Wolters Kluwer 2021 Full-Year Report
Wolters Kluwer
2021
Full-Year Report
February 23,
2022 – Wolters Kluwer, a
global leader in professional information, software
solutions, and services,
today releases its
full-year
2021
results.
Highlights
- Revenues
€4,771
million, up
6% in constant currencies
and up 6% organically.
- Recurring revenues up 6% organically (80% of total revenues);
non-recurring up 6% organically.
- Digital & services revenues up 7% organically (92% of total
revenues); print down 4% organically.
- Expert solutions revenues up 6% organically (55% of total
revenues).
- Adjusted operating profit
€1,205
million, up
11% in
constant currencies.
- Adjusted operating profit margin up 90 basis points to
25.3%.
- Margin benefitted from operational gearing, lower restructuring
costs, net positive one-time items, and savings on travel and other
expenses curtailed during the pandemic.
- Diluted adjusted EPS
€3.38,
up 17% in
constant currencies, partly reflecting a lower tax
rate.
- Adjusted free cash flow
€1,010
million, up
15% in constant
currencies.
- Balance sheet remains strong:
net-debt-to-EBITDA
1.4x.
- Return on invested capital
improved to
13.7%.
- Proposed 2021
total dividend:
€1.57
per share, an increase
of 15%.
- Share
buybacks:
completed €410 million in
2021; intend to repurchase
up to
€600 million
in 2022 (of which €50 million
already completed).
- Outlook
2022:
expect good organic growth and
improved adjusted operating profit
margin, with the
increase in adjusted
diluted EPS to be
dampened by a
return to our historical tax
rate.
Full-Year Report of
the Executive Board
Nancy McKinstry, CEO and Chair of the Executive
Board, commented:
“Accelerated organic growth in recurring digital and services
revenues combined with a recovery in non-recurring revenue streams
produced strong results. We remained focused on employees and
customers during this second year of the pandemic and made progress
on key sustainability goals. Our new three-year strategy, Elevate
our Value, builds on the previous plan and strengthens our focus on
cloud-based expert solutions.”
Key Figures – Year ended
December 31 |
€ million (unless otherwise stated) |
2021 |
2020 |
∆ |
∆ CC |
∆ OG |
Business performance – benchmark figures |
|
|
|
|
|
Revenues |
4,771 |
4,603 |
+4% |
+6% |
+6% |
Adjusted operating profit |
1,205 |
1,124 |
+7% |
+11% |
+10% |
Adjusted operating profit margin |
25.3% |
24.4% |
|
|
|
Adjusted net profit |
885 |
835 |
+6% |
+15% |
|
Diluted adjusted EPS (€) |
3.38 |
3.13 |
+8% |
+17% |
|
Adjusted free cash flow |
1,010 |
907 |
+11% |
+15% |
|
Return on invested capital (ROIC) |
13.7% |
12.3% |
|
|
|
Net debt |
2,131 |
2,383 |
-11% |
|
|
IFRS reported results |
|
|
|
|
|
Revenues |
4,771 |
4,603 |
+4% |
|
|
Operating profit |
1,012 |
972 |
+4% |
|
|
Profit for the year |
728 |
721 |
+1% |
|
|
Diluted EPS (€) |
2.78 |
2.70 |
+3% |
|
|
Net cash from operating activities |
1,292 |
1,197 |
+8% |
|
|
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.14); ∆
OG: % Organic growth. Benchmark figures are performance measures
used by management. See Note 3 for a reconciliation from IFRS to
benchmark figures. |
Full-Year
2022 Outlook
Our specific guidance for FY2022 adjusted operating profit
margin, adjusted free cash flow, return on invested capital (ROIC),
and diluted adjusted EPS is provided below. We expect good organic
growth, albeit slower than in 2021 due to challenging comparables
starting in the second quarter. We expect the adjusted operating
profit margin to ease in the first half but to rise for the full
year 2022. We expect growth in diluted adjusted EPS to be dampened
by a return to our historical tax rate.
