Performance in line with expectations as business stabilizes and improves.

Highlights for 2003 include:*

New three-year strategy to invest in growth around leading market positions, restructure the cost base, and reorganize to deliver growth, is firmly in place
Strong revenue growth in Canada, Italy, CEE and Spain, Tax Compliance, Teleroute, and Health’s Professional & Education unit
Cost savings of € 79 million achieved; one-third structural, including an organic reduction of 521 FTEs
Senior management team strengthened with new appointments in all divisions
Ordinary net income of € 349 million declined 8% in constant currencies (OAP €343 million; declined 12% in constant currencies compared with 26% decline in half year 2003)
Revenues € 3,436 million (OAP € 3,352 million); ordinary EBITA € 610 million (OAP € 601 million) before exceptional items; ordinary EBITA margin 18%
Net debt reduced 29% from € 2.7 billion to € 1.9 billion, largely due to successful bond buy back of € 1.1 billion and new bond issue of € 700 million
Ordinary EPS € 1.18 (OAP EPS € 1.16)
Dividend maintained at € 0.55 for 2003

Forward-looking statement

This announcement might contain forward-looking statements, which may be identified by words such as "expect", "should", "could", "shall" and similar expressions. These statements are subject to risks and uncertainties, and actual results and events could differ materially from what is expected presently. Factors leading thereto may include without limitation general economic conditions, conditions in the capital markets, conditions in the markets in which Wolters Kluwer is engaged, behavior of customers, suppliers and competitors, technological developments, as well as legal and regulatory rules affecting Wolters Kluwer's businesses.

21 april a.s. is de AVA.