Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...Aviva plc
Falling inflation has given over-55s back their financial freedom and boosted saving habits as essential spending has fallen by 7% in a year, according to research from Aviva.
Inflation drop gives over-55s an extra £1,032 a year in disposable income as ...Aviva plc
Falling inflation has given over-55s back their financial freedom and boosted saving habits as essential spending has fallen by 7% in a year, according to research from Aviva.
When it comes to planning a retail mobile marketing program, the good news is the bad news: there's practically an unlimited number of ways retailers can use mobile to augment their customer communication strategy. "Good" because limitless possibility means well thought out and executed strategies will return significant value. "Bad" because settling on a starting point can be difficult.
This webinar discusses exactly how to differentiate "good" from "bad" and reveals what it takes for retail mobile marketers to be successful. As with all webinars from the Waterfall Industry Insights series, the presentation includes an analysis of stats, case studies, and actionable next steps for effective implementation.
Wolters Kluwer, a global leader in professional information services, released its 2015 Full-Year Results. For the full report, visit http://wolterskluwer.com/investors.
Wolters Kluwer shared its 2013 half-year results on July 31, 2013 with investors and analysts through a presentation and live webcast. You can watch the archived webcast at http://ht.ly/nuiY2
In this slidecast I will give the main reasons why you should invest in Omega Pharma. This is based on the Financial analysis of the first half of 2012.
Knowledge Management: Cornerstone of the Digital WorldWolters Kluwer
CEO Nancy McKinstry delivered this speech on May 28, 2013 in Amsterdam, to a group of our customers: managing partners of Dutch law firms.
Law firms can benefit from Knowledge Management on different levels – through enhanced search functions and eLearning capabilities, CRM systems and document management tools; data warehouses are a source of business intelligence.
The Next Frontier in Health Information DeliveryWolters Kluwer
At a recent seminar at the Peking Union Medical College, Andrew Richardson, VP Business Development & General Manager Europe, Wolters Kluwer Medical Research, discussed how mobile technology is transforming the industry and user behaviors in terms of content.
how can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
If you are looking for a pi coin investor. Then look no further because I have the right one he is a pi vendor (he buy and resell to whales in China). I met him on a crypto conference and ever since I and my friends have sold more than 10k pi coins to him And he bought all and still want more. I will drop his telegram handle below just send him a message.
@Pi_vendor_247
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
Latino Buying Power - May 2024 Presentation for Latino CaucusDanay Escanaverino
Unlock the potential of Latino Buying Power with this in-depth SlideShare presentation. Explore how the Latino consumer market is transforming the American economy, driven by their significant buying power, entrepreneurial contributions, and growing influence across various sectors.
**Key Sections Covered:**
1. **Economic Impact:** Understand the profound economic impact of Latino consumers on the U.S. economy. Discover how their increasing purchasing power is fueling growth in key industries and contributing to national economic prosperity.
2. **Buying Power:** Dive into detailed analyses of Latino buying power, including its growth trends, key drivers, and projections for the future. Learn how this influential group’s spending habits are shaping market dynamics and creating opportunities for businesses.
3. **Entrepreneurial Contributions:** Explore the entrepreneurial spirit within the Latino community. Examine how Latino-owned businesses are thriving and contributing to job creation, innovation, and economic diversification.
4. **Workforce Statistics:** Gain insights into the role of Latino workers in the American labor market. Review statistics on employment rates, occupational distribution, and the economic contributions of Latino professionals across various industries.
5. **Media Consumption:** Understand the media consumption habits of Latino audiences. Discover their preferences for digital platforms, television, radio, and social media. Learn how these consumption patterns are influencing advertising strategies and media content.
6. **Education:** Examine the educational achievements and challenges within the Latino community. Review statistics on enrollment, graduation rates, and fields of study. Understand the implications of education on economic mobility and workforce readiness.
7. **Home Ownership:** Explore trends in Latino home ownership. Understand the factors driving home buying decisions, the challenges faced by Latino homeowners, and the impact of home ownership on community stability and economic growth.
This SlideShare provides valuable insights for marketers, business owners, policymakers, and anyone interested in the economic influence of the Latino community. By understanding the various facets of Latino buying power, you can effectively engage with this dynamic and growing market segment.