Full-Year 2022
Outlook |
Performance indicators |
2022
Guidance |
2021 |
Adjusted operating profit margin |
25.5%- 26.0% |
25.3% |
Adjusted free
cash flow |
€1,025-1,075 million |
€1,010 million |
ROIC |
Around 14% |
13.7% |
Diluted adjusted EPS |
Mid-single-digit growth |
€3.38 |
Guidance
for adjusted operating profit margin and ROIC is in reported
currencies and assumes an average EUR/USD rate in 2022 of €/$1.13.
Guidance for adjusted free cash flow and diluted adjusted EPS is in
constant currencies (€/$ 1.18). Guidance reflects share repurchases
for up to €600 million in 2022. |
If current exchange rates persist, the U.S. dollar rate will
have a positive effect on 2022 results reported in euros. In 2021,
Wolters Kluwer generated more than 60% of its revenues and adjusted
operating profit in North America. As a rule of thumb, based on our
2021 currency profile, each 1 U.S. cent move in the average €/$
exchange rate for the year causes an opposite change of
approximately 2 euro cents in diluted adjusted EPS1.
We include restructuring costs in adjusted operating profit. We
currently expect that restructuring costs will increase to our
normal range of €10-€15 million (FY 2021: €6 million). We expect
adjusted net financing costs of approximately €65 million in
constant currencies2, including lease interest charges. We expect
the benchmark tax rate on adjusted pre-tax profits to increase to
approximately 23.0%-24.0% (FY 2021: 21.5%). Capital expenditure is
expected to be within our normal range of 5.0%-6.0% of total
revenues (FY 2021: 5.0%). We expect the full-year cash
conversion ratio to be in the range of 100%-105% (FY 2021: 112%)3.
See Note 3 for the calculation of our cash conversion ratio.
Any guidance we provide assumes no additional significant change
to the scope of operations. We may make further acquisitions or
disposals which can be dilutive to margins and earnings in the near
term.
2022
Outlook by Division
Health: We expect organic growth to slow from
2021 levels, mainly due to the absence of a contract win of the
size of the ASCO titles. We expect the adjusted operating profit
margin to improve modestly.
Tax & Accounting: We expect organic growth
to improve slightly from 2021 levels and the adjusted operating
profit margin to improve.
Governance,
Risk &
Compliance: We expect organic
growth to slow from 2021 levels, due to slower growth in
transactional revenues. We expect the adjusted operating profit
margin to improve.
Legal & Regulatory: We
expect organic growth to be in line with 2021. The adjusted
operating profit margin is expected to decline due to the absence
of the one-off pension amendment recorded in 2021.
Our Mission,
Business Model
and Strategy
Our mission is to empower our professional customers with the
information, software solutions, and services they need to make
critical decisions, achieve successful outcomes, and save time. We
support professionals across four main customer segments: health;
tax & accounting; governance, risk & compliance; and legal
& regulatory. Every day, our customers face the challenge of
increasing proliferation and complexity of information and the
pressure to deliver better outcomes at a lower cost. Many of our
customers are looking for mobility, flexibility, intuitive
interfaces, and integrated open architecture technology to support
their decision-making. We aim to solve their problems and add value
to their workflow with our range of digital solutions and services,
which we continuously evolve to meet their changing needs.
Our expert solutions combine deep domain knowledge with
technology to deliver both content and workflow automation to drive
improved outcomes and productivity for our customers. Expert
solutions, which include nearly all of our software products and
certain advanced information solutions, accounted for 55% of total
revenues in 2021 (FY 2020: 54%). Based on revenues, our largest
expert solutions by division are:
- Health: global clinical decision support tool
UpToDate; clinical drug databases Medi-Span and Lexicomp; and
Lippincott nursing solutions for practice and learning.
- Tax & Accounting: global corporate
performance solution CCH Tagetik (now including Vanguard Software);
global corporate internal audit platform TeamMate; professional tax
and accounting software, including CCH ProSystem fx and CCH Axcess
in North America and similar software for professionals across
Europe.
- Governance, Risk & Compliance: finance,
risk, and regulatory reporting suite OneSumX; banking compliance
solutions ComplianceOne, Expere, eOriginal, and Gainskeeper; and
enterprise legal management software Passport and TyMetrix.
