Wolters Kluwer 2021 Half-Year Report
Wolters Kluwer
2021
Half-Year Report
August 4,
2021 – Wolters Kluwer, a
global leader in professional information, software
solutions, and services,
today releases its half-year
2021
results.
Highlights
- Revenues
€2,280
million, up
6% in constant currencies
and up 5% organically.
- Recurring revenues (81% of total revenues) up 5% organically;
non-recurring up 4% organically.
- Digital & services revenues (93%) grew 5% organically.
- Expert solutions (55%) grew 6% organically, excluding revenues
associated with the PPP1.
- Adjusted operating profit
€613
million, up
14% in
constant currencies.
- Adjusted operating profit margin up 170 basis points to
26.9%.
- Margin increase reflects operational gearing and both temporary
and structural cost savings.
- Diluted adjusted EPS
€1.66,
up 4% overall and up
19% in constant
currencies.
- Adjusted free cash flow
€476
million, up
54% in constant
currencies, reflecting improved collections
compared to a year ago.
- Balance sheet and liquidity further strengthened with
recent refinancing actions.
- Net-debt-to-EBITDA 1.7x (FY 2020: 1.7x).
- Interim dividend €0.54 per share, set
at 40% of prior year total
dividend.
- Share
buyback:
€229 million
of 2021 program of up
to
€350 million
repurchased to
date.
- Guidance for
2021 updated and increased. (See page
2).
Half-Year
Report of the Executive Board
Nancy McKinstry, CEO and Chairman of the Executive
Board, commented: “I am
delighted to report that the first half has seen a
faster-than-expected recovery from the pandemic. Growth in
recurring revenues has proved to be resilient, while most
non-recurring revenue streams posted a strong rebound against
declines in the comparable period. With our markets recovering and
new sales picking up, we expect underlying operating costs to rise
in the second half as we invest to support growth.”
Key Figures – Six months ended
June 30 |
€ million (unless otherwise stated) |
2021 |
2020 |
∆ |
∆ CC |
∆ OG |
Business performance – benchmark figures |
|
|
|
|
|
Revenues |
2,280 |
2,294 |
-1% |
+6% |
+5% |
Adjusted operating profit |
613 |
577 |
+6% |
+14% |
+13% |
Adjusted operating profit margin |
26.9% |
25.2% |
|
|
|
Adjusted net profit |
437 |
426 |
+3% |
+16% |
|
Diluted adjusted EPS (€) |
1.66 |
1.59 |
+4% |
+19% |
|
Adjusted free cash flow |
476 |
336 |
+42% |
+54% |
|
Net debt |
2,417 |
2,247 |
+8% |
|
|
IFRS reported results |
|
|
|
|
|
Revenues |
2,280 |
2,294 |
-1% |
|
|
Operating profit |
519 |
500 |
+4% |
|
|
Profit for the period |
360 |
374 |
-4% |
|
|
Diluted EPS (€) |
1.37 |
1.40 |
-2% |
|
|
Net cash from operating activities |
613 |
491 |
+25% |
|
|
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.14); ∆
OG: % Organic growth. Benchmark figures are performance measures
used by management. See Note 4 for a reconciliation from IFRS to
benchmark figures. |
Full-Year 2021
Outlook
With our markets recovering from the effects of the pandemic, we
now expect all divisions to see a year-on-year improvement in
organic growth. Health, Tax & Accounting, and Legal &
Regulatory divisions benefitted from timing in the first half,
which we expect will reverse in second half. We expect underlying
operating costs to rise in the second half as we step up investment
and accelerate hiring to support growth and as we partly restore
travel, promotion, and other costs that were curtailed during the
crisis. We continue to plan for a gradual return to our offices,
when and where circumstances allow, with currently some 5%-10% of
employees back in office. Our revised 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 |
Performance
indicators |
2021 Guidance |
Previous Guidance |
2020 Actual |
Adjusted operating profit margin |
Around 25.0% |
24.5% -
25.0% |
24.4% |
Adjusted free cash flow |
€925 – €975 million |
€875 -
€925 million |
€907 million |
ROIC |
Around 12.5% |
Around
12% |
12.3% |
Diluted adjusted
EPS |
High-single-digit growth |
Mid-single-digit growth |
€3.13 |
Guidance 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 around 100% in 2021 (FY 2020: 102%).
See Note 4 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.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.
2021
Outlook by Division
Health: We expect organic growth to improve
over 2020 levels and the adjusted operating profit margin to be
stable year-on-year as temporary cost savings fade and investment
rises in the second half.
Tax & Accounting: We expect organic growth
to improve 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 now expect organic
growth to improve from 2020 levels, as a rebound in Legal Services
transactional revenues is now expected to more than compensate for
lower revenues associated with the PPP1. We expect the full-year
adjusted operating profit margin to improve on the back of lower
restructuring and provisions, despite increased investment.
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 lower restructuring more than
offsets increased investment.
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
platforms.
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
55% of total revenues in HY 2021 (FY 2020: 54%) and grew 4%
organically. Excluding revenues associated with the PPP1, expert
solutions grew 6% organically. 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 CCH Tagetik and TeamMate; professional tax and accounting
software, including CCH ProSystem fx, CCH Axcess, and PFX
Engagement 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, 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 professionals.
