Alphen aan den Rijn (July 30, 2014) - Wolters Kluwer, a global leader in professional information services, today released its 2014 half-year results.

Highlights
Full-year 2014 guidance reiterated.
First-half revenues up 2% in constant currencies and up 1% organically.
Leading, growing positions (47% of total revenues) on average grew 6% organically.
Digital revenues (68% of total) grew 5% organically, more than offsetting print decline.
Digital and services revenues now account for 81% of total revenues (HY 2013: 78%)
First-half adjusted operating profit margin declined, as expected, due to restructuring costs.
Restructuring costs of €19 million in first half; continue to expect €25-30 million for full year.
First half diluted adjusted EPS €0.63, up 1% at constant currencies.
Adjusted free cash flow €136 million, up 1% at constant currencies.
Net-debt-to-EBITDA of 2.6x, following dividend and acquisition payments in second quarter.
Acquisition of Datacert in April builds on our leading growth position in Corporate Legal Services.
Announcing renewal of €600 million multi-currency credit facility.

Interim Report of the Executive Board

Nancy McKinstry, CEO and Chairman of the Executive Board, commented:

"In the first half of the year, we continued to build on and invest in our leading, growing positions and digital solutions, and these areas delivered sustained organic growth. Trends in Europe are still quite varied, but we are encouraged by recent performance of digital products in this region. Our planned restructuring program is well underway and we remain confident of achieving the guidance we set out at the start of the year."

Key Figures 2014 Half-Year
ix months ended June 30
(in millions of euros, unless otherwise stated)
2014 2013 D D CC D OG

Business performance - benchmark figures
Revenues 1,716 1,742 -1% +2% +1%
Adjusted operating profit 313 334 -6% -3% -4%
Adjusted operating profit margin (%) 18.2% 19.2%
Adjusted net profit 190 197 -4% +1%
Diluted adjusted EPS (€) 0.63 0.66 -4% +1%
Adjusted free cash flow 136 140 -3% +1%
Net debt 2,227 2,276 -2%

IFRS results1
Revenues 1,716 1,742 -1%
Operating profit 214 285 -25%
Profit for the period2 200 164 +23%
Diluted EPS (€)2 0.67 0.55 +23%
Net cash from operating activities 188 199 -6%

D - % Change; D CC - % Change constant currencies (EUR/USD 1.33); D OG - % Organic growth. Benchmark and IFRS figures are for continuing operations unless otherwise noted. Benchmark figures are performance measures used by management. See Note 5 of this Interim Financial Report for a reconcilation from IFRS to benchmark figures. 1) International Financial Reporting Standards as adopted by the European Union. 2) Includes discontinued operations in 2013.

Full-Year 2014 Outlook
We reiterate the full-year guidance set out in February this year. Our full-year 2014 margin guidance includes anticipated restructuring costs of €25-€30 million, of which €19 million occurred in the first half. The table below provides our 2014 guidance.

Performance indicators
2014 Guidance

Adjusted operating profit margin
20.5%-21.5%

Adjusted free cash flow
>= €475 million

Return on invested capital
>= 8%

Diluted adjusted EPS
Low single-digit growth

Guidance for adjusted free cash flow and diluted adjusted EPS is in constant currencies (EUR/USD 1.33).

Our guidance is based on constant exchange rates. Wolters Kluwer generates more than half of its revenue and adjusted operating profit in North America. As a rule of thumb, based on our 2013 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 adjusted diluted EPS.

Our guidance assumes no significant change in the scope of operations. We may make further disposals which could be dilutive to margins and earnings in the near term. Additional information underlying our guidance is provided in the table below.

Additional information
Adjusted net financing costs1
Approximately €100 million

Benchmark effective tax rate
27.5%-28.0%

Cash conversion ratio
Approximately 95%

1) In constant currencies (EUR/USD 1.33).