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Wolters Kluwer 2013 Half-Year Report

Alphen aan den Rijn (July 31, 2013) - Wolters Kluwer, a global leader in professional information services, today released its 2013 half-year results.

  • 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."
We reiterate our full-year guidance. The ordinary EBITA margin is expected to improve in the second half.

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: Wolters Kluwer 2013 Half-Year Report (PDF version)


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