Wolters Kluwer 2020 Full-Year
February 24, 2021 – Wolters Kluwer, a global leader in
professional information, software solutions, and services, today
releases its full-year 2020 results.
- Revenues €4,603 million, up 1% in constant currencies
and up 2% organically.
- Excluding revenues associated with the PPP1, organic growth
would have been 1%.
- Recurring revenues up 4% organically (80% of total revenues);
non-recurring down 8% organically.
- Digital & services revenues up 4% organically (91% of total
revenues); print down 16% organically.
- COVID-19 mainly impacted print formats, non-recurring revenues,
and new sales.
- Adjusted operating profit €1,124 million, up 5% in
- Adjusted operating profit margin up 80 basis points to
- Cost savings allowed us to sustain investments in product
development and marketing while bringing forward efficiency
initiatives and still delivering a margin improvement.
- Diluted adjusted EPS €3.13, up 7% in constant
- Adjusted free cash flow €907 million, up 16% in
- Balance sheet remains strong: net-debt-to-EBITDA
- Return on invested capital improved to
- Proposed total dividend 2020: €1.36 per share, up
- Share buybacks: 2020 buyback of €350 million completed;
announcing 2021 buyback of up to €350 million (of which €50
million already completed).
- Outlook 2021: mid-single-digit growth in adjusted
diluted EPS in constant currencies.
Full-Year Report of the Executive Board
Nancy McKinstry, CEO and Chairman of the Executive
Board, commented: “In so many ways, our employees embraced
the challenge of 2020, dedicating themselves to the needs of
customers while delivering on our strategic priorities. The
pandemic mainly affected our non-recurring and print revenue
streams and slowed our new sales activity, but digital recurring
revenues performed well. We expect the recovery towards previous
growth levels to be gradual and remain confident in our long-term
Key Figures – Year ended December 31
€ million (unless otherwise stated)
Business performance – benchmark figures
Adjusted operating profit
Adjusted operating profit margin
Adjusted net profit
Diluted adjusted EPS (€)
Adjusted free cash flow
Return on invested capital (ROIC)
IFRS reported results
Profit for the year
Diluted EPS (€)
Net cash from operating activities
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.12); ∆
OG: % Organic growth. Benchmark figures are performance measures
used by management. See Note 3 for a reconciliation from IFRS to
Full-Year 2021 Outlook
Due to the ongoing nature of the COVID-19 pandemic, we currently
expect economic activity and spending patterns to be subdued for
most of 2021, with a gradual recovery starting in the second half.
In the first half of 2021 we face a challenging comparable, partly
because we expect lower PPP1 revenues in 2021. We remain in a
strong position to respond to new challenges should they arise. Our
specific guidance for 2021 adjusted operating profit margin,
adjusted free cash flow, return on invested capital (ROIC), and
diluted adjusted EPS is provided below.
Full-Year 2021 Outlook
|Adjusted operating profit margin
24.5% - 25.0%
|Adjusted free cash flow
Diluted adjusted EPS
for adjusted operating profit margin and ROIC is in reported
currencies and assumes an average EUR/USD rate in 2021 of €/$1.21.
Guidance for adjusted free cash flow and diluted adjusted EPS is in
constant currencies (€/$ 1.14). Guidance reflects share repurchases
for up to €350 million in 2021.
If current exchange rates persist, the U.S. dollar rate will
have a negative effect on 2021 results reported in euros. In 2020,
Wolters Kluwer generated more than 60% of its revenues and adjusted
operating profit in North America. As a rule of thumb, based on our
2020 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.
