed to a prudent but efficient balance sheet consistent with our desire to retain a strong investment grade credit rating. Our target gearing ratio is 1.75 to 2.0 times, calculated as net debt adjusted for the current value of the put option over the minority shares in Serasa, divided by EBITDA.

In setting our capital allocation strategy for FY12, we have taken into account anticipated free cash flow, the likely future value of the Serasa put option, the current acquisition pipeline and the anticipated completion of the Computec acquisition in calendar 2011. After adjusting for the Computec acquisition, FY11 pro forma net debt is around 2 times EBITDA. We therefore do not intend to initiate a further share buyback programme, although we do expect there to be some share purchases in respect of employee share plans that vest.

Dividend

For the year ended 31 March 2011, we are announcing a second interim dividend of 19.00 US cents per share. This gives a full year dividend of 28.00 US cents per share, 2.5 times covered by Benchmark EPS, in line with our previously announced increased dividend payout policy, and up 22%. The second interim dividend will be paid on 22 July 2011 to shareholders on the register at the close of business on 24 June 2011.

Board

In accordance with the provisions of the UK Corporate Governance Code, the Board has decided that, in future, all directors should be subject to annual re-election by shareholders. David Tyler has notified the Board of his intention not to stand for re-election to the Board at the 2012 annual general meeting, following completion of two three-year terms as a non-executive director of the Company.

Group financial results

Revenue

Year ended 31 March	2011 US$m	2010 US$m	Growth %
Year ended 31 March	2011 US$m	2010 US$m	Total at actual rates¹	Total at constant rates²	Organic²
North America
Credit Services	716	693		3	3
Decision Analytics	113	116		(3)	(3)
Marketing Services	367	329		11	11
Interactive	1,058	922		15	8
Total continuing activities	2,254	2,060	9	9	7
Discontinuing activities³	-	8
Total North America	2,254	2,068
Latin America
Credit Services	687	538		18	18
Decision Analytics	12	7		60	60
Marketing Services	23	14		58	58
Total continuing activities	722	559	29	19	19
Discontinuing activities	-	-
Total Latin America	722	559
UK and Ireland
Credit Services	225	234		(2)	(2)
Decision Analytics	175	175		2	2
Marketing Services	218	212		4	3
Interactive	118	109		10	10
Total continuing activities	736	730	1	3	2
Discontinuing activities³	11	62
Total UK and Ireland	747	792
EMEA/Asia Pacific
Credit Services	184	190		(1)	(1)
Decision Analytics	135	125		9	9
Marketing Services	183	139		31	17
Total continuing activities	502	454	11	12	7
Discontinuing activities³	14	7
Total EMEA/Asia Pacific	516	461
Total revenue - continuing activities	4,214	3,803	11	10	8
Total revenue - discontinuing activities	25	77
Total revenue	4,239	3,880

1 Actual exchange rates

2 Constant exchange rates

3 Discontinuing activities include UK account processing, some UK hosted database activities, UK mortgage software activities and other smaller discontinuing activities

See Appendix 1 for analysis of revenue and EBIT by business segment

Income statement, earnings and margin analysis

Year ended 31 March	2011 US$m	2010 US$m	Total growth % constant¹	Total growth % actual²
EBIT by geography
North America³	610	572	7
Latin America	235	166	30
UK and Ireland	213	205	5
EMEA/Asia Pacific	54	51	7
EBIT before central activities	1,112	994	10
Central Activities⁴	(66)	(62)
EBIT - continuing activities	1,046	932	11
North America discontinuing activities⁵	-	(5)
UK and Ireland discontinuing activities⁵	(1)	7
EMEA/Asia Pacific discontinuing activities⁵	(1)	1
Total discontinuing activities	(2)	3
Total EBIT from continuing operations	1,044	935	10	12
Net interest	(71)	(81)
Benchmark PBT	973	854		14
Exceptional items	(2)	(68)
Amortisation of acquisition intangibles	(129)	(140)
Acquisition expenses	(8)	-
Charges for demerger-related equity incentive plans	(13)	(28)
Financing fair value remeasurements	(142)	(18)
Profit before tax	679	600
Group tax (charge)/credit	(129)	9
Profit after tax from continuing operations	550	609
Benchmark earnings (non-controlling interests)	(52)	(45)
Benchmark earnings	701	647		8
Benchmark EPS (US cents)	70.0	63.7		10
Basic EPS for continuing operations (US cents)	50.6	56.4
Weighted average number of ordinary shares (million)	1,002	1,015

EBIT margin⁶
North America	27.1%	27.8%
Latin America	32.5%	29.7%
UK and Ireland	28.9%	28.1%
EMEA/Asia Pacific	10.8%	11.2%
Total EBIT margin	24.8%	24.5%

1 EBIT growth at constant exchange rates

2 Growth below EBIT is at actual exchange rates

3 2010 excludes US$56m from FARES (which is now classified as a discontinued operation)

4 Central activities comprise costs of central corporate functions

5 Discontinuing activities include UK account processing, some UK hosted database activities, UK mortgage software activities and other smaller discontinuing activities

6 EBIT margin is for continuing business only

See Appendix 1 for analysis of revenue and EBIT by business segment

See Appendix 2 for definitions of non-GAAP measures

Business review

North America

North America delivered good growth, reflecting modest market recovery and good progress on a number of strategic initiatives. Total revenue from continuing activities was US$2,254m, up 9%, with organic revenue growth of 7%. The difference related to the acquisition of Mighty Net (acquired September 2010).

Credit Services

Total and organic revenue growth for the year was 3% (H1 flat, H2 +6%). Consumer information benefited from slow, gradual recovery in prospecting and origination volumes, as well as successful new product introductions, for example in income estimation. Performance at automotive was excellent, helped by some pick-up in loan underwriting activity and good demand for new sources of data. Business information performed well, reflecting new business wins and a strong market reception for recent product and technology introductions, as well for recent data-linkage enhancements.

Decision Analytics

Total and organic revenue declined 3%. Growth in scoring, consulting and fraud prevention was partially offset by softness in demand for major software installations. Pipeline conversion improved as the year progressed as capital expenditure constraints within the financial services sector started to loosen.

Marketing Services

Total and organic revenue growth was 11%. Marketing Services performed strongly, following its successful realignment to focus primarily on targeted, digital marketing. Market conditions also improved during the year, as clients expanded marketing budgets, with spending increasingly directed towards digital channels. There was particular strength across email marketing and contact data, reflecting strong volumes, new business wins and high renewals, as well as increased traction in the development area of digital advertising services.

Interactive

Total growth was 15% and organic revenue growth was 8%. Consumer Direct delivered growth in organic revenue, reflecting good progress in the strategy to transition to new consumer brands, including the successful launch of freecreditscore.com. The transition has been aided by the rapid integration of the Mighty Net acquisition, which performed to plan. There was also good progress in the protection channel, as membership revenue continued to ramp up. There was very strong growth across the lead generation business, including an exceptionally strong performance in the education vertical. Good growth at comparison shopping was driven by successful execution of the co-brand partnership strategy.

For North America, EBIT was US$610m, an increase of 7% in the year. EBIT margin was 27.1% (2010: 27.8%). As expected, margin was impacted by reinstatement of certain employee benefits suspended during the downturn, negative business mix and one-off items in the prior-year comparative.

Latin America

Latin America performed strongly. Revenue was US$722m, with growth at constant exchange rates of 19%. Organic revenue growth was also 19%.

Credit Services

At constant exchange rates, performance in Credit Services was strong, up 18%, helped by a one-off contribution from authentication activity. Excluding this benefit, underlying growth was also strong at 15%. Growth reflected the expansion of retail credit origination in Brazil, which in turn is driving higher volumes of credit bureau enquiries on consumers and businesses. There was also further good progress in the development of the small and medium enterprise channel, reflecting growth in the client base and expansion of the SME product range.

Decision Analytics and Marketing Services

There was excellent progress at Decision Analytics and Marketing Services, with organic revenue growth of 60% and 58% respectively. Growth was in part driven by recent launches, which have extended Experian's product range to include application processing and account management software, as well as digital marketing services.

For Latin America, there was very strong progression in EBIT, up 30% at constant exchange rates to US$235m. The EBIT margin expanded by 280 basis points to 32.5%. Margin improvement principally reflects strong positive operating leverage, particularly in Credit Services.

UK and Ireland

In the UK and Ireland, revenue from continuing activities was US$736m, up 3% at constant exchange rates. Organic revenue growth was 2%. The acquisition contribution related primarily to Techlightenment (majority stake acquired January 2011).

Credit Services

Total and organic revenue, at constant exchange rates, declined by 2%. Market conditions remained subdued as restrictions in lending supply were compounded by weakness in consumer demand for credit. There was some stabilisation in credit reference volumes towards the end of the year, largely for customer management purposes, while origination activity remained depressed. This was partly offset by good growth in payment validation services.

Decision Analytics

At Decision Analytics, total and organic revenue growth was 2% at constant exchange rates (H1 (5%), H2 +9%). Conditions and pipelines improved as the year progressed. Recovery was supported by increased appetite by lenders to upgrade legacy risk management platforms, market expansion driven by new entrants in the lending sector and growth in new customer segments. Revenue growth reflected these trends, with strength in analytics, growth in value-added products, some recovery in software and delivery of new public sector projects.

Marketing Services

Total revenue at constant exchange rates increased 4%, while organic revenue growth was 3%. There were good performances across the retail and leisure segments, which helped to offset some weakness in public sector caused by recent government cutbacks. This has largely affected contact data services. There was strong growth in email marketing and online intelligence data. The Techlightenment acquisition, which is performing to plan, has extended Experian's digital marketing capabilities into social media.

Interactive

Total and organic revenue growth, at constant exchange rates, was 10%. Growth in Interactive was driven by increased membership revenue and enhanced retention for retail credit products (CreditExpert).

For the UK and Ireland, EBIT from continuing activities was US$213m, up 5% at constant exchange rates. EBIT margin expanded by 80 basis points to 28.9%, principally reflecting positive operating leverage in Marketing Services, which offset negative mix in Credit Services.

EMEA/Asia Pacific

There was strong growth across the EMEA/Asia Pacific region, with revenue from continuing activities of US$502m, up 12% at constant exchange rates, and organic revenue growth of 7%. The difference related principally to contributions from email marketing businesses acquired in Germany and Japan.

Credit Services

Total and organic revenue, at constant exchange rates, declined 1%. Conditions were tough across bureau operations in the more developed markets of Europe. This was largely offset by strong performances in emerging markets, notably China and South Africa.

Decision Analytics

Total and organic revenue, at constant exchange rates, increased 9%. Growth has been driven by

significant new business wins across Asia Pacific and strength in emerging Europe, particularly in Russia and Turkey.

Marketing Services

Total revenue at constant exchange rates increased 31%, while organic revenue growth was 17%. Growth was driven by strong demand for targeted digital marketing products, including good growth across the key markets of France, Germany and Spain, as well as Asia Pacific.

For EMEA/Asia Pacific, EBIT from continuing activities was US$54m, up 7% at constant exchange rates. EBIT margin was 10.8% (2010: 11.2%). The decline principally reflected business mix effects and ongoing investment in the business, including the bureau development in India.

Other items

Comparative financial information

The results of FARES are now classified as discontinued in accordance with the definition of discontinued operations set out in IFRS 5 'Non-current assets held for sale and discontinued operations'. Further details of this are set out in note 2 to the financial statements.

Balance sheet

Net assets amounted to US$2,707m (2010: US$2,437m), equivalent to US$2.74 per share (2010: US$2.40).

