- Wolters Kluwer reported full-year 2013 results in line with guidance, with revenues of €3.565 billion and ordinary EBITA of €765 million.
- Health performed better than expected, offsetting challenges in Financial & Compliance Services. Ordinary free cash flow was over €500 million.
- The net debt to EBITDA ratio improved to 2.2 times.
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
This presentation contains forward-looking statements that reflect the current views of Deutsche Telekom management with respect to future events. These forward-looking statements include statements with regard to the expected development of revenue, earnings, profits from operations, depreciation and amortization, cash flows and personnel-related measures. You should consider them with caution. Such statements are subject to risks and uncertainties, most of which are difficult to predict and are generally beyond Deutsche Telekom’s control. Among the factors that might influence our ability to achieve our objectives are the progress of our workforce reduction initiative and other cost-saving measures, and the impact of other significant strategic, labor or business initiatives, including acquisitions, dispositions and business combinations, and our network upgrade and expansion initiatives. In addition, stronger than expected competition, technological change, legal proceedings and regulatory developments, among other factors, may have a material adverse effect on our costs and revenue development. Further, the economic downturn in our markets, and changes in interest and currency exchange rates, may also have an impact on our business development and the availability of financing on favorable conditions. Changes to our expectations concerning future cash flows may lead to impairment write downs of assets carried at historical cost, which may materially affect our results at the group and operating segment levels. If these or other risks and uncertainties materialize, or if the assumptions underlying any of these statements prove incorrect, our actual performance may materially differ from the performance expressed or implied by forward-looking statements. We can offer no assurance that our estimates or expectations will be achieved. Without prejudice to existing obligations under capital market law, we do not assume any obligation to update forward-looking statements to take new information or future events into account or otherwise.
In addition to figures prepared in accordance with IFRS, Deutsche Telekom also presents non-GAAP financial performance measures, including, among others, EBITDA, EBITDA margin, adjusted EBITDA, adjusted EBITDA margin, adjusted EBIT, adjusted net income, free cash flow, gross debt and net debt. These non-GAAP measures should be considered in addition to, but not as a substitute for, the information prepared in accordance with IFRS. Non-GAAP financial performance measures are not subject to IFRS or any other generally accepted accounting principles. Other companies may define these terms in different ways.
Mark Wilson, Group Chief Executive Officer, said:
“In the first half we have taken a number of steps to deliver our investment thesis of cash flow and growth. These results show satisfactory progress in Aviva’s turnaround.
“We have achieved profit after tax of £776 million, in contrast to the £624 million loss last year. Cash flows to the Group have increased by 30% to £573 million. Our key measure of sales – value of new business – has increased 17%, driven by the UK, France, Poland, Turkey and Asia.
“Although these results continue the positive trends of the first quarter, tackling our legacy issues will take time.
“I am committed to achieving for investors what we set out to do: turning around the company to unlock the considerable value in Aviva.”
Solvay 9 months 2018 results - PresentationSolvay Group
Solvay published on November 8, 2018 its first nine months 2018 results. Earnings toolkit and press release are available here: https://www.solvay.com/en/event/nine-months-2018-earnings
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.
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
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.
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
NO1 Uk Rohani Baba In Karachi Bangali Baba Karachi Online Amil Baba WorldWide...Amil baba
Contact with Dawood Bhai Just call on +92322-6382012 and we'll help you. We'll solve all your problems within 12 to 24 hours and with 101% guarantee and with astrology systematic. If you want to take any personal or professional advice then also you can call us on +92322-6382012 , ONLINE LOVE PROBLEM & Other all types of Daily Life Problem's.Then CALL or WHATSAPP us on +92322-6382012 and Get all these problems solutions here by Amil Baba DAWOOD BANGALI
#vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore#blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #blackmagicforlove #blackmagicformarriage #aamilbaba #kalajadu #kalailam #taweez #wazifaexpert #jadumantar #vashikaranspecialist #astrologer #palmistry #amliyaat #taweez #manpasandshadi #horoscope #spiritual #lovelife #lovespell #marriagespell#aamilbabainpakistan #amilbabainkarachi #powerfullblackmagicspell #kalajadumantarspecialist #realamilbaba #AmilbabainPakistan #astrologerincanada #astrologerindubai #lovespellsmaster #kalajaduspecialist #lovespellsthatwork #aamilbabainlahore #Amilbabainuk #amilbabainspain #amilbabaindubai #Amilbabainnorway #amilbabainkrachi #amilbabainlahore #amilbabaingujranwalan #amilbabainislamabad
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
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
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
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
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Falcon Invoice Discounting: Optimizing Returns with Minimal Risk
2013 Full Year Results
1. 2013
Full-Year Results
February 19, 2014 | Amsterdam
Nancy McKinstry
Chief Executive Officer and Chairman
Kevin Entricken
Chief Financial Officer
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. Comparative
information is presented accordingly. 2012 results are restated for IAS 19R 'Employee benefits'
and early adoption of IFRS 11 'Joint arrangements'. Growth rates are cited in constant
currencies unless otherwise noted.
