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Thomson Reuters Reports Full-Year and Fourth-Quarter 2012 Results


Thomson Reuters Reports Full-Year and Fourth-Quarter 2012 Results

- Revenues grew 3% for full year and 2% for fourth quarter, before currency

- Adjusted EBITDA margin up 100 basis points for full year and up 240 basis points for fourth quarter

- Underlying operating profit margin down 130 basis points for full year and up slightly for fourth quarter

- Full-year adjusted EPS was $2.12, up 8% and fourth-quarter adjusted EPS was $0.60, up 11%

- Board approved $0.02 annual dividend increase to $1.30 per share

- 2013 Outlook provided

NEW YORK, Feb. 13, 2013 /CNW/ - Thomson Reuters (TSX / NYSE: TRI), the world's leading source of intelligent information for businesses and professionals, today reported results for the full year and fourth quarter ended December 31, 2012. The company reported full-year revenues from ongoing businesses of $12.9 billion, a 3% increase before currency. Adjusted EBITDA increased 5% from the prior year and the corresponding margin was 27.4% versus 26.4% in 2011. Underlying operating profit decreased 5% and the corresponding margin was 18.6% versus 19.9% in the prior year.

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

For the fourth quarter, the company reported revenues from ongoing businesses of $3.4 billion, a 2% increase before currency. Adjusted EBITDA margin of 28.2% and underlying operating profit margin of 19.6% were both up versus the fourth quarter of 2011.

Full-year adjusted earnings per share (EPS) were $2.12, up $0.16 from the prior year while fourth-quarter adjusted EPS was $0.60, up $0.06 from the prior-year period.

"2012 was a watershed year for us," said James C. Smith, chief executive officer of Thomson Reuters.

"First and foremost, we achieved our targets for the full year for revenues, profit and free cash flow. Given the headwinds we faced in 2012, that performance reaffirmed just how strong this business really is."

"2012 will best be known as the year we turned the tide in our Financial & Risk business. I said last year that our journey would entail a multi-quarter turnaround; we are halfway through that process. We laid the groundwork for future success with solid improvements in product quality, customer service and execution capabilities."

"We enter 2013 with more confidence and a much stronger foundation."

Consolidated Financial Highlights – Full-Year Results


                           Twelve Months Ended December 31,
                           (Millions of U.S. dollars, except EPS and
                           margins)

IFRS Financial Measures    2012    2011    Change

Revenues                   $13,278 $13,807 -4%

Operating profit (loss)(1) $2,651  ($705)  nm(2)

Diluted earnings (loss)    $2.49   ($1.67) nm(2)
per share (EPS)(1)

Cash flow from operations  $2,704  $2,597  4%



Non-IFRS Financial                                Change Before
Measures(3)                2012    2011    Change
                                                  Currency

Revenues from ongoing      $12,899 $12,743 1%     3%
businesses

Adjusted EBITDA            $3,529  $3,368  5%     6%

Adjusted EBITDA margin     27.4%   26.4%   100bp  90bp

Underlying operating       $2,405  $2,541  -5%    -4%
profit

Underlying operating       18.6%   19.9%   -130bp -130bp
profit margin

Adjusted earnings per      $2.12   $1.96   8%
share (EPS)

Free cash flow             $1,737  $1,602  8%

Free cash flow from        $1,667  $1,387  20%
ongoing businesses
    --  Revenues from ongoing businesses were $12.9 billion, a 3%
        increase before currency.
    --  Adjusted EBITDA increased 5% and the corresponding margin
        increased to 27.4% versus 26.4% in the prior year driven by
        higher revenues, the elimination of integration expenses in
        2012 and the continued focus on cost containment, partially
        offset by investments in customer service and customer
        administration.
    --  Underlying operating profit decreased 5% and the corresponding
        margin was 18.6% versus 19.9% in the prior year due to higher
        depreciation and amortization expense related to recent
        acquisitions and new product launches.
    --  Adjusted EPS was $2.12 compared to $1.96 in the prior year. The
        increase was primarily attributable to the elimination of
        integration expenses and a lower tax rate, partially offset by
        lower underlying operating profit. Foreign exchange had a $0.04
        negative impact on adjusted EPS.
    --  Free cash flow was $1.7 billion, up 8% compared to the prior
        year. Free cash flow from ongoing businesses was $1.7 billion,
        up 20% from 2011.

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

(1) In 2011, operating loss and diluted loss per share included a $3.0 billion 
non-cash goodwill impairment charge. This charge is excluded from adjusted 
earnings, adjusted EBITDA and underlying operating profit.  (2) nm – not 
meaningful (3) These and other non-IFRS financial measures are defined and 
reconciled to the most directly comparable IFRS measures in the tables 
appended to this news release. Additional information is provided in the 
explanatory footnotes to the appended tables.

Full-Year Business Segment Highlights

Financial & Risk
    --  Revenues were up 1% (-1% organic) from the prior year as growth
        in Trading's Commodities & Energy and Elektron Managed Services
        businesses, Investors Enterprise Content business and
        Marketplaces Tradeweb and FXall businesses was offset by
        weakness in other segments, primarily Trading's Equities
        business and Investors Investment Management business.
        Governance, Risk & Compliance grew 43% (17% organic).
    --  EBITDA of $1.8 billion declined 7% and the related margin
        declined 140 basis points versus the prior year driven by a 1%
        decline in organic revenue and continued investments into the
        business.
    --  Operating income of $1.2 billion declined 13% and the related
        margin declined 220 basis points versus the prior year due to a
        decline in organic revenue and a $50 million increase in
        depreciation and amortization primarily from new product
        launches and investments made in prior periods.

Trading
    --  Revenues decreased 3% with growth in Commodities & Energy, Data
        Feeds and Elektron Managed Services offset by legacy desktop
        cancellations primarily in Equities and Fixed Income.
    --  Recoveries revenues were flat.

