Wolters Kluwer 2013 Half-Year Report
(Thomson Reuters ONE) -
Alphen aan den Rijn (July 31, 2013) - Wolters Kluwer, a global leader in
professional information services, today released its 2013 half-year results.
Highlights
* Full-year 2013 guidance reiterated.
* First half revenues up 1% in constant currencies and up 1% organically.
- Electronic & services subscription revenues (54% of total) up 4%
organically.
- Total recurring revenues (77% of total) up 2% organically.
- Leading, growing positions (45% of total revenues) all achieving organic
growth of 5% or higher.
- North America and Asia Pacific driving growth; Europe remains challenging.
* First half ordinary EBITA ?334 million; Ordinary EBITA margin 19.2%.
- Margin reflects investments in growth, impact of disposals, and timing of
restructuring.
- Margin expected to improve as the year progresses.
* First half ordinary diluted EPS ?0.66.
* Ordinary free cash flow ?140 million, up 1% at constant currencies.
* Net-debt-to-EBITDA of 2.6x, following 100% cash dividend paid in second
quarter.
* ?20 million share repurchase program completed as of July( )9, 2013.
Interim Report of the Executive Board
Nancy McKinstry, CEO and Chairman of the Executive Board, commented:
"Our portfolio continues to strengthen as our leading, growing positions and
electronic revenues achieved good organic growth in the first half, helping to
more than offset continued weakness in Europe and legacy print products. We
sustained investment in growth opportunities and continued efforts to drive
efficiencies. We reaffirm our guidance for the full year."
Key Figures 2013 Half-Year
-------------------------------------------------------------------------------
Six months ended June 30
(in millions of euros, unless
otherwise stated) 2013 2012* D D CC D OG
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Business performance - benchmark
figures
Revenue 1,742 1,735 0% +1% +1%
Ordinary EBITA 334 340 -2% 0% -1%
Ordinary EBITA margin (%) 19.2% 19.6%
Ordinary net income 197 201 -2% -1%
Diluted ordinary EPS (?) 0.66 0.67 -2% -1%
Ordinary free cash flow 140 142 -1% +1%
Net debt 2,276 2,258 +1%
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IFRS results(1)
Revenue 1,742 1,735 0%
Operating profit 285 247 +15%
Profit for the period(2) 164 120 +37%
Diluted EPS (?)(2) 0.55 0.40 +38%
Net cash from operating
activities 199 191 +4%
-------------------------------------------------------------------------------
D - % Change; D CC - % Change constant currencies (EUR/USD 1.29); D OG - %
Organic growth. Benchmark and IFRS figures are for continuing operations
unless otherwise noted. Benchmark (ordinary) figures are performance measures
used by management. See Note 2 of the Interim Financial Report for a
reconcilation from IFRS to benchmark figures. *2012 restated for IAS 19R
'Employee benefits' and early adoption of IFRS 11 'Joint arrangements'. (1))
International Financial Reporting Standards as adopted by the European Union.
(2)) Includes discontinued operations.
Full-Year 2013 Outlook
We reiterate our full-year guidance. The ordinary EBITA margin is expected to
improve in the second half. The table below provides our guidance for the
continuing operations for 2013.
-------------------------------------------------------------------------------
Performance indicators 2013 Guidance
-------------------------------------------------------------------------------
Ordinary EBITA margin 21.5-22.0%
Ordinary free cash flow >= ?475 million
Return on invested capital >=8%
Diluted ordinary EPS Low single-digit growth
-------------------------------------------------------------------------------
Guidance for ordinary free cash flow and diluted ordinary EPS is in constant
currencies (EUR/USD 1.29).
Guidance reflects IAS 19R and IFRS 11, the removal of the pension financing
credit or charge from ordinary figures, and includes the estimated impact of
performance share issuance offset by share repurchases.
Guidance is based on constant exchange rates. Wolters Kluwer generates more than
half of its ordinary EBITA in North America. As a rule of thumb, based on our
2012 currency profile, a 1 U.S. cent move in the average EUR/USD exchange rate
for the year causes an opposite 1.0 euro-cent change in diluted ordinary EPS.
The full press release on the 2013 Half-Year Results is available here: (PDF
version)
Wolters Kluwer 2013 Half-Year Report:
http://hugin.info/130682/R/1720006/572549.pdf
This announcement is distributed by Thomson Reuters on behalf of
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(i) the releases contained herein are protected by copyright and
other applicable laws; and
(ii) they are solely responsible for the content, accuracy and
originality of the information contained therein.
Source: Wolters Kluwer NV via Thomson Reuters ONE
[HUG#1720006]
Unternehmensinformation / Kurzprofil:
Datum: 31.07.2013 - 08:01 Uhr
Sprache: Deutsch
News-ID 283268
Anzahl Zeichen: 6131
contact information:
Town:
Alphen aan den Rijn
Kategorie:
Business News
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