- Legal & Regulatory:
global EHS/ORM4 suite Enablon, and our range of workflow solutions
for European legal professionals, including Kleos and
Legisway.
Business model
Our business model is primarily based on subscriptions, software
maintenance, and other recurring revenues (80% of total revenues in
2021), augmented by implementation services and license fees as
well as volume-based transactional or other non-recurring revenues.
Renewal rates for our recurring digital information, software, and
service revenues are high and are one of the key indicators by
which we measure our success. Product innovation is a key driver of
growth. For the past eighteen years, we have re-invested 8%-10% of
our revenues each year (including capital expenditures) in
developing new and enhanced products and their supporting
technology platforms.
More than half of our operating costs relate to our employees,
who create, develop, maintain, sell, implement, and support our
solutions on behalf of our customers. Our technology architecture
is increasingly based on globally scalable platforms that use
standardized components. An increasing proportion of our solutions
is built cloud-first. Many of our solutions incorporate advanced
technologies such as artificial intelligence, natural language
processing, robotic process automation, and predictive analytics.
Our development teams use customer-centric, contextual design and
develop solutions based on the scaled agile framework. Our
solutions are sold by our own sales teams or through selected
distribution partners.
Strategy
The foundation laid over the past many years has driven improved
organic growth and operating margins and helped us navigate the
challenge of the COVID-19 pandemic. While we were briefly diverted
from our financial trajectory in 2020 due to the pandemic, the
recovery seen in 2021 allowed us to meet nearly all of the
financial goals set for the most recent strategic plan (2019-2021).
We grew expert solutions from 49% of total revenues in 2018 to 55%
of total revenues in 2021, primarily through organic growth. The
acquisitions of CGE, XCM Solutions, Vanguard Software, and
eOriginal, and the divestment of several non-core assets also
helped to enhance our focus on expert solutions. We made progress
on enriching several of our information products and are now
starting to launch the early results of that effort. We also made
progress on our third goal, which was to drive operational agility,
by completing several major internal projects, such as the
introduction of a modernized global HR system in 2019, the
consolidation of 280 customer-facing websites into a single global
site in 2021, and the implementation of CCH Tagetik as our new
corporate performance management tool in 2021.
Strategic priorities
2022-2024
In the past two years, we have seen key market trends
accelerate: increased digitization of professional and corporate
workflows, accelerated transition to cloud-based solutions, and
growing importance of ecosystems. In response, we have refined our
strategy for the next three years. The three strategic priorities
for 2022-2024 are:
- Accelerate
Expert Solutions: we intend to
focus our investments on cloud-based expert solutions while
continuing to transform selected digital information products into
expert solutions. We will invest to enrich the customer experience
of our products by leveraging advanced data analytics.
- Expand Our
Reach: we will seek to extend organically
into high-growth adjacencies along our customer workflows and adapt
our existing products for new customer segments. We plan to further
develop partnerships and ecosystems for our key software
platforms.
- Evolve
Core Capabilities: we intend to enhance
our central functions to drive excellence and scale economies,
mainly in sales and marketing (go-to-market) and in technology. We
plan to advance our environmental, social and governance (ESG)
performance and capabilities and to continue investing in diverse
and engaged talent to support innovation and growth.
We expect this strategy to support good organic growth and
improved margins and returns over the coming three years. While the
strategy remains centered on organic growth, we may make selected
acquisitions and non-core disposals to enhance our value and market
positions. Acquisitions must fit our strategy, strengthen, or
extend our existing business, be accretive to diluted adjusted EPS
in their first full year and, when integrated, deliver a return on
invested capital above our weighted average cost of capital (8%)
within three to five years. We expect that group-wide product
development spend will remain at approximately 10% of total
revenues in the next three years.
Our strategy aims to achieve high levels of customer
satisfaction and an engaged, talented and diverse workforce, to
maintain strong corporate governance and secure systems, and to
drive efficient operations that meet environmentally-sound
practices. Two key strategic ESG goals for the coming three years
are to drive an improvement in our belonging score and to start
aligning our reporting with the recommendations of the Task Force
on Climate-related Financial Disclosures (TCFD).
