Wolters Kluwer 2013 Half-Year Report
July 31 2013 - 1:01AM
Alphen aan den
Rijn (July 31, 2013) - Wolters Kluwer, a global leader in professional information
services, today released its 2013
half-year results.
Highlights
- Full-year 2013 guidance
reiterated.
- First half revenues up 1%
in constant currencies and up 1% organically.
- Electronic & services subscription revenues (54% of total) up
4% organically.
- Total recurring revenues (77% of total) up 2%
organically.
- Leading, growing positions (45% of total revenues) all achieving
organic growth of 5% or higher.
- North America and Asia Pacific driving growth; Europe remains
challenging.
- First half ordinary EBITA
€334 million; Ordinary EBITA margin 19.2%.
- Margin reflects investments in growth, impact of disposals, and
timing of restructuring.
- Margin expected to improve as the year progresses.
- First half ordinary diluted
EPS €0.66.
- Ordinary free cash flow
€140 million, up 1% at constant currencies.
- Net-debt-to-EBITDA of 2.6x,
following 100% cash dividend paid in second quarter.
- €20 million share
repurchase program completed as of July 9,
2013.
Interim Report of the Executive
Board
Nancy McKinstry, CEO and
Chairman of the Executive Board, commented:
"Our portfolio continues to strengthen as our
leading, growing positions and electronic revenues achieved good
organic growth in the first half, helping to more than offset
continued weakness in Europe and legacy print products. We
sustained investment in growth opportunities and continued efforts
to drive efficiencies. We reaffirm our guidance for the full
year."
Key Figures 2013
Half-Year
|
|
Six months ended June
30
(in millions of euros, unless otherwise
stated) |
2013 |
2012* |
D |
D CC |
D OG |
Business performance -
benchmark figures |
|
|
|
|
|
Revenue |
1,742 |
1,735 |
0% |
+1% |
+1% |
Ordinary EBITA |
334 |
340 |
-2% |
0% |
-1% |
Ordinary EBITA margin (%) |
19.2% |
19.6% |
|
|
|
Ordinary net income |
197 |
201 |
-2% |
-1% |
|
Diluted ordinary EPS (€) |
0.66 |
0.67 |
-2% |
-1% |
|
Ordinary free cash flow |
140 |
142 |
-1% |
+1% |
|
Net debt |
2,276 |
2,258 |
+1% |
|
|
IFRS
results1 |
|
|
|
|
|
Revenue |
1,742 |
1,735 |
0% |
|
|
Operating profit |
285 |
247 |
+15% |
|
|
Profit for the period2 |
164 |
120 |
+37% |
|
|
Diluted EPS (€)2 |
0.55 |
0.40 |
+38% |
|
|
Net cash from operating activities |
199 |
191 |
+4% |
|
|
D - % Change; D CC - % Change constant currencies
(EUR/USD 1.29); D OG - % Organic growth. Benchmark and IFRS figures
are for continuing operations unless otherwise noted. Benchmark
(ordinary) figures are performance measures used by management. See
Note 2 of the Interim Financial Report for a reconcilation from
IFRS to benchmark figures. *2012 restated for IAS 19R 'Employee
benefits' and early adoption of IFRS 11 'Joint arrangements'.
1)
International Financial Reporting Standards as adopted by the
European Union. 2) Includes
discontinued operations. |
Full-Year 2013 Outlook
We reiterate our full-year guidance. The ordinary
EBITA margin is expected to improve in the second half. The table
below provides our guidance for the continuing operations for
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 IAS 19R and IFRS 11, the removal of the pension
financing credit or charge from ordinary figures, and includes the
estimated impact of performance share issuance offset by share
repurchases. |
Guidance 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 1.0 euro-cent change in diluted
ordinary EPS.
The full press release on the 2013 Half-Year
Results is available here: (PDF version)
Wolters Kluwer 2013 Half-Year
Report
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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