Full-Year Results 2013
2
4. Introduction
In 2013, our leading, high growth positions and digital products drove
positive organic growth for the group
Our 2013 results were in line with the guidance we set at the start of the
year
— Health performed better than expected, offsetting the challenge faced by
F&CS
— Ordinary free cash flow was better than expected, over €500 million
— Net-debt-to-EBITDA ratio improved to 2.2x
In 2014, we plan further action to sharpen our focus on our leading, high
growth positions and to drive forward with our strategy
— Increased restructuring, particularly in Legal & Regulatory Europe
— Investments in growth initiatives, including new products and
globalization
Full-Year Results 2013
4
5. Good progress on strategic goals
Expanding Leading,
High Growth Positions
Leading, high growth positions
growing +7% organically
Acquisition of Health Language and
Prosoft to extend leading positions
Deliver Solutions
And Insights
Investing 8-10% of revenues in new
and enhanced products
Digital products and services now
77% of total revenues, up +4%
Drive Efficiencies
Significant progress on optimizing
IT infrastructure and real estate
Editorial and service process redesign
underway
Full-Year Results 2013
5
12. Ordinary net income and EPS
Diluted ordinary EPS up +3% in constant currencies
(€ million, unless otherwise stated)
2013
2012
∆
∆ CC
Revenues
3,565
3,597
-1%
+2%
765
774
-1%
+2%
Ordinary EBITA margin
21.5%
21.5%
Ordinary net financing costs1)
(117)
(121)
(1)
0
647
653
-1%
+2%
Tax on ordinary income
(178)
(182)
Effective benchmark tax rate
27.6%
27.7%
(2)
(2)
467
469
-1%
+2%
Diluted weighted average shares (million)
299.5
300.7
Diluted ordinary EPS
€1.56
€1.56
0%
+3%
Ordinary EBITA
Equity-accounted investees
Ordinary income before tax
Non-controlling interests
Ordinary net income
∆-% Change; ∆CC-% Change constant currencies (EUR/USD 1.29). 2012 restated for IAS 19R and IFRS 11
1) Includes €5 million settlement received but excludes a €12 million gain on disposal and excludes the employee benefits financing charge of €5 million
(2012: €5 million) and an €18 million write-down of investments available-for-sale
Full-Year Results 2013
12
13. IFRS profit and diluted EPS
Net profit benefits from disposal gains and lower discontinued loss
(€ million, unless otherwise stated)
Ordinary EBITA
Amortization of acquired intangibles
Results on divestments of operations
Acquisition integration costs and other
Operating profit
Financing results1)
Share of profit of equity-accounted investees, net of tax
Profit before tax
Income tax expense
Effective tax rate
Profit after tax
Loss on discontinued operations, net of tax
Profit for the year
Non-controlling interests
Net profit to the owners of the Company
Diluted EPS
2013
765
(185)
47
(8)
619
(128)
(1)
490
(137)
28.0%
353
(7)
346
(1)
345
€1.15
2012
774
(192)
4
(18)
568
(126)
0
442
(109)
24.7%
333
(22)
311
1
312
€1.04
∆
-1%
+9%
+11%
+6%
+11%
+11%
+11%
∆-% Change. 2012 restated for IAS 19R and IFRS 11
1) Financing results includes €5 million settlement received, a €12 million gain on disposal, the employee benefits financing charge of €5 million (2012: €5
million) and an €18 million write-down of investments available-for-sale
Full-Year Results 2013
13
14. Ordinary free cash flow
Cash conversion back to normal levels; lower tax payments
(€ million, unless otherwise stated)
Ordinary EBITA
Depreciation and amortization of other intangibles
2013
765
132
2012
774
120
Capital expenditure
(148)
(144)
Autonomous movements in working capital
(22)
16
Ordinary cash flow from operations
727
766
Cash conversion ratio
95%
99%
Paid financing costs
(115)
(120)
Paid corporate income tax, adjusted for Springboard
Appropriation of provisions for restructuring,
excluding Springboard
(103)
(122)
(19)
(19)
13
2
503
507
Other1)
Ordinary free cash flow
∆
-1%
∆ CC
+2%
-5%