We include restructuring costs in adjusted operating profit. We
currently expect that restructuring costs will be in the range of
€10-€15 million in 2021 (FY 2020: €49 million). We expect adjusted
net financing costs of approximately €65 million in constant
currencies2, including approximately €10 million in lease interest
charges. We expect the benchmark tax rate on adjusted pre-tax
profits to be in the range of 23.0%-24.0% for 2021. Capital
expenditure is expected to be within our normal range of 5.0%-6.0%
of total revenues (FY 2020: 5.0%). Cash repayments of lease
liabilities are expected to be in line with depreciation of
right-of-use assets (FY 2020: €73 million). We expect the full-year
cash conversion ratio to be in the range of 95%-100% in 2021 (FY
2020: 102%). See Note 3 for the calculation of our cash conversion
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
2021 Outlook by Division
Health: We expect full-year organic growth to
improve over 2020 levels and the adjusted operating profit margin
to be stable year-on-year as temporary cost savings fade.
Tax & Accounting: We expect organic growth
to improve moderately from 2020 levels and the adjusted operating
profit margin to decline due to the absence of one-time benefits
and the fading of temporary cost savings.
Governance, Risk & Compliance: We expect
the organic growth rate to be slightly below 2020 levels, as
revenues associated with the 2021 PPP1 will likely be lower than in
2020. We expect the adjusted operating profit margin to improve on
the back of lower restructuring and provisions.
Legal & Regulatory: We expect the division
to return to positive organic growth driven by digital information
and software revenues. We expect the adjusted operating profit
margin to improve as a result of lower restructuring.
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. 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
Expert solutions, which combine deep domain knowledge with
technology to deliver both content and workflow automation to drive
improved outcomes and productivity for our customers, accounted for
54% of total revenues in 2020 (FY 2019: 51%) and grew 6%
organically including PPP1 (FY 2019: 7%). Based on revenues, our
largest expert solutions are:
- Health: clinical decision support tool
UpToDate; clinical drug databases Medi-Span and Lexicomp; and
Lippincott nursing solutions for practice and learning.
- Tax & Accounting: corporate performance
solutions TeamMate and CCH Tagetik; professional tax and accounting
software, including CCH ProSystem fx, CCH Axcess, and PFX
Engagement in North America and similar software for professionals
- Governance, Risk & Compliance: finance,
risk, and regulatory reporting suite OneSumX; banking compliance
solutions Compliance One, Expere, and Gainskeeper; and enterprise
legal management software Passport and Tymetrix.
- Legal & Regulatory: EHS/ORM3 suite
Enablon, and our range of workflow solutions for European legal
Our business model is primarily based on subscriptions and other
recurring revenues (80% of total revenues in 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. In 2020, software products accounted for 41% of total
revenues (FY 2019: 39%). Of total software revenues, 28% was from
recurring cloud subscription revenues, which grew 19% organically
(FY 2019: 24%).
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 the scaled agile framework. Our employees drive our
achievements and we have been working to ensure we are providing
engaging and rewarding careers.
Strategic Priorities 2019-2021
While the pandemic has diverted us from our original three-year
financial plan for 2019-2021, the crisis has reinforced and
validated many aspects of our strategy: the evolution towards
digital and expert solutions; the transition to cloud-based
software platforms, and the investment to upgrade internal systems,
infrastructure, and digital marketing capabilities. Our strategic
priorities for 2019-2021 are:
- 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
- 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. Part of our
2019-2021 strategic plan is to complete the modernization of our
Human Resources technology to support our efforts to attract and
Our strategy is focused on organic growth, although we may make
further bolt-on 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.
In 2020, group-wide product development spend was just over 9%
of total revenues. While we continued to develop our expert
solutions, we also invested to transform our digital information
products, such as our medical research platform Ovid and our legal
research solutions, to enhance their content, functionality and
user interfaces, and to add capabilities that leverage artificial
In 2020, we acquired three software companies with whom we had
long-standing partnerships: CGE, XCM Solutions, and eOriginal. We
were also active with divestments: last year, we sold eight assets
and businesses that no longer fit our long-term strategic goals,
helping us achieve increased focus on expert solutions.
We took steps to drive operational agility, moving further
towards standardized technology platforms and components and
transitioning products to the cloud. In 2020, we completed the
final phase of our HR systems modernization and made progress on
upgrading other back-office infrastructure.