COVID-19 Impact
Throughout 2021, we monitored the effects of the global pandemic
on our employees and other stakeholders. Programs to safeguard
employees, support customers, and ensure business continuity
remained active all year. The vast majority of Wolters Kluwer
employees (90%-95%) continued to work from home during the
year.
Financial Policy, Capital
Allocation, Net
Debt, and Liquidity
Wolters Kluwer uses its free cash flow to invest in the business
organically and through acquisitions, to maintain optimal leverage,
and to provide returns to shareholders. We regularly assess our
financial position and evaluate the appropriate level of debt in
view of our expectations for cash flow, investment plans, interest
rates, and capital market conditions. While we may temporarily
deviate from our leverage target, we continue to believe that, in
the longer run, a net-debt-to-EBITDA ratio of around 2.5x remains
appropriate for our business given the high proportion of recurring
revenues and resilient cash flows.
Dividend Policy and Proposed Final
Dividend 2021
Wolters Kluwer remains committed to a progressive dividend
policy, under which we aim to increase the dividend per share in
euros each year, independent of currency fluctuations. The payout
ratio5 can vary from year to year. Proposed annual increases in the
dividend per share take into account our financial performance,
market conditions, and our need for financial flexibility. The policy
takes into consideration the characteristics of our business, our
expectations for future cash flows, and our plans for organic
investment in innovation and productivity, or for acquisitions. We
balance these factors with the objective of maintaining a strong
balance sheet.
At the 2022 Annual General Meeting of Shareholders, we will
propose a final dividend of €1.03, which would result in a total
dividend over the 2021 financial year of €1.57, an increase of 15%.
The dividend will be paid in cash. Shareholders can choose to
reinvest both interim and final dividends by purchasing additional
Wolters Kluwer shares through the Dividend Reinvestment Plan (DRIP)
administered by ABN AMRO Bank N.V.
Share Buybacks
2021 and
2022
As a matter of policy since 2012, Wolters Kluwer will offset the
dilution caused by our annual incentive share issuance with share
repurchases (Anti-Dilution Policy). In addition, from time to time
when appropriate, we return capital to shareholders through share
buyback programs. When implementing share buyback programs, we
consider our financial position, equity market conditions, the
long-term prospects of the company, and our short-term and
long-term investment plans. Shares repurchased by the company are
added to and held as treasury shares and are either cancelled or
utilized to meet future obligations arising from share-based
incentive plans.
During 2021, we spent €410 million on share buybacks, comprising
5.0 million shares at an average price of €82.62. This amount
included €60 million of the net after-tax proceeds from the
divestment of our U.S. legal education business. During the year,
0.7 million treasury shares were released in respect of share-based
incentive plans, leading to a net repurchase of 4.3 million shares
in 2021.
Today, we are announcing our intention to spend up to €600
million on share repurchases during 2022, including repurchases to
offset incentive share issuances. Of this, €50 million has already
been completed in the period from January 3, 2022, up to and
including February 21, 2022.
Assuming global economic conditions do not deteriorate
substantially, we believe this level of share buybacks leaves us
with ample headroom to support our dividend plans, to sustain
organic investment, and to make selective acquisitions. The share
repurchases may be suspended, discontinued, or modified at any
time.
For the period February 25, 2022, up to and including May 2,
2022, we have engaged a third party to execute €120 million in
share buybacks on our behalf, within the limits of relevant laws
and regulations (in particular Regulation (EU) 596/2014) and the
company’s Articles of Association. The maximum number of shares
which may be acquired will not exceed the authorization granted by
the General Meeting of Shareholders. Repurchased shares are added
to and held as treasury shares and will be used for capital
reduction purposes or to meet future obligations arising from
share-based incentive plans.
Net Debt, Leverage,
and Liquidity Position
Net debt at December 31, 2021, was €2,131 million, compared to
€2,383 million at December 31, 2020. Included in net debt were €331
million of lease liabilities. The net-debt-to-EBITDA ratio was 1.4x
(YE 2020: 1.7x).
On March 30, 2021, we issued a new €500 million, 7-year senior
unsecured Eurobond with a coupon of 0.25%. The new bond
provides financing at an attractive rate and has extended the
company’s debt maturity profile. The proceeds will be used for
general corporate purposes.
