Wolters Kluwer 2013 Full-Year Report
19 2월 2014 - 4:06PM
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.
- 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."
Key Figures 2013 Full-Year
|
|
Year ended December 31 (in millions of euros,
unless otherwise stated) |
2013 |
2012* |
D |
D CC |
D OG |
Business performance - benchmark figures |
|
|
|
|
|
Revenues |
3,565 |
3,597 |
-1% |
+2% |
+1% |
Ordinary
EBITA |
765 |
774 |
-1% |
+2% |
+1% |
Ordinary
EBITA margin |
21.5% |
21.5% |
|
|
|
Ordinary
net income |
467 |
469 |
-1% |
+2% |
|
Diluted
ordinary EPS |
€1.56 |
€1.56 |
0% |
+3% |
|
Ordinary
free cash flow |
503 |
507 |
-1% |
+3% |
|
Net debt |
1,988 |
2,086 |
-5% |
|
|
IFRS results[1] |
|
|
|
|
|
Revenues |
3,565 |
3,597 |
-1% |
|
|
Operating profit |
619 |
568 |
+9% |
|
|
Profit
for the year[2] |
346 |
311 |
+11% |
|
|
Diluted
EPS[2] |
€1.15 |
€1.04 |
+11% |
|
|
Net cash from operating activities |
630 |
618 |
+2% |
|
|
D - % Change; D CC - % Change constant currencies
(EUR/USD 1.29); D OG - % Organic growth. Benchmark and IFRS figures
are for continuing operations unless otherwise noted. Benchmark
(ordinary) figures are performance measures used by management. See
Note 5 for a reconciliation from IFRS to benchmark figures.
*Throughout this report, 2012 has been restated for IAS 19R
'Employee benefits' and early adoption of IFRS 11 'Joint
arrangements'. [1] International Financial Reporting Standards as
adopted by the European Union. [2] Includes discontinued
operations. |
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 |
Media |
Investors/Analysts |
Caroline
Wouters |
Meg
Geldens |
Corporate Communications |
Investor
Relations |
t + 31
(0)172 641 459 |
t + 31 (0)172 641 407 |
press@wolterskluwer.com |
ir@wolterskluwer.com |
Forward-looking Statements This report contains
forward-looking statements. These statements may be identified by
words such as "expect", "should", "could", "shall" and similar
expressions. Wolters Kluwer cautions that such forward-looking
statements are qualified by certain risks and uncertainties that
could cause actual results and events to differ materially from
what is contemplated by the forward-looking statements. Factors
which could cause actual results to differ from these
forward-looking statements may include, without limitation, general
economic conditions; conditions in the markets in which Wolters
Kluwer is engaged; behavior of customers, suppliers, and
competitors; technological developments; the implementation and
execution of new ICT systems or outsourcing; and legal, tax, and
regulatory rules affecting Wolters Kluwer's businesses, as well as
risks related to mergers, acquisitions, and divestments. In
addition, financial risks such as currency movements, interest rate
fluctuations, liquidity, and credit risks could influence future
results. The foregoing list of factors should not be construed as
exhaustive. Wolters Kluwer disclaims any intention or obligation to
publicly update or revise any forward-looking statements, whether
as a result of new information, future events or otherwise.
The full press release is available here:
Wolters Kluwer 2013 Full-Year Results (PDF)
http://hugin.info/130682/R/1762924/597261.pdf
HUG#1762924
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