Investors
    --  Revenues declined 1%. A 10% increase in Enterprise Content and
        a 1% increase in Wealth Management were offset by a 7% decline
        in Investment Management (due to the impact of negative net
        sales) and a 2% decline in Corporates.

Marketplaces
    --  Revenues increased 8% (1% organic) driven by the acquisition of
        FXall and a 19% increase (5% organic) in Tradeweb (due to the
        acquisition of Rafferty in 2011).

Governance, Risk & Compliance
    --  Revenues grew 43% (17% organic) to $219 million driven by new
        sales and continued strong demand for risk and compliance
        solutions.

Legal
    --  Revenues increased 3% (1% organic). US Law Firm Solutions grew
        1% driven by a 12% increase in Business of Law (FindLaw and
        Elite), offset by a 2% decline in research-related revenues.
        Corporate, Government & Academic and Risk & Compliance revenues
        increased 3%. Global businesses grew 8% with solid growth in
        Latin America.
    --  US print revenues declined 5% as firms continued to control
        discretionary spending. Excluding US print, revenues grew 5%
        (3% organic).
    --  EBITDA increased 3% and the corresponding margin was 37.8%
        compared to 37.6% in the prior year.
    --  Operating profit increased 2% and the corresponding margin was
        29.3% compared to 29.2% in the prior year.

Tax & Accounting
    --  Revenues increased 16% (5% organic) driven by acquisitions and
        strong growth from the ONESOURCE suite and software sales to
        accounting firms. Government (5% of total revenues) declined
        29% and was the only business within Tax & Accounting that saw
        organic revenues decline as the number of new government
        contracts slowed.
    --  EBITDA increased 13% and the related margin decreased 40 basis
        points to 31.2%. Excluding Government, EBITDA rose 20% and the
        related margin increased more than 100 basis points.
    --  Operating profit increased 10% and the related margin decreased
        100 basis points to 21.6% due to software amortization from
        acquisitions. Excluding Government, operating profit rose 22%
        and the related margin increased more than 100 basis points.

Intellectual Property & Science
    --  Revenues were up 6% (3% organic), driven by strong subscription
        growth (up 9%), somewhat offset by a decline in transactional
        revenues (down 4%). IP Solutions grew 3%, Life Sciences
        increased 5% and Scientific & Scholarly Research increased 2%.
    --  EBITDA increased 2% with the corresponding margin declining 80
        basis points to 33.9% primarily due to the dilutive impact of
        the MarkMonitor acquisition and the decline in high-margin
        transaction revenues.
    --  Operating profit decreased 1% with the corresponding margin
        declining 150 basis points to 26.3%. The decline in the margin
        reflected the same items that impacted the EBITDA margin as
        well as an increase in depreciation and amortization due to
        products released in the second half of 2011.

Consolidated Financial Highlights – Fourth-Quarter Results
                           Three Months Ended December 31,
                           (Millions of U.S. dollars, except EPS and
                           margins)

IFRS Financial Measures    2012   2011     Change

Revenues                   $3,399 $3,577   -5%

Operating profit (loss)(1) $557   ($2,593) nm(2)

Diluted earnings (loss)    $0.45  ($3.11)  nm(2)
per share (EPS)(1)

Cash flow from operations  $954   $942     1%



Non-IFRS Financial                                Change Before
Measures(3)                2012   2011     Change
                                                  Currency

Revenues from ongoing      $3,358 $3,308   2%     2%
businesses

Adjusted EBITDA            $948   $852     11%    13%

Adjusted EBITDA margin     28.2%  25.8%    240bp  260bp

Underlying operating       $658   $646     2%     3%
profit

Underlying operating       19.6%  19.5%    10bp   20bp
profit margin

Adjusted earnings per      $0.60  $0.54    11%
share (EPS)

Free cash flow             $707   $669     6%

Free cash flow from        $698   $602     16%
ongoing businesses
    --  Revenues from ongoing businesses were $3.4 billion, a 2%
        increase before currency.
    --  Adjusted EBITDA increased 11% and the corresponding margin was
        28.2% versus 25.8% in the prior-year period. The margin
        improvement was driven by the elimination of integration
        expenses, lower reorganization costs and continued cost
        containment, partially offset by flat organic revenue growth.
    --  Underlying operating profit increased 2% and the corresponding
        margin was 19.6% versus 19.5% in the prior-year period driven
        by continued cost containment and lower reorganization costs,
        offset in part by flat organic revenue growth and higher
        depreciation and amortization expense (40 basis point impact)
        from investments made in prior periods.
    --  Adjusted EPS was $0.60, an increase of $0.06 from the
        prior-year period. Higher underlying operating profit and the
        elimination of integration expenses were partially offset by a
        higher tax rate. Foreign exchange had a $0.01 negative impact
        on adjusted EPS.

(1) In 2011, operating loss and diluted loss per share included a $3.0 billion 
non-cash goodwill impairment charge. This charge is excluded from adjusted 
earnings, adjusted EBITDA and underlying operating profit.  (2) nm – not 
meaningful (3) These and other non-IFRS financial measures are defined and 
reconciled to the most directly comparable IFRS measures in the tables 
appended to this news release. Additional information is provided in the 
explanatory footnotes to the appended tables.

Fourth-Quarter Business Segment Highlights

Financial & Risk
    --  Revenues were up 1% versus the prior-year period as the benefit
        from acquisitions was offset by a 1% decline in organic growth.
        Growth in Marketplaces and Governance, Risk & Compliance was
        offset by a decline in the Trading business. Investors revenues
        were unchanged from the prior-year period.
    --  Recurring subscription-related revenues decreased 1%.
        Transactions-related revenues increased 12% (-1% organic) due
        to acquisitions. Recoveries revenues were flat and Outright
        revenues increased 9%.
    --  By geography, revenues in Europe, Middle East and Africa (EMEA)
        were down 3%, revenues in the Americas were up 6%, while
        revenues in Asia declined 3% primarily related to Japan.
    --  EBITDA was $483 million, up 5%, with a related margin of 26.7%.
        EBITDA margin increased 150 basis points from the prior-year
        period due to effective cost control and the $44 million of
        reorganization charges incurred in the prior-year period that
        did not repeat.
    --  Operating profit was $324 million, up 4%, with a related margin
        of 17.9%. Operating profit margin increased 70 basis points
        related to the same items that impacted the EBITDA margin,
        offset by higher depreciation and amortization primarily from
        new product launches and investments made in prior periods.
    --  Eikon desktops totaled 33,900 at the end of the fourth quarter,
        up approximately 33% from the end of the third quarter of 2012.

