Wolters Kluwer 2010 Full-Year Results - Strong Performance; Positive Momentum
(Thomson Reuters ONE) -
Alphen aan den Rijn (February 23, 2011) - Wolters Kluwer, a market-leading
global information services company focused on professionals, released its 2010
full-year results highlighting strong operating performance, growing momentum in
electronic revenues, and an improved outlook for 2011. The company also
announced its intention to execute a ?100 million share buy-back plan.
Highlights
* Revenue growth of 4% to ?3,556 million reflecting improved organic growth
trends
* Electronic revenues up 7%; now represent 54% of total revenues (2009: 52%)
* Online, software, and services revenues approaching 70% of total revenues
* Ordinary EBITA growth of 7%; margin improved 50 basis points to 20.4%
* Incremental Springboard program savings of ?62 million exceeded expectations
* Diluted ordinary earnings per share increased to ?1.48 (2009: ?1.45)
* Free cash flow accelerated to ?445 million, up 5%
* Net-debt-to-EBITDA ratio improved to 2.7 (2009: 2.9)
Looking Forward
* Springboard program savings upgraded to ?170-180 million in 2011
* On track to deliver medium-term guidance for improved performance
* Company announced its intention to execute a ?100 million share buy-back
* Proposed dividend increase to ?0.67 per share
Key Figures
(All amounts are in millions of euros unless otherwise indicated)
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Full Year 2010 2009 D D CC
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Revenues 3,556 3,425 4% 0%
Organic revenue growth 0% (3%)
Electronic revenues % of total 54% 52%
Ordinary EBITA 727 682 7% 3%
Ordinary EBITA margin 20.4% 19.9%
Ordinary net income 444 427 4% 2%
Diluted EPS (?) 0.96 0.40 139% 154%
Diluted ordinary EPS (?) 1.48 1.45 2% 0%
Free cash flow 445 424 5% 4%
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D - % Change; D CC - % Change constant currencies (EUR/USD = 1.39)
Nancy McKinstry, CEO and Chairman of the Executive Board, commented on the
performance:
"2010 was a year of successes for Wolters Kluwer. We advanced the transformation
of our portfolio and broadened our geographic footprint. Today 70% of our
revenue comes from online, software, and service offerings. With 7% growth in
electronic revenue and healthy retention rates on subscriptions, we are well
positioned for long-term growth.
This year's strong cash flow generation allows us to distribute additional
returns to shareholders. We intend to execute a ?100 million share buy-back
program over 2011 and have proposed an increase in our dividend to ?0.67 per
share.
We are pleased with our progress and will continue to invest in high growth
segments, focus on online and software solutions and accelerate the
globalization of our business. We are confident that we can build on the
momentum established in 2010 to deliver improved top-line and profitability
performance in 2011."
Financial Overview
Revenue growth components
(All amounts are in millions of euros unless otherwise indicated)
--------------------------------------------------------------------------------
Full Year % of Total 2010 2009 D D CC D OG
--------------------------------------------------------------------------------
Electronic & service subscription 50 1,775 1,660 7% 3% 3%
Print subscription 13 473 504 (6%) (9%) (9%)
Other non-cyclical 8 287 271 6% 2% 3%
Total recurring revenues 71 2,535 2,435 4% 0% 0%
Books 10 352 336 5% 1% 1%
Cyclical product lines 19 669 654 2% (1%) 0%
--------------------------------------------------------------------------------
Total revenues 100 3,556 3,425 4% 0% 0%
--------------------------------------------------------------------------------
D - % Change; D CC - % Change constant currencies (EUR/USD = 1.39); D OG - %
Organic growth
Total revenues grew 4% in 2010 to ?3,556 million (0.3% organic). Supported by
strong product development efforts, electronic and service subscriptions grew
7%, underpinned by 3% organic growth. Print subscriptions declined 9%
(organically) as customers continue to migrate to online solutions and as a
result of economic conditions. The subscription portfolio was further
strengthened as the company successfully delivered improved retention rates.
Total recurring revenues, which include subscription and other non-cyclical
revenues, now comprise 71% of total revenues.
Revenue from books improved 5%, with organic growth of 1%, driven by strong
performance in the Health & Pharma Solutions division. Cyclical revenues, which
accounted for 19% of total revenues, showed marked improvement and finished in
line with 2009, reversing a negative growth trend (2009: -11%; 2010 HY:-2%).
With a strong finish to the year, transactional revenues from Corporate Legal
Services and Financial Services contributed positively by posting organic growth
of 12% and 2%, respectively. These trends helped to offset continued pressure in
advertising, training, and consulting activities, particularly in Europe.
The full press release on the 2010 Full-Year Results is available here: (PDF
version)
Wolters Kluwer 2010 Full-Year Results (PDF):
http://hugin.info/130682/R/1491520/427190.pdf
This announcement is distributed by Thomson Reuters on behalf of
Thomson Reuters clients. The owner of this announcement warrants that:
(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#1491520]
Unternehmensinformation / Kurzprofil:
Datum: 23.02.2011 - 08:01 Uhr
Sprache: Deutsch
News-ID 51815
Anzahl Zeichen: 7078
contact information:
Town:
Alphen aan den Rijn
Kategorie:
Business News
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