Wolters Kluwer 2020 Half-Year
Report
August 5, 2020 – Wolters Kluwer, a global leader in
professional information, software solutions, and services, today
releases its half-year 2020 results.
Highlights
- Revenues €2,294 million, up 3% in constant currencies
and up 3% organically.
- Excluding revenues associated with the PPP1, organic growth
would have been 2%.
- Recurring revenues up 4% organically (81% of total revenues);
non-recurring impacted by COVID-19.
- Digital & services revenues up 5% organically (93% of
total); print down 18% organically.
- Adjusted operating profit €577 million, up 14% in
constant currencies.
- Adjusted operating profit margin benefitted from temporary cost
reductions and other factors.
- Diluted adjusted EPS €1.59, up 18% in constant
currencies.
- Adjusted free cash flow €336 million, up 10% in
constant currencies.
- Balance sheet and liquidity remain strong.
- Net-debt-to-EBITDA 1.5x; recent refinancing improves liquidity
and extends maturity profile.
- Interim dividend of €0.47 per share, set at 40% of
prior year total dividend.
- Share buyback: €175 million of 2020 buyback of up to
€350 million completed to date.
- Outlook 2020: specific guidance remains
suspended.
- Recurring revenues from digital information, software and
service subscriptions holding up well.
- Print and non-recurring revenue streams expected to be weak in
the remainder of the year.
Half-Year Report of the Executive
Board
Nancy McKinstry, CEO and Chairman of the Executive
Board, commented: “In these unprecedented times, I am
particularly proud of our employees who have been focusing their
efforts on supporting our customers and who have remained agile and
engaged while adjusting to remote working conditions. COVID-19 has
impacted non-recurring and print revenue streams and slowed new
sales activity, but our strategically important recurring digital
revenues are demonstrating resilience. While we continue to suspend
our specific 2020 guidance, we remain confident in the company’s
long-term prospects.”
Key Figures – Six months ended June 30 |
€ million, unless otherwise stated |
2020 |
2019 |
∆ |
∆ CC |
∆ OG |
Business performance – benchmark figures |
|
|
|
|
|
Revenues |
2,294 |
2,204 |
+4% |
+3% |
+3% |
Adjusted operating profit |
577 |
497 |
+16% |
+14% |
+14% |
Adjusted operating profit margin |
25.2% |
22.5% |
|
|
|
Adjusted net profit |
426 |
351 |
+21% |
+16% |
|
Diluted adjusted EPS |
1.59 |
1.28 |
+24% |
+18% |
|
Adjusted free cash flow |
336 |
300 |
+12% |
+10% |
|
Net debt |
2,247 |
2,318 |
-3% |
|
|
IFRS reported results |
|
|
|
|
|
Revenues |
2,294 |
2,204 |
+4% |
|
|
Operating profit |
500 |
423 |
+18% |
|
|
Profit for the period |
374 |
303 |
+23% |
|
|
Diluted EPS (€) |
1.40 |
1.11 |
+26% |
|
|
Net cash from operating activities |
491 |
436 |
+13% |
|
|
∆: % Change; ∆: CC % Change in constant currencies (€/$ 1.12); ∆:
OG % Organic growth. Benchmark adjusted figures are performance
measures used by management. See Note 4 for a reconciliation from
IFRS to benchmark figures. |
Full-Year 2020 Outlook Remains Suspended due to COVID-19
Uncertainty
The COVID-19 pandemic and the measures and restrictions to
control it continue to create challenges for our customers and
uncertainty around economic conditions for everyone. Until we have
greater clarity on the outlook, our specific 2020 guidance on
adjusted operating profit margin, adjusted free cash flow, return
on invested capital (ROIC), and diluted adjusted EPS remains
suspended.
We currently expect recurring revenues for digital information,
software and services subscriptions to show resilience, but we note
that new sales of subscription products have been more difficult in
current market conditions. Recurring revenues from print
subscriptions have seen accelerated decline, which we expect will
continue in the coming quarters. Of our non-recurring revenues2 (FY
2019: 22% of total revenues), sales of new software licenses and
implementation services are seeing delays, while transactional
volumes, training, books, and other ad hoc revenue products are
likely to remain weak in current conditions. A freeze on travel, a
hold on non-critical hiring, and other temporary cost reductions
initiated in the second quarter benefitted margins in the first
half. These measures and additional programs and restructuring
planned for the second half are aimed at protecting the full-year
2020 adjusted operating profit margin while sustaining investment
in key products and strategic infrastructure.