Our business model is primarily based on subscriptions and other
recurring revenues (80% of total revenues in FY 2020 and 81% in HY
2021), 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 HY 2021, software products
accounted for 43% of total revenues (FY 2020: 41%) and grew 5%
organically. Of total software revenues, 31% related to recurring
cloud software revenues, which grew 17% organically in the first
half of 2021 (FY 2020: 19%).
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 had an impact on our financial
trajectory, it has fully 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
continue to be:
- 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. Part of our 2019-2021
strategic plan is to complete the modernization of our Human
Resources technology to support our efforts to attract and nurture
talent.
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 the first half of 2021, group-wide product development
spending (including capital expenditures) remained within our
guided range of 8%-10% of total revenues. We continued to develop
and enhance our expert solutions, while also investing to transform
our digital information products to enhance their content,
functionality, and user interfaces, while adding capabilities that
leverage artificial intelligence.
We took steps to drive operational agility, leveraging
standardized technology platforms and components and transitioning
products to the cloud. In the first half of 2021, we successfully
migrated our corporate performance management systems to the
cloud-based CCH Tagetik solution and completed the consolidation of
280 product websites into a single Wolters Kluwer website.
ESG Priorities4
Our strategy aims to deliver high levels of customer
satisfaction and impactful products and services, while fostering
an engaged, talented, and diverse workforce, and ensuring strong
corporate governance, secure systems, and efficient and
environmentally-friendly operations. At the start of 2021, we
rolled out a new sustainability plan (ENGAGE) to further advance
these objectives.
In the first half of 2021, we made progress on a number of
environmental, social, and governance (ESG) initiatives. We
advanced on programs to reduce our carbon emissions: our real
estate rationalization program delivered a 4% organic reduction in
our office footprint by closing several smaller offices. Our server
migration and data center consolidation program is on track to
reduce the number of on-premise servers this year by transitioning
applications to the cloud. This migration of customer applications
and internal systems from on-premise servers to more
energy-efficient cloud platforms results in better capacity
utilization and a net reduction in carbon emissions.
In July 2021, we launched our first global, all-employee survey
of diversity, equity & inclusion. The results will form the
basis for setting new goals to ensure that we have a diverse
workforce that reflects the communities in which we live and
work.
And on the governance side, we have now incorporated six
strategic and verifiable ESG measures and targets into management’s
short-term incentive plan. Four of these ESG measures were also
linked to our €600 million multi-currency credit facility, creating
a sustainability-linked facility approved by twelve syndicate
lenders.
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
Interim 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.
As announced on February 24, 2021, the interim dividend for 2021
was set at 40% of the prior year total dividend. This results in an
interim dividend of €0.54 per share, to be distributed on September
23, 2021, to holders of ordinary shares, or September 30, 2021, 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 2021 and
Share Cancellation 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 plans.
The maximum number of shares which may be acquired will not exceed
the authorization granted by the General Meeting of
Shareholders.
On February 24, 2021, we announced our intention to repurchase
shares for up to €350 million during 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 time.
During the year up until August 3, 2021, we have spent €229
million on share buybacks (3.1 million shares at an average price
of €73.41). Included in these amounts was a block trade of 593,276
for €38.6 million on February 25, to partly offset the issuance of
incentive shares. See Note 9 for further information on issued
share capital.
For the period starting August 5, 2021, up to and including
November 1, 2021, we have mandated 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.
As of August 3, 2021, Wolters Kluwer held 7.5 million shares in
treasury. A portion of these treasury shares will be retained in
order to meet future obligations under share-based incentive
plans.
At the 2021 Annual General Meeting of April 22, 2021,
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, 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 5.0 million. Wolters Kluwer intends to cancel these shares in
the second half of 2021.
Net Debt, Leverage,
Sustainability-Linked
Credit
Facility,
and Liquidity Position
Net debt at June 30, 2021, was €2,417 million, compared to
€2,383 million at December 31, 2020. Included in net debt were €353
million of lease liabilities. The net-debt-to-EBITDA ratio was 1.7x
(FY 2020: 1.7x; HY 2020: 1.5x).
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.
Effective 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 June 30, 2021,
net cash available of €859 million6, partly offset by outstanding
Euro Commercial Paper (ECP) of €125 million. We currently have no
long-term debt maturing between now and 2022.
Half-Year
2021
Results
Benchmark Figures
Group revenues were €2,280 million, down 1% overall due to the
weaker U.S. dollar. Excluding the effect of currency, revenues
increased 6%. Excluding also the net effect of acquisitions and
divestments, organic revenue growth was 5% (HY 2020: 3%). Excluding
revenues associated with the PPP1, organic growth would have been
6%.
All main geographic regions reported improved organic growth.
Revenues from North America, which accounted for 62% of group
revenues, grew 5% organically (HY 2020: 4%). Revenues from Europe,
31% of total revenues, also increased 5% organically (HY 2020: 2%).
Revenues from Asia Pacific and Rest of World, 7% of total revenues,
grew 3% organically (HY 2020: flat).