Cash flow, funding and net debt

Experian generated good cash flow in the year with operating cash flow of US$1,028m (2010: US$935m) and a cash flow conversion of 98% (2010: 100%). As indicated above, Experian manages its working capital and capital expenditure in order to meet its target to convert at least 90% of EBIT into operating cash flow and this target forms one of its key performance indicators. Cash flow conversion is defined as operating cash flow expressed as a percentage of EBIT from continuing operations.

As indicated in the cash flow summary table (Appendix 4), free cash flow in the year ended 31 March 2011 was US$792m (2010: US$799m). The net cash inflow in the year of US$508m (2010: US$590m) is after acquisition spend of US$301m (2010: US$41m) and equity dividends of US$251m (2010: US$206m).

There have been a number of significant developments in the Group's funding arrangements during the year:

· As detailed in note 16(d) to the financial statements, there was a cash outflow in the year of US$349m (2010: US$114m) in respect of net share purchases including the buyback programme,

· In December 2010, the Group received gross proceeds of US$314m on the completion of the disposal of its interest in FARES,

· New five-year committed revolving credit facilities totalling US$1,700m were arranged and used to re finance the then existing facilities which were due to mature in 2012, and

· £400m 4.75% Euronotes 2018 were issued in January 2011 under the Euro medium term note programme and the proceeds were swapped into US dollars.

At 31 March 2011, net debt was US$1,501m (2010: US$1,627m) and undrawn committed borrowing facilities totalled US$1,700m (2010: US$1,932m). At 31 March 2011, the adjusted net debt/EBITDA ratio, including the value of the Serasa put option at that date of US$870m, was 1.8 times.

Exceptional items - continuing operations

	2011	2010
Year ended 31 March	US$m	US$m
Restructuring costs	10	41
Gain in respect of defined benefit pension plan	(29)	-
Loss on disposal of businesses	21	24
Cessation of bureau activities	-	3
Total exceptional items	2	68

Expenditure of US$10m arose in the year in connection with the conclusion of the strategic programme of cost efficiency measures. Of this, US$6m related to redundancy, US$1m related to offshoring activities, other restructuring and infrastructure consolidation costs and US$3m related to asset write-offs.

The gain of US$29m recognised in the year in respect of the Group's principal defined benefit pension plan arose as a consequence of a change by the UK Government to the index required to be used in determining pension increases for benefits accrued in respect of past service.

The loss on disposal of businesses in the year principally related to the completion of a number of small disposals of businesses whose assets and liabilities were classified as held for sale at 31 March 2010.

Tax

The effective rate of tax for the year based on Benchmark PBT was 22.6% (2010: 19.0%). This rate is defined as the total tax charge/(credit) as reported in the Group income statement, adjusted for the tax impact of non-Benchmark items, divided by Benchmark PBT. A one-off current tax credit of US$37m arose in the year ended 31 March 2011 on the utilisation of earlier tax losses and is excluded from the calculation of the rate in the year ended 31 March 2011 in view of its size and non-recurring nature. A one-off deferred tax credit of US$105m was excluded from the calculation of the rate in the year ended 31 March 2010 in view of its size and non-recurring nature.

The cash tax rate for continuing operations (based on tax paid in the year and Benchmark PBT for continuing operations) was 9.0% (2010: 3.0%).

Earnings per share

Basic earnings per share were 57.9 US cents (2010: 59.0 US cents), including earnings of 7.3 US cents (2010: 2.6 US cents) in respect of discontinued operations. Benchmark earnings per share increased to 70.0 US cents from 63.7 US cents last year.

At 31 March 2011, Experian had some 1,027m shares in issue of which some 38m were held by employee trusts and in Treasury. Accordingly the number of shares to be used for the purposes of calculating basic earnings per share from 31 March 2011 is 989m. Any issues and purchases of shares after 31 March 2011 will result in an amendment to that figure.

Foreign exchange

The principal exchange rates used to translate revenue and EBIT in the year are.

	2011	2010	Change against the US dollar
Sterling : US dollar	1.55	1.58	(1.9%)
US dollar : Brazilian real	1.73	1.88	8.0%
Euro : US dollar	1.32	1.41	(6.4%)

The effect of these exchange rate changes on the results for the year is to increase reported revenue by US$44m and EBIT by US$16m.

The principal exchange rates used to translate assets and liabilities at the year end are:

	2011	2010
Sterling : US dollar	1.60	1.52
US dollar : Brazilian real	1.63	1.79
Euro : US dollar	1.42	1.35

Events occurring after the end of the reporting period

Details of corporate transactions since the end of the reporting period are given in note 24 to the financial statements.

Appendices

1. Revenue and EBIT by business segment
	2011	2010	Total growth¹	Organic growth¹
Year ended 31 March	US$m	US$m	%	%
Revenue
Credit Services	1,812	1,655	7	7
Decision Analytics	435	423	4	4
Marketing Services	791	694	14	11
Interactive	1,176	1,031	14	9
Total - continuing activities	4,214	3,803	10	8
Discontinuing activities²	25	77	n/a
Total	4,239	3,880	8

EBIT
Credit Services	609	555	7
Decision Analytics	118	111	8
Marketing Services	126	86	47
Interactive	259	242	6
Total business segments	1,112	994	10
Central Activities	(66)	(62)	n/a
Total - continuing activities	1,046	932	11
Discontinuing activities²	(2)	3	n/a
Total	1,044	935	10

EBIT margin³
Credit Services	33.6%	33.5%
Decision Analytics	27.1%	26.2%
Marketing Services	15.9%	12.4%
Interactive	22.0%	23.5%
Total EBIT margin³	24.8%	24.5%

1. Growth at constant exchange rates.

2. Discontinuing activities include UK account processing, some UK hosted database activities, UK mortgage software

activities and other smaller discontinuing activities.

3. EBIT margin is for continuing activities only.

4. The FARES associate is excluded from the above results as it is now classified as a discontinued operation.

2. Use of non-GAAP financial information

Experian has identified certain measures that it believes will assist understanding of the performance of the Group. As these measures are not defined under IFRS, they may not be directly comparable with other companies' adjusted measures.

The non-GAAP measures are not intended to be a substitute for, or superior to, any IFRS measures of performance but management has included them as these are considered to be important comparables and key measures used within the business for assessing performance. Such non-GAAP measures that are included within the Group's statutory financial statements are detailed in note 4 to the financial statements. Further non-GAAP measures and reconciliations of those measures are set out below.

Earnings before interest, tax, depreciation and amortisation ('EBITDA'): EBITDA is defined as profit before amortisation of acquisition intangibles, acquisition expenses, goodwill impairments, adjustments to contingent consideration, charges in respect of the demerger-related equity incentive plans, exceptional items, net finance costs, tax, depreciation and other amortisation. It includes the Group's share of continuing associates' pre-tax results.

Discontinuing activities: Experian defines discontinuing activities as businesses sold, closed or identified for closure during a financial year. These are treated as discontinuing activities for both revenue and EBIT purposes. Prior periods, where shown, are restated to disclose separately the results of discontinuing activities. This financial measure differs from the definition of discontinued operations set out in IFRS 5, which defines a discontinued operation as a component of an entity that has either been disposed of, or is classified as held for sale, and is: (i) a separate major line of business or geographical area of operations; (ii) part of a single plan to dispose of a major line of business or geographical area of operations; or (iii) a subsidiary acquired exclusively with a view to resale.

Continuing activities: Businesses trading at 31 March 2011 that have not been disclosed as discontinuing activities are treated as continuing activities.

Total growth: This is the year-on-year change in the performance of Experian's activities. Total growth at constant exchange rates removes the translational foreign exchange effects arising on the consolidation of Experian's activities.

Organic growth: This is the year-on-year change in the revenue of continuing activities, at constant transactional and translation exchange rates, excluding acquisitions (other than affiliate credit bureaux) until the first anniversary date of consolidation.

Constant exchange rates: In order to illustrate its organic performance, Experian discusses its results in terms of constant exchange rate growth, unless otherwise stated. This represents growth calculated as if the exchange rates used to determine the results had remained unchanged from those used in the previous year.

Free cash flow: Free cash flow is derived from operating cash flow by excluding net interest and tax paid together with dividends paid to non-controlling interests. Operating cash flow is defined in note 4 to the financial statements.

3. Income statement analysis - continuing operations
	2011			2010
	Benchmark	Non-benchmark¹	Total	Benchmark	Non-benchmark¹	Total
Year ended 31 March	US$m	US$m	US$m	US$m	US$m	US$m
Revenue	4,239	-	4,239	3,880	-	3,880
Labour costs	(1,535)	10	(1,525)	(1,465)	(49)	(1,514)
Data and information technology costs	(316)	(1)	(317)	(317)	(2)	(319)
Depreciation and amortisation	(288)	(132)	(420)	(274)	(143)	(417)
Marketing and customer acquisition costs	(594)	-	(594)	(489)	-	(489)
Other operating charges	(460)	(29)	(489)	(402)	(42)	(444)
Total operating expenses	(3,193)	(152)	(3,345)	(2,947)	(236)	(3,183)
Operating profit/(loss)	1,046	(152)	894	933	(236)	697
Share of (losses)/profits of associates	(2)	-	(2)	2	-	2
EBIT from continuing operations	1,044			935
Non-benchmark items		(152)			(236)
Profit/(loss) before net finance costs and tax	1,044	(152)	892	935	(236)	699
Net finance costs	(71)	(142)	(213)	(81)	(18)	(99)
Profit/(loss) before tax	973	(294)	679	854	(254)	600
Tax	(220)	91	(129)	(162)	171	9
Profit/(loss) after tax for the year from continuing operations	753	(203)	550	692	(83)	609

Attributable to:
Owners of Experian plc	701	(193)	508	647	(74)	573
Non-controlling interests	52	(10)	42	45	(9)	36
Profit/(loss) after tax for the year from continuing operations	753	(203)	550	692	(83)	609

	US cents	US cents	US cents	US cents	US cents	US cents
Earnings/(loss) per share - basic	70.0	(19.4)	50.6	63.7	(7.3)	56.4

	%	%	%	%	%	%
Effective rate of tax	22.6	31.0	19.0	19.0	67.3	(1.5)

1. These include charges for exceptional items of US$2m (2010: US$68m) and total adjustments to Benchmark PBT of US$292m (2010: US$186m), full details of which are included in note 8 to the financial statements.

4. Cash flow summary
	2011	2010
Year ended 31 March	US$m	US$m
EBIT from continuing operations	1,044	935
Depreciation and amortisation	288	274
Loss on sale of fixed assets	5	1
Capital expenditure	(374)	(314)
Sale of property, plant and equipment	7	30
Decrease/(increase) in working capital	4	(22)
Loss/(profit) retained in associate	3	(2)
Charge in respect of equity incentive plans within Benchmark PBT	51	33
Operating cash flow¹	1,028	935
Net interest paid	(92)	(68)
Tax paid	(88)	(26)
Dividends paid to non-controlling interests	(56)	(42)
Free cash flow	792	799
Net cash outflow from exceptional items	(20)	(62)
Acquisitions	(301)	(41)
Purchase of investments	(3)	(7)
Disposal of other financial assets and investments in associates - discontinued operations	279	118
Costs on disposal of transaction processing activities in France	-	(17)
Disposal of other businesses	12	6
Equity dividends paid	(251)	(206)
Net cash inflow	508	590
Foreign exchange movements	12	35
Net share purchases	(349)	(114)
Other financing related cash flows	72	(494)
Movement in cash and cash equivalents - continuing operations	243	17
Movement in cash and cash equivalents - discontinued operations	2	19
Movement in cash and cash equivalents	245	36

1. A reconciliation of cash generated from operations as reported in the Group cash flow

statement on page 23 to operating cash flow as reported above is given in note 17 to the

financial statements.