If current exchange rates persist, the U.S. dollar rate will
have a negative effect on results reported in euros. In 2019,
Wolters Kluwer generated more than 60% of its revenues and adjusted
operating profit in North America. As a rule of thumb, based on our
2019 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 EPS.
Restructuring costs are included in adjusted operating profit.
We now anticipate that restructuring costs will be in the range of
€25-€35 million in 2020 (FY 2019: €26 million), higher than
anticipated at the start of the year. We currently expect adjusted
net financing costs of approximately €70 million in constant
currencies3, including approximately €10 million in lease interest
charges. We currently expect the benchmark tax rate on adjusted
pre-tax profits to be in the range of 23%-24% for 2020.
Capital expenditure is expected to be at the upper end of our
normal range of 5%-6% of total revenues (FY 2019: 4.9%). Cash
repayments of lease liabilities are expected to be in line with
depreciation of right-of-use assets (FY 2019: €80 million). We
currently expect the full-year cash conversion ratio to be around
95% (FY 2019: 96%). See Note 5 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.
2020 Outlook by Division
Health: We currently expect full-year organic
growth to be positive but slower than 2019 levels.
Tax & Accounting: We currently expect
full-year revenues to be broadly flat on an organic basis compared
to prior year due to a challenging comparable (FY 2019: organic
growth of 6%) and a more difficult new sales environment.
Governance, Risk & Compliance: Excluding
revenues associated with the PPP1, we expect revenues to see
organic decline for the full year, due to declines in non-recurring
revenues.
Legal & Regulatory: We currently expect
organic decline in revenues in 2020 due to accelerated declines in
print products and lower license fees, training, and other
non-recurring revenues.
Our Business 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 customer segments: health; tax
& accounting; governance, risk & compliance; and legal
& regulatory. All 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. Since
2003, we have been re-investing 8%‑10% of our revenues in
developing new and enhanced products and the supporting technology
platforms.
Our fastest growing products continue to be our expert
solutions, which combine deep domain knowledge with specialized
technology and services to deliver answers, analytics, and improved
productivity for our customers. Our business model is primarily
based on subscriptions or other recurring revenues (81% of total
revenues in HY 2020), augmented by implementation services revenues
as well as volume-based transactional or other non-recurring
revenues. Renewal rates for our digital information, software and
service subscriptions are high and are one of the key indicators by
which we measure our success. We have been evolving our technology
towards fewer, globally scalable platforms, with reusable
components. We are transitioning our solutions to the cloud and
leveraging advanced technologies such as artificial intelligence,
natural language processing, and predictive analytics to drive
further innovation. We are standardizing tools, streamlining our
technology infrastructure (including data centers) and improving
our development processes using agile methods. It is our 19,000
employees who drive our achievements and we have been working to
ensure we are providing engaging and rewarding careers.
Strategic Priorities 2019-2021
While COVID-19 is impacting our near-term financial performance,
we remain committed to the strategic priorities we set out at the
start of 2019. These strategic priorities are to:
- Grow Expert Solutions: We will focus on
scaling our expert solutions by extending these offerings and
broadening their distribution through existing and new channels,
including strategic partnerships. We will invest to build or
acquire positions in adjacent market segments.
- Advance Domain Expertise: We intend to
continue transforming our information products and services by
enriching their domain content with advanced technologies to
deliver actionable intelligence and deeper integration into
customer workflows. We will invest to enhance the user experience
of these products through user-centric design and differentiated
interfaces.
- Drive Operational Agility: We plan to
strengthen our global brand, go-to-market and digital marketing
capabilities to support organic growth. We will invest to upgrade
our back-office systems and IT infrastructure. By 2021, we expect
to complete the modernization of our Human Resources technology to
support our efforts to attract and nurture talent.
In the 2019-2021 timeframe, we expect to maintain product
development at between 8%-10% of total revenues. We expect to fund
the modernization of back-office systems by deriving additional
cost savings. The strategy is based on organic growth, although we
may make further bolt-on acquisitions or non-core disposals to
enhance our value and market positions. Acquisitions must fit our
strategic direction, 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.