-2%
-1%
+3%
∆-% Change; ∆CC-% Change constant currencies (EUR/USD 1.29). 2012 restated for IAS 19R and IFRS 11
1) Other includes share based payments, dividends received and other
Full-Year Results 2013
14
15. Movement in net debt
Net debt reduced by approximately €100 million
(€ million, unless otherwise stated)
2013 FY
2012 FY
Net debt at January 1
(2,086)
(2,168)
Ordinary free cash flow
503
507
Springboard restructuring, net of tax
(10)
(24)
(198)
(115)
60
5
Dividend payments
(204)
(92)
Repurchased shares
(27)
(133)
Discontinued operations, net of cash disposed of
(13)
(22)
Change in the fair value of derivatives
(16)
(37)
3
(7)
Net debt at December 31
(1,988)
(2,086)
Net-debt-to-EBITDA ratio
2.2x
2.4x
Acquisition spending, including costs, net of cash
Divestiture – cash proceeds, including costs, net of tax
Foreign exchange and other
2012 restated for IAS 19R and IFRS 11
Full-Year Results 2013
15
16. Acquisitions and divestitures
Acquisitions support strategy and meet financial criteria
Over 85% of our acquisition spend of past 6 years
was applied to our leading, high growth positions
– Nearly two thirds invested in Clinical Solutions
and Tax & Accounting software
Acquisitions 2008-2011:
– The majority of investment achieves a return of
8% or more by year 3
– Over 55% of investment has ROI of 8% or more by
year 2
Acquisitions 2012-2013:
Acquisition Spend
2008-2013
Other
areas
Corporate
Legal
Services
Finance,
Risk &
Compliance
and Audit
T&A
Software
Clinical
Solutions
– Acclipse, FinArch, Health Language, Prosoft and
other smaller acquisitions
– On track to cover WACC within 3-5 years
Divestitures of non-core assets continue
– In 2013, we sold 7 businesses with annual
revenues of €30 million
Full-Year Results 2013
16
17. Leverage
Net-debt-to-EBITDA ratio improved to 2.2x
Net-Debt-to-EBITDA (Ratio)
3.1x
2.9x
2.7x
Target:
2.5x
2.4x
2.2x
2009
2010
2011
2012
2013
2012 restated for IAS 19R and IFRS 11
Full-Year Results 2013
17
18. Debt maturity profile
€700 million (2.875%) Eurobond issued in 2013 to secure 2014 bond
maturity
Debt Maturity Profile (€ million)
835
756
700
747
January 2014:
€700 million
bond redeemed
696
700
247
135
56
2013
year-end
28
189
2
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 >2023
Cash & cash
equivalents +
derivatives
receivable
Full-Year Results 2013
18
19. Balance Sheet
Solid financial position
(€ million)
Dec. 31, 2013
Dec. 31, 2012
4,592
4,651
58
110
212
216
4,862
4,977
Goodwill and intangible assets
Equity-accounted investees and financial assets
Other non-current assets
Non-current assets
Cash
755
328
1,247
1,251
(1,214)
(1,233)
Short-term borrowings and bank overdrafts
(817)
(492)
Other current liabilities
(883)
(930)
Other current assets
Deferred income
Working capital
(912)
(1,076)
Capital employed
3,950
3,901
Total equity
1,584
1,558
Long-term debt
1,909
1,918
457
425
3,950
3,901
Other non-current liabilities
Total financing
2012 restated for IAS 19R and IFRS 11
Full-Year Results 2013
19
20. Returns to shareholders
Proposed dividend increase to €0.70 for 2013 to be paid in cash
Progressive dividend policy: eighth consecutive year of increase
Anti-dilution policy: share buy-back of up to €25 million in 2014
Dividend per share (€)1)
0.64
0.65
0.66
0.67
0.68
0.69
Share buy-backs (€ million)
645
0.70
135
100
0.58
0.55
19
2005 2006 2007 2008 2009 2010 2011 2012 2013
proposed
20
25
2006 2007 2008 2009 2010 2011 2012 2013 2014
intended
1) Dividend declared for the year indicated
Full-Year Results 2013
20
21. Summary
Revenues up +1% organically
Ordinary EBITA of €765 million; up +2% in constant currencies; margin
stable at 21.5%
Ordinary diluted EPS €1.56, up +3% in constant currencies
Ordinary free cash flow of €503 million, up +3% in constant currencies
Net-debt-to-EBITDA ratio improved to 2.2x, better than target
Full-Year Results 2013
21
23. Legal & Regulatory