In July 2021, we agreed to a one-year extension of our €600
million multi-currency credit facility. This facility will
therefore now mature in 2024 and still includes a further one-year
extension option. The relevant terms and conditions remain
unchanged. Simultaneously, we executed a sustainability-linked
option that was available under this facility, in order to
reinforce our ESG ambitions by embedding them into our financing.
Four ESG key performance indicators, along with an ESG-linked
pricing mechanism, were agreed, making the facility a
sustainability-linked credit facility. This facility is currently
undrawn. We remain comfortably below the debt covenant on this
credit facility.Our liquidity position remains strong with, as of
December 31, 2021, net cash available of €992 million6.
Full-Year
2021
Results
Benchmark Figures
Group revenues were €4,771 million, up 4% overall and up 6% in
constant currencies. For the group, the effect of acquisitions was
largely offset by the effect of divestments. Organic growth was 6%,
marking a clear recovery on the prior year (FY 2020: 2%). Excluding
revenues associated with the PPP7, organic growth was also 6% (FY
2020: 1%).
All geographic regions experienced a recovery in organic growth.
Revenues from North America, which accounted for 62% of group
revenues, grew 7% organically (FY 2020: 2%). Revenues from Europe,
31% of total revenues, increased 4% organically (FY 2020: 2%).
Revenues from Asia Pacific and Rest of World, 7% of total revenues,
grew 3% on an organic basis (FY 2020: 4% organic decline).
Adjusted operating profit was €1,205 million (FY 2020: €1,124
million), an increase of 11% in constant currencies and 10%
underlying. The adjusted operating profit margin increased 90 basis
points to 25.3% (FY 2020: 24.4%), benefitting from operational
gearing, lower restructuring costs, net positive one-time items
(mainly an €11 million positive one-time item related to an
amendment to the Netherlands pension fund), and cost savings
related to low levels of travel and in-person events activity
curtailed as a result of the pandemic.
Restructuring costs, included in adjusted operating profit, were
€6 million, significantly lower than in the prior year
(FY 2020: €49 million). Investments in product
development were maintained at high levels, while investment in
sales and marketing and technology infrastructure was
increased.
Our share of profits of associates, net of tax, was €1 million
(FY 2020: €6 million); the prior period included a one-time higher
result related to Logical Images which was divested in May 2020.
Adjusted net financing costs increased to €78 million (FY 2020: €46
million) mainly due to a €15 million net foreign exchange loss on
the translation of intercompany balances compared to a €24 million
net foreign exchange gain in 2020. The translation of intercompany
balances was impacted by the movement in the €/$ exchange rate from
1.23 on December 31, 2020, to 1.13 on December 31, 2021.
Adjusted profit before tax was €1,128 million (FY 2020: €1,084
million), up 12% in constant currencies. The benchmark tax rate on
adjusted profit before tax was 21.5% (FY 2020: 23.0%), reflecting a
one-time release of tax contingencies following the closure of tax
audits. Adjusted net profit was €885 million (FY 2020: €835
million), an increase of 15% in constant currencies.
Diluted adjusted EPS was €3.38 (FY 2020: €3.13), up 17% in
constant currencies, reflecting the increase in adjusted net
profit, a lower tax rate, and a 2% reduction in the diluted
weighted average number of shares outstanding to 261.8 million
(FY 2020: 266.6 million).
IFRS Reported Figures
Reported operating profit increased 4% to €1,012 million (FY
2020: €972 million), reflecting the increase in adjusted operating
profit partly offset by a net €33 million impairment of acquired
identifiable intangible assets. Reported financing results amounted
to a net cost of €84 million (FY 2020: €41 million).
The reported effective tax rate decreased to 21.6% (FY 2020:
23.1%), reflecting the one-time release of contingencies mentioned
above. Total profit for the year increased 1% to €728 million
(FY 2020: €721 million) and diluted earnings per share
increased 3% to €2.78 (FY 2020: €2.70).
Cash Flow
Adjusted operating cash flow was €1,348 million (FY 2020: €1,145
million), up 20% in constant currencies. The cash conversion ratio
increased to 112% (FY 2020: 102%), due to substantially higher
working capital inflows compared to the prior year.