5. Reconciliation of net debt
	2011	2010
Year ended 31 March	US$m	US$m
At 1 April	1,627	2,110
Net cash inflow - as reported above	(508)	(590)
Net share purchases	349	114
Foreign exchange and other	33	(7)
At 31 March	1,501	1,627

6. Reconciliation of depreciation and amortisation
	2011	2010
Year ended 31 March	US$m	US$m
As reported in the Group income statement	420	417
Less: amortisation of acquisition intangibles	(129)	(140)
Less: exceptional asset write-off	(3)	(3)
As reported in the Cash flow summary	288	274

Group income statement

for the year ended 31 March 2011

	Notes		2011		2010
					(Re-presented)
					(Note 2)
			US$m		US$m
Revenue	6		4,239		3,880
Labour costs			(1,525)		(1,514)
Data and information technology costs			(317)		(319)
Depreciation and amortisation			(420)		(417)
Marketing and customer acquisition costs			(594)		(489)
Other operating charges			(489)		(444)
Total operating expenses			(3,345)		(3,183)
Operating profit			894		697

Interest income				69	64
Finance expense				(282)	(163)

Net finance costs	9		(213)		(99)

Share of post-tax (losses)/profits of associates			(2)		2
Profit before tax	6		679		600
Group tax (charge)/credit	10		(129)		9
Profit after tax for the financial year from continuing operations			550		609

Profit for the financial year from discontinued operations	11		73		27
Profit for the financial year			623		636

Attributable to:
Owners of Experian plc			581		600
Non-controlling interests			42		36
Profit for the financial year			623		636


			US cents		US cents
Earnings per share
Basic	12		57.9		59.0
Diluted	12		56.7		58.1

Earnings per share from continuing operations
Basic	12		50.6		56.4
Diluted	12		49.5		55.5


Full year dividend per share		13	28.0		23.0

Group statement of comprehensive income

for the year ended 31 March 2011

	2011	2010
	US$m	US$m
Profit for the financial year	623	636
Other comprehensive income:
Fair value gains - available for sale financial assets	5	5
Actuarial gains/(losses) - defined benefit pension plans	77	(20)
Currency translation differences	142	209
Reclassification of cumulative fair value losses - available for sale financial assets	-	5
Total other comprehensive income for the financial year, net of tax (note 10)	224	199
Total comprehensive income for the financial year, net of tax	847	835

Attributable to:
Owners of Experian plc	787	760
Non-controlling interests	60	75
Total comprehensive income for the financial year, net of tax	847	835

Non-GAAP measures

Reconciliation of profit before tax to Benchmark PBT

for the year ended 31 March 2011

	Notes	2011	2010
			(Re-presented)
			(Note 2)
		US$m	US$m
Profit before tax	6	679	600
Exceptional items	8(a)	2	68
Amortisation of acquisition intangibles	8(b)	129	140
Acquisition expenses	8(b)	8	-
Charges in respect of the demerger-related equity incentive plans	8(b)	13	28
Financing fair value remeasurements	8(b)	142	18
Benchmark PBT - continuing operations	6	973	854


Benchmark earnings per share from continuing operations		US cents	US cents
Basic	12	70.0	63.7
Diluted	12	68.5	62.8

Group balance sheet

at 31 March 2011

	Notes	2011	2010
		US$m	US$m
Non-current assets
Goodwill		3,761	3,412
Other intangible assets		1,374	1,233
Property, plant and equipment		450	451
Investments in associates		27	243
Deferred tax assets		159	176
Retirement benefit assets	15(a)	106	-
Trade and other receivables		17	8
Available for sale financial assets		42	33
Other financial assets		45	88
		5,981	5,644
Current assets
Inventories		14	3
Trade and other receivables		901	800
Current tax assets		8	4
Other financial assets		20	27
Cash and cash equivalents	18	408	175
		1,351	1,009
Assets classified as held for sale	21	-	25
		1,351	1,034
Current liabilities
Trade and other payables		(1,180)	(1,062)
Loans and borrowings	18	(6)	(17)
Current tax liabilities		(132)	(154)
Provisions		(47)	(59)
Other financial liabilities		(13)	(20)
		(1,378)	(1,312)
Liabilities classified as held for sale	21	-	(12)
		(1,378)	(1,324)
Net current liabilities		(27)	(290)
Total assets less current liabilities		5,954	5,354
Non-current liabilities
Trade and other payables		(21)	(14)
Loans and borrowings	18	(1,921)	(1,834)
Deferred tax liabilities		(280)	(213)
Retirement benefit obligations	15(a)	(51)	(88)
Provisions		(19)	(14)
Other financial liabilities		(955)	(754)
		(3,247)	(2,917)
Net assets		2,707	2,437

Equity
Called up share capital	19	102	102
Share premium account	19	1,460	1,453
Retained earnings		17,029	16,591
Other reserves		(16,045)	(15,860)
Attributable to owners of Experian plc		2,546	2,286
Non-controlling interests		161	151
Total equity		2,707	2,437

Group statement of changes in total equity

for the year ended 31 March 2011

	Called up share capital (Note 19)	Share premium account (Note 19)	Retained earnings	Other reserves	Attributable to owners of Experian plc	Non-controlling interests	Total equity
	US$m	US$m	US$m	US$m	US$m	US$m	US$m
At 1 April 2010	102	1,453	16,591	(15,860)	2,286	151	2,437
Comprehensive income:
Profit for the financial year	-	-	581	-	581	42	623
Total other comprehensive income	-	-	82	124	206	18	224
Total comprehensive income	-	-	663	124	787	60	847
Transactions with owners:
Employee share incentive plans:
- value of employee services	-	-	64	-	64	-	64
- proceeds from shares issued	-	7	-	-	7	-	7
- tax credit relating to employee share incentive plans	-	-	20	-	20	-	20
Exercise of share options and awards	-	-	(37)	86	49	-	49
Purchase of own shares	-	-	-	(334)	(334)	-	(334)
Purchase of own shares by employee trusts and in respect of employee share incentive plans	-	-	-	(61)	(61)	-	(61)
Liability for put option over non-controlling interests	-	-	(21)	-	(21)	-	(21)
Non-controlling interests arising on business combinations	-	-	-	-	-	6	6
Dividends paid during the financial year	-	-	(251)	-	(251)	(56)	(307)
Transactions with owners	-	7	(225)	(309)	(527)	(50)	(577)
At 31 March 2011	102	1,460	17,029	(16,045)	2,546	161	2,707

for the year ended 31 March 2010

	Called up share capital (Note 19)	Share premium account (Note 19)	Retained earnings	Other reserves	Attributable to owners of Experian plc	Non-controlling interests	Total equity
	US$m	US$m	US$m	US$m	US$m	US$m	US$m
At 1 April 2009	102	1,449	16,251	(16,017)	1,785	114	1,899
Comprehensive income:
Profit for the financial year	-	-	600	-	600	36	636
Total other comprehensive income	-	-	(10)	170	160	39	199
Total comprehensive income	-	-	590	170	760	75	835
Transactions with owners:
Employee share incentive plans:
- value of employee services	-	-	55	-	55	-	55
- proceeds from shares issued	-	4	-	-	4	-	4
- tax credit relating to employee share incentive plans	-	-	12	-	12	-	12
Exercise of share options and awards	-	-	(103)	151	48	-	48
Purchase of own shares by employee trusts and in respect of employee share incentive plans	-	-	-	(164)	(164)	-	(164)
Liability for put option over non-controlling interests	-	-	(8)	-	(8)	-	(8)
Non-controlling interests arising on business combinations	-	-	-	-	-	4	4
Dividends paid during the financial year	-	-	(206)	-	(206)	(42)	(248)
Transactions with owners	-	4	(250)	(13)	(259)	(38)	(297)
At 31 March 2010	102	1,453	16,591	(15,860)	2,286	151	2,437

Group cash flow statement

for the year ended 31 March 2011

	Notes	2011	2010
			(Re-presented)
			(Note 2)
		US$m	US$m
Cash flows from operating activities
Cash generated from operations	16(a)	1,374	1,157
Interest paid		(106)	(82)
Interest received		14	14
Dividends received from associates		1	-
Tax paid	16(f)	(88)	(26)
Net cash inflow from operating activities		1,195	1,063

Cash flows from investing activities
Purchase of property, plant and equipment		(74)	(58)
Purchase of other intangible assets	16(c)	(300)	(256)
Sale of property, plant and equipment		7	30
Purchase of available for sale financial assets		(3)	-
Purchase of investments in associates		-	(7)
Disposal of other financial assets and investments in associates - discontinued operations		279	118
Acquisition of subsidiaries, net of cash acquired		(301)	(41)
Disposal of subsidiaries - continuing operations	8(a)	12	6
Disposal of subsidiaries - discontinued operations	11	-	(17)
Disposal of subsidiaries - total		12	(11)
Net cash flows used in investing activities		(380)	(225)

Cash flows from financing activities
Issue of ordinary shares	16(d)	7	4
Receipt of share option proceeds	16(d)	50	60
Purchase of own shares	16(d)	(336)	-
Purchase of own shares by employee trusts and in respect of employee share incentive plans	16(d)	(70)	(178)
New borrowings		643	692
Repayment of borrowings		(593)	(1,217)
Capital element of finance lease rental payments		(5)	(2)
Net (payments on)/receipts from derivative financial instruments held to manage currency profile		(15)	33
Net receipts from equity swaps		13	14
Receipt from/(payment into) bank deposit		29	(14)
Dividends paid		(307)	(248)
Net cash flows used in financing activities		(584)	(856)

Exchange and other movements		12	35
Net increase in cash and cash equivalents - continuing operations		243	17

Net increase in cash and cash equivalents - discontinued operations	11	2	19

Net increase in cash and cash equivalents		245	36

Cash and cash equivalents at 1 April		163	127
Cash and cash equivalents at 31 March		408	163

Notes to the financial statements

for the year ended 31 March 2011

1. Corporate information and basis of preparation

Experian plc (the 'Company'), which is the ultimate parent company of the Experian group of companies ('Experian' or the 'Group'), is incorporated and registered in Jersey under Jersey company law as a public company limited by shares and is resident in Ireland. The Company's ordinary shares are traded on the London Stock Exchange's Regulated Market (Premium Listing).

The financial information set out in this preliminary announcement does not constitute the Group's statutory financial statements, which comprise the annual report and audited financial statements, for the years ended 31 March 2011 or 31 March 2010 but is derived from the statutory financial statements for the year ended 31 March 2011. The Group's statutory financial statements for the year ended 31 March 2011 will be made available to shareholders in June 2011 and delivered to the Jersey Registrar of Companies in due course. The auditors have reported on those financial statements and have given an unqualified report which does not contain a statement under Article 111(2) or Article 111(5) of the Companies (Jersey) Law 1991. The Group's statutory financial statements for the year ended 31 March 2010 have been delivered to the Jersey Registrar of Companies. The auditors reported on those financial statements and gave an unqualified report which did not contain a statement under Article 111(2) or Article 111(5) of the Companies (Jersey) Law 1991.

The Group's statutory financial statements are prepared in accordance with International Financial Reporting Standards ('IFRS' or 'IFRSs') and International Financial Reporting Interpretations Committee ('IFRIC') interpretations. The Group's statutory financial statements are presented in US dollars, the most representative currency of the Group's operations, and rounded to the nearest million. They are prepared under the historical cost convention, as modified for the revaluation of available for sale financial assets and certain other financial assets and financial liabilities including derivatives. The principal exchange rates used in preparing the Group's statutory financial statements are set out in note 5.