Trading
    --  Revenues decreased 3% with growth in Commodities & Energy, Data
        Feeds and Elektron Managed Services offset by legacy desktop
        cancellations primarily in Equities and Fixed Income.
    --  Recoveries revenues were down 3%.

Investors
    --  Revenues were flat versus the prior-year period. Enterprise
        Content grew 9% and Wealth Management grew 5%. This was offset
        by a 7% decline in Investment Management (due to the impact of
        negative net sales) and a 3% decline in Corporates. Investment
        Banking was flat versus the prior-year period.

Marketplaces
    --  Revenues increased 11% (flat organic) driven by the
        acquisitions of FXall and Rafferty in Tradeweb.

Governance, Risk & Compliance
    --  Revenues grew 22% (18% organic) to $61 million.

Legal
    --  Revenues increased 2% (1% organic). US Law Firm Solutions
        declined 1% with Business of Law revenues (FindLaw and Elite)
        growing 6% and research-related revenues declining 3%.
        Corporate, Government & Academic revenues rose 2%. Global
        businesses grew 10% with continued strong performance by Latin
        American operations.
    --  EBITDA was up 5% from the prior-year period and the associated
        margin increased 100 basis points to 38.0%.
    --  Operating profit was up 5% and the related margin was 29.8%
        compared to 28.9% in the prior-year period.
    --  76% of Westlaw revenue was converted to WestlawNext as of the
        end of the fourth quarter.

Tax & Accounting
    --  Revenues increased 4% (1% organic). Excluding Government,
        organic revenues rose 6%.
    --  EBITDA declined 4% and the corresponding margin decreased 260
        basis points to 37.3%. Excluding Government, EBITDA rose 9% and
        the related margin was flat.
    --  35% of full-year 2012 EBITDA was generated in the fourth
        quarter.
    --  Operating profit decreased 6% and the related margin decreased
        300 basis points to 29.3%. Excluding Government, operating
        profit rose 10% and the related margin rose 30 basis points.
    --  39% of full-year 2012 operating profit was generated in the
        fourth quarter.
    --  Small movements in the timing of revenues and expenses can
        impact margins in any given quarter for the Tax & Accounting
        business. Full-year margins are more reflective of the
        segment's underlying performance.

Intellectual Property & Science
    --  Revenues were up 12% (3% organic). Life Sciences increased 6%
        and Scientific & Scholarly Research revenues increased 7%. IP
        Solutions revenues were up 20% related to the MarkMonitor
        acquisition in the third quarter of 2012.
    --  EBITDA increased 5% with the corresponding margin declining 200
        basis points to 33.6% primarily due to the dilutive impact of
        the MarkMonitor acquisition.
    --  Operating profit increased 3% with the corresponding margin
        declining 200 basis points to 26.4%. The decline in the margin
        reflected the same items that impacted the EBITDA margin.
    --  Small movements in the timing of revenues and expenses can
        impact margins in any given quarter for the Intellectual
        Property & Science business. Full-year margins are more
        reflective of the segment's underlying performance.

Corporate & Other (Including Media)

Media revenues for the full year 2012 were $331 million, up 1% from the prior 
year. Corporate & Other costs for the full year 2012 were $270 million, 
unchanged from the prior year.

Fourth-quarter Media revenues were $87 million, up 1% from the prior-year 
period.  Fourth-quarter Corporate & Other costs were $92 million compared to 
$84 million in the prior-year period.

Business Outlook (Before Currency)

Thomson Reuters today issued its business outlook for 2013. The company 
expects:
    --  revenues to grow low single-digits;
    --  adjusted EBITDA margin to range between 26% and 27%;
    --  underlying operating profit margin to range between 16.5% and
        17.5%; and
    --  free cash flow to range between $1.7 billion and $1.8 billion
        in 2013.

Our 2013 business outlook is based on expectations including adjustments for 
two new accounting pronouncements as well as the reclassification of certain 
businesses into disposals. To facilitate comparison with our 2013 outlook, 
Appendix A revises our 2012 actual results to a comparable basis.

The information in this section is forward-looking and should be read in 
conjunction with the section below entitled "Special Note Regarding 
Forward-Looking Statements, Material Assumptions and Material Risks."

Dividend and Share Repurchases

The board of directors approved a $0.02 per share increase in the annual 
dividend to $1.30 per share. A quarterly dividend of $0.325 per share is 
payable on March 15, 2013 to common shareholders of record as of February 25, 
2013. This dividend increase marks the 20th consecutive annual dividend 
increase by the company.

In 2012, the company repurchased 5.9 million shares for an aggregate purchase 
price of $168 million pursuant to its Normal Course Issuer Bid (NCIB). The 
company repurchased 4.3 million shares under the current NCIB program which 
was renewed in May 2012 and authorizes the company to purchase up to 15 
million shares.

Thomson Reuters

Thomson Reuters is the world's leading source of intelligent information for 
businesses and professionals. We combine industry expertise with innovative 
technology to deliver critical information to leading decision makers in the 
financial and risk, legal, tax and accounting, intellectual property and 
science and media markets, powered by the world's most trusted news 
organization. With headquarters in New York and major operations in London and 
Eagan, Minnesota, Thomson Reuters employs approximately 60,000 people and 
operates in over 100 countries. Thomson Reuters shares are listed on the 
Toronto and New York Stock Exchanges (symbol: TRI). For more information, go 
to www.thomsonreuters.com.

