Alphen aan den Rijn (February 20, 2013) - Wolters Kluwer, a market-leading global information services company focused on professionals, today released its 2012 full-year results.

Highlights

  • Revenues up 2% in constant currencies and up 1% organically.
        - Online, software and services revenues up 4% organically (74% of total revenues).
        - Accelerated organic growth in North America and Asia more than offset declines in Europe.
        - Health and Financial & Compliance Services both up 5% organically.
  • Ordinary EBITA margin improves to 21.8%.
  • Diluted ordinary EPS €1.58, up 1% in constant currencies and in line with guidance.
  • Ordinary free cash flow €507 million, up 8% in constant currencies and above guidance.
  • Net-debt-to-EBITDA improved to 2.4x (2011 year-end: 3.1x), better than target.
  • Proposed 2012 dividend €0.69 per share to be paid in cash; stock dividend program abolished.
  • Debt refinancing announced today.

Nancy McKinstry, CEO and Chairman of the Executive Board, commented:
"In 2012, we achieved positive organic growth, increased operating margins and free cash flow, while significantly improving our leverage ratio, despite macro economic conditions in Europe. Growth accelerated in North America and in our online and software products globally. We expect conditions in Europe to remain tough in 2013, but we are confident our digital businesses globally will continue to perform well. We will focus investments on our leading, high growth positions, while actively pursuing portfolio refinements and operating efficiencies in order to accelerate growth and raise returns."

Key Figures 2012

(All amounts are in millions of euros unless otherwise indicated)
Year ended December 31 2012 2011 D D CC D OG
Business performance - benchmark figures
Revenue 3,603 3,354 +7% +2% +1%
Ordinary EBITA 785 728 +8% +2% 0%
Ordinary EBITA margin (%) 21.8% 21.7%
Ordinary net income 476 444 +7% 0%
Diluted ordinary EPS (€) 1.58 1.47 +8% +1%
Ordinary free cash flow 507 443 +15% +8%
Net debt 2,086 2,168 -4%
IFRS results[1]
Revenue 3,603 3,354 +7%
Operating profit 579 428 +35%
Profit for the year[2] 321 118 +170%
Diluted EPS (€)[2] 1.07 0.40 +168%
Net cash from operating activities 619 536 +15%
D - % Change; D CC - % Change constant currencies (EUR/USD 1.39); D OG - % Organic growth
Benchmark and IFRS figures are for continuing operations unless otherwise noted. Benchmark figures are performance measures used by management. See Note 2 for a reconcilation from IFRS to benchmark figures
[1] International Financial Reporting Standard as adopted by the European Union
[2] Includes discontinued operations

Full-Year 2013 Outlook

The table below provides our outlook for the continuing operations in 2013.

Performance indicators 2013 Guidance
Ordinary EBITA margin 21.5-22.0%
Ordinary free cash flow >= €475 million
Return on invested capital >= 8%
Diluted ordinary EPS Low single-digit growth
Guidance for ordinary free cash flow and diluted ordinary EPS is in constant currencies (EUR/USD 1.29).
Guidance reflects IAS19R and removal of the pension financing credit or charge from benchmark figures, and includes the estimated impact of performance share issuance offset by share repurchases.

Guidance for ordinary free cash flow and diluted ordinary EPS is based on constant exchange rates. Wolters Kluwer generates more than half of its ordinary EBITA in North America. As a rule of thumb, based on our 2012 currency profile, a 1 U.S. cent move in the average EUR/USD exchange rate for the year causes an opposite 0.8 euro-cent change in diluted ordinary EPS.

The full press release on the 2012 Full-Year Results is available here: (PDF version)


Wolters Kluwer 2012 Full-Year Results (PDF)


This announcement is distributed by Thomson Reuters on behalf of Thomson Reuters clients.

The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of the
information contained therein.

Source: Wolters Kluwer NV via Thomson Reuters ONE
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