This preliminary announcement has been prepared in accordance with the Listing Rules of the UK Financial Services Authority, using the accounting policies applied in the preparation of the Group's statutory financial statements for the year ended 31 March 2011. Those policies were published in full in the Group's statutory financial statements for the year ended 31 March 2010 and are available on a corporate website, at www.experianannualreport.ie.

Other than those disclosed in this preliminary announcement, no significant events impacting the Group have occurred between 31 March 2011 and 17 May 2011 when this preliminary announcement was approved for issue.

2. Presentation of financial information

As reported in the Group's statutory financial statements for the year ended 31 March 2010, Experian received notice from The First American Corporation ('FAC') in respect of the exercise by FAC of its buy-out option over Experian's 20% interest in First American Real Estate Solutions LLC ('FARES') on 22 April 2010. The disposal of FARES was completed in the year and, in accordance with the requirements of IFRS 5 'Non-current assets held for sale and discontinued operations', the results and cash flows of FARES for the year ended 31 March 2010 have been reclassified as discontinued. The results of the North America operating segment (shown within note 6) and the Credit Services business segment (shown within note 7) have been re-presented accordingly.

As reported in the Group's annual report for the year ended 31 March 2010, a new format has been adopted in the Group income statement to report costs by nature rather than by function. This more appropriately reflects the nature of the Group's cost base and developments in its cost management globally and comparative figures have been re-presented accordingly.

The classification of net finance costs between income and expense items has also been amended to more appropriately reflect the nature of the Group's financing and related hedging arrangements and comparative figures have been re-presented accordingly in the Group income statement. The reporting of interest paid and interest received in the Group cash flow statement has been similarly amended and comparative figures have been re-presented accordingly.

The Group has early adopted the provisions of an amendment to IAS 1 'Presentation of financial statements - structure and content' and accordingly no longer discloses each element of other comprehensive income within the Group statement of changes in total equity. Comparative figures have been re-presented accordingly.

Except as indicated above, the Group's statutory financial statements have been prepared on a basis consistent with that reported for the year ended 31 March 2010.

Notes to the financial statements (continued)

for the year ended 31 March 2011

3. Recent accounting developments

The following accounting standards, amendments and interpretations issued by the International Accounting Standards Board and the International Financial Reporting Interpretations Committee are effective for the Group's accounting periods beginning on or after 1 April 2010:

· Amendment to IFRS 2 'Share based payments - group cash-settled share-based payment transactions'

· IFRS 3 (revised) 'Business combinations'

· IAS 27 (revised) 'Consolidated and separate financial statements'

· Improvements to IFRSs (April 2009)

· Amendment to IAS 32 'Financial instruments: presentation on classification of rights issues'

· Amendment to IAS 39 'Financial instruments: recognition and measurement' on eligible hedged items

· IFRIC 17 'Distributions of non-cash assets to owners'

· IFRIC 18 'Transfers of assets from customers'

IFRS 3 now requires that acquisition expenses are charged to the Group income statement (note 8(b)) and that adjustments to contingent consideration are recognised in the Group income statement. IAS 27 now requires that transactions with non-controlling interests are recognised in equity. With those exceptions, these accounting standards, amendments and interpretations have had no material effect on the results or financial position of the Group disclosed within these financial statements.

At the balance sheet date, the following accounting standards, amendments and interpretations had been issued but are not yet effective for the Group and, except as indicated in note 2 in respect of IAS 1, have not been early adopted:

· Improvements to IFRSs (April 2010)

· IAS 24 (revised) 'Related party disclosures'

· Amendments to IFRIC 9 and IAS 39 'Embedded derivatives'

· Amendment to IFRIC 14 'Prepayment of a minimum funding requirement'

· IFRIC 19 'Extinguishing financial liabilities with equity instruments'

If these accounting standards, amendments and interpretations had been adopted in full, there would have been no material effect on the results or financial position of the Group disclosed within these financial statements.

4. Use of non-GAAP measures in the Group's statutory financial statements

The Group has identified certain measures that it believes will assist understanding of the performance of the business. The measures are not defined under IFRS and they may not be directly comparable with other companies' adjusted measures. The non-GAAP measures are not intended to be a substitute for, or superior to, any IFRS measures of performance but management has included them as they consider them to be important comparables and key measures used within the business for assessing performance.

The following are the key non-GAAP measures identified by the Group and used in the Group's statutory financial statements:

Benchmark profit before tax ('Benchmark PBT')

Benchmark PBT is defined as profit before amortisation of acquisition intangibles, acquisition expenses, goodwill impairments, adjustments to contingent consideration, charges in respect of the demerger-related equity incentive plans, exceptional items, financing fair value remeasurements, tax and discontinued operations. It includes the Group's share of continuing associates' pre-tax results.

Earnings before interest and tax ('EBIT')

EBIT is defined as profit before amortisation of acquisition intangibles, acquisition expenses, goodwill impairments, adjustments to contingent consideration, charges in respect of the demerger-related equity incentive plans, exceptional items, net finance costs, tax and discontinued operations. It includes the Group's share of continuing associates' pre-tax results.

Notes to the financial statements (continued)

for the year ended 31 March 2011

4. Use of non-GAAP measures in the Group's statutory financial statements (continued)

Benchmark earnings

Benchmark earnings represents Benchmark PBT less attributable tax and non-controlling interests. Benchmark earnings attributable to non-controlling interests represents that portion of Benchmark earnings that relate to non-controlling interests. Benchmark PBT less attributable tax is designated as overall benchmark earnings. The attributable tax for the purposes of determining benchmark earnings excludes significant tax credits and charges arising in the year which, in view of their size or nature, are not comparable with previous periods together with tax arising on exceptional items and on total adjustments to Benchmark PBT.

Benchmark earnings per share ('Benchmark EPS')

Benchmark EPS represents Benchmark earnings divided by a weighted average number of shares, and is disclosed to indicate the underlying profitability of the Group.

Exceptional items

The separate reporting of non-recurring exceptional items gives an indication of the Group's underlying performance. Exceptional items are those arising from the profit or loss on disposal of businesses, closure costs of major business units or costs of significant restructuring programmes. All other restructuring costs are charged against EBIT in the segments in which they are incurred.

Operating cash flow

Operating cash flow is calculated as cash generated from operations adjusted for outflows in respect of the purchase of property, plant and equipment and other intangible assets and adding dividends from continuing associates but excluding any cash inflows and outflows in respect of exceptional items. It is defined as EBIT less changes in working capital, plus depreciation/amortisation, less capital expenditure, less profit or loss retained in continuing associates.

Net debt

Net debt is calculated as total debt less cash and cash equivalents and other highly liquid bank deposits with original maturities greater than three months. Total debt includes loans and borrowings (and the fair value of derivatives hedging loans and borrowings), overdrafts and obligations under finance leases. Accrued interest is excluded from net debt.

5. Foreign currency

The principal exchange rates used in these financial statements are as follows:

	Average		Closing
	2011	2010	2011	2010	2009

Sterling : US dollar	1.55	1.58	1.60	1.52	1.43
US dollar : Brazilian real	1.73	1.88	1.63	1.79	2.30
Euro : US dollar	1.32	1.41	1.42	1.35	1.33

The results and financial position of Group undertakings whose functional currencies are not US dollars are translated into US dollars as follows:

· Assets and liabilities are translated at the closing exchange rate at the balance sheet date;

· Income and expenses are translated at the average exchange rate for the year (unless this average is not a reasonable approximation of the cumulative effect of the rates prevailing on the transaction dates, in which case income and expenses are translated at the rates on the dates of the transactions); and

· All resulting exchange differences are recognised in other comprehensive income.

Notes to the financial statements (continued)

for the year ended 31 March 2011

6. Segment information

(a) Income statement

	Continuing operations¹
	North America		Latin America	UK & Ireland		EMEA/ Asia Pacific³			Total operating segments		Central Activities		Total continuing operations
Year ended 31 March 2011	US$m		US$m	US$m		US$m			US$m		US$m		US$m
Revenue from external customers²	2,254		722	747		516			4,239		-		4,239

Reconciliation from EBIT to profit/(loss) before tax - continuing operations
EBIT	610		235	212		53			1,110		(66)		1,044
Net interest (note 9(b))	-		-	-		-			-		(71)		(71)
Benchmark PBT	610		235	212		53			1,110		(137)		973
Exceptional items (note 8(a))	(5)		-	4		(6)			(7)		5		(2)
Amortisation of acquisition intangibles	(52)		(43)	(18)		(16)			(129)		-		(129)
Acquisition expenses	(2)		(4)	(1)		(1)			(8)		-		(8)
Charges in respect of the demerger-related equity incentive plans	(5)		-	(4)		(1)			(10)		(3)		(13)
Financing fair value remeasurements	-		-	-		-			-		(142)		(142)
Profit/(loss) before tax	546		188	193		29			956		(277)		679


	Continuing operations¹
	North America	Latin America			UK & Ireland		EMEA/ Asia Pacific³	Total operating segments		Central Activities		Total continuing operations
Year ended 31 March 2010	US$m	US$m			US$m		US$m	US$m		US$m		US$m
Revenue from external customers²	2,068	559			792		461	3,880		-		3,880

Reconciliation from EBIT to profit/(loss) before tax - continuing operations
EBIT	567	166			212		52	997		(62)		935
Net interest (note 9(b))	-	-			-		-	-		(81)		(81)
Benchmark PBT	567	166			212		52	997		(143)		854
Exceptional items (note 8(a))	(41)	-			(10)		(11)	(62)		(6)		(68)
Amortisation of acquisition intangibles	(48)	(39)			(39)		(14)	(140)		-		(140)
Charges in respect of the demerger-related equity incentive plans	(11)	-			(7)		(2)	(20)		(8)		(28)
Financing fair value remeasurements	-	-			-		-	-		(18)		(18)
Profit/(loss) before tax	467	127			156		25	775		(175)		600
1. A profit before tax of US$119m (2010: US$53) arose in respect of discontinued operations. Further information on such operations, which comprised FARES only in the current year and FARES and the Group's transaction processing activities in France in the prior year, is shown in note 11. The results for the year ended 31 March 2010 have been re-presented in respect of FARES, the results of which were previously reported in the North America operating segment. 2. Revenue from external customers arose principally from the provision of services. There is no material inter-segment revenue. 3. EMEA/Asia Pacific represents all other operating segments.

	2011	2010
(b) Revenue by country - continuing operations	US$m	US$m
USA	2,249	2,064
UK	738	784
Brazil	715	556
Other	537	476
	4,239	3,880
1. No single customer accounted for 10% or more of the Group's revenue from external customers in the year ended 31 March 2011 and the year ended 31 March 2010. 2. The Company is resident in Ireland. Revenue with Irish external customers represents less than 1% of the Group's revenue from external customers and accordingly the Group's revenue is primarily attributable to foreign countries.

The additional analysis of revenue from external customers provided to the chief operating decision-maker and accordingly reportable under IFRS 8 'Operating Segments' is given within note 7. This is supplemented by voluntary disclosure of the profitability of groups of service lines. For ease of reference, Experian continues to use the term 'business segments' when discussing the results of groups of service lines.