Amortization and impairment of internally developed software and
depreciation of property, plant, and equipment amounted to €237
million, up 8% in constant currencies (FY 2020: €223 million), due
largely to accelerated depreciation following a reassessment of
useful lives. Depreciation and impairment of right-of-use assets
declined to €72 million (FY 2020: €75 million). Net capital
expenditure increased to €239 million (FY 2020: €231 million),
remaining at 5.0% of revenues (FY 2020: 5.0%). Cash payments
related to leases, including €9 million of lease interest paid,
declined to €77 million (FY 2020: €85 million), due to reduced real
estate footprint. Working capital inflows were €150 million (FY
2020: €39 million inflow) driven by organic revenue growth and
improved collections on receivables and a reduction in days sales
outstanding.
Net interest paid, excluding lease interest paid, increased to
€57 million (FY 2020: €54 million). Corporate income tax paid
increased to €277 million (FY 2020: €221 million), due to the
timing of tax payments and higher taxable income. Restructuring led
to a net cash outflow of €33 million, largely reflecting cash
appropriation of provisions.
As a result, adjusted free cash flow was €1,010 million (FY
2020: €907 million), up 11% overall and up 15% in constant
currencies.
Total acquisition spending, net of cash acquired and including
€5 million in transaction costs, was €113 million
(FY 2020: €406 million), mainly relating to the
acquisitions of Vanguard Software in Tax & Accounting (€93
million) and LicenseLogix in Governance Risk & Compliance (€11
million). On a pro-forma basis, these acquisitions generated
revenues of €19 million in 2021, of which €9 million was
consolidated in 2021. Earnouts or deferred payments on acquisitions
were €0 million in 2021 (FY 2020: €6 million).
Divestment proceeds, net of cash disposed and transaction costs,
were €68 million (FY 2020: €48 million) and related primarily
to the divestment of the U.S. legal education assets. See Note 6
for more details.
Dividends paid to shareholders amounted to €373 million (FY
2020: €334 million), while share repurchases totaled €410 million
(FY 2020: €350 million).
ESG Highlights 20218
Our strategy aims to deliver high levels of customer
satisfaction and impactful products and services, while nurturing
an engaged, talented, and diverse workforce, and ensuring strong
corporate governance, secure systems, and efficient and
environmentally-friendly operations. In 2021, we made progress on
important environmental, social, and governance (ESG)
initiatives.
Following the completion of our first global, all-employee
survey of diversity, equity, and inclusion, we established a
baseline quantitative score for belonging in 2021. Belonging
measures the extent to which employees believe they can bring their
authentic selves to work and be accepted for who they are. We have
developed plans to increase our belonging score which is currently
in line with the average for global companies.
In 2021, our employee engagement score was 74%, still above the
high-performing norm (HPN), an independent benchmark of leading
global companies. The vast majority of employees continued to work
from home during 2021 and efforts to support employees were
maintained at high levels.
We commenced a project to assess our complete greenhouse gas
footprint (including scope 3 emissions) with the ultimate goal of
aligning our practices and reporting with the guidelines
recommended by the Task Force on Climate-related Disclosures.
During 2021, we made significant progress with our real estate
rationalization program, delivering a 7% organic reduction in our
office footprint (m2). Our cloud migration and on-premise server
decommissioning program ended the year ahead of plan as the
opportunity arose to accelerate the closure of several larger data
centers. The migration of applications from on-premise servers to
more energy-efficient cloud platforms results in better capacity
utilization and a net reduction in carbon emissions.
About Wolters Kluwer
Wolters Kluwer (WKL) is a global leader in professional
information, software solutions, and services for the healthcare;
tax and accounting; governance, risk and compliance; and legal and
regulatory sectors. We help our customers make critical decisions
every day by providing expert solutions that combine deep domain
knowledge with technology and services.
Wolters Kluwer reported 2021 annual revenues of €4.8 billion.
The group serves customers in over 180 countries, maintains
operations in over 40 countries, and employs approximately 19,800
people worldwide. The company is headquartered in Alphen aan den
Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and
are included in the AEX and Euronext 100 indices. Wolters Kluwer
has a sponsored Level 1 American Depositary Receipt (ADR) program.
