February 19, 2014 - Wolters Kluwer, a global leader in professional information services, today released its 2013 full-year results.
Highlights
Revenues up 2% in constant currencies and up 1% organically.
Leading, high growth positions up 7% organically (44% of total revenues).
Digital and services subscription revenues up 4% organically (55% of total).
Growth in North America and Asia Pacific more than offset decline in Europe.
Ordinary EBITA €765 million; Ordinary EBITA margin 21.5%, within guidance range.
Ordinary diluted EPS €1.56, up 3% in constant currencies, in line with guidance.
Ordinary free cash flow €503 million, up 3% in constant currencies, better than expected.
Net-debt-to-EBITDA improved to 2.2 at year-end (2012: 2.4), better than target.
Proposed 2013 dividend increase to €0.70 per share to be paid in cash.
2014 to see further focus on leading, high growth positions and increased restructuring.

Nancy McKinstry, CEO and Chairman of the Executive Board, commented:
"Our leading, high growth positions and our digital products again drove positive organic growth for the group, more than offsetting the challenges posed by the still uncertain macro environment in Europe and weak print markets globally. Our large and growing subscription base helped us mitigate the less favorable trends we saw last year in transactional revenues. We plan further action in 2014 to increase the focus on our growth businesses and drive efficiencies in Europe and North America. I am very encouraged by the new products we are bringing to market and look forward to 2014 with confidence."

Full-Year 2014 Outlook
In 2014, Wolters Kluwer plans further action to sharpen our focus on our leading, high growth positions, deliver product innovation, and drive efficiencies across the group. We plan to undertake additional restructuring to improve the cost base, particularly in Europe, while continuing to invest in our leading positions to support organic growth. These actions are expected to reduce the ordinary EBITA margin to within a range of 20.5% to 21.5% in 2014, including total restructuring costs of approximately €25-30 million. We expect low single digit growth in diluted ordinary EPS in constant currencies. The table below provides our 2014 guidance in constant currencies.

Performance indicators
2014 Guidance
Ordinary EBITA margin
20.5%-21.5%

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 1.33).

Our 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 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 diluted ordinary EPS. Our guidance assumes no significant change in the scope of operations. We may make further disposals in 2014 which could be dilutive to margins and earnings in the near term. Additional information on our guidance is provided in the table below.

Additional information
Ordinary net financing costs[1]
Approximately €100 million

Benchmark effective tax rate
27.5%-28.0%

Cash conversion ratio[1]
Approximately 95%

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

About Wolters Kluwer
Wolters Kluwer is a global leader in professional information services. Professionals in the areas of legal, business, tax, accounting, finance, audit, risk, compliance and healthcare rely on Wolters Kluwer's market leading information-enabled tools and software solutions to manage their business efficiently, deliver results to their clients, and succeed in an ever more dynamic world.

Wolters Kluwer reported 2013 annual revenues of €3.6 billion. The group serves customers in over 150 countries, and employs over 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

Wolters Kluwer shares are listed on NYSE Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).

For more information about our products and organization, visit www.wolterskluwer.com, follow @Wolters_Kluwer on Twitter, or search for Wolters Kluwer videos on YouTube.

Calendar

12 March, 2014
Publication of 2013 Annual Report

23 April, 2014
Annual General Meeting of Shareholders

25 April, 2014
Ex-dividend date

29 April, 2014
Dividend record date

7 May, 2014
First-Quarter 2014 Trading Update

13 May, 2014
Dividend payment date

20 May, 2014
ADR Dividend payment date

30 July, 2014
Half-Year 2014 Results

5 November, 2014
Third-Quarter 2014 Trading Update

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Wolters Kluwer EUR 21,15 -49ct vol. 116.000