NON-IFRS FINANCIAL MEASURES

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

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

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

Certain statements in this news release, including, but not limited to, 
statements in the "Business Outlook (Before Currency)" section and Mr. Smith's 
comments, are forward-looking. These forward-looking statements are based on 
certain assumptions and reflect our company's current expectations. As a 
result, forward-looking statements are subject to a number of risks and 
uncertainties that could cause actual results or events to differ materially 
from current expectations. There is no assurance that the events described in 
any forward-looking statement will materialize. A business outlook is provided 
for the purpose of presenting information about current expectations for 2013. 
This information may not be appropriate for other purposes. You are cautioned 
not to place undue reliance on forward-looking statements which reflect 
expectations only as of the date of this news release. Except as may be 
required by applicable law, Thomson Reuters disclaims any obligation to update 
or revise any forward-looking statements.

The company's 2013 business outlook is based on various external and internal 
assumptions. Economic and market assumptions include, but are not limited to, 
positive GDP growth in the countries where Thomson Reuters operates led by 
rapidly developing economies and a continued increase in the number of 
professionals around the world and their demand for high quality information 
and services. Internal financial and operational assumptions include, but are 
not limited to, continuing operational improvement in the Financial & Risk 
business and the successful execution of the company's ongoing product release 
programs, globalization strategy, other growth initiatives and efficiency 
initiatives.

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

CONTACT

MEDIA                                                                                                               
INVESTORS

Carla Jones                                                                                                         
Frank J. Golden
Senior Vice President                                                                                               
Senior Vice President, Investor Relations

+1 646 223 5288 +1 646 223 5285 frank.golden@thomsonreuters.comcarla.jones@thomsonreuters.com

Thomson Reuters will webcast a discussion of its full-year and fourth-quarter 2012 results today beginning at 8:30 a.m. Eastern Standard Time (EST). You can access the webcast by visiting the "Investor Relations" section of www.thomsonreuters.com. An archive of the webcast will be available following the presentation.

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


              Three Months
              Ended
              December 31,    Change
              2012   2011 (   Total Before   Organic
                     (1))           Currency

Revenues

Trading       $830   $869     -4%   -3%      -3%

Investors     601    606      -1%   0%       -1%

Marketplaces  320    290      10%   11%      0%
( )

Governance,
Risk &        61     50       22%   22%      18%
Compliance

Financial &   1,812  1,815    0%    1%       -1%
Risk

Legal         861    843      2%    2%       1%

Tax &         351    341      3%    4%       1%
Accounting

Intellectual
Property &    250    225      11%   12%      3%
Science

Corporate &
Other         87     87       0%    1%       1%
(includes
Media)

Eliminations  (3)    (3)

Revenues
from ongoing  3,358  3,308    2%    2%       0%
businesses(
(2))

Other
businesses(   41     269
(3))

Revenues      $3,399 $3,577   -5%
                              Change          Margin

Adjusted                      Total Before    2012     2011   Change
EBITDA ((4))                        Currency

Financial &   $483   $458     5%    8%        26.7%    25.2%  150bp
Risk

Legal         327    312      5%    5%        38.0%    37.0%  100bp

Tax &         131    136      -4%   -4%       37.3%    39.9%  -260bp
Accounting

Intellectual
Property &    84     80       5%    5%        33.6%    35.6%  -200bp
Science

Corporate &
Other         (77)   (70)
(includes
Media)

Integration
programs      -      (64)
expenses

Adjusted      $948   $852     11%   13%       28.2%    25.8%  240bp
EBITDA



Underlying
Operating
Profit( )(
(5))

Financial &   $324   $312     4%    7%        17.9%    17.2%  70bp
Risk

Legal         257    244      5%    5%        29.8%    28.9%  90bp

Tax &         103    110      -6%   -6%       29.3%    32.3%  -300bp
Accounting

Intellectual
Property &    66     64       3%    3%        26.4%    28.4%  -200bp
Science

Corporate &
Other         (92)   (84)
(includes
Media)

Underlying
operating     $658   $646     2%    3%        19.6%    19.5%  10bp
profit

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


                 Twelve Months
              Ended
              December 31,     Change
              2012    2011 (   Total Before   Organic
                      (1))           Currency

Revenues

Trading       $3,345  $3,537   -5%   -3%      -3%

Investors     2,416   2,472    -2%   -1%      -2%

Marketplaces  1,213   1,134    7%    8%       1%
( )

Governance,
Risk &        219     154      42%   43%      17%
Compliance

Financial &   7,193   7,297    -1%   1%       -1%
Risk

Legal         3,286   3,221    2%    3%       1%

Tax &         1,206   1,050    15%   16%      5%
Accounting

Intellectual
Property &    894     852      5%    6%       3%
Science

Corporate &
Other         331     336      -1%   1%       1%
(includes
Media)

Eliminations  (11)    (13)

Revenues
from ongoing  12,899  12,743   1%    3%       0%
businesses(
(2))

Other
businesses(   379     1,064
(3))

Revenues      $13,278 $13,807  -4%
                               Change          Margin

Adjusted                       Total Before    2012     2011  Change
EBITDA ((4))                         Currency

Financial &   $1,842  $1,972   -7%   -4%       25.6%    27.0% -140bp
Risk

Legal         1,243   1,210    3%    3%        37.8%    37.6% 20bp

Tax &         376     332      13%   14%       31.2%    31.6% -40bp
Accounting

Intellectual
Property &    303     296      2%    2%        33.9%    34.7% -80bp
Science

Corporate &
Other         (235)   (227)
(includes
Media)

Integration
programs      -       (215)
expenses

Adjusted      $3,529  $3,368   5%    6%        27.4%    26.4% 100bp
EBITDA



Underlying
Operating
Profit( )(
(5))

Financial &   $1,215  $1,396   -13%  -9%       16.9%    19.1% -220bp
Risk

Legal         964     941      2%    2%        29.3%    29.2% 10bp

Tax &         261     237      10%   11%       21.6%    22.6% -100bp
Accounting

Intellectual
Property &    235     237      -1%   -1%       26.3%    27.8% -150bp
Science