Equip yourself with the knowledge to leverage Latino buying power, tap into their entrepreneurial spirit, and connect with their unique cultural and consumer preferences. Drive your business success by embracing the economic potential of Latino consumers.
**Keywords:** Latino buying power, economic impact, entrepreneurial contributions, workforce statistics, media consumption, education, home ownership, Latino market, Hispanic buying power, Latino purchasing power.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
The secret way to sell pi coins effortlessly.DOT TECH
Well as we all know pi isn't launched yet. But you can still sell your pi coins effortlessly because some whales in China are interested in holding massive pi coins. And they are willing to pay good money for it. If you are interested in selling I will leave a contact for you. Just telegram this number below. I sold about 3000 pi coins to him and he paid me immediately.
Telegram: @Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
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how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@Pi_vendor_247
how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
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 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.
Unless otherwise stated, this presentation is based on continuing operations, excluding
the announced divestment of the pharma business. Comparative information is presented
accordingly. Growth rates are cited at constant currencies unless otherwise noted.
Half-Year Results 2012 2
4. Highlights
Organic growth positive despite challenges in Europe
– Health and Financial & Compliance Services grew 5% and 6% respectively
– North America growth improves to 4%
– Online, software and services grew 4%
EBITA margin steady with continued investment
Majority of pharma divestiture completed
Increasing share buy-back by up to €35 million to offset dilution from
stock dividend and performance shares
Reiterating full year guidance
Half-Year Results 2012 4
10. Ordinary Net Income and EPS
First half 2012 diluted ordinary EPS up 1% in constant currencies
(€ million) 2012 HY 2011 HY ∆ ∆ CC
Revenues 1,739 1,619 +7% +3%
Ordinary EBITA 346 325 +7% +1%
Ordinary EBITA margin (%) 19.9 20.1
Financing results (62) (59)
Associates (1) 0
Ordinary income before tax 283 266 +6% +3%
Tax on ordinary income (78) (69)
Effective benchmark tax rate (%) 27.5 25.8
Non-controlling interests (1) (1)
Ordinary net income – continuing operations 204 196 +4% 0%
Diluted weighted average shares (million) 299.9 302.8 -1%
Diluted Ordinary EPS (€) 0.68 0.65 +5% +1%
∆-% Change; ∆CC-% Change constant currencies (EUR/USD 1.39)
Half-Year Results 2012 10
11. IFRS Profit and Basic EPS
Rise in Basic EPS due to lower exceptionals and impairments
(€ million) 2012 HY 2011 HY ∆
Ordinary EBITA 346 325 +7%
Amortization intangibles (88) (75)
Exceptional items (5) (47)
Operating profit 253 203 +25%
Net finance cost (62) (59)
Associates (1) 0
Profit before tax 190 144 +32%
Taxation (47) (27)
Profit after tax 143 117 +22%
Loss on discontinued operations (19) (108)
Profit for the period 124 9
Non-controlling interests (1) 0
Net profit to equity holders 125 9
Diluted EPS (€) 0.42 0.03
∆-% Change; ∆CC-% Change constant currencies (EUR/USD 1.39)
Half-Year Results 2012 11
12. Free cash flow
Cash conversion remains robust
(€ million) 2012 HY 2011 HY ∆ ∆ CC
Ordinary EBITA 346 325 +7% +1%
Depreciation and amortization of other intangibles 58 51
Autonomous movements in working capital (19) 0
Net capital expenditure (67) (54)
Ordinary operating cash flow 318 322 -1% -5%
Cash conversion ratio (%) 92 99
Paid finance cost (103) (102)
Paid income tax, adjusted for Springboard (64) (90)
Appropriation restructuring provisions
(excluding Springboard) (9) (6)
Other1 0 7
Ordinary free cash flow 142 131 +9% +1%
∆-% Change; ∆CC-% Change constant currencies (EUR/USD 1.39)