Notes to the financial statements (continued)

for the year ended 31 March 2011

7. Information on business segments (including non-GAAP disclosures)


	Continuing operations¹
	Credit Services	Decision Analytics	Marketing Services	Interactive	Total business segments	Central Activities		Total continuing operations
Year ended 31 March 2011	US$m	US$m	US$m	US$m	US$m	US$m		US$m
Revenue from external customers²	1,812	436	815	1,176	4,239	-		4,239

Reconciliation from EBIT to profit/(loss) before tax - continuing operations
EBIT	609	119	123	259	1,110	(66)		1,044
Net interest (note 9(b))	-	-	-	-	-	(71)		(71)
Benchmark PBT	609	119	123	259	1,110	(137)		973
Exceptional items (note 8(a))	(6)	-	(23)	(2)	(31)	29		(2)
Amortisation of acquisition intangibles	(60)	(5)	(27)	(37)	(129)	-		(129)
Acquisition expenses	(5)	-	(2)	(1)	(8)	-		(8)
Charges in respect of the demerger-related equity incentive plans³	-	-	-	-	-	(13)		(13)
Financing fair value remeasurements	-	-	-	-	-	(142)		(142)
Profit/(loss) before tax	538	114	71	219	942	(263)		679


	Continuing operations¹
	Credit Services	Decision Analytics	Marketing Services	Interactive	Total business segments		Central Activities		Total continuing operations
Year ended 31 March 2010	US$m	US$m	US$m	US$m	US$m		US$m		US$m
Revenue from external customers²	1,669	441	734	1,036	3,880		-		3,880

Reconciliation from EBIT to profit/(loss) before tax - continuing operations
EBIT	549	119	86	243	997		(62)		935
Net interest (note 9(b))	-	-	-	-	-		(81)		(81)
Benchmark PBT	549	119	86	243	997		(143)		854
Exceptional items (note 8(a))	(16)	(5)	(33)	(8)	(62)		(6)		(68)
Amortisation of acquisition intangibles	(57)	(6)	(45)	(32)	(140)		-		(140)
Charges in respect of the demerger-related equity incentive plans³	-	-	-	-	-		(28)		(28)
Financing fair value remeasurements	-	-	-	-	-		(18)		(18)
Profit/(loss) before tax	476	108	8	203	795		(195)		600
1. A profit before tax of US$119m (2010: US$53m) arose in respect of discontinued operations. Further information on such operations, which comprised FARES only in the current year and FARES and the Group's transaction processing activities in France in the prior year, is shown in note 11. The results for the year ended 31 March 2010 have been re-presented in respect of FARES, the results of which were previously reported in the Credit Services business segment. 2. Revenue from external customers arose principally from the provision of services. 3. No allocation by business segment is made for charges in respect of the demerger-related equity incentive plans as the underlying data is maintained only to provide an allocation by operating segment.

Notes to the financial statements (continued)

for the year ended 31 March 2011

8. Exceptional items and total adjustments to Benchmark PBT - continuing operations

(a) Exceptional items

	2011	2010
		(Re-presented)
		(Note 2)
	US$m	US$m
Restructuring costs	10	41
Gain in respect of defined benefit pension plan	(29)	-
Loss on disposal of businesses	21	24
Cessation of bureau activities	-	3
Total exceptional items	2	68

Exceptional items by income statement caption:
Labour costs	(23)	21
Data and information technology costs	1	2
Depreciation and amortisation	3	3
Other operating charges	21	42
Total exceptional items	2	68

Expenditure of US$10m (2010: US$41m) arose in the year in connection with the conclusion of the Group's strategic programme of cost efficiency measures. Of this, US$6m (2010: US$21m) related to redundancy, US$1m (2010: US$17m) related to offshoring activities, infrastructure consolidations and other restructuring activities and US$3m (2010: US$3m) related to asset write-offs.

The gain of US$29m in respect of the defined benefit pension plan in the year ended 31 March 2011 arose as a consequence of a change by the UK Government to the index required to be used in determining pension increases for benefits accrued in respect of past service (see note 15).

The loss on disposal of businesses in the year ended 31 March 2011 principally related to the completion of a number of small disposals of businesses whose assets and liabilities were classified as held for sale at 31 March 2010 (see note 21). There was a related cash inflow of US$12m in the year ended 31 March 2011. The loss on disposal of businesses in the year ended 31 March 2010 primarily arose as a result of the disposal of the National Business Database in North America and there was a cash inflow on disposals of US$6m in that year.

During the year ended 31 March 2010, the Group completed the closure of its Canadian credit bureau and terminated its joint venture bureau in Japan.

A reconciliation of total exceptional items to the cash outflow in respect of exceptional items, other than on the disposal of businesses, is given in note 16(e).

(b) Total adjustments to Benchmark PBT

	2011	2010
		(Re-presented)
		(Note 2)
	US$m	US$m
Amortisation of acquisition intangibles	129	140
Acquisition expenses	8	-
Charges in respect of the demerger-related equity incentive plans	13	28
Financing fair value remeasurements (note 9(c))	142	18
Total adjustments to Benchmark PBT	292	186

Adjustments by income statement caption:
Labour costs	13	28
Depreciation and amortisation	129	140
Other operating charges	8	-
Finance expense	142	18
Total adjustments to Benchmark PBT	292	186

IFRS requires that, on acquisition, specific intangible assets are identified and recognised separately from goodwill and then amortised over their useful economic lives. These include items such as brand names and customer lists, to which value is first attributed at the time of acquisition. The Group has excluded amortisation of these acquisition intangibles from its definition of Benchmark PBT because such a charge is based on judgments about their value and economic life.

Notes to the financial statements (continued)

for the year ended 31 March 2011

8. Exceptional items and total adjustments to Benchmark PBT - continuing operations (continued)

IFRS 3 'Business Combinations' now requires that acquisition expenses are charged to the Group income statement. The Group has excluded such costs from its definition of Benchmark PBT as, by their very nature, they bear no relation to the underlying performance of the Group or to the performance of the acquired businesses. These costs are recognised within other operating charges.

Charges in respect of demerger-related equity incentive plans relate to one-off grants made to senior management and at all staff levels at the time of the demerger, under a number of equity incentive plans. The cost of these one-off grants is being charged to the Group income statement over the five years from demerger in October 2006, but excluded from the definition of Benchmark PBT. The cost of all other grants is being charged to the Group income statement and included in the definition of Benchmark PBT.

An element of the Group's derivatives is ineligible for hedge accounting under IFRS. Gains or losses on these derivatives arising from market movements, together with gains and losses on put options in respect of acquisitions, are credited or charged to financing fair value remeasurements within finance expense in the Group income statement.

9. Net finance costs

	2011	2010
		(Re-presented)
		(Note 2)
	US$m	US$m
(a) Net finance costs
Interest income:
Expected return on pension plan assets	(56)	(47)
Bank deposits and short-term investments	(13)	(17)
Interest income	(69)	(64)

Interest expense:
Interest expense on pension plan liabilities	50	48
Other interest expense	90	97
Interest expense	140	145
Charge in respect of financing fair value remeasurements	142	18
Finance expense	282	163

Net finance costs	213	99

(b) Net interest expense included in Benchmark PBT
Interest income	(69)	(64)
Interest expense	140	145

Net interest expense included in Benchmark PBT	71	81

(c) Analysis of charge in respect of financing fair value remeasurements
Increase in fair value of put options - principally Serasa	139	113
Financing fair value losses/(gains)	3	(95)

Charge in respect of financing fair value remeasurements	142	18

Notes to the financial statements (continued)

for the year ended 31 March 2011

10. Group tax charge/(credit)

The effective rate of tax for the year ended 31 March 2011 is 19.0%, based on the profit before tax of US$679m and the tax charge of US$129m. In the year ended 31 March 2010, the Group reported a tax credit of US$9m, as a result of the benefit of tax credits of US$129m, giving a small negative effective rate of tax based on profit before tax of US$600m. The Group tax charge/(credit) comprises a UK tax credit of US$23m (2010: US$103m) and a non-UK tax charge of US$152m (2010: US$94m).

The effective rate of tax based on Benchmark PBT of US$973m (2010: US$854m) and the associated tax charge of US$220m (2010: US$162m), excluding the effect of a one-off tax credit of US$37m (2010: US$105m), is 22.6% (2010: 19.0%). The one-off current tax credit of US$37m arose in the year ended 31 March 2011 on the utilisation of earlier tax losses and is excluded from the calculation of this rate in the year ended 31 March 2011 in view of its size and non-recurring nature. The one-off credit in the year ended 31 March 2010 was a deferred tax credit and was excluded from the calculation of the effective rate for that year in view of its size and non-recurring nature. A further corporation tax credit of US$24m arose in the year ended 31 March 2010 following resolution of historic positions and the tax credit of US$9m in the Group income statement and the tax charge on Benchmark PBT of US$162m are both stated after this credit.

The reconciliation of the tax charge/(credit) reported in the Group income statement to the Benchmark tax charge is as follows:

	2011	2010
		(Re-presented)
		(Note 2)
	US$m	US$m
Group tax charge/(credit)	129	(9)
Add: one-off tax credit	37	105
Add: tax relief on exceptional items	4	33
Add: tax relief on total adjustments to Benchmark PBT	50	33
Tax on Benchmark PBT	220	162

In the year ended 31 March 2011, a tax charge of US$29m (2010: US$3m) was recognised in other comprehensive income with the charge in the year ended 31 March 2011 principally relating to actuarial gains and losses on defined benefit pension plans. This amount comprised current tax credit of US$1m (2010: US$nil) and a deferred tax charge of US$30m (2010: US$3m).

In the year ended 31 March 2011, a tax credit relating to employee share incentive plans of US$20m (2010: US$12m) was recognised in equity and reported as appropriate within transactions with owners. This amount comprised current tax of US$5m (2010: US$4m) and deferred tax of US$15m (2010: US$8m).

Notes to the financial statements (continued)

for the year ended 31 March 2011

11. Discontinued operations

Discontinued operations comprise FARES (see note 2) and for the prior year additionally included further costs following the disposal in October 2008 of the Group's transaction processing activities in France.

(a) Results for discontinued operations

	2011	2010
	US$m	US$m
FARES:
Share of profits	5	56
Gain arising in connection with disposal of interest in FARES	123	-
Loss arising in connection with arrangements with FARES	-	(4)
Finance expense - financing fair value (reversal)/gain	(9)	9
Profit before tax of discontinued operations	119	61
Tax charge	(46)	(26)
Profit after tax of discontinued operations	73	35

Transaction processing activities in France:
Loss on disposal of discontinued operations	-	(8)
Profit for the financial year from discontinued operations	73	27

In the period to 22 April 2010, being the date of the exercise by FAC of its buy-out option over Experian's 20% interest in FARES, Experian used the equity method to account for its shareholding in FARES. Accordingly Experian's share of FARES' post-tax profits was recognised and is now reported within results for discontinued operations with comparative figures re-presented.

The gain arising in connection with the disposal of the interest in FARES represents the difference between the pre-tax amount of US$314m realised on the disposal of the interest in December 2010 and its book value of US$217m at the date of the exercise by FAC of its buy-out option, together with dividends of US$26m received after the exercise of the buy-out option.

The loss of US$4m recognised in the year ended 31 March 2010 in connection with arrangements with FARES related primarily to the reclassification through the Group income statement of earlier losses in respect of holdings of First Advantage Corporation ('FADV') Class A common stock. The financing fair value gain recognised in that year, and reversed in the year ended 31 March 2011, related to the fair value of the FAC buy-out option at 31 March 2010.

In the period to 22 April 2010, the Group made net sales and recharges to FARES of US$2m (2010: US$28m for the full year). Such net sales and recharges were made under normal commercial terms and conditions that would be available to third parties.