Corporate &
Other         (270)   (270)
(includes
Media)

Underlying
operating     $2,405  $2,541   -5%   -4%       18.6%    19.9% -130bp
profit

Thomson Reuters Corporation Reconciliation of Operating Profit (Loss) to 
Adjusted EBITDA( (4) )(millions of U.S. dollars)  (unaudited)
                  Three Months Ended         Twelve Months Ended
                  December 31,               December 31,
                  2012( ) 2011       Change  2012( ) 2011        Change



Operating profit  $557    ($2,593)   nm      $2,651  ($705)      nm
(loss)

Adjustments to
remove:

Goodwill          -       3,010              -       3,010
impairment

Amortization of
other             160     166                619     612
identifiable
intangible assets

Integration       -       64                 -       215
programs expenses

Fair value        15      (37)               36      (149)
adjustments

Other operating
(gains) losses,   (81)    98                 (883)   (204)
net

Operating losses
(profit) from
Other             7       (62)               (18)    (238)

businesses( (1),
(3))

Underlying
operating profit  $658    $646       2%      $2,405  $2,541      -5%
((1))

Adjustments:

Add: integration  -       (64)               -       (215)
programs expenses

Remove:
depreciation and
amortization of
computer

290 270 1,124 1,042 software (excluding Other businesses( (1), (3)))

Adjusted EBITDA ( $948 $852 11% $3,529 $3,368 5% (1))

Underlying operating profit 19.6% 19.5% 10bp 18.6% 19.9% -130bp margin

Adjusted EBITDA 28.2% 25.8% 240bp 27.4% 26.4% 100bp margin

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


                Three Months Ended          Twelve Months Ended
                December 31,                December 31,
                2012 2011           Change   2012( ) 2011        Change



Earnings (loss)
from continuing $385 ($2,604)       nm       $2,121  ($1,396)    nm
operations

Adjustments to
remove:

Tax expense     51   (78)                    157     293
(benefit)

Other finance   4    (4)                     (40)    15
costs (income)

Net interest    95   95                      390     396
expense

Amortization of
other
identifiable    160  166                     619     612
intangible
assets

Amortization of
computer        184  178                     700     659
software

Depreciation    106  114                     429     438

EBITDA          $985 ($2,133)       nm       $4,376  $1,017      nm

Adjustments to
remove:

Share of post
tax earnings
and impairment
in              22   (2)                     23      (13)

equity method
investees

Other operating
(gains) losses, (81) 98                      (883)   (204)
net

Goodwill        -    3,010                   -       3,010
impairment

Fair value      15   (37)                    36      (149)
adjustments

EBITDA from
Other           7    (84)                    (23)    (293)
businesses(
(1), (3))

Adjusted EBITDA $948 $852           11%      $3,529  $3,368      5%
((1))

nm = not meaningful

Thomson Reuters Corporation Reconciliation of Underlying Operating Profit( 
(5)) to Adjusted EBITDA( (4)) by Business Segment (millions of U.S. dollars) 
(unaudited)
             Three Months Ended                Three Months Ended
             December 31, 2012                 December 31, 2011 ((1))
                        Add:
                        Depreciation                      Add:
             Underlying and          Adjusted  Underlying Depreciation Adjusted
                                                          and
             Operating  Amortization EBITDA    Operating  Amortization EBITDA
             Profit                            Profit     of Computer
                        of Computer                       Software **
                        Software
                        ( )**



Financial &  $324       $159         $483      $312       $146         $458
Risk

Legal        257        70           327       244        68           312

Tax &        103        28           131       110        26           136
Accounting

Intellectual
Property &   66         18           84        64         16           80
Science

Corporate &
Other        (92)       15           (77)      (84)       14           (70)
(includes
Media)

Integration
programs     na         na           -         na         na           (64)
expenses
             $658       $290         $948      $646       $270         $852
                Twelve Months Ended               Twelve Months Ended
             December 31, 2012                 December 31, 2011 ((1))
                        Add:
                        Depreciation                      Add:
             Underlying                        Underlying
                        and          Adjusted             Depreciation Adjusted
             Operating                         Operating  and
             Profit     Amortization EBITDA    Profit     Amortization EBITDA
                                                          of Computer
                        of Computer                       Software **
                        Software
                        ( )**



Financial &  $1,215     $627         $1,842    $1,396     $576         $1,972
Risk

Legal        964        279          1,243     941        269          1,210

Tax &        261        115          376       237        95           332
Accounting

Intellectual
Property &   235        68           303       237        59           296
Science

Corporate &
Other        (270)      35           (235)     (270)      43           (227)
(includes
Media)

Integration
programs     na         na           -         na         na           (215)
expenses
             $2,405     $1,124       $3,529    $2,541     $1,042       $3,368

** excludes Other businesses ((1), (3))



na = not applicable

Thomson Reuters Corporation Reconciliation of Earnings (Loss) Attributable to 
Common Shareholders to Adjusted Earnings ((6) )(millions of U.S. dollars, 
except as otherwise indicated and except for per share data) (unaudited)
                                Three Months Ended  Twelve Months Ended
                                December 31,        December 31,
                                2012( ) 2011        2012( ) 2011

Earnings (loss) attributable to $372    ($2,572)    $2,070  ($1,390)
common shareholders

Adjustments to remove:

Goodwill impairment             -       3,010       -       3,010

Goodwill impairment
attributable to non-controlling -       (40)        -       (40)
interests

Operating loss (profit) from    7       (62)        (18)    (238)
Other businesses( (1), (3))

Fair value adjustments          15      (37)        36      (149)

Other operating (gains) losses, (81)    98          (883)   (204)
net

Other finance costs (income)    4       (4)         (40)    15

Share of post tax earnings and
impairment in equity method     22      (2)         23      (13)
investees

Tax on above items              24      (47)        208     143

Interim period effective tax    8       10          -       -
rate normalization( (7))

Discrete tax items              (30)    (72)        (254)   (105)