1 Other includes share based payments, dividends received and other
Half-Year Results 2012 12
13. Movement in net debt
Net debt to EBITDA improved to 2.9x, despite increased returns to
shareholders
(€ million) 2012 HY 2011 FY 2011 HY
Net debt at start of period (2,168) (2,035) (2,035)
Ordinary free cash flow 142 443 131
Springboard restructuring, net of tax (15) (39) (18)
Acquisition spending, including costs (8) (308) (151)
Divestiture – cash proceeds, including costs 4 3 4
Dividend payments (90) (127) (127)
Repurchase of shares (89) (100) (35)
Discontinued operations, net of cash received (6) 37 (4)
Change in the fair value of derivatives (18) 5 8
Foreign exchange and other (10) (47) 33
Net debt at end of period, June 30 (2,258) (2,168) (2,194)
Net debt to EBITDA1 ratio 2.9x 3.1x 3.0x
¹ Based on a twelve month rolling EBITDA
Half-Year Results 2012 13
14. Leverage
Expect to approach target of 2.5x by year-end
Net Debt / EBITDA Ratio Financing Profile
1,453
3.2
3.2 3.1
3.0
2.9 2.9
2.7
2.4 700
340 442
1 2
2007 2008 2009 2010 2011 2011 2012 2012 2012 2013 2014 2015 2016 > 2016
HY HY HY
Net debt / EBITDA Cash & cash
equivalents +
Debt maturity profile
derivatives
Half-Year Results 2012 14
15. Balance Sheet
Solid financial position
(€ million) June 30, 2012 Dec. 31, 2011 June 30, 2011
Goodwill and intangible assets 4,756 4,729 4,296
Investment in equity accounted investees 99 65 58
Other non-current assets 290 311 282
Non-current assets 5,145 5,105 4,636
Current assets 1,333 1,586 1,382
Current liabilities (2,327) (2,517) (2,130)
Working capital (994) (931) (748)
Capital employed 4,151 4,174 3,888
Total equity 1,554 1,561 1,369
Long-term debt 2,156 2,158 2,129
Other non-current liabilities 441 455 390
Total financing 4,151 4,174 3,888
Half-Year Results 2012 15
16. Share buy-back and anti-dilution policy
Program expanded to counter dilution
2011 dividend
– 2011 dividend €0.68
– 45% elect cash, leading to €90 million dividend payment in first half
– 55% elect stock, leading to 8.4 million additional shares
2012 share buy-back: €100 million completed
– As of July 9, 7.7 million ordinary shares repurchased (average price €13.07)
Announcing policy to offset dilution from stock dividend and
performance shares each year
2012 share buy-back expanded by up to €35 million to counter dilution
from the stock dividend and performance shares
Half-Year Results 2012 16
17. Shareholder returns
Cash flow supports progressive dividend and share buy-backs
Dividend per share (€)1 Share buy-backs (€ million)
645
CAGR 4% 0.68
0.67
0.66
0.65
0.64
35
0.58 100 100
0.55
19
2
2006 2007 2008 2009 2010 2011 2012 2006 2007 2008 2009 2010 2011 2012
1Dividend shown by year paid out.
2 2012Share buy-back: €100 million completed as of July 9, 2012. Additional buy-back of up to €35 million to counter dilution from stock
dividend and performance shares
Half-Year Results 2012 17
18. Summary Half-Year 2012 Results
On track to meet full year guidance
Organic growth Stable margin
+1% +19.9%
Improving leverage Commitment to
2.9x offset dilution
Half-Year Results 2012 18
20. Legal & Regulatory
Growth in North America mitigates challenges in Europe
Europe
– Economic conditions remain difficult
€ million 2012 HY1 2011 HY1 Δ Δ CC Δ OG – Organic growth deteriorates to -4.5%
Revenues 724 695 +4% +1% -2%
– Gaining share in key markets
Ordinary EBITA 144 136 +6% +1% -4%
– Cost actions mitigate margin impact
Margin 19.9% 19.6%
– Investment maintained: Jurion, Kluwer
Navigator (Global Atlas)
Revenue by Region Revenue by Format North America
– Organic growth accelerates to +3%
CEE
8%
Services
– Corporate Legal Services +5%;
North 23% NRAI integration proceeding to plan
America Electronic – L&B contributes positive growth
Europe 40% 43%
52% – Investment in innovation and
Print
34% globalization: Tymetrix data analytics,
Corsearch trademark in Europe
Half-Year Results 2012 20
21. Tax & Accounting
Organic growth flat, margin decline reflects mix and investment
