Wolters Kluwer 2009 Half-Year Results
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Wolters Kluwer 2009 Half-Year Results Presentation Transcript

  • 1. ResilientPerformance2009 Half-YearResultsJuly 29, 2009 - AmsterdamNancy McKinstryCEO and Chairmanof the Executive BoardBoudewijn BeerkensCFO and Memberof the Executive BoardJack LynchMemberof the Executive Board
  • 2. Forward-looking Statements This presentation 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, legal, tax, and regulatory rules affecting Wolters Kluwers 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. 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 2
  • 3. Agenda Introduction & Highlights Financial Performance Operating Performance & Outlook Q&A 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 3
  • 4. Highlights 2009 Half-YearResilient earnings growth, profit margins, and free cashperformance despite weak market conditions Diluted ordinary EPS grew 12% to €0.70 Ordinary EBITA margin improved 70 basis points to 18.6% Free cash flow improved 38% to €146 million Revenue growth of 7% (2% at constant currencies1 – underlying revenue declined 3% reflected challenging cyclical conditions) Higher margin electronic revenue grew 7% (52% of total revenue) 2009 full-year guidance reiterated Net debt reduced to €2,235 million Progressive annual dividend policy reiterated1Constant currencies (EUR/USD = 1.47) 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 4
  • 5. AccomplishmentsSteadfast in the pursuit of our long-term strategy to deliverprofitable revenue growth Commitment to invest of 8-10% of revenue in new products Next-generation delivery platforms receive wide acclaim including IntelliConnectTM and OvidSP Electronic revenues grew to 52% of total revenue Integration of prior year acquisitions on track Restructured Health division showing improvement Springboard: On track to comfortably deliver full-year savings Expansion of Global Shared Services 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 5
  • 6. Innovative Information, Software, and Services Continued growth in higher margin electronic products as customers demand efficient work flow solutions – Electronic revenue now comprises 52% of total revenue Electronic Revenue as a % of TotalRevenue: Half-Year 2009 €1,720 million 52% 49% 50% 46% 47% 42% Print Online 38% 32% 31% 31% Software Services 21% 16% 03 04 05 06 07 08 08 09 20 20 20 20 20 20 HY HY 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 6
  • 7. Key Performance IndicatorsGood earnings growth, profit margins, and strong free cashperformance sets the stage for delivery of full-year guidance Half-Year Half-Year Full-Year Full-Year Actual Actual Guidance Actual 2009 2008 2009 2008Ordinary EBITA margin 18.6% 17.9% ± 20% 20.1% €134 €105 ± €350 €395Free cash flow1 million million million millionReturn on invested capital na ≥ 8% 8.3%(after tax) €1.41 toDiluted ordinary EPS1 €0.64 €0.63 €1.43 1.461at constant currencies (EUR/USD = 1.47) 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 7
  • 8. FinancialPerformance2009 Half-YearResultsJuly 29, 2009 - AmsterdamBoudewijn BeerkensCFO and Memberof the Executive Board
  • 9. Half-Year Highlights Resilient earnings growth, profit margins, and free cash performance despite weak market conditions Ordinary EBITA Margin 1 Diluted ordinary EPS 18.6% € 0.64 +70 bps 17.9% +€0.01 € 0.63 HY 2008 HY 2009 HY 2008 HY 2009 1 2 Free Cash Flow Net Debt/ EBITDA Ratio € millions €134 3.2 +27% 3.1 €105 Target: 2.5 HY 2008 HY 2009 FY 2008 HY 20091Atconstant currencies (EUR/USD = 1.47)2Net Debt/ EBITDA Ratio is based on a rolling 12 months 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 9
  • 10. Revenue GrowthKey strategic acquisitions contributed to growth while underlying revenuewere impacted by economic conditions and challenges in transactional andcyclical product lines Revenue: Half-Year 2009 €1,720 million Revenue: Six Months Ended June 30 Legal, Tax Health & 21% € millions 2009 2008 CC OG Regulatory Health 365 305 20% 9% (1%) Europe Corporate & 37% Financial CFS 259 236 10% (4%) (4%) Services Tax, TAL 471 429 10% 3% (3%) 15% Accounting & Legal LTRE 625 638 (2%) 0% (4%) 27% Wolters Kluwer 1,720 1,608 7% 2% (3%) - % Change; CC - % Change constant currency (EUR/USD 1.47); OG – Organic growth % 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 10