Adjusted operating profit was €613 million (HY 2020: €577
million), an increase of 14% in constant currencies. The adjusted
operating profit margin increased 170 basis points to 26.9% (HY
2020: 25.2%), largely due to operational gearing, temporary cost
savings, and structural cost efficiencies. Temporary cost savings
include costs that were reduced in the wake of the pandemic, such
as expenses related to travel, in-person events, and promotions. It
also includes savings as a result of last year’s slower pace of
hiring. Included in adjusted operating profit were restructuring
expenses of €2 million
(HY 2020: €3 million).
Our share of profits of associates, net of tax, was nil (HY
2020: €5 million). The prior period included a one-time profit
related to our 40% interest in Logical Images which was divested on
May 15, 2020.
Adjusted net financing costs increased to €42 million (HY 2020:
€25 million). Included in adjusted net financing costs was an €11
million net foreign exchange loss (HY 2020: €7 million net foreign
exchange gain) mainly related to the translation of intercompany
balances.
Adjusted profit before tax was €571 million (HY 2020: €557
million), up 2% overall. Excluding the effect of currency, adjusted
profit before tax was up 14%.
The benchmark tax rate on adjusted profit before tax was 23.5%
(HY 2020: 23.5%), in line with the prior period. Adjusted net
profit was €437 million (HY 2020: €426 million), an increase of 3%
overall and 16% in constant currencies. Diluted adjusted EPS was
€1.66 (HY 2020: €1.59), up 4% overall and up 19% in constant
currencies, reflecting the increase in adjusted net profit and a 2%
reduction in the diluted weighted average number of shares
outstanding to 262.7 million (HY 2020: 267.6 million).
IFRS Reported Figures
Reported operating profit increased 4% to €519 million (HY 2020:
€500 million), reflecting the increase in adjusted operating
profit, a decrease in amortization of acquired intangibles, and the
reversal of an impairment of Prosoft (Brazil), partly offset by a
€28 million loss on the divestment of Prosoft. The
divestment-related loss included a €26 million unrealized foreign
exchange loss triggered by the Prosoft transaction, as previously
disclosed. See Note 7 for details on the Prosoft transaction.
Reported financing results amounted to a net cost of €43 million
(HY 2020: €19 million cost), reflecting net interest cost of €32
million and an €11 million foreign exchange loss, mainly on
intercompany balances.
The reported effective tax rate increased to 24.4% (HY 2020:
23.1%) due to the impact of the Prosoft transaction. Total net
profit for the first half declined 4% overall to €360 million
(HY 2020: €374 million) and diluted earnings per share
declined 2% to €1.37 (HY 2020: €1.40).
Cash Flow
Adjusted operating cash flow was €659 million (HY 2020: €485
million), up 45% in constant currencies. The cash conversion ratio
increased to 107% (HY 2020: 84%) due to a €54 million working
capital inflow compared to a €69 million outflow in the first half
of 2020, as cash collections on trade receivables improved this
year. Adjusted operating cash flow also benefitted from an
underlying decline in capital expenditure to €107 million
(HY 2020: €121 million).
Cash payments related to leases, including €4 million of lease
interest paid, were €38 million (HY 2020: €41 million).
Depreciation of physical assets, amortization of internally
developed software, and amortization and impairment of right-of-use
assets totaled €137 million (HY 2020: €139 million), broadly in
line with the prior period.
Net interest paid, excluding lease interest paid, increased to
€44 million (HY 2020: €39 million). Income tax paid increased to
€127 million (HY 2020: €111 million). The net cash effect of
restructuring was an outflow of €20 million (HY 2020: outflow of €6
million).
Consequently, adjusted free cash flow was €476 million (HY 2020:
€336 million), up 42% overall and up 54% in constant
currencies.
Total acquisition spending, net of cash acquired and including
transaction costs, was €99 million (HY 2020:
€26 million), primarily relating to the acquisition of
Vanguard Software in Tax & Accounting in May 2021.
Dividends paid to shareholders amounted to €233 million (HY
2020: €210 million), comprising the final dividend of financial
year 2020. Through June 30, 2021, cash deployed towards the share
repurchase program totaled €201 million (HY 2020: €154
million).
Financial CalendarAugust 31, 2021
Ex-dividend 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, 2021
Nine-Month 2021 Trading UpdateFebruary 23, 2022
Full-Year 2021 ResultsMarch 9,
2022
Publication of 2021 Annual Report and ESG Data OverviewApril 21,
2022
Annual General Meeting of Shareholders
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
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; conditions created by global pandemics,
such as COVID-19; 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. The PPP was reopened on
January 11, 2021, and was ended on May 31, 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 Environmental, social and governance priorities. 5
Dividend payout ratio: dividend per share divided by adjusted
earnings per share.6 Net cash available consists of cash and cash
equivalents of €951 million less overdrafts used for cash
management purposes of €92 million.
- 2021.08.04 Wolters Kluwer 2021 Half-Year Results
Wolters Kluwers NV (EU:WKL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Wolters Kluwers NV (EU:WKL)
Historical Stock Chart
From Sep 2023 to Sep 2024