(b) Cash flows attributable to discontinued operations

	2011	2010
From operating activities	US$m	US$m
Dividends received	2	41
Tax paid	-	(22)
Net increase in cash and cash equivalents - discontinued operations	2	19

The above amounts relate to FARES for the period to 22 April 2010 (2010: full year). The net proceeds of US$279m arising on the disposal of the interest in FARES in the year ended 31 March 2011 are disclosed within net cash flows used in investing activities from continuing operations in the Group cash flow statement. This amount includes further dividends received of US$26m and is stated after the settlement of tax arising on the disposal of US$61m.

Cash inflows of US$118m in respect of transactions completed in the year ended 31 March 2010 are disclosed within net cash flows used in investing activities from continuing operations in the Group cash flow statement for that year. These comprise:

· Cash of US$70m from the sale of all the shares in FAC received in exchange for direct and indirect holdings in FADV Class A common stock; and

· Cash of US$48m received on the disposal by FARES of its interests in two business assets.

Following an inflow of US$191m in the year ended 31 March 2009, there was a net cash outflow of US$17m in respect of additional costs relating to the disposal of the transaction processing activities in France in the year ended 31 March 2010. This outflow is disclosed within net cash flows used in investing activities from continuing operations in the Group cash flow statement. There was no tax relief on these further costs or on that portion of the costs reported as a loss on disposal of discontinued operations.

Notes to the financial statements (continued)

for the year ended 31 March 2011

12. Basic and diluted earnings per share

Basic earnings per share is calculated by dividing the earnings attributable to ordinary shareholders of the Company by a weighted average number of ordinary shares (being the ordinary shares in issue during the year less own shares held in Treasury and in employee trusts, which are treated as cancelled).

The calculation of diluted earnings per share reflects the potentially dilutive effect of employee share incentive plans. The earnings figures used in the calculations are unchanged for diluted earnings per share.

	2011	2010
		(Re-presented)
		(Note 2)
Basic earnings per share	US cents	US cents
Continuing and discontinued operations	57.9	59.0
Discontinued operations	(7.3)	(2.6)
Continuing operations	50.6	56.4
Exceptional items and total adjustments to Benchmark PBT, net of tax	19.4	7.3
Benchmark earnings per share from continuing operations (non-GAAP measure)	70.0	63.7

	2011	2010
		(Re-presented)
		(Note 2)
Diluted earnings per share	US cents	US cents
Continuing and discontinued operations	56.7	58.1
Discontinued operations	(7.2)	(2.6)
Continuing operations	49.5	55.5
Exceptional items and total adjustments to Benchmark PBT, net of tax	19.0	7.3
Benchmark diluted earnings per share from continuing operations (non-GAAP measure)	68.5	62.8

	2011	2010
		(Re-presented)
		(Note 2)
Earnings attributable to owners of Experian plc	US$m	US$m
Continuing and discontinued operations	581	600
Discontinued operations	(73)	(27)
Continuing operations	508	573
Exceptional items and total adjustments to Benchmark PBT, net of tax	193	74
Benchmark earnings attributable to owners of Experian plc (non-GAAP measure)	701	647

	2011	2010
Earnings attributable to non-controlling interests	US$m	US$m
Continuing and discontinued operations	42	36
Amortisation of acquisition intangibles attributable to non-controlling interests, net of tax	10	9
Benchmark earnings attributable to non-controlling interests (non-GAAP measure)	52	45

	2011	2010
		(Re-presented)
		(Note 2)
Reconciliation of benchmark earnings to profit for the financial year	US$m	US$m
Overall benchmark earnings (non-GAAP measure)	753	692
Profit from discontinued operations	73	27
Loss from exceptional items and total adjustments to Benchmark PBT	(203)	(83)
Profit for the financial year	623	636

	2011	2010
Weighted average number of ordinary shares	million	million
Weighted average number of ordinary shares	1,002	1,015
Dilutive effect of share incentive awards	22	15
Diluted weighted average number of ordinary shares	1,024	1,030

Notes to the financial statements (continued)

for the year ended 31 March 2011

13. Dividends

	2011		2010
	US cents per share	US$m	US cents per share	US$m
Amounts recognised and paid during the financial year:
First interim - paid in January 2011 (2010: January 2010)	9.00	90	7.00	71
Second interim - paid in July 2010 (2010: July 2009)	16.00	161	13.25	135
Ordinary dividends paid on equity shares	25.00	251	20.25	206

Full year dividend for the financial year ended 31 March	28.00	278	23.00	232

A dividend of 19 US cents per ordinary share will be paid on 22 July 2011 to shareholders on the register at the close of business on 24 June 2011 and is not included as a liability in these financial statements. This dividend, together with the first interim dividend of 9 US cents per ordinary share paid in January 2011, comprises the full year dividend for the year ended 31 March 2011 of 28 US cents.

Unless shareholders elect by 24 June 2011 to receive US dollars, their dividends will be paid in sterling at a rate per share calculated on the basis of the exchange rate from US dollars to sterling on 1 July 2011.

Pursuant to the Income Access Share arrangements put in place as part of the demerger of Experian and Home Retail Group in October 2006, shareholders in the Company can elect to receive their dividends from a UK source (the 'IAS election'). Shareholders who held 50,000 or fewer Experian shares (i) on the date of admission of the Company's shares to listing on the London Stock Exchange and (ii) in the case of shareholders who did not own shares at that time, on the first dividend record date after they became shareholders in the Company, unless they elect otherwise, will be deemed to have elected to receive their dividends under the IAS election arrangements. Shareholders who hold more than 50,000 shares and who wish to receive their dividends from a UK source must make an IAS election. All elections remain in force indefinitely unless revoked. Unless shareholders have made an IAS election, or are deemed to have made an IAS election, dividends will be received from an Irish source and will be taxed accordingly.

Beginning with the second interim dividend to be paid in July 2011, shareholders who have elected to receive their dividends under the IAS election arrangements will receive their dividends from Experian (UK) Finance Limited, and not Experian Finance plc as previously.

The Company offers a Dividend Reinvestment Plan ('DRIP') which enables those shareholders who receive their dividends under the IAS election arrangements to use their cash dividends to purchase Experian shares. Such shareholders who wish to participate in the DRIP for the first time, in respect of the second interim dividend for the year ended 31 March 2011 to be paid on 22 July 2011, should return a completed and signed DRIP mandate form to be received by the Company's Registrars, by no later than 24 June 2011. For further details please contact the Registrars.

The employee trusts waived their entitlements to dividends of US$3m (2010: US$2m). There is no entitlement to dividend in respect of own shares held in Treasury.

14. Capital expenditure, disposals and capital commitments

During year ended 31 March 2011 the Group incurred capital expenditure of US$374m (2010: US$314m).

Excluding any amounts in connection with the disposal of businesses, the book value of other intangible fixed assets and property, plant and equipment disposed of in the year ended 31 March 2011 was US$13m (2010: US$34m) and the amount realised was US$7m (2010: US$30m).

At 31 March 2011, the Group had capital commitments in respect of property, plant and equipment and intangible assets and for which contracts had been placed of US$53m (2010: US$44m).

Notes to the financial statements (continued)

for the year ended 31 March 2011

15. Retirement benefit assets and obligations

(a) Amounts recognised in the Group balance sheet
	2011	2010
	US$m	US$m
Retirement benefit obligations - funded plans:
Fair value of funded plans' assets	913	822
Present value of funded plans' liabilities	(807)	(860)
Surplus in the funded plans	106	-
Deficit in the funded plans	-	(38)

Retirement benefit obligations - unfunded plans:
Present value of unfunded pension obligations	(39)	(36)
Liability for post-retirement healthcare	(12)	(14)
Retirement benefit obligations - unfunded plans	(51)	(50)

Net retirement benefit assets/(obligations)	55	(88)
The Group's retirement benefit assets and obligations are denominated primarily in sterling.

(b) Movements in net amount recognised in the Group balance sheet
	2011	2010
	US$m	US$m
At 1 April	(88)	(58)
Differences on exchange	1	(3)
Income/(expense) recognised in Group income statement	25	(11)
Actuarial gains/(losses) recognised within other comprehensive income	107	(28)
Contributions paid by the Group	10	12
At 31 March	55	(88)

(c) Income/(expense) recognised in the Group income statement
	2011	2010
	US$m	US$m
Labour costs:
Current service costs	(10)	(10)
Credit in respect of past service costs (note 16(e))	29	-
Credit/(charge) included in labour costs	19	(10)
Net finance income/(expense)	6	(1)
Total credit/(charge) to Group income statement	25	(11)

(d) Actuarial assumptions
	2011	2010
	%	%
Rate of inflation	3.5	3.7
Rate of increase for salaries	4.5	4.7
Rate of increase for pensions in payment - element based on the RPI	3.4	3.6
Rate of increase for pensions in payment and deferred pensions - element based on the CPI	2.8	N/a
Rate of increase in medical costs	7.5	7.7
Expected return on plan assets	6.6	7.0
Discount rate	5.6	5.5
The mortality assumptions used at 31 March 2011 remain broadly unchanged from those used at 31 March 2010.

(e) Gains in respect of the defined benefit pension plan

Gains have been recognised during the year ended 31 March 2011 in respect of the Group's principal defined benefit plan, the Experian Pension Scheme, which provides benefits for certain UK employees but is closed to new entrants.

In July 2010, the Minister for Pensions announced the UK Government's intention to change to the use of the Consumer Prices Index (the 'CPI') rather than the Retail Prices Index (the 'RPI') as the inflation measure for determining the minimum pension increases to be applied to statutory index-linked features of retirement benefits and this change subsequently came into effect. As a result of using the lower CPI rate, there is a reduction in obligations. Pension increases in respect of benefits accrued before April 1997 are discretionary but have for the past eight years been based on the RPI. As a member expectation for increases based on the RPI was deemed to exist, the change to the use of the CPI is treated for accounting purposes as a change in the rules of the plan and the associated credit in respect of past service costs of US$29m is accordingly recognised in the Group income statement.

The change to the use of the CPI for the revaluation of pensions in deferment is required by the rules of the Experian Pension Scheme and accordingly the associated reduction in scheme liabilities has been taken to other comprehensive income. The actuarial gain of US$107m recognised within other comprehensive income in the year ended 31 March 2011 includes US$18m in respect of this change.

Notes to the financial statements (continued)

for the year ended 31 March 2011

16. Notes to the Group cash flow statement

	Notes	2011	2010
			(Re-presented)
			(Note 2)
		US$m	US$m
(a) Cash generated from operations
Operating profit		894	697
Loss/(profit) on sale of property, plant and equipment		4	(2)
Loss on sale of other intangible assets		1	3
Loss on disposal of businesses		21	24
Depreciation and amortisation		420	417
Charge in respect of equity incentive plans		64	61
Decrease/(increase) in working capital	16(b)	4	(22)
Acquisition expenses		8	-
Movement in exceptional items included in working capital		(42)	(21)
Cash generated from operations		1,374	1,157

		2011	2010
		US$m	US$m
(b) Decrease/(increase) in working capital
Inventories		(10)	1
Trade and other receivables		(37)	(38)
Trade and other payables		51	18
Difference between pension current service cost and contributions paid		-	(3)
Decrease/(increase) in working capital		4	(22)

(c) Purchase of other intangible assets
Databases		175	168
Internal use software		48	43
Internally generated software		77	45
Purchase of other intangible assets		300	256

(d) Cash outflow in respect of net share purchases
Issue of ordinary shares	19	(7)	(4)
Receipt of share option proceeds		(50)	(60)
Purchase of own shares	19	336	-
Purchase of own shares by employee trusts and in respect of employee share incentive plans		70	178
Cash outflow in respect of net share purchases		349	114

	Notes	2011	2010
			(Re-presented)
			(Note 2)
		US$m	US$m
(e) Cash outflow in respect of exceptional items
Total exceptional items	8(a)	2	68
Working capital movements		42	21
Asset write-offs		(3)	(3)
Loss on disposal of businesses		(21)	(24)
Cash outflow in respect of exceptional items		20	62

(f) Cash outflow in respect of tax
Tax paid on income of continuing operations		88	26
Tax paid on income of discontinued operations	11	-	22
Tax paid on disposal of discontinued operations	11	61	-
Cash outflow in respect of tax		149	48

(g) Cash and cash equivalents

Cash and cash equivalents in the Group cash flow statement are reported net of overdrafts.