The ADRs are traded on the over-the-counter market in the U.S.
(WTKWY).
For more information, visit www.wolterskluwer.com, follow us on
Twitter, Facebook, LinkedIn, and YouTube.
Financial CalendarMarch 9,
2022 Publication
of 2021 Annual Report and ESG Data OverviewApril 21, 2022
Annual
General Meeting of ShareholdersApril 25, 2022
Ex-dividend date: 2021
final dividendApril 26, 2022
Record date: 2021 final dividendMay 4,
2022
First-Quarter 2022 Trading UpdateMay 18, 2022
Payment date: 2021
final dividend ordinary sharesMay 25, 2022
Payment date: 2021 final
dividend ADRsAugust 3,
2022 Half-Year
2022 ResultsAugust 30,
2022 Ex-dividend
date: 2022 interim dividendAugust 31, 2022
Record date: 2022 interim
dividendSeptember 22, 2022 Payment date:
2022 interim dividendSeptember 29, 2022
Payment date: 2022 interim dividend ADRsNovember 2,
2022 Nine-Month 2022 Trading
UpdateFebruary 22, 2023 Full-Year
2022 ResultsMarch 8, 2023
Publication of 2022 Annual Report and ESG Data
Overview
Media
Investors/AnalystsGerbert van Genderen
Stort Meg
GeldensGlobal Branding & Communications
Investor
Relationst + 31 (0)172 641 230
t + 31
(0)172 641
407 press@wolterskluwer.com
ir@wolterskluwer.com
Forward-looking Statements and Other Important Legal
InformationThis report contains forward-looking
statements. These statements may be identified by words such as
“expect”, “should”, “could”, “shall” and similar expressions.
Wolters Kluwer cautions that such forward-looking statements are
qualified by certain risks and uncertainties that could cause
actual results and events to differ materially from what is
contemplated by the forward-looking statements. Factors which could
cause actual results to differ from these forward-looking
statements may include, without limitation, general economic
conditions; conditions in the markets in which Wolters Kluwer is
engaged; behavior of customers, suppliers, and competitors;
technological developments; the implementation and execution of new
ICT systems or outsourcing; and legal, tax, and regulatory rules
affecting Wolters Kluwer’s businesses, as well as risks related to
mergers, acquisitions, and divestments. In addition, financial
risks such as currency movements, interest rate fluctuations,
liquidity, and credit risks could influence future results. The
foregoing list of factors should not be construed as exhaustive.
Wolters Kluwer disclaims any intention or obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.Elements of
this press release contain or may contain inside information about
Wolters Kluwer within the meaning of Article 7(1) of the Market
Abuse Regulation (596/2014/EU).Trademarks referenced are owned by
Wolters Kluwer N.V. and its subsidiaries and may be registered in
various countries.
1 This rule of thumb excludes the impact of exchange rate
movements on intercompany balances, which is accounted for in
adjusted net financing costs in reported currencies and determined
based on period-end spot rates and balances.2 Guidance for adjusted
net financing costs in constant currencies excludes the impact of
exchange rate movements on currency hedging and intercompany
balances.3 Cash repayments of lease liabilities are expected to be
in line with depreciation of right-of-use assets (FY 2021: €71
million).4 Throughout this document, EHS/ORM refers to
environmental, health & safety and operational risk
management.5 Dividend payout ratio: dividend per share divided by
adjusted earnings per share.6 Net cash available consists of cash
and cash equivalents of €1,001 million less overdrafts used for
cash management purposes of €9 million.7 Throughout this document,
PPP refers to the U.S. Small Business Association (SBA) Paycheck
Protection Program of 2020 and 2021. Compliance Solutions (part of
Governance, Risk & Compliance) supported its bank customers in
lending under this program. 8 Environmental, social and governance
data is not assured.
- 2022.02.23 Wolters Kluwer 2021 Full-Year Results
Wolters Kluwers NV (EU:WKL)
Historical Stock Chart
Von Apr 2024 bis Mai 2024
Wolters Kluwers NV (EU:WKL)
Historical Stock Chart
Von Mai 2023 bis Mai 2024