  • 11. Consolidated Revenue CFS transactions Sound performance in underlying 5% subscription and other non-cyclical Books revenues, materially in line with the Advertising 9% 3% prior year Pharma Books showed good growth due to Subscription & promomotion strong advanced ordering for the fall Other Non- 2% Cyclical semester selling season in Health 73% Training division 2% Other cyclical Advertising and pharmaceutical 6% promotion revenues continued to be challenged by the weak economic conditionsRevenues: Six months ended June 30th Corporate & Financial Services (CFS) transactional products declined due(€ millions) 2009 2008 CC OG to continued weak transactionSubscription & othernon-cyclical 1,257 1,137 11% 6% (1%) volumes in the M&A, IPO, UCC lending, and indirect lending marketsBooks 149 141 6% 1% 1%Advertising & promo 81 88 (8%) (13%) (13%) Other cyclical revenues includeCFS transactions 92 92 0% (13%) (13%) consulting and transport services,Other cyclical 141 150 (6%) (10%) (10%) which were also adversely affected by the economyReported revenues 1,720 1,608 7% 2% (3%) - % Change; CC - % Change constant currency (EUR/USD 1.47); OG – Organic growth % 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 11
  • 12. Net Acquisition ContributionPrior year strategic acquisitions have contributed to revenuegrowth and improved profitability Performance AcquisitionsDivision Integration in Line with Include Segment Complete ExpectationsHealth UpToDate Clinical data to physicians Accountancy software/ MYOB services in UKTAL IntelliTax Tax preparation software and e-filing Integrated workflowLTRE Addison software in Germany Net acquisition ordinary EBITA margin: > 30% 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 12
  • 13. Currency ImpactMovement of EUR/USD exchange rate positively impacted results Components of Growth Revenue by Geography Half-Year 2009: €1,720 million Asia Pacific 5% 3% 7% North North America Europe America 52% Europe 45% 44% 53% 5% 2% Rest of -3% World 3%Organic Net Constant Currency TotalGrowth Acquisition Currencies Impact Growth Growth 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 13
  • 14. Ordinary EBITA Improvement driven by performance of higher margin, online and software products, the contribution of prior year acquisitions and operational excellence programs, including project SpringboardOrdinary EBITA: Half-Year 2009 €320 million Ordinary EBITA %: Six Months Ended June 30 2009 2008 Legal, Tax Health & 12% Corporate & Health 11.1% 4.6% Regulatory Financial CFS 23.6% 27.6% Europe Services 32% 18% TAL 27.4% 26.4% Tax, LTRE 17.4% 17.9% Accounting Wolters Kluwer 18.6% 17.9% & Legal 38% Note: Corporate costs - €19 million 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 14
  • 15. Statement of Profit & LossHalf Year (€ millions) 2009 2008 % % CC1Revenue 1,720 1,608 7% 2%Ordinary EBITA 320 288 11% 4%Ordinary EBITA Margin (%) 18.6% 17.9%Exceptional items (28) 0Amortization (91) (56) 62% 47%Financing Results (57) (49) 19% 27%Taxation on income (11) (39) (71%) (68%)Net income 133 144 (8%) (19%)1 CC – At constant currencies (EUR/USD = 1.47) 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 15
  • 16. Reconciliation Ordinary Net Income/ EPS Half year (€ millions) 2009 2008 Net Income 133 144 Non-controlling interests (1) 0 Net Income to Owners of the Company 132 144 Amortization of Intangibles 91 56 Taxation on Amortization (30) (21) Results on Disposals (after taxation) (8) (1) Exceptional Items (after taxation) 18 0 Ordinary Net Income 203 178 Weighted Average # Diluted Shares 292 million 287 million Diluted ordinary EPS €0.70 €0.62 Diluted ordinary EPS (constant currencies)1 €0.64 €0.63 ¹ CC – At constant currencies (EUR/USD = 1.47) 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 16
  • 17. Consolidated Balance Sheet € millions June 2009 December 2008 Non-Current Assets 4,800 4,873 Operating Working Capital (615) (640) Non-Operating Working Capital (396) (459) Working Capital (1,011) (1,099) Capital Employed 3,789 3,774 Equity 1,458 1,447 Long-Term Debt 1,894 1,914 Non-Current Liabilities 437 413 Total Financing 3,789 3,774 Net Debt 2,235 2,254 Net Debt/ Equity 1.5 1.6 Net Debt/ EBITDA 3.1 3.2 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 17
  • 18. Free Cash Flow Half Year (€ millions) 2009 2008 % % CC1 Ordinary EBITA 320 288 11% 4% Depreciation 45 38 Aut. Movements in Working Capital (21) (61) Financing Charges (112) (67) Paid Corporate Income Tax (21) (29) Appropriation of Provisions (27) (8) Other 12 13 Cash Flow from Operating Activities 196 174 13% 3% Net Capital Expenditure (61) (69) (11%) (19%) Dividends Received 1 1 Appropriation of Springboard Provisions 10 Free Cash Flow 146 106 38% 27% Cash Conversion 88% 68% ¹ CC – At constant currencies (EUR/USD = 1.47) 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 18