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
Wolters Kluwer has not been immune to the effects of the
COVID-19 pandemic. The situation required an agile response from
our organization. Increased efforts were made to safeguard
employees, support customers, and to ensure business continuity.
Since mid-March 2020, approximately 95% of Wolters Kluwer employees
have been working from home. We are planning for a gradual and
partial return to our offices in the second half of 2021, when and
where circumstances allow. Significant investment was made in
innovation and new content in 2020 to support customers in
navigating through the crisis: for example, our Health division
expanded its COVID-19 content, tools and resources to support
healthcare providers and medical researchers. In our Tax &
Accounting division, CCH Tagetik rolled out new products to allow
corporate finance teams to rapidly perform the scenario analyses
necessitated by the pandemic. Our Compliance Solutions group (in
GRC) was one of the first providers to deliver software capable of
supporting banks in lending under the U.S. PPP1 program. And in
Legal & Regulatory, Enablon introduced COVID-19 modules for its
EHS/ORM platform enabling users to better manage workplace health
risks posed by the virus. This innovation and agility over the past
year helped mitigate the challenges posed by the pandemic which
were most visible in our print and non-recurring revenues and our
new sales intake.
Financial Policy, Capital Allocation, Net Debt, and
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
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
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
At the 2021 Annual General Meeting of Shareholders, we will
propose a final dividend of €0.89, which would result in a total
dividend over the 2020 financial year of €1.36, 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 2020 and 2021
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. 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
During 2020, we spent €350 million on share buybacks, comprising
5.1 million shares at an average price of €68.41. During the year,
0.9 million treasury shares were released in respect of share-based
incentive plans, leading to a net repurchase of 4.2 million
Today, we are announcing our intention to spend up to €350
million on share repurchases during 2021, including repurchases to
offset incentive share issuance. Of this, €50 million has already
been completed in the period from January 4, 2021, up to and
including February 22, 2021.
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
For the period February 26, 2021, up to and including May 3,
2021, we have engaged a third party to execute €70 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, 2020, was €2,383 million, compared to
€2,199 million at December 31, 2019. Included in net debt were €348
million of lease liabilities. The net-debt-to-EBITDA ratio was 1.7x
(FY 2019: 1.6x).
Our liquidity position remains strong with, as of December 31,
2020, net cash available of €364 million5, partly offset by
outstanding Euro Commercial Paper of €100 million. During 2020, we
issued a new €500 million 10-year senior unsecured Eurobond
(coupon 0.75%) and signed a new €600 million 3-year multi-currency
credit facility (undrawn as of today). This new facility will
mature in 2023 and includes two one-year extension options. We
remain comfortably below the leverage ratio covenant in our credit
Full-Year 2020 Results
Group revenues were €4,603 million, in line with the prior year.
Revenues increased 1% in constant currencies, including the net
effect of divestments and acquisitions which reduced revenues by
1%. Removing both the effect of currency and net divestments,
organic growth was 2% (FY 2019: 4%). Excluding revenues associated
with the PPP1, organic growth would have been 1%, the slowdown
reflecting the impact of COVID-19 on our business in 2020.
All geographic regions experienced weaker growth as a result of
the pandemic. Revenues from North America, which accounted for 61%
of group revenues, grew 2% organically (FY 2019: 4%). Revenues from
Europe, 31% of total revenues, increased 2% organically (FY 2019:
5%). Revenues from Asia Pacific and Rest of World, 8% of total
revenues, declined 4% on an organic basis (FY 2019: organic growth
Adjusted operating profit was €1,124 million (FY 2019: €1,089
million), an increase of 5% in constant currencies. The adjusted
operating profit margin increased 80 basis points to 24.4% (FY
2019: 23.6%), including the benefit of a one-time insurance
reimbursement of €12 million and a margin on the revenues
associated with the PPP1. During 2020, significant cost savings of
a temporary nature were possible as a result of a freeze on travel
and in-person events and reductions in promotional expenses. We
also achieved more sustainable, structural savings from on-going
efficiency programs in 2020. These cost savings and one-off
benefits allowed us to fully sustain our investments in product
development, technology infrastructure, and digital marketing. We
were also able to bring forward certain restructuring initiatives.