Despite the COVID-19 disruption, we are making progress on this
plan. In the first half of 2020, our expert solutions accounted for
over 50% of total revenues and continued to deliver faster organic
growth than the group as a whole. Our global expert solutions,
which include products such as UpToDate in Health, TeamMate and CCH
Tagetik in Tax & Accounting, OneSumX in Governance, Risk &
Compliance, and Enablon in Legal & Regulatory, in aggregate
achieved high single-digit organic growth. In the first half, we
divested several small businesses that no longer fit our long-term
strategic direction, contributing to a more focused portfolio. We
increased investment in our digital information products, such as
our European legal research solutions and our tax research platform
CCH Answer Connect, to enhance their content, functionality and
user interfaces, and to add capabilities that leverage artificial
intelligence. We also advanced our operational agility, making
further progress in the first half in moving towards standardized
technology platforms and components and transitioning products to
the cloud. In the first half of 2020, cloud software revenues grew
19% organically reaching just over a quarter of our total software
revenues.
Financial Policy, Capital Allocation, Net Debt and
Liquidity
Wolters Kluwer uses its cash flow to invest in the business
organically and through acquisitions, to maintain optimal leverage,
and 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 at times, 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 flow.
Dividend Policy
For more than 30 years, Wolters Kluwer has increased or
maintained its annual dividend per share in euros (or euro
equivalent). In 2007, the company established a progressive
dividend policy and, since 2011, all dividends are paid in cash. In
2015, we introduced an interim dividend payment, aligning cash
distributions closer to our seasonal cash flow pattern.
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 pay-out
ratio4 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.
Interim Dividend 2020
As announced on February 26, 2020, the interim dividend for 2020
was set at 40% of the prior year total dividend. This results in an
interim dividend of €0.47 per share, to be distributed on September
24, 2020 to holders of ordinary shares, or October 1, 2020, to
holders of Wolters Kluwer ADRs.
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 Buyback 2020
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 further
share buyback programs. Shares repurchased by the company are added
to and held as treasury shares and are either cancelled or held to
meet future obligations arising from share-based incentive
plans.
On February 26, 2020, we announced our intention to repurchase
shares for up to €350 million during 2020. On May 6, 2020, we
re-affirmed this intention with the stipulation that we would
temporarily slow the pace of share repurchases. In the year to
August 4, 2020, we have spent €175 million on share buybacks, of
which €154 million was settled in the first half of 2020.
Assuming global economic conditions do not deteriorate
substantially, we believe current levels of cash returns leave us
with ample headroom to support our dividend plans, to sustain
organic investment in innovation and productivity, and to make
selective acquisitions. The share repurchases may be suspended,
discontinued, or modified at any time.
For the period starting August 6, 2020, up to and including
October 28, 2020, we have engaged a third party to execute €100
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 and Liquidity Position
Net debt at June 30, 2020, was €2,247 million, compared to
€2,318 million at June 30, 2019 and €2,199 million at December 31,
2019. The rolling twelve months’ net-debt-to-EBITDA ratio was 1.5x
at June 30, 2020.
Our liquidity position remains strong with, as of June 30, 2020,
net cash available of €502 million (cash and cash equivalents of
€978 million less bank overdrafts used for cash management purposes
of €476 million), partly offset by outstanding Euro commercial
paper of €305 million.
On July 3, 2020, we issued a new €500 million 10-year senior
unsecured Eurobond with an attractive coupon of 0.75%. The proceeds
will be used for general corporate purposes.
On July 10, 2020, we signed a new €600 million 3-year
multi-currency credit facility. This new facility will mature in
2023 and includes two one-year extension options, replacing an
existing facility which was due to expire in July 2021. This
facility is currently undrawn. We remain comfortably below the debt
covenant on our credit facility.
Apart from a €250 million private loan agreement maturing in
December 2020, we currently have no long-term debt maturing between
2020 and 2022.
Share Cancellation 2020
At the 2020 Annual General Meeting of April 23, 2020,
shareholders approved a resolution to cancel for capital reduction
purposes any or all ordinary shares held in treasury or to be
acquired by the company as authorized by shareholders, up to a
maximum of 10% of issued share capital. As authorized by
shareholders, the Executive Board has determined the number of
ordinary shares to be cancelled this year is 5.5 million. Wolters
Kluwer intends to cancel these shares in the second half of 2020.