  • 19. Investment Levels in Line with TargetsThe company continues to invest in new products and platforms to supportfuture growth Investments as a % of Investment Initiatives Revenues Pfx.net: next-generation tax 8-10% software platform 9% 8% IntelliConnect: global online platform 4-6% 5% OvidSP: global Health online 4% platform Content conversion platform: 4% 4% 4% Germany/ Netherlands2007 Actual 2008 Actual 2009 Target Operating expenditures Capital expenditures 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 19
  • 20. SpringboardOperational excellence/ cost savings program on track MGTP Current Results — Program on track and in-line with management expectations Content — Total cost savings increased by €20 million to €36 million in Re-engineering the first half of 2009 (2008 full-year savings: €16 million) — Exceptional costs incurred year-to-date: €19 million Supplier — Full-year 2009 run rate cost savings of €55 million will be Management comfortably achieved Longer Term Offshoring — Program is designed to further optimize the business resulting in sustainable margin improvement Business — Run rate savings are expected to reach €120 million by 2011 Optimization — Non-recurring program costs of €180 million through 2011 will be treated as exceptional costsProgram Savings and Costs 2009 2010 2011€ million (pre tax) 2008 Actual Estimate Estimate Estimate TotalCost Savings 16 55 100 120 120Exceptional Program Cost 45 55 45 35 180 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 20
  • 21. Solid Financial Position Net Debt/ EBITDA Free Cash Flow (€ million) 3.2 3.1 2.9 399 405 395 2.6 2.4 ±350 311 2005 2006 2007 2008 2009 HY 2005 2006 2007 2008 2009 2009 Guidance at constant currencies EUR/ USD 1.47 Guidance Autonomous movement in Debt Maturity Profile (€ million) Working Capital (€ million) 1,85027 19 583 242 513* 5 20 13 6 (18) (19) (61) (21) Cash & 2009 2010 2011 2012 2013 Due2005 2006 2007 2008 2008 2009 Derivatives after HY HY 2013 2009*: Outstanding part of redemption on credit facility and bank overdrafts 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 21
  • 22. OperatingPerformance2009 Half-YearResultsJuly 29, 2009 - AmsterdamNancy McKinstryCEO and Chairmanof the Executive Board
  • 23. Health Highlights Significant progress in the division’s performance was achieved in the first-half Clinical Books showed good growth due to strong advanced ordering for the Solutions Pharma fall semester selling season 18% Solutions 27% Medical Research posted strong growth driven by renewal sales Good organic growth in Clinical Solutions due to renewal sales for core Medi-Span and other subscription products - UpToDate grew Professional & at a double digit level Education Medical 35% Research P&E Journals and Pharma Solutions growth continue to be 20% adversely affected by the economic cycle Strong margin improvement delivered through improved performance, cost savings programs and the contribution of the UpToDate acquisition Revenue Half-Year 2009: €365 million Half YearMillions 2009 2008 CC OGRevenue (EUR) 365 305 20% 9% (1%)Revenue (USD) 488 467Ordinary EBITA (EUR) 41 14 188% 169% 110%Ordinary EBITA (USD) 56 23Ordinary EBITA Margin 11.1% 4.6% - % Change; CC - % Change constant currency (EUR/USD 1.47); OG – Organic growth % 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 23
  • 24. Health Revenue Stable subscription and other non-cyclical Revenues: Six months ended June 30th results driven by good renewal rates, offset by (€ millions) 2009 2008 CC OG weaker new product sales Subscription & other Book products restored to growth with stronger non-cyclical 233 183 27% 16% 0% wholesaler results and advance fall semester Books 61 52 16% 6% 6% orders Advert/ pharma promo 55 55 0% (9%) (9%) Journal advertising and other pharmaceutical Other cyclical 16 15 10% 0% 0% promotional products impacted by economic Reported revenues 365 305 20% 9% (1%) conditions - % Change; CC - % Change constant currency (EUR/USD 1.47); OG – Organic growth % Stable progress in online sales and the addition of UpToDate drive electronic revenue to 53% of total revenue Electronic as a % of Total Revenue Services Books 5% 17% Advertising 53% 4% OnlineSubscription Pharma Print 47%& Other Non- promo 42% Cyclical 11% 47% 64% Other Software cyclical 6% 4% Product Type 2008 HY 2009 HY Media Format 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 24