Included in adjusted operating profit were restructuring expenses
of €49 million (FY 2019: €26 million) and
increased provisions for returns and bad debt.
Our share of profits of associates, net of tax, was €6 million
(FY 2019: €3 million), mainly due to a one-time higher result
related to our 40% interest in Logical Images which was divested on
May 15, 2020.
Adjusted net financing costs declined to €46 million (FY 2019:
€58 million) largely due to a €24 million net foreign exchange gain
on the translation of intercompany balances. Partly offsetting this
was lower interest income on U.S. cash balances.
Adjusted profit before tax was €1,084 million (FY 2019: €1,034
million), up 4% in constant currencies. The benchmark tax rate on
adjusted profit before tax reduced to 23.0% (FY 2019: 23.6%),
reflecting favorable tax effects from financing results, prior year
adjustments, and tax losses.
Adjusted net profit was €835 million (FY 2019: €790 million), an
increase of 4% in constant currencies.
Diluted adjusted EPS was €3.13 (FY 2019: €2.90), up 7% in
constant currencies, reflecting the increase in adjusted net profit
and a 2% reduction in the diluted weighted average number of shares
outstanding to 266.6 million (FY 2019: 272.2 million).
IFRS Reported Figures
Reported operating profit increased 7% to €972 million (FY 2019:
€908 million), reflecting the increase in adjusted operating profit
combined with an absence of impairment charges on acquired
identifiable intangible assets. Reported financing results amounted
to a net cost of €41 million (FY 2019: €53 million), reflecting
adjusted net financing cost of €46 million and a €7 million net
gain on disposals of equity-accounted associates and financial
assets (FY 2019: €9 million).
The reported effective tax rate increased to 23.1% (FY 2019:
22.0%), owing largely to the taxable capital gains made on 2020
disposals, while the prior year was favorably impacted by tax
exempted divestments and the conclusion of tax audits. Total profit
for the year increased 8% to €721 million (FY 2019:
€669 million) and diluted earnings per share increased 10% to
€2.70 (FY 2019: €2.46).
Adjusted operating cash flow was €1,145 million (FY 2019: €1,049
million), up 13% in constant currencies. The cash conversion ratio
increased to 102% (FY 2019: 96%), primarily due to an inflow of
working capital compared to an outflow in the prior year.
Depreciation of property, plant, and equipment and amortization
and impairment of internally developed software was €223 million,
in line with the prior year (FY 2019: €220 million). Depreciation
and impairment of right-of-use assets were €75 million (FY 2019:
€73 million). Net capital expenditure increased to €231 million (FY
2019: €226 million), stable at 5.0% of revenues (FY 2019: 4.9%).
Cash payments related to leases, including €11 million of lease
interest paid, increased to €85 million (FY 2019: €80 million).
Favorable timing of collections resulted in a €39 million cash
inflow on working capital (FY 2019: €27 million outflow).
Net interest paid, excluding lease interest paid, increased to
€54 million (FY 2019: €46 million). Corporate income tax paid
increased to €221 million (FY 2019: €195 million). The effect of
restructuring was a net increase in provisions of €20 million
(compared to a net decrease of €6 million in FY 2019) as net
additions to restructuring provisions of €37 million were partly
offset by cash appropriations of €17 million.
As a result, adjusted free cash flow was €907 million (FY 2019:
€807 million), up 12% overall and up 16% in constant
Total acquisition spending, net of cash acquired and including
€11 million in transaction costs, was €406 million
(FY 2019: €35 million), primarily relating to the
acquisitions of eOriginal in Governance, Risk & Compliance
(€235 million), XCM Solutions in Tax & Accounting (€140
million), and CGE in Legal & Regulatory (€20 million). On a
pro-forma basis, these acquisitions generated revenues of €58
million in 2020, of which €13 million was consolidated in 2020.