As of August 4, 2020, Wolters Kluwer held 8.1 million shares in
treasury. A portion of these treasury shares will be retained in
order to meet future obligations under share-based incentive
plans.
Half-Year 2020 Results
Benchmark Figures
Group revenues rose 4% overall to €2,294 million, including a 1%
positive impact from currency, mainly the U.S. dollar which
averaged €/$ 1.10 in the period (HY 2019: €/$ 1.13). In constant
currencies, revenues increased by 3%. The net effect of divestments
and acquisitions on revenues was slightly negative. Excluding both
the impact of currency and the effect of acquisitions and
disposals, organic growth was 3% (HY 2019: 4%). Excluding revenues
associated with the PPP1, organic growth would have been 2%.
Revenues from North America, which accounted for 63% of group
revenues, grew 4% organically (HY 2019: 3%). Revenues from Europe,
30% of total revenues, saw organic growth decelerate to 2% (HY
2019: 6%), with all divisions experiencing slower growth. Revenues
from Asia Pacific and Rest of World, 7% of total revenues, were
broadly stable on an organic basis (compared to growth of 3% a year
ago), with robust performance in Tax & Accounting offset by
weakened trends in other divisions.
Adjusted operating profit was €577 million, an increase of 14%
in constant currencies. The adjusted operating profit margin
increased 270 basis points to 25.2% (HY 2019: 22.5%), as a result
of temporary cost reductions, including a freeze on travel, a hold
on non-critical hiring, a reduction in promotional spending, and
other short-term actions initiated in mid-March. In addition, the
margin reflects a €10 million reduction in restructuring
charges, a one-time insurance reimbursement, and a benefit from
revenues associated with the PPP1.
Our share of profits from associates, net of tax, was €5 million
(HY 2019: €0 million), mainly due to a one-time higher result
related to the stake in Logical Images that was divested in May 15,
2020, for €10 million.
Adjusted net financing costs reduced to €25 million (HY 2019:
€31 million), reflecting exchange rate movements.
Adjusted profit before tax was €557 million (HY 2019: €466
million), up 15% in constant currencies. The benchmark tax rate on
adjusted profit before tax reduced to 23.5% (HY 2019: 24.7%) due to
lower interest charges and limitations in The Netherlands and the
favorable impact of tax losses in 2020.
Adjusted net profit was €426 million (HY 2019: €351 million), an
increase of 16% in constant currencies.
Diluted adjusted EPS was €1.59 (HY 2019: €1.28), up 18% in
constant currencies, reflecting the increase in adjusted net profit
and a 2% reduction in the diluted weighted number of shares
outstanding to 267.6 million (HY 2019: 273.3 million).
IFRS Reported Figures
Reported operating profit rose 18% to €500 million (HY 2019:
€423 million), mainly reflecting the 16% increase in adjusted
operating profit. Amortization and impairment of acquired
identifiable intangible assets increased to €75 million (HY 2019:
€73 million).
Reported financing results amounted to a net cost of €19 million
(HY 2019: €24 million), including a €7 million net gain on
disposals of associates and financial assets (HY 2019: €9 million).
The disposals included our remaining 45% interest in Medicom in
China and our 40% interest in Logical Images in the U.S.
The reported effective tax rate was 23.1% (HY 2019: 24.0%)
reflecting lower interest charges and limitations in the
Netherlands and the favorable impact of tax losses in 2020. Total
reported profit for the period increased 23% to €374 million (HY
2019: €303 million) and diluted earnings per share increased
26% to €1.40 (HY 2019: €1.11).
Cash Flow
Adjusted operating cash flow was €485 million (HY 2019: €447
million), up 7% in constant currencies. The cash conversion ratio
declined to 84% (HY 2019: 90%) due to increased capital
expenditures and increased working capital outflows. Net capital
expenditure increased to €121 million (HY 2019: €100 million) due
to increased expenditure related to investments in critical
products and systems. Working capital outflows reflect timing of
payments. Cash payments related to leases, including lease interest
payments, increased to €41 million (HY 2019: €39 million).