  • 25. CFS Highlights The division leveraged its brands, strong customer loyalty, and market positions to increase its market share penetration by offering leading full service compliance solutions to its customers Corporate & Legal Services results were impacted by lower Financial corporate formation and UCC lien search transaction volumes Services Financial Services banking, securities, and insurance products 36% posted strong growth driven by stable retention rates and growth Corporate & in mortgage transaction volume levels related to refinance Legal Services activity. Other lending transactional products continued to face 64% challenges due to constraints in credit markets Ordinary EBITA margins remained strong due to diligent cost management but were impacted by transactional revenue results Revenue Half-Year 2009: €259 million Half YearMillions 2009 2008 CC OGRevenue (EUR) 259 236 10% (4%) (4%)Revenue (USD) 344 360Ordinary EBITA (EUR) 61 65 (6%) (19%) (19%)Ordinary EBITA (USD) 81 100Ordinary EBITA Margin 23.6% 27.6% - % Change; CC - % Change constant currency (EUR/USD 1.47); OG – Organic growth % 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 25
  • 26. CFS Revenue Stable subscription and other non-cyclical Revenues: Six months ended June 30th revenue driven by performance of (€ millions) 2009 2008 CC OG representation, banking, securities and Subscription & other insurance products non-cyclical 160 140 15% 0% 0% Corporate & Legal Services underlying CLS transactions 64 66 (3%) (16%) (16%) transactions down 16% due to constrained FS transactions 28 25 10% (4%) (4%) lending environment and lower corporate formation activity Other cyclical 7 5 38% 20% 20% Reported revenues 259 236 10% (4%) (4%) Financial Services transactions declined 4% driven by continued weakness in indirect - % Change; CC - % Change constant currency (EUR/USD 1.47); OG – Organic growth % lending market – mortgage transaction volumes improved modestly due to refinancing activity Electronic as a % of Total Revenue CLS 53% transactions Online 25% Services 33%Subscription 41%& Other Non- Cyclical FS transactions 52% 62% 10% Print Software 6% 20% Other cyclical Product Type 3% 2008 HY 2009 HY Media Format 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 26
  • 27. TAL Highlights The division continued to strengthen its core leadership position by increasing penetration of its next-generation platforms for information and software including the launch of IntelliConnectTM Tax and Accounting: Good subscription growth in the U.S. and Law & Canada offset by weaker results in cyclical revenues particularly in Business bank product transaction. New software sales were weaker due to 32% economic conditions Tax and Law & Business: Double-digit growth in bankruptcy and MediRegs Accounting product lines and strong growth in online subscriptions and 68% textbooks was offset by declines in print subscriptions, weaker new sales and the U.K. business Strong EBITA margin improvement driven by contribution of acquisitions, good growth in electronic subscriptions, and benefits of Project Springboard Revenue Half-Year 2009: €471 million Half YearMillions 2009 2008 CC OGRevenue (EUR) 471 429 10% 3% (3%)Revenue (USD) 625 654Ordinary EBITA (EUR) 129 113 14% 4% (9%)Ordinary EBITA (USD) 171 172Ordinary EBITA Margin 27.4% 26.4% - % Change; CC - % Change constant currency (EUR/USD 1.47); OG – Organic growth % 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 27
  • 28. TAL Revenue Subscription revenues were in line with prior Revenues: Six months ended June 30th year while other non-cyclical revenues, which (€ millions) 2009 2008 CC OG includes bank product transactions and tax Subscription & other form click product lines, were below prior year non-cyclical 374 331 13% 6% (2%) due to adverse economic conditions Books 33 32 1% (6%) (6%) Strong performance in online subscriptions and Other cyclical 64 66 (3%) (9%) (9%) Legal textbooks for the student market was offset by weak new book sales and declines in Reported revenues 471 429 10% 3% (3%) print subscriptions - % Change; CC - % Change constant currency (EUR/USD 1.47); OG – Organic growth % Books and other cyclical products, which includes advertising, training and consulting services, were below the prior year due to economic conditions and weak new sales Electronic as a % of Total Revenue 56% Services Books OnlineSubscription 20% 7% 30%& Other Non- Cyclical Other Print 79% cyclical 55% 24% 14% Software 26% Product Type 2008 HY 2009 HY Media Format 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 28