Notes to the financial statements (continued)

for the year ended 31 March 2011

17. Reconciliation of cash generated from operations to operating cash flow (non-GAAP measure)

	Notes	2011	2010
			(Re-presented)
			(Note 2)
		US$m	US$m
Cash generated from operations	16(a)	1,374	1,157
Purchase of property, plant and equipment		(74)	(58)
Purchase of other intangible assets	16(c)	(300)	(256)
Sale of property, plant and equipment		7	30
Dividends received from continuing associates		1	-
Cash outflow in respect of exceptional items	16(e)	20	62
Operating cash flow		1,028	935

18. Analysis of net debt (non-GAAP measure)

	2011	2010
(a) Analysis of net debt:	US$m	US$m
Cash and cash equivalents (net of overdrafts)	408	163
Bank deposits with maturity greater than three months	14	44
Derivatives hedging loans and borrowings	(6)	(2)
Debt due within one year	(3)	-
Finance leases	(4)	(8)
Debt due after more than one year	(1,910)	(1,824)
Net debt	(1,501)	(1,627)

(b) Net debt by balance sheet caption:
Cash and cash equivalents	408	175
Loans and borrowings (current)	(6)	(17)
Loans and borrowings (non-current)	(1,921)	(1,834)
Net debt by balance sheet caption	(1,519)	(1,676)
Bank deposits within financial assets	14	44
Accrued interest	10	7
Derivatives hedging loans and borrowings	(6)	(2)
Net debt	(1,501)	(1,627)

At 31 March 2011, the Group had committed borrowing facilities of US$1,700m (2010: US$2,530m) which expire more than two years after the balance sheet date, of which US$1,700m (2010: US$1,932m) was undrawn.

During the year ended 31 March 2011, the Group issued bonds with a nominal value of £400m.

19. Called up share capital and share premium account

	Number of shares	Called up share capital	Share premium account
	million	US$m	US$m
At 1 April 2009	1,025.3	102	1,449
Shares issued under share incentive plans	0.8	-	4
At 31 March 2010	1,026.1	102	1,453
Shares issued under share incentive plans	1.0	-	7
At 31 March 2011	1,027.1	102	1,460

During the year ended 31 March 2011, the Group carried out its share buy-back programme and, in this connection, bought back some 38m shares in the Company at a cost of US$334m. Such shares are held in Treasury and the cost is accordingly deducted from other reserves in the Group balance sheet. Net share purchases in the year are detailed in note 16(d).

Notes to the financial statements (continued)

for the year ended 31 March 2011

20. Acquisitions

The Group made five acquisitions during the year, in connection with which provisional goodwill of US$201m has been recognised based on the fair value of the net assets acquired of US$93m. These transactions included the purchase of substantially all the assets of Mighty Net, Inc on 21 September 2010 for a consideration of US$208m. This acquisition supports Experian's strategy by leveraging key new consumer brands in its Interactive business in North America. The Group has also consolidated the acquisition of a small entity in China acquired during the year although it has no direct equity holding in this business. The entity is controlled through operating agreements established as part of the acquisition structure and arrangements with its nominee shareholder.

In aggregate, the acquired businesses contributed revenue of US$67m and profit after tax of US$3m to the Group for the periods from their respective acquisition dates to 31 March 2011, including revenue of US$60m and profit after tax of US$4m in respect of Mighty Net, Inc. If these acquisitions had been completed on 1 April 2010, further revenue of US$78m would have been reported including US$53m in respect of Mighty Net, Inc. It has been impracticable to estimate the impact on Group profit after tax had the acquired entities been owned from 1 April 2010, as their accounting policies and period end dates did not accord with those of the Group prior to their acquisition. As indicated in note 8, acquisition expenses have been charged to the Group income statement.

Details of the net assets acquired at provisional fair values are given below.

	Mighty Net, Inc	Other acquisitions	Total
	US$m	US$m	US$m
Intangible assets	80	37	117
Trade and other receivables	2	7	9
Cash and cash equivalents	-	6	6
Trade and other payables	(12)	(17)	(29)
Deferred tax liabilities	-	(10)	(10)
	70	23	93
Goodwill	138	63	201
	208	86	294

Satisfied by:
Cash	208	69	277
Deferred consideration	-	11	11
Recognition of non-controlling interest	-	6	6
	208	86	294

The fair values above contain certain provisional amounts which will be finalised no later than one year after the date of acquisition. Provisional amounts have been included at 31 March 2011 as a consequence of the timing and complexity of the acquisitions. Fair value adjustments in respect of acquisitions made during the year resulted in an increase in book value of US$103m and arose principally in respect of acquisition intangibles. At the dates of acquisition, the gross contractual amounts receivable in respect of trade and other receivables amounted to US$9m which was expected to be collected in full. Goodwill represents the synergies, assembled workforce and future growth potential of the businesses acquired and of the amount arising in the year some US$138m is expected to be deductible for tax purposes.

There have been no material gains, losses, error corrections or other adjustments recognised in the year ended 31 March 2011 that relate to acquisitions in the current or previous years. Contingent consideration settled during the year on acquisitions made in previous years was US$25m.

21. Assets and liabilities classified as held for sale

During the year ended 31 March 2010, approval was given to a number of small disposals and accordingly the assets and liabilities of the businesses involved were classified as held for sale at 31 March 2010. The disposals were completed in the year ended 31 March 2011 and the resulting loss was US$21m (note 8).

22. Related parties

Disclosures in respect of FARES, the Group's only individually material associate during the year, are given in note 11. There were no other material related party transactions during the year.

Notes to the financial statements (continued)

for the year ended 31 March 2011

23. Contingencies

There are a number of pending and threatened litigation claims involving the Group in North America and Latin America which are being vigorously defended. The directors do not believe that the outcome of any such pending or threatened litigation will have a materially adverse effect on the Group's financial position. However, as is inherent in legal proceedings, there is a risk of outcomes unfavourable to the Group. In the case of unfavourable outcomes the Group would benefit from applicable insurance recoveries.

24. Events occurring after the end of the reporting period

Details of the second interim dividend approved since the end of the reporting period are given in note 13.

On 3 May 2011, Experian announced that it had signed a definitive agreement to acquire a majority stake in Computec S.A., a leading Latin American credit services information provider, based in Colombia. The offer price is equivalent to a valuation of the whole of the equity of some US$400m. The transaction is subject to regulatory approval and the launching of a delisting tender offer, and is expected to complete in the second half of this calendar year.

On 5 May 2011, Experian announced an agreement to establish a credit bureau with six of Australia's leading financial institutions to provide consumer and business credit information in Australia. The formation of the joint venture is subject to regulatory approval, on receipt of which the joint venture company will be established with initial gross assets of A$30m. Experian will own 76% of the entity.

Since the balance sheet date, the Group has also completed two individually immaterial acquisitions. On 1 April 2011, the Group purchased a further 40% interest in DP Information in Singapore and it now holds a controlling interest in this undertaking. On 10 May 2011, the Group acquired the whole of the issued share capital of SafetyWeb, Inc, a provider of identity management services in North America. The stake was acquired from SafteyWeb's founding shareholders and private equity partners. At 31 March 2011 SafetyWeb, Inc had gross assets of US$3m. A summary of the provisional net assets acquired and goodwill in respect of these acquisitions is given below.

	US$m
Total assets	44
Total liabilities	(8)
	36
Goodwill	28
	64

Satisfied by:
Cash	36
Fair value of existing stake in associate	23
Recognition of non-controlling interest	5
	64

Goodwill represents the synergies, assembled workforce and future growth potential of the businesses acquired and, of the above amount, some US$7m is expected to be deductible for tax purposes.

25. Company website

The Company has a website which contains up-to-date information on Group activities and published financial results. The directors are responsible for the maintenance and integrity of statutory and audited information on this website. The work carried out by the auditors does not involve consideration of these matters and, accordingly, the auditors accept no responsibility for any changes that may have occurred to the preliminary announcement since it was initially presented on the website. Jersey legislation and the United Kingdom regulation governing the preparation and dissemination of financial information may differ from requirements in other jurisdictions.

Notes to the financial statements (continued)

for the year ended 31 March 2011

26. Risks and uncertainties

Experian has a risk management framework which provides a structured and consistent process for identifying, assessing and responding to risks in relation to the Group's strategy and business objectives including the Group's strategic focus on data and analytics, driving profitable growth and optimising capital efficiency.

Risk management operates at all levels throughout the Group, across geographies, business lines, and operational support functions. The Board is ultimately responsible for risk management, which includes the Group's risk governance structure and maintaining an appropriate internal control framework. Management's responsibility is to manage risk on behalf of the Board. By reporting regularly to the Board and to the Audit Committee, the Group's internal audit and the global risk management functions provide support to the Board in maintaining effective risk management across the Group.

Risk management framework

Effective management of risk and opportunity is essential to the delivery of the Group's objectives, achievement of sustainable shareholder value and protection of its reputation. Experian has an established global risk management process which has operated throughout the year ended 31 March 2011. The framework enables the risks of the Group to be identified, analysed, evaluated, controlled, monitored and reported. In doing so the main functions of the Board are supported by:

· identifying and managing risk in alignment with the Group's strategic objectives, corporate responsibility strategy and the long-term value drivers in the business; and

· enabling management to demonstrate a responsible and proactive, embedded approach to risk management.

The key aspects of the Experian risk management framework are:

· Defined and communicated business principles and strategies

· Clear Group objectives, supported by financial and non-financial key performance indicators ('KPIs')

· Standardised process to identify, evaluate and manage significant risks on an ongoing basis

· Control reviews and follow-ups performed by management, internal audit and third parties

· Budgetary controls and monthly performance reviews, including achievement of objectives and KPIs

· Regional risk management committees with local oversight of risk management processes

· Executive risk management committee with global oversight of risk management processes

· Regular reporting on risk to the Audit Committee by senior management

· Regular risk updates to the Board.

Notes to the financial statements (continued)

for the year ended 31 March 2011

26. Risks and uncertainties (continued)

Risk factors

The following information sets out the risk factors which the Group believes could cause its future results to differ materially from expected results. However, other factors could also adversely affect the Group's results and so the factors discussed below should not be considered to be a complete set of all potential risks and uncertainties.

The Group's approach to identifying, assessing, managing and reporting risks is formalised in its risk management framework described in this section. Risks that the Group faces are critically evaluated throughout the year. Product/service or technology obsolescence has been added as a principal risk in recognition of innovation being integral to Experian's success.

a) Principal risks

i) Risk area - Loss or inappropriate usage of data

Potential impact -The Group's business requires the appropriate and secure utilisation of consumer and other sensitive information by its business units or its third party partners. Internet-based electronic commerce requires the secure transmission of confidential information over public networks, and several of our products are accessed through the internet. Security breaches in connection with maintaining data and the delivery of our products and services could harm our reputation, business and operating results.