Amortization of other           160     166         619     612
identifiable intangible assets

Discontinued operations         (3)     (2)         (2)     (4)

Dividends declared on           (1)     (1)         (3)     (3)
preference shares

Adjusted earnings ((1))         $497    $445        $1,756  $1,634

Adjusted earnings per share (   $0.60   $0.54       $2.12   $1.96
(1))



Diluted weighted average common 829.2   829.7       829.6   835.8
shares (in millions)

Thomson Reuters Corporation Reconciliation of Net Cash Provided by Operating 
Activities to Free Cash Flow from Ongoing Businesses( (8) )(millions of U.S. 
dollars) (unaudited)
                                   Three Months Ended  Twelve Months Ended
                                December 31,        December 31,
                                2012  2011          2012   2011

Net cash provided by operating  $954  $942          $2,704 $2,597
activities

Capital expenditures, less      (251) (282)         (977)  (1,041)
proceeds from disposals

Other investing activities      5     10            13     49

Dividends paid on preference    (1)   (1)           (3)    (3)
shares

Free cash flow                  707   669           1,737  1,602

Remove: Other businesses ((1),  (9)   (67)          (70)   (215)
(3))

Free cash flow from ongoing     $698  $602          $1,667 $1,387
businesses ((1))

Footnotes

(1)    Prior-period amounts have been reclassified to reflect the current 
presentation.

(2)    Revenues from ongoing businesses are revenues from reportable segments 
and Corporate & Other (which includes the Media business) less eliminations. 
Other businesses (see note (3) below) are excluded. To facilitate comparison 
of actual results to the 2012 business outlook, ongoing businesses includes 
the Financial & Risk segment's Investor Relations, Public Relations and 
Multimedia businesses (Corporate Services), which were announced for sale in 
December 2012. As our 2013 business outlook is based on expectations excluding 
these businesses, we have provided supplemental 2012 financial information in 
Appendix A, which excludes the results of these businesses.

(3)    Other businesses are businesses that have been or are expected to be 
exited through sale or closure that did not qualify for discontinued 
operations classification, except for Corporate Services (see note (2) above).

(millions of U.S. dollars)    Three Months Ended  Twelve Months Ended
                              December 31,        December 31,

Other businesses              2012 2011           2012 2011

Revenues                      $41  $269           $379 $1,064



Operating (loss) profit       ($7) $62            $18  $238

Depreciation and amortization -    22             5    55
of computer software

EBITDA                        ($7) $84            $23  $293

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

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

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

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

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

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


                       Three Months Ended       Twelve Months Ended
                       December 31,             December 31,
                       2012        2011         2012        2011



Revenues               $3,399      $3,577       $13,278     $13,807

Operating expenses     (2,473)     (2,604)      (9,762)     (9,997)

Depreciation           (106)       (114)        (429)       (438)

Amortization of        (184)       (178)        (700)       (659)
computer software

Amortization of other
identifiable           (160)       (166)        (619)       (612)
intangible assets

Goodwill impairment    -           (3,010)      -           (3,010)

Other operating gains  81          (98)         883         204
(losses), net

Operating profit       557         (2,593)      2,651       (705)
(loss)

Finance costs, net:

Net interest expense   (95)        (95)         (390)       (396)

Other finance (costs)  (4)         4            40          (15)
income

Income (loss) before
tax and equity method  458         (2,684)      2,301       (1,116)
investees

Share of post tax
earnings and
impairment in equity   (22)        2            (23)        13
method

investees

Tax (expense) benefit  (51)        78           (157)       (293)

Earnings (loss) from   385         (2,604)      2,121       (1,396)
continuing operations

Earnings from
discontinued           3           2            2           4
operations, net of tax

Net earnings (loss)    $388        ($2,602)     $2,123      ($1,392)



Earnings (loss)
attributable to:

Common shareholders    372         (2,572)      2,070       (1,390)

Non-controlling        16          (30)         53          (2)
interests



Basic earnings (loss)  $0.45       ($3.11)      $2.50       ($1.67)
per share

Diluted earnings       $0.45       ($3.11)      $2.49       ($1.67)
(loss) per share

Basic weighted average 827,175,200 828,185,741 827,640,398 833,459,452 common shares

Diluted weighted 829,180,975 828,185,741 829,603,780 833,459,452 average common shares