North America
– Software grows in all segments
€ million 2012 HY1 2011 HY1 Δ Δ CC Δ OG – Publishing challenging, especially print
Revenues 486 467 +4% 0% 0%
– Bank product decline as expected
Ordinary EBITA 122 129 -5% -10% -9%
– Investment in sales & marketing and
Margin 25.1% 27.6% back-office infrastructure
Europe
Revenue by Region Revenue by Format – Organic growth flat, despite difficult
economic conditions
ROW – Margins impacted by investment in
8% Services
13% customer service and sales & marketing
Print
Europe North
13%
– Rapid growth in cloud-based solutions;
34% America Twinfield performing well
Electronic
58%
74%
Asia Pacific
– Organic growth positive
– Acquisition of Acclipse in July 2012
Half-Year Results 2012 21
22. Health
Organic growth of 5% and significant margin improvement
Clinical Solutions
– Organic growth double-digit
€ million 2012 HY1 2011 HY1 Δ Δ CC Δ OG
– Investment to extend geographically
Revenues 349 295 +19% +10% +5% and into new specialties
Ordinary EBITA 68 51 +34% +23% +16%
Margin 19.5% 17.3% Medical Research
– Ovid +4% organic growth
– Journal advertising outperforming in a
Revenue by Region Revenue by Business softer market
ROW 3% – Winning new society journal contracts
Europe Professional – Investment in innovation and global
9% & Education
Clinical expansion
19%
Solutions
37% Professional & Educational
North Medical – Organic decline 2% on soft international
America Research
88% 44% and pharma reprint sales
– Double-digit growth in e-book revenues
Half-Year Results 2012 22
23. Financial & Compliance Services
Organic growth accelerates to 6%; EBITA margin stable
Financial Services
– High single-digit organic growth
€ million 2012 HY1 2011 HY1 Δ Δ CC Δ OG
– Bank customer wins
Revenues 180 162 +11% +6% +6%
– FRSGlobal double-digit organic growth
Ordinary EBITA 32 29 +12% +4% +4%
– Investment to globalize capabilities
Margin 17.8% 17.8%
– FinArch acquisition in July
Audit, Risk & Compliance (ARC Logics)
Revenue by Region Revenue by Business – Strong organic growth
ROW 5%
– Investment in next generation platform
Transport
Services Transport Services (Europe)
15%
Europe – Economic conditions remain difficult
North ARC 11% Financial
29% – Organic revenue and margin decline on
America Services
66% 74% lower freight posting volumes
Half-Year Results 2012 23
24. Strategic objectives
Good progress on strategic objectives to drive long-term growth
Continued transformation
– Capital allocated towards higher growth markets
Portfolio – Acquisitions: FinArch and Acclipse in July
– Divestitures: Healthcare Analytics, two publishing units in the Netherlands
Organic investment in new and enhanced products
– Legal & Regulatory: Jurion, iLienRed
Innovation – Tax & Accounting: Open Integration Platform
– Health: UpToDate specialities, iPad journals
– F&CS: DocViewer, TeamMate
Organic investment in international expansion
– Legal & Regulatory: Corsearch and Tymetrix into Europe
Globalization – Tax & Accounting: Twinfield from the Netherlands to UK
– Health: Ovid into China; UpToDate into Saudi Arabia
– F&CS: FRSGlobal & FinArch now in 50 countries
Operational excellence
Operating – Springboard cost savings on track for €205-210 million in 2012
Efficiencies – Global shared services and centralized technology development
Half-Year Results 2012 24
25. Portfolio transformation 2004-2012
Electronic & services now represents 75% of total revenue
Revenue by Format
100%
90%
25%
80%
52%
70%
16%
60%
50%
40% 13%
30% 59%
20%
35%
10%
0%
2004 FY* 2012 HY*
Electronic Services Print
* Reported numbers
Half-Year Results 2012
25
26. Capital allocation
Investment focussed on higher growth markets
Business Investment Allocation
High Growth
(>5%) 30%
44%
79%
Moderate Growth
(2-5%)
41%
35%
Stable/Low Growth
(<2%) 29%
21%
Revenues By Investment
Growth Bracket Allocation
Investments include CAPEX, Product Development Spend, Acquisition Spend and Restructuring (Springboard) from 2011 and 2012.