Revenue decline abates; margin impacted
Corporate Legal Services
€ million
2013
2012
Δ
Δ CC
Δ OG
Revenues
1,447
1,485
-3%
-1%
-1%
313
327
-4%
-1%
-2%
21.6%
22.0%
Ordinary EBITA
Margin
L&R Segments
L&R Europe
56%
Corporate
Legal
Services
30%
Revenue by Geography*
AsiaPac &
ROW
1%
Europe
57%
North
America
42%
Law &
Business
14%
Revenue up +5% organically
Transactional revenue +8% with mixed
trends
Trademark business, Corsearch,
expanded with Avantiq and
CitizenHawk
Legal spend management platform,
TyMetrix, launched new interface
Legal & Regulatory Europe
Organic revenue decline -3%, abating
from -6% in 2012.
Driving efficiencies and investing in
digital and legal workflow tools
Law & Business North America
* FY 2013 revenues by geographic market
∆-% Change; ∆CC-% Change constant currencies (EUR/USD 1.29); ∆OG–% Organic growth
Impacted by lower law school
enrollments; strong growth in digital
information services
Full-Year Results 2013
23
24. Tax & Accounting
Results supported by growth in software globally
North America
€ million
2013
2012
Δ
Δ CC
Δ OG
Revenues
965
981
-2%
+1%
+1%
Ordinary EBITA
259
259
0%
+3%
+4%
26.8%
26.4%
Margin
Media Formats
Print
12%
Services
10%
Digital:
other
18%
Revenue by Geography*
AsiaPac
& ROW
10%
Digital:
software
60%
Europe
36%
North
America
54%
* FY 2013 revenues by geographic market
Software revenues up +6%, partially
offset by expected decline in bank
products and publishing
Cloud-based CCH Axcess well received
and helping to drive software growth
Europe
Organic growth positive as growth in
software more than offsets decline in
print and cyclical activities
Twinfield achieves double-digit growth
and invests in geographic expansion
Asia Pacific & ROW
Revenues broadly stable as growth in
software is largely offset by decline in
print formats
Prosoft revenues up in double-digits
(pro forma)
∆-% Change; ∆CC-% Change constant currencies (EUR/USD 1.29); ∆OG–% Organic growth
Full-Year Results 2013
24
25. Health
Organic growth accelerates to 6%; margin up 70 basis points
Clinical Solutions
€ million
2013
2012
Δ
Δ CC
Δ OG
Revenues
775
745
+4%
+8%
+6%
Ordinary EBITA
175
163
+7%
+11%
+7%
22.6%
21.9%
Margin
Health Segments
Profess'l &
Education
19%
Medical
Research
39%
Clinical
Solutions
42%
Revenue by Geography*
AsiaPac
& ROW
18%
Europe
11%
North
America
71%
* FY 2013 revenues by geographic market
∆-% Change; ∆CC-% Change constant currencies (EUR/USD 1.29); ∆OG–% Organic growth
Sustains double-digit organic growth
Strong performance across all product
areas
Health Language revenue up in doubledigits (pro forma)
Medical Research
Modest organic growth as growth at Ovid
and online journals more than offsets
print subscription decline
Investing in content and functionality
and expanding open access
Professional & Education
Slightly positive organic growth following
improvement in second half
Book markets remain weak; gained share
in U.S. nursing education
Digital learning revenues up over 40%
Full-Year Results 2013
25
26. Financial & Compliance Services
Results impacted by downturn in U.S. mortgage refinancing, regulatory
delays and product migration
Finance, Risk & Compliance
€ million
2013
2012
Δ
Δ CC
Δ OG
Revenues
378
386
-2%
+1%
-4%
64
73
-11%
-9%
-12%
17.1%
18.9%
Ordinary EBITA
Margin
F&CS Segments
Transport
Svcs
Originations
12%
Audit1)
&
11%
Compliance
34%
Finance,
Risk &
Compliance
43%
1) Audit, Risk & Compliance
Organic growth +3%; deceleration in Q4
due to delays in banking regulations
Ranked global #4 in RiskTech100 by
Chartis, high customer satisfaction
Audit, Risk & Compliance
Revenue by Geography*
AsiaPac
& ROW
7%
Audit software, TeamMate, up +9%
organically
Revenue attrition from Axentis migration
as expected
Originations, Risk & Compliance
Europe
31%
North
America
62%
Impacted by downturn in U.S. mortgage
refinancing market
FS transactional revenues down -7%
