Wolters Kluwer reported its third-quarter 2012 trading update. Revenue grew 3% in constant currencies and 1% organically. Recurring revenues sustained momentum while cyclical products weakened. The EBITA margin was stable year-over-year and ordinary free cash flow increased. Full-year guidance was confirmed despite challenging European markets. Growth in North America and Asia is offsetting declines in Europe.
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, a global leader in professional information services, released its 2015 Full-Year Results. For the full report, visit http://wolterskluwer.com/investors.
Informe elaborado por Roy Davidson para EIBTM sustentado en el análisis de estudios y encuestas realizadas en nuestro sector a nivel mundial. La conclusión en el 2013: optimismo moderado.
For the fifth consecutive year, Aegon's Annual Report is accompanied by a separate integrated report, Aegon's 2015 Review. This includes an interview with Aegon's CEO, Alex Wynaendts, in which he reflects on accelerating the pace of change to become a more digital, sustainable and customer-centric company. Also interviewed is the Chairman of Aegon's Supervisory Board, Rob Routs, who focuses on the board's shift from monitoring performance to undertaking a more strategic role. For more information, visit: http://www.aegon.com/en/Home/Investors/News-releases/2016/2015-Annual-Report/
Official EIBTM 2013 Trends Watch Report by Rob DavidsonRob Davidson
Every year since 2002, I have launched my annual Industry Trends and Market Share report at EIBTM in Barcelona, and I travel all over the world, speaking at conferences on the theme of trends in the meetings and events industry.
A key purpose of the EIBTM Trends Watch report is to synthesize this information and share the collective findings in a succinct document designed to inform you of the recent performance of our industry and the projected situation for the year ahead.
Etude PwC IPO Watch 2013-2014 (mars 2014)PwC France
http://pwc.to/1oz8ppo
L’étude IPO Watch de PwC révèle que des opérations se préparent au premier semestre 2014 dans le secteur de la distribution et de la consommation. D’autre part, les privatisations devraient augmenter : certaines banques européennes renflouées pourraient être partiellement privatisées au travers d'introductions en bourse.
2014 Annual General Meeting (AGM) PresentationAegon
Presentation for Aegon's 2014 AGM on 21 May 2014, including strategic review, update on progress towards financial targets and voting items. For full details of this Annual General Meeting of Shareholders and upcoming meetings visit http://www.aegon.com/agm
This monthly briefing highlights that global manufacturing production has improved. Economic recovery is slowly strengthening in developed economies; and public fiscal stimulus programmes have been a determinant factor in economic growth in many developing countries.
For more information:
http://www.un.org/en/development/desa/policy/index.shtml
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
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 to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
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 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
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
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
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@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
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.
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
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
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.
1. PRESS RELEASE
Wolters Kluwer Scheduled Third-Quarter 2012 Trading Update
Alphen aan den Rijn (November 7, 2012) - Wolters Kluwer today released its scheduled third-
quarter 2012 trading update.
Highlights
Full-year 2012 guidance confirmed.
Nine-month revenue up +3% in constant currencies, up +1% organically.
- European markets remain challenging; Legal & Regulatory Europe deteriorates in third quarter.
- North America