Half-Year Results 2012 26
27. Rebalancing European footprint
Through capital allocation and portfolio shifts
37%1 of group revenue
– Strong market positions in brands across 18 countries
– Southern Europe and pruning reduced group organic growth by 1%
Investing in growth segments
– Online and software in Legal & Regulatory division is resilient and growing
– Corporate Legal and law firm markets remain attractive
– Revenue growth outside of US: 6% Tax software, 13% in FS, and 23% at CLS
Capital allocation will support portfolio shifts
– Investment in online and software solutions, mobility and sales & marketing.
– Disposal of two Dutch publishing units
– Acquisition of FinArch
1 estimate excludes Central and Eastern Europe and Russia
Half-Year Results 2012 27
28. Acquisitions and divestitures
Acquisitions and divestitures help accelerate transformation
Acquisitions:
– FinArch: regulatory reporting for banks; bolt-on to FRSGlobal
– Acclipse: collaborative tax & accounting tools, Asia-Pacific
– Both growing rapidly
– Must cover WACC (8%) within 3-5 years and enhance EPS in year 1
Divestitures:
– Pharma business divestment program: majority completed.
• Healthcare Analytics disposal completed in May
– Two disposals of non-core, publishing units in the Netherlands
Half-Year Results 2012 28
29. Innovation
Sustained investments in new and enhanced products
Organic investment in new product development
Full-Year Half-Year
350 12% 12%
300 200
10% 10%
250
8% 150 8%
200
6% 6%
150 100
4% 4%
100
50
50 2% 2%
0 0% 0 0%
2007 2008 2009 2010 2011 H1 2010 H1 2011 H1 2012
New Product development (CC) New Product development (CC)
% of Revenue % of Revenue
Legal &
Tax & Accounting Health F&CS
Regulatory
• Legal analytics • Open Integration • UpToDate and • ARC Logics next
• RBsource Platform Provation specialties generation platform
• iLien Red • Knowledge Coach expansion • FRSGlobal product
• Kleos • Cloud-based solutions • iPad apps across the extensions
• Jurion • Portal division • DocView
• Mobile Solutions • Learning applications • E-books
• Mobile Solutions • Learning solutions
Half-Year Results 2012 29
30. Globalization
Online and software solutions address global market needs
Extending Digital Solutions
Legal Spend/Tymetrix (L&R)
Brand/Trademark (L&R)
Kleos (L&R)
Global Integrator (T&A)
Atlas (T&A)
Ovid (Health)
UpToDate (Health)
TeamMate (F&CS)
FRS Global (F&CS)
Half-Year Results 2012 30
31. Operational excellence
Cost savings from Springboard continued in first half
Springboard operational excellence program on track to deliver
€205-210 million run rate savings this year
Began implementation of Global Infrastructure Delivery Network
(consolidation of data centers, globally)
Centralization of back office software support was also completed
and is now operational in Chennai, India
Business Supplier Content Multi Generational
Offshoring
Optimization Management Re-engineering Technology Plan
Half-Year Results 2012 31
33. Divisional outlook 2012
Expect European markets to remain challenging
North American business positioned for growth
Legal & Regulatory Cost savings will help support margins
Impact of disposals in the Netherlands
Organic growth to improve in the second half
Tax & Accounting Seasonal buying patterns
Second half margin broadly in line with second half 2011
Continued strong demand for Clinical Solutions
Health Journal advertising markets expected to remain weak
Margins benefit from shift towards electronic products.
Good growth in Financial Services and Audit, Risk &
Financial & Compliance Compliance
Continued weakness in Transport Services
Half-Year Results 2012 33
34. Guidance 2012
Key metric FY 2012 Guidance
Ordinary EBITA Margin 21.5 – 22.5%
Ordinary Free Cash Flow1) ≥ €425 million
Return on Invested Capital (after tax)1) ≥ 8%
Diluted Ordinary EPS1,2) Low single-digit growth
Net financing result Approximately €125 million
Benchmark tax rate Approximately 27.5%
1) At constant currencies (EUR/USD 1.39)
2) Assumes a limited impact from the 2012 share buy-backs, stock dividend and performance shares
Half-Year Results 2012 34
35. Q&A
Nancy McKinstry
Chief Executive Officer and
Chairman
Boudewijn Beerkens
Chief Financial Officer
Jack Lynch
Member of the Executive Board