Earnouts and deferred payments on acquisitions completed in prior
years amounted to €6 million (FY 2019: €1 million).
Divestment proceeds, net of cash disposed and transaction costs,
were €48 million (FY 2019: €39 million) and related to the
divestment of certain Belgian training assets, selected German
assets, the healthcare compliance solution ComplyTrack, GRC’s flood
determination services, French legal notices business, and our
stakes in Medicom in China and Logical Images in the U.S. Up to
their divestment dates, the divested assets generated total
revenues of €34 million in 2020. See Note 6 for more details.
Dividends paid to shareholders amounted to €334 million (FY
2019: €280 million), while share repurchases totaled €350 million
(FY 2019: €350 million).
ESG Highlights 20206
In 2020, employee engagement saw a significant increase to 84%
(FY 2019: 77%), placing our score more than 10 percentage points
above the norm for high-performing companies. Throughout the year,
we conducted regular employee surveys to monitor well-being and
learn what was needed to support employees working from home. The
increased engagement was attributable to a focus on health and
well-being, an increase in internal communications, and the
provision of virtual collaboration tools to all employees
During 2020, we accelerated a number of multi-year programs that
will help reduce carbon emissions in coming years. This included
our real estate rationalization program, which delivered a 7%
organic reduction in our office footprint by closing smaller
offices, and our data center consolidation program, which
decommissioned 11 data centers while transitioning applications to
the cloud. The migration of products and internal systems from
on-premise servers to more energy-efficient cloud platforms results
in 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 2020 annual revenues of €4.6 billion.
The group serves customers in over 180 countries, maintains
operations in over 40 countries, and employs approximately 19,200
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.
For more information, visit www.wolterskluwer.com, follow us on
Twitter, Facebook, LinkedIn, and YouTube.
Financial CalendarMarch 10,
Publication of Annual ReportApril 22, 2021
Annual General Meeting of
ShareholdersApril 26, 2021
Ex-dividend date: 2020 final dividendApril 27,
Record date: 2020 final dividendMay 5,
First-Quarter 2021 Trading UpdateMay 19,
Payment date: 2020 final dividend ordinary sharesMay 26, 2021
date: 2020 final dividend ADRsAugust 4,
Half-Year 2021 ResultsAugust 31, 2021
date: 2021 interim dividendSeptember 1,
2021 Record date:
2021 interim dividendSeptember 23,
2021 Payment date: 2021 interim
dividend ordinary sharesSeptember 30,
2021 Payment date: 2021 interim
dividend ADRsNovember 3,
Nine-Month 2021 Trading UpdateFebruary 23,
Full-Year 2021 Results
Meg GeldensGlobal Branding &
Relationst + 31 (0)172 641 230
t + 31 (0)172 641
Forward-looking Statements and Other Important Legal
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, PPP refers to the U.S. Small
Business Association (SBA) Paycheck Protection Program established
by the 2020 U.S. CARES Act. Wolters Kluwer Compliance Solutions
(part of Governance, Risk & Compliance) supported its bank
customers in lending under this program. A new tranche of the U.S.
PPP program was launched by the SBA in January 2021.
2 Guidance for adjusted net financing costs in constant
currencies excludes the impact of exchange rate movements on
currency hedging and intercompany balances.
3 Throughout this document, EHS/ORM refers to environmental,
health & safety and operational risk management.
4 Dividend payout ratio: dividend per share divided by adjusted
earnings per share.
5 Net cash available consists of cash and cash equivalents of
€723 million less overdrafts used for cash management purposes of
6 Environmental, social and governance data is not assured.
- 2021.02.24 Wolters Kluwer 2020 Full-Year Results
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