Strong earnings growth, solid cash flow, and good performance from subscription businesses, despite weaker market conditions and effect of currency
Amsterdam (July 30, 2008) - Wolters Kluwer, a market leading global information services and publishing company focused on professionals, today released its half-year 2008 results. Double-digit earnings growth, stable profit margin, and solid cash flow performance give confidence for achieving the full-year targets. With its diversified and defensive portfolio, Wolters Kluwer has the foundation in place for sustained profitability and long-term growth.

Highlights
- 20% diluted ordinary earnings per share growth in constant currencies
- 4% revenue growth in constant currencies (1% organic revenue growth)
- 8% growth in higher margin electronic products in constant currencies
- Resilient profit margins despite weaker market conditions
- Solid free cash flow underpins strong balance sheet and liquidity
- Reiterate progressive dividend policy
Key Figures Half-year 2008

All amounts are in millions of euros unless otherwise indicated)
Six months ended June 30 2008 2007 ∆ ∆ CC ∆ OG

Revenue 1,608 1,677 (4%) 4% 1%
Electronic revenue % of total 50% 48%
Operating profit 232 242 (4%) 4%
Ordinary EBITA 288 304 (5%) 4% 1%
Ordinary EBITA margin (%) 17.9% 18.1%
Diluted EPS continuing operations 0.50 0.49 2% 14%
Diluted ordinary EPS (€) 0.62 0.58 7% 20%
Free cash flow 106 118 (11%) 0%

∆ - % Change; ∆ CC - % Change constant currencies (EUR/USD 1.37); ∆ OG – % Organic growth

Nancy McKinstry, CEO and Chairman of the Executive Board, commented on the company’s half-year performance:
"We are pleased with Wolters Kluwer’s half-year double-digit earnings growth in constant currencies, stable operating margin, and solid cash flow performance. Market conditions have been challenging in our non-subscription product lines but we are confident that the foundation is in place for sustained profitability and long-term growth around our strategy of serving professionals with innovative information, software, and services. We continue to invest in growth and manage the business for the long term. Our investment program in online products and software solutions has resulted in solid growth in electronic revenue and stable margin performance.

“Our portfolio is diversified and defensive, with 80% of our revenue generated from non-cyclical product lines. Our subscription based products are performing well with improved retention rates. Strong profitability continues to be driven by the increasing contribution of electronic revenue growth, higher retention rates, and the success of prior restructuring efforts. Our strong balance sheet also allows us to seize attractive opportunities to support our long-term strategy for profitable growth.”