Mitigation strategies -The Group has established rigorous information security policies, standards, procedures, and recruitment and training schemes, which are embedded throughout its business operations. The Group also screens new third party partners carefully and conducts targeted audits on their operations. Continued investments are made in IT security infrastructure, including the significant use of data and communications encryption technology.

ii) Risk area - Dependence upon third parties to provide data and certain operational services

Potential impact - The Group's business model is dependent upon third parties to provide data and certain operational services, the loss of which could significantly impact the quality of and demand for our products. Similarly, if one or more of our outsource providers, including third parties with whom we have strategic relationships, were to experience financial or operational difficulties, their services to us would suffer or they may no longer be able to provide services to us at all, significantly impacting delivery of our products or services.

Mitigation strategies - The Group's legal, regulatory and government affairs departments work closely with senior management to adopt strategies to help secure and maintain access to public and private information. The Group's global strategic sourcing department works closely with senior management to select and negotiate agreements with strategic suppliers based on criteria such as delivery assurance and reliability.

iii) Risk area - Exposure to legislation or regulatory reforms

Potential impact - Legislative, regulatory and judicial systems in the countries in which the Group operates are responding to changing societal attitudes about how commercial entities collect, manage, aggregate, use, exchange and sell data. Some proposed changes may adversely affect the Group's ability to undertake these activities in a cost effective manner. The growing ubiquity of the internet drives public concerns about how consumer information is collected and used for marketing, risk management and fraud detection. These concerns may result in new laws, regulations and enforcement practices, or pressure upon industries to adopt new self-regulation. In addition, the Group is subject to changes in specific countries' tax laws. Our future effective tax rates could be adversely affected by changes in tax laws.

Mitigation strategies - The Group's legal, regulatory and government affairs departments work closely with senior management to adopt strategies and educate lawmakers, regulators, consumer and privacy advocates, industry trade groups and other stakeholders in the public policy debate. This includes negotiating, advocating and promoting new industry self-regulatory standards, when appropriate, to address consumer concerns about privacy and information sharing. In addition, the Group retains internal and external tax professionals that monitor the likelihood of future tax changes. These risks are generally outside the control of the Group.

Notes to the financial statements (continued)

for the year ended 31 March 2011

26. Risks and uncertainties (continued)

iv) Risk area - Regulatory compliance

Potential impact - The Group's businesses must comply with federal, regional, provincial, state and other jurisdictional regulations and best practice. These include rules that authorise and prescribe credit reporting protocols, as well as general information privacy, anti-corruption and information security requirements. Non-compliance could lead to penalties, increased prudential requirements, enforced suspension of operations or, in extreme cases, withdrawal of authorisations to operate.

Mitigation strategies - To the best of Experian's knowledge, the Group is in compliance with data protection requirements in each jurisdiction in which it operates. The Group's regulatory compliance departments work closely with the businesses to adopt strategies to help ensure compliance with jurisdictional regulations and identified business ethics which includes active monitoring of its collection and use of personal data. Risk based procedures have been developed to ensure compliance with the UK Bribery Act 2010.

v) Risk area - Product/service or technology obsolescence

Potential impact - Without the timely introduction of new or enhanced products and services, the Group's offerings will become technologically or commercially obsolete over time. Without continued investments in our technology infrastructure, the Group may not be able to support changes in the way our businesses and clients use and purchase information. In either case, revenue and operating results would suffer.

Mitigation strategies - Product innovation is a key driver of growth for Experian in all our markets and we have continued to invest strongly in new data sources and new analytical products, together with the platforms that support their worldwide delivery. Over 10% of Group revenues come from products developed during just the past five years. In addition, nearly 20% of our global costs are in IT and data. Detailed competitive and market analyses are performed which provide the foundation of a rigorous product and services investment identification and selection process.

vi) Risk area - Interruptions in business processes or systems

Potential impact - The Group's ability to provide reliable services largely depends on the efficient and uninterrupted operation of our computer network systems, data and call centres, as well as maintaining sufficient staffing levels. System or network interruptions, or the significant reduction in key staff or management resulting from a pandemic outbreak, could delay and disrupt our ability to develop, deliver or maintain our products and services, causing harm to our business and reputation and resulting in loss of clients or revenue.

Mitigation strategies - The Group has strict standards, procedures and training schemes for physical security. Comprehensive business continuity plans and incident management programmes are maintained to minimise business and operational disruptions including pandemic incidents. The Group maintains full duplication of all information contained in databases and runs back-up data centres. Support arrangements, strict standards, procedures and training schemes for business continuity have been established with third party vendors. The Group also monitors potential pandemic threats and adjusts action plans.

vii) Risk area - Dependence on recruitment and retention of highly skilled personnel

Potential impact - The ability of the Group to meet the demands of the market and compete effectively with other IT suppliers is, to a large extent, dependent on the skills, experience and performance of its personnel. Demand is high for individuals with appropriate knowledge and experience in the IT and business services market. The inability to attract, motivate or retain key talent could have a serious consequence on the Group's ability to service client commitments and grow our business.

Mitigation strategies - Effective recruitment programmes are ongoing across all business areas, as well as personal and career development initiatives. Talent identification and development programmes have been implemented and are reviewed annually. Compensation and benefits programmes are competitive and also regularly reviewed.

Notes to the financial statements (continued)

for the year ended 31 March 2011

26. Risks and uncertainties (continued)

b) Other risks

i) Risk area - Exposure to consolidation among clients and markets

Potential impact - The financial services, mortgage, retail and telecommunications industries are intensely competitive and have been subject to consolidation in recent years. Consolidation in these and other industries could result in reductions in the Group's revenue and profits through price compression from combined service agreements or through a reduced number of clients.

Mitigation strategies - No single client accounts for more than 2% of the Group's revenue, which reduces the probability of this potential risk having a significant impact on the Group's business. In addition, the Group continues to expand in other market segments such as the public sector, telecoms, utilities and healthcare, as well as invest in a wide range of countercyclical products and solutions, across all relevant business lines.

ii) Risk area - Exposure to material adverse litigation

Potential impact - The Group is involved in litigation claims in the United States and Latin America, including a number of class actions in the United States. As is inherent in such proceedings, outcomes cannot be predicted with certainty and there is a risk of unfavourable outcomes to the Group.

Mitigation strategies - The Group vigorously defends all pending and threatened litigation claims. The Group retains internal and external legal professionals to assist in the effective management and disposal of litigation proceedings. Insurance coverage is maintained against litigation risks where such coverage is feasible and appropriate.

iii) Risk area - Exposure to country and regional risk (political, financial, economic, social) particularly in the United States and United Kingdom

Potential impact - The Group's global footprint subjects its businesses to economic, political and other risks associated with international sales and operations. A variety of factors, including changes in a specific country's or region's political, economic, or regulatory requirements, as well as the potential for geopolitical turmoil, including terrorism and war, could result in loss of services, prevent our ability to respond to agreed service levels or fulfil other obligations. These risks are generally outside the control of the Group.

Mitigation strategies - The Group's portfolio is diversified by geography, by product, by sector and by client in order to protect itself against many of these fluctuations, especially those that are restricted to individual territories and market sectors. The Group operates in 41 countries and derives 29% of revenue from outside the United States and the United Kingdom.

iv) Risk area - Strategic investments including acquisitions and other organic initiatives may not meet expectations

Potential impact - The Group continues to expand its global reach and extend its capabilities through a combination of acquisitions, strategic alliances/joint venture and organic strategic investments. The contributions of these businesses and initiatives to the Group may result in financial outcomes that are different than expected.

Mitigation strategies - The Group assesses all acquisitions rigorously, using both internal and external professional advisors. In addition, the Group conducts extensive post-acquisition and organic investment reviews to ensure performance remains consistent with business plans.

v) Risk area - Exposure to the unpredictability of financial markets (foreign exchange, interest rate and other financial risks)

Potential impact - As the Group operates on an international basis, it is exposed to the risk of currency fluctuations and the unpredictability of financial markets in which it operates.

Mitigation strategies - The Group's financial risk management focuses on the unpredictability of financial markets and seeks to minimise potentially adverse effects on the Group's financial performance.

Notes to the financial statements (continued)

for the year ended 31 March 2011

26. Risks and uncertainties (continued)

vi) Risk area - Exposure to increasing competition

Potential impact - The Group operates in a number of geographic, product and service markets that are highly competitive. The competitor environment continues to be dynamic with new entrants that may have scale, integration capability and partner networks. Competitors may develop products and services that are superior to ours or that achieve greater market acceptance than our products and services which could result in the loss of clients or reduction in revenue.

Mitigation strategies - The Group is committed to continued research and investment in new data sources, people, technology and products to support its strategic plan. For example, Experian was the first and is to date the only major credit reporting agency to include residential rental payment data in US credit reports following the acquisition of RentBureau in June 2010. RentBureau is the largest and most widely used credit bureau for the US apartment rental industry.

vii) Risk area - Loss or infringement of intellectual property rights

Potential impact - The Group's success depends, in part, upon proprietary products and/or services and related intellectual property rights. The extent to which intellectual property rights can be protected varies in different jurisdictions. Third parties may claim that the Group is infringing their intellectual property rights or our intellectual property rights could be infringed by third parties. If the Group does not enforce our intellectual property rights successfully, our competitive position may suffer, which could harm our operating results.

Mitigation strategies - The Group, where appropriate and feasible, relies upon a combination of patent, copyright, trademark and trade secret laws, as well as various contractual restrictions, to protect our proprietary products and services and continues to monitor this situation. The Group also vigorously defends all third party infringement claims.

Statement of directors' responsibilities

The directors confirm that, to the best of their knowledge, the financial statements are prepared in accordance with the applicable set of accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the Group taken as a whole; and the management report includes a fair review of the development and performance of the business and the position of the Company and the Group taken as a whole, and a description of the principal risks and uncertainties that they face is included in note 26.

At the date of this statement, the names of the directors in office are those listed in the Experian annual report 2010. Sir Alan Rudge was appointed Deputy Chairman during the year. The functions of the other directors remain unchanged.

By order of the Board

Charles Brown

Company Secretary

17 May 2011

This information is provided by RNS

The company news service from the London Stock Exchange

END

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Preliminary results for year ended 31 March 2011

Preliminary results for the year ended 31 March 2011

Highlights

Roundings

North America

Benchmark PBT

Profit before tax

Profit after tax from continuing operations

Benchmark earnings (non-controlling interests)

Benchmark earnings

Benchmark EPS (US cents)

Credit Services

Decision Analytics

Marketing Services

Interactive

For North America, EBIT was US$610m, an increase of 7% in the year. EBIT margin was 27.1% (2010: 27.8%). As expected, margin was impacted by reinstatement of certain employee benefits suspended during the downturn, negative business mix and one-off items in the prior-year comparative.

Credit Services

Decision Analytics and Marketing Services

Decision Analytics

Interactive

Credit Services

Decision Analytics

Marketing Services

Revenue

Total - continuing activities

Total

EBIT

Total - continuing activities

Year ended 31 March

Revenue

Tax

Profit/(loss) after tax for the year from continuing operations

Attributable to:

Owners of Experian plc

Non-controlling interests

Profit/(loss) after tax for the year from continuing operations

Earnings/(loss) per share - basic

Effective rate of tax

Revenue

Data and information technology costs

Operating profit

Profit before tax

Profit after tax for the financial year from continuing operations

Profit for the financial year from discontinued operations

Profit for the financial year

Total other comprehensive income for the financial year, net of tax (note 10)

224

199

Total comprehensive income for the financial year, net of tax

Total comprehensive income for the financial year, net of tax

847

835

Non-GAAP measures

Reconciliation of profit before tax to Benchmark PBT

Benchmark PBT - continuing operations

Current assets

Net assets

Equity

Total equity

-

-

-

-

-

(37)

86

49

-

49

-

-

(251)

-

(251)

(56)

(307)

-

12

-

12