  • 29. LTRE Highlights Revenue results were impacted by cyclical declines in advertising, training and consulting as well as weaker new sales across the Scandinavia business due to economic conditions 3% Belgium 9% France Online and software sales continued to perform well as customers 16% migrated from print to electronic products Netherlands Central and Eastern Europe performed well driven by improved 16% retention rates, good new product sales, and sustained growth in Italy/ Spain key countries. Scandinavia benefited from strong electronic sales Teleroute 29% Germany/ 5% Belgium, Germany and Italy demonstrated stability in a challenging Central & economic environment with good retention sales – Addison Eastern integration in Germany is on track Europe 22% Results in France and the Netherlands were impacted by declines in advertising and other cyclical products Revenue Half-Year 2009: €625 million Ordinary EBITA margins remained strong due to the benefits of Project Springboard and diligent cost management but were impacted by transactional revenue results Half YearMillions 2009 2008 CC OGRevenue (EUR) 625 638 (2%) 0% (4%)Ordinary EBITA (EUR) 108 114 (5%) (2%) (10%)Ordinary EBITA Margin 17.4% 17.9% - % Change; CC - % Change constant currency (EUR/USD 1.47); OG – Organic growth % 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 29
  • 30. LTRE Revenue Subscription revenues in line with the prior Revenues: Six months ended June 30th year, stable retention sales while other non- (€ millions) 2009 2008 CC OG cyclical products were weaker due to Subscription & other recessionary market conditions non-cyclical 490 484 1% 3% (2%) Book products showed signs of stabilization in Books 56 56 0% 2% 2% the period and posted organic growth of 2% Advertising 24 31 (21%) (19%) (19%) Advertising revenue declined 19%, primarily in Other cyclical 55 67 (18%) (16%) (16%) France and the Netherlands Reported revenues 625 638 (2%) 0% (4%) Other cyclical products, including training, - % Change; CC - % Change constant currency (EUR/USD 1.47); OG – Organic growth % consulting, and transport, declined 16% Strong growth in electronic revenue, now 50% of total revenue Electronic as a % of Total Revenue Services 9% Books 50% Online 9%Subscription 23%& Other Non- Advertising Cyclical 4% Print 78% 41% Software Other 46% 27% cyclical 9% Product Type 2008 HY 2009 HY Media Format 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 30
  • 31. 2009 Full-YearOutlook2009 Half-YearResultsJuly 29, 2009 - AmsterdamNancy McKinstryCEO and Chairmanof the Executive Board
  • 32. 2009 Outlook Key Performance Indicators 2009 Guidance Ordinary EBITA Margin Broadly In-line with 2008 Free Cash Flow1 ± €350 million Return on Invested Capital (after tax) ≥ 8% Diluted ordinary EPS1 €1.41 to €1.46¹ At constant currencies (EUR/USD = 1.47) 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 32
  • 33. Outlook Realistic Expectations Confident Outlook Weak market conditions are Resilient first-half sets the stage expected to continue for continued success Customers will continue to Subscription portfolio provides stability carefully evaluate incremental spending for new products Recent acquisitions support margin expansion New sales will continue to experience extended timelines Migration from print to higher margin electronic products to Cyclical and transactional continue products will continue to reflect Project Springboard on track to economic conditions deliver expected savings 2nd half-comparables are favorable as compared to 1st half 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 33
  • 34. Summary Diversified and resilient portfolio Good progress against strategic goals Growing online and software solutions portfolio Continued investment to ensure long-term success Solid profitability and cash flow Strong financial position Well positioned for the future 2009 Half-Year Results - Resilient Performance July 29, 2009 – Amsterdam 34
  • 35. Q&AJuly 29, 2009 - AmsterdamNancy McKinstryCEO and Chairmanof the Executive BoardBoudewijn BeerkensCFO and Memberof the Executive BoardJack LynchMemberof the Executive Board