Depreciation, including the amortization and impairment of
internally developed software and other products, increased 2% at
constant currencies to €103 million (HY 2019: €100 million).
Depreciation of right-of-use-assets was €36 million (HY 2019: €35
million).
Net interest paid, excluding lease interest paid, was €39
million (HY 2019: €34 million). Corporate income tax paid was €111
million, broadly in line with the prior period (HY 2019: €112
million). Net cash use of restructuring provisions amounted to €4
million (HY 2019: €6 million), relating to net restructuring
additions of €3 million and appropriations of €7 million.
Adjusted free cash flow was €336 million (HY 2019: €300
million), up 12% overall and up 10% in constant currencies.
Total acquisition spending, net of cash acquired and including
transaction costs, was €26 million (HY 2019: €34 million)
and primarily relates to the acquisition of CGE by Legal &
Regulatory. Deferred payments on acquisitions completed in prior
years, including earnouts, amounted to €3 million (HY 2019: €0
million).
Divestment proceeds, net of cash disposed and transaction costs,
were €20 million (HY 2019: €32 million) and relate to the
divestment of certain Belgian training assets, the sale of certain
German business lines, and the sale of our stakes in Medicom and
Logical Images.
Dividends paid to shareholders during the first six months
amounted to €210 million (HY 2019: €174 million) in respect of the
2019 final dividend. During the first six months, €156 million of
shares were repurchased (HY 2019: €87 million) of which €154
million was settled before June 30 (HY 2019: €84 million).
Net Debt and Leverage
Net debt at June 30, 2020, was €2,247 million compared to €2,199
million at December 31, 2019. Included in net debt were €370
million of short-term and long-term lease liabilities. The rolling
twelve-months’ net-debt-to-EBITDA ratio was 1.5x (Year-end 2019:
1.6x).
Sustainability
We continue to pay close attention to our performance on
environmental, social, and governance matters. We are currently
launching a new Code of Business Ethics to reinforce a culture of
integrity and openness. The new code will form part of our annual
mandatory compliance training for all employees globally. During
the ongoing COVID-19 pandemic, we have been conducting regular
employee surveys to monitor engagement levels and inform managers
on what support is needed during this time, when approximately 95%
of employees are still working from home and many are experiencing
increased workloads.
This year we also strengthened our “Green is Green” program
which aims to support our office managers and employees to adopt
environmentally sound practices. The recently agreed new credit
facility provides us with an option to introduce sustainability or
ESG targets.
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 specialized technology and services.
Wolters Kluwer reported 2019 annual revenues of €4.6 billion.
The group serves customers in over 180 countries, maintains
operations in over 40 countries, and employs approximately 19,000
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 Calendar September 1, 2020
Ex-dividend date: 2020
interim dividendSeptember 2, 2020
Record date: 2020
interim dividendSeptember 24, 2020
Payment date: 2020 interim dividendOctober 1, 2020
Payment date: 2020 interim
dividend ADRsOctober 30, 2020
Nine-Month 2020 Trading UpdateFebruary 24, 2021
Full-Year 2020 ResultsMarch 10, 2021
Publication of
Annual ReportApril 22, 2021
Annual General Meeting of Shareholders
Media
Investors/AnalystsAnnemarije Dérogée-Pikaar
Meg
GeldensGlobal Branding & Communications
Investor Relationst + 31 (0)172 641 470
t + 31 (0)172 641
407 press@wolterskluwer.com
ir@wolterskluwer.com
Forward-looking Statements and Other Important Legal
Information
This 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 Throughout this document, “the PPP” refers to the U.S. Small
Business Association’s Paycheck Protection Program established by
the 2020 U.S. Coronavirus Aid, Relief, and Economic Security Act
(CARES Act). Wolters Kluwer Compliance Solutions (part of
Governance Risk & Compliance) adapted its TSoftPlus platform to
support its bank customers in lending under this program.
2 Non-recurring revenues include revenues from transactional
services, software license sales and implementation services,
training, advertising, print books, and other products sold on an
ad hoc basis.
3 Guidance for net financing costs in constant currencies
excludes the impact of exchange rate movements on currency hedging
and intercompany balances.
4 Pay-out ratio: dividend per share divided by adjusted earnings
per share.
- 2020.08.05 Wolters Kluwer 2020 Half-Year Results
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