Transport Services (Europe)
* FY 2013 revenues by geographic market
∆-% Change; ∆CC-% Change constant currencies (EUR/USD 1.29); ∆OG–% Organic growth
Market conditions remain challenging;
significant restructuring and
repositioning undertaken in 2013
Full-Year Results 2013
26
27. Progress on strategy
Our strategy aims to accelerate profitable growth
Expand
Focus the majority of our investments on
our leading,
high growth
positions
Invest in products and services to deliver
high growth segments where we have
achieved market leadership
the tailored solutions and insights our
professional customers need to make
critical decisions and increase their
productivity
Deliver
solutions and
insights
Find more ways to drive efficiencies in
Drive
efficiencies
areas such as sourcing, technology, real
estate, organizational processes, and
distribution channels
Full-Year Results 2013
27
28. 1. Expand our leading, high growth positions
Our leading, high growth positions in total grew 7% organically
44% of total
revenues
2013 organic growth
of units indicated
% of division:
Financial & Compliance
54%
Finance, Risk &
Compliance and Audit1)
Health
42%
Clinical Solutions
+3%
>10%
Tax & Accounting
60%
Tax & Accounting Software
+6%
Legal & Regulatory
30%
Corporate Legal Services
Total
organic
growth:
+7%
+5%
1) Includes the Finance, Risk & Compliance and Audit, Risk & Compliance units within the F&CS division
Full-Year Results 2013
28
29. 2. Deliver solutions and insights
We launched several products that improve our customers’ productivity
and outcomes
Increasingly Mobile
Drives Decisions and
Outcomes
Tailored to the
Customer
Cloud-based tax & accounting
software for CPA firms
Enhanced enterprise
governance, risk and
compliance solution for banks
General Counsel NAVIGATOR
for small to mid-size
corporate legal departments
Full-Year Results 2013
29
30. 3. Drive efficiencies
We are continuing to drive savings and creating global scale economies
Sales Channel
& Go to Market
Process &
Organization
Sourcing
Technology
Real Estate
Renegotiated
paper, printing,
warehousing and
shipping contracts
Optimized hosting
and infrastructure
services providers
Consolidated
office space
(closed 10 offices
in Europe and 10
in the U.S.)
Replaced
Redesigned CLS’
unprofitable
Service-of-Process
direct mail with
operation
digital marketing
in Health and T&A
Renegotiating
lease contracts
Re-allocating sales Optimizing
staff towards
editorial and
growth areas
production
Print consolidation Off shoring
automated
Automating and
content
reducing prepress
enrichment
costs
Improving space
utilization and
rationalize offices
Full-Year Results 2013
30
32. Divisional Outlook 2014
Legal & Regulatory
Corporate Legal Services to see good organic growth, with
momentum in transactional revenues slowing
Legal & Regulatory (excluding CLS) to see organic revenue decline
and margin contraction, partly due to restructuring
Tax & Accounting
Tax software to achieve good organic growth, partially offset by
print and bank product declines
Margin expected to contract due to restructuring
Health
Clinical Solutions to deliver strong organic growth
Digital growth in publishing to continue while print journal and book
markets expected to remain soft
Margin to increase due to positive mix shift and efficiency measures
Financial & Compliance
Services
Finance, Risk & Compliance and Audit to see positive organic growth,
but weighted towards the second half
Originations volumes remain constrained by downturn in U.S.
mortgage market
Full-Year Results 2013
32
33. Guidance 2014
Performance indicators
FY2014 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).
Additional information
Ordinary net financing costs1)
Approximately €100 million
Benchmark effective tax rate
27.5%-28.0%
Cash conversion ratio1)
Approximately 95%
1) In constant currencies (EUR/USD 1.33).
Full-Year Results 2013
33