Wolters Kluwer 2012 Full-Year Results

2013-02-20 08:07:44 -
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): 
 hugin.info/130682/R/1679514/548473.pdf



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Source: Wolters Kluwer NV via Thomson Reuters ONE
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