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

____________________________________________________________________ | |December 31,||December 31,| | |____________||____________| | |2012 ||2011 | |_________________________________________|____________||____________| |Assets | || | |_________________________________________|____________||____________| |Cash and cash equivalents |$1,301 ||$422 | |_________________________________________|____________||____________| |Trade and other receivables |1,835 ||1,984 | |_________________________________________|____________||____________| |Other financial assets |72 ||100 | |_________________________________________|____________||____________| |Prepaid expenses and other current assets|641 ||641 | |_________________________________________|____________||____________| |Current assets excluding assets held for |3,849 ||3,147 | |sale | || | |_________________________________________|____________||____________| |Assets held for sale |302 ||767 | |_________________________________________|____________||____________| |Current assets |4,151 ||3,914 | |_________________________________________|____________||____________| | | || | |_________________________________________|____________||____________| |Computer hardware and other property, net|1,423 ||1,509 | |_________________________________________|____________||____________| |Computer software, net |1,682 ||1,640 | |_________________________________________|____________||____________| |Other identifiable intangible assets, net|8,135 ||8,471 | |_________________________________________|____________||____________| |Goodwill |16,256 ||15,932 | |_________________________________________|____________||____________| |Other financial assets |360 ||425 | |_________________________________________|____________||____________| |Other non-current assets |515 ||535 | |_________________________________________|____________||____________| |Deferred tax |50 ||50 | |_________________________________________|____________||____________| |Total assets |$32,572 ||$32,476 | |_________________________________________|____________||____________| | | || | |_________________________________________|____________||____________| |Liabilities and equity | || | |_________________________________________|____________||____________| |Liabilities | || | |_________________________________________|____________||____________| |Current indebtedness |$1,008 ||$434 | |_________________________________________|____________||____________| |Payables, accruals and provisions |2,633 ||2,675 | |_________________________________________|____________||____________| |Deferred revenue |1,224 ||1,379 | |_________________________________________|____________||____________| |Other financial liabilities |95 ||81 | |_________________________________________|____________||____________| |Current liabilities excluding liabilities|4,960 ||4,569 | |associated with assets held for sale | || | |_________________________________________|____________||____________| |Liabilities associated with assets held |35 ||35 | |for sale | || | |_________________________________________|____________||____________| |Current liabilities |4,995 ||4,604 | |_________________________________________|____________||____________| | | || | |_________________________________________|____________||____________| |Long-term indebtedness |6,223 ||7,160 | |_________________________________________|____________||____________| |Provisions and other non-current |2,514 ||2,513 | |liabilities | || | |_________________________________________|____________||____________| |Other financial liabilities |37 ||27 | |_________________________________________|____________||____________| |Deferred tax |1,305 ||1,422 | |_________________________________________|____________||____________| |Total liabilities |15,074 ||15,726 | |_________________________________________|____________||____________| | | || | |_________________________________________|____________||____________| |Equity | || | |_________________________________________|____________||____________| |Capital |10,371 ||10,288 | |_________________________________________|____________||____________| |Retained earnings |8,311 ||7,633 | |_________________________________________|____________||____________| |Accumulated other comprehensive loss |(1,537) ||(1,516) | |_________________________________________|____________||____________| |Total shareholders' equity |17,145 ||16,405 | |_________________________________________|____________||____________| |Non-controlling interests |353 ||345 | |_________________________________________|____________||____________| |Total equity |17,498 ||16,750 | |_________________________________________|____________||____________| |Total liabilities and equity |$32,572 ||$32,476 | |_________________________________________|____________||____________|

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


                                Three Months Ended  Twelve Months Ended
                                December 31,        December 31,
                                2012   2011         2012    2011

Cash provided by (used in):

Operating activities

Net earnings                    $388   ($2,602)     $2,123  ($1,392)

Adjustments for:

Depreciation                    106    114          429     438

Amortization of computer        184    178          700     659
software

Amortization of other           160    166          619     612
identifiable intangible assets

Net (gains) losses on disposals (14)   1            (829)   (388)
of businesses and investments

Goodwill impairment             -      3,010        -       3,010

Deferred tax                    98     27           (118)   (202)

Other                           (20)   (22)         (61)    139

Changes in working capital and  52     70           (159)   (279)
other items( )

Net cash provided by operating  954    942          2,704   2,597
activities



Investing activities

Acquisitions, net of cash       (26)   (172)        (1,301) (1,286)
acquired

Proceeds from (payments for)    94     (90)         1,901   415
disposals, net of taxes paid

Capital expenditures, less      (251)  (282)        (977)   (1,041)
proceeds from disposals( )

Other investing activities      5      10           13      49

Investing cash flows from       (178)  (534)        (364)   (1,863)
continuing operations

Investing cash flows from       -      5            90      56
discontinued operations

Net cash used in investing      (178)  (529)        (274)   (1,807)
activities



Financing activities

Proceeds from debt              -      349          -       349

Repayments of debt              -      (2)          (2)     (648)

Net borrowings (repayments)
under short-term loan           1      (663)        (422)   400
facilities

Repurchases of common shares    -      (7)          (168)   (326)

Dividends paid on preference    (1)    (1)          (3)     (3)
shares

Dividends paid on common shares (255)  (248)        (1,021) (960)

Other financing activities      13     (8)          65      (39)

Net cash used in financing      (242)  (580)        (1,551) (1,227)
activities



Translation adjustments on cash (2)    -            -       (5)
and cash equivalents

Increase (decrease) in cash and 532    (167)        879     (442)
cash equivalents

Cash and cash equivalents at    769    589          422     864
beginning of period

Cash and cash equivalents at    $1,301 $422         $1,301  $422
end of period
    Appendix A

The following supplemental information is provided to facilitate comparison to 
our 2013 business outlook which is based on expectations including the 
adjustments described in note 1 to this appendix.

Thomson Reuters Corporation 2012 Supplemental Information ((1),(2) )(millions 
of U.S. dollars,  except per share amounts) (unaudited)

 __________________________________________________________________
|           |Twelve  |         ||                    ||            |
|           |        |         ||                    ||Twelve      |
|           |Months  |         ||                    ||            |
|           |Ended   |         ||                    ||Months Ended|
|           |        |         ||                    ||            |
|           |December|         ||                    ||December 31,|
|           |31,     |         ||                    ||            |
|___________|________|_________||____________________||____________|
|           |2012    |         ||IFRS Accounting     ||2012        |
|           |        |         ||Amendments          ||            |
|___________|________|_________||____________________||____________|
|Non-IFRS   |        |Less:    ||Joint   |           ||            |
|Financial  |Actual  |         ||ventures|Pension    ||Revised     |
|Measures   |        |Disposals||        |           ||            |
|___________|________|_________||________|___________||____________|
|Revenues   |        |         ||        |           ||            |
|from       |        |         ||        |           ||            |
|ongoing    |$12,899 |(310)    ||(146)   |-          ||$12,443     |
|businesses |        |         ||        |           ||            |
|((3))      |        |         ||        |           ||            |
|___________|________|_________||________|___________||____________|
|           |        |         ||        |           ||            |
|___________|________|_________||________|___________||____________|
|Adjusted   |        |         ||        |           ||            |
|EBITDA (   |$3,529  |(125)    ||(46)    |(48)       ||$3,310      |
|(5))       |        |         ||        |           ||            |
|___________|________|_________||________|___________||____________|
|           |        |         ||        |           ||            |
|___________|________|_________||________|___________||____________|
|Underlying |        |         ||        |           ||            |
|operating  |$2,405  |(119)    ||(33)    |(48)       ||$2,205      |
|profit (   |        |         ||        |           ||            |
|(6))       |        |         ||        |           ||            |
|___________|________|_________||________|___________||____________|
|           |        |         ||        |           ||            |
|___________|________|_________||________|___________||____________|
|Adjusted   |        |         ||        |           ||            |
|earnings ( |$1,756  |(89)     ||(19)    |(81)       ||$1,567      |
|(7))       |        |         ||        |           ||            |
|___________|________|_________||________|___________||____________|
|           |        |         ||        |           ||            |
|___________|________|_________||________|___________||____________|
|Adjusted   |        |         ||        |           ||            |
|earnings   |$2.12   |($0.11)  ||($0.02) |($0.10)    ||$1.89       |
|per share (|        |         ||        |           ||            |
|(7))       |        |         ||        |           ||            |
|___________|________|_________||________|___________||____________|
|           |        |         ||        |           ||            |
|___________|________|_________||________|___________||____________|
|Free cash  |        |         ||        |           ||            |
|flow from  |        |         ||        |           ||            |
|ongoing    |$1,667  |(116)    ||-       |-          ||$1,551      |
|businesses |        |         ||        |           ||            |
|((8))      |        |         ||        |           ||            |
|___________|________|_________||________|___________||____________|
|           |        |         ||        |           ||            |
|___________|________|_________||________|___________||____________|

Appendix A

Thomson Reuters Corporation Business Segment Information 2012 Supplemental 
Information ((1),(2) )(millions of U.S. dollars) (unaudited)
                                        Twelve Months Ended
                                        December 31, 2012
                                        Revised

Revenues

Trading                                 $2,624

Investors                               2,195

Marketplaces                            1,764

Governance, Risk & Compliance           219

Financial & Risk                        6,802

Legal                                   3,266

Tax & Accounting                        1,161

Intellectual Property & Science         894

Corporate & Other (includes Media)      331

Eliminations                            (11)

Revenues from ongoing businesses( (3))  $12,443



Adjusted EBITDA ((5))                                       Margin

Financial & Risk                        $1,691              24.9%

Legal                                   1,246               38.2%

Tax & Accounting                        352                 30.3%

Intellectual Property & Science         303                 33.9%

Corporate & Other (includes Media)      (282)

Adjusted EBITDA                         $3,310              26.6%



Underlying Operating Profit( )((6))                         Margin

Financial & Risk                        $1,082              15.9%

Legal                                   967                 29.6%

Tax & Accounting                        238                 20.5%

Intellectual Property & Science         235                 26.3%

Corporate & Other (includes Media)      (317)

Underlying operating profit             $2,205              17.7%

Appendix A

Thomson Reuters Corporation Reconciliation of Underlying Operating Profit( 
(6))  to Adjusted EBITDA( (5)) by Business Segment 2012 Supplemental 
Information ((1),(2) )(millions of U.S. dollars) (unaudited)
                           Twelve Months Ended
                           December 31, 2012
                           Revised
                                            Add:
                                            Depreciation
                           Underlying       and               Adjusted
                           Operating Profit Amortization      EBITDA
                                            of Computer
                                            Software ((9))( )



Financial & Risk           $1,082           $609              $1,691

Legal                      967              279               1,246

Tax & Accounting           238              114               352

Intellectual Property      235              68                303
& Science

Corporate & Other          (317)            35                (282)
(includes Media)
                           $2,205           $1,105            $3,310

Footnotes

(1)    The following adjustments are included in the supplemental schedules in 
this appendix to facilitate comparison to our 2013 business outlook, which is 
based on expectations including these adjustments:
    --  New disposals we will report in 2013, including our Financial &
        Risk segment's Corporate Services business announced for sale
        in December 2012, are excluded from ongoing businesses.
    --  Effective January 1, 2013, with retrospective application to
        2012, IFRS no longer allows proportionate consolidation of
        joint ventures. Joint ventures must now be accounted for as
        equity investments. Thomson Reuters excludes equity investments
        from adjusted earnings.
    --  Effective January 1, 2013, with retrospective application to
        2012, IFRS requires new accounting for the interest component
        of pension expense. This change increased 2012 pension expense
        by $111 million. Additionally, the 2012 interest component of
        pension expense, $63 million, will now be reported as a
        component of interest expense rather than as part of operating
        expenses.

(2)     The realignment of certain products within the Financial & Risk 
segment, effective January 1, 2013, has been reflected in this appendix to 
facilitate comparability of our business results.

(3)    Revenues from ongoing businesses are revenues from reportable segments 
and Corporate & Other (which includes the Media business) less eliminations. 
Other businesses (see note (4) below) are excluded.

(4)    Other businesses are businesses that have been or are expected to be 
exited through sale or closure that did not qualify for discontinued 
operations classification (see note (1) above).

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

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

(7)    Adjusted earnings and adjusted earnings per share include dividends 
declared on preference shares, but exclude the pre-tax impacts of amortization 
of other identifiable intangible assets as well as the post-tax impacts of 
fair value adjustments, other operating gains, certain impairment charges, the 
results of Other businesses (see note (4) above), other finance costs 
(income), Thomson Reuters share of post-tax earnings and impairment in equity 
method investees, discontinued operations and other items affecting 
comparability. Adjusted earnings per share is calculated using diluted 
weighted average shares and does not represent actual earnings or loss per 
share attributable to shareholders.

(8)    Free cash flow from ongoing businesses is net cash provided by 
operating activities less capital expenditures, other investing activities and 
dividends paid on the company's preference shares and excludes Other 
businesses (see note (4) above).

(9)     Excludes Other businesses (see note (4) above).

http://www.thomsonreuters.com

http://photos.prnewswire.com/prnh/20130208/MM57185LOGO

SOURCE: Thomson Reuters

To view this news release in HTML formatting, please use the following URL: 
http://www.newswire.ca/en/releases/archive/February2013/13/c5192.html

CO: Thomson Reuters
ST: New York
NI: FIN PUB ERN CONF 

-0- Feb/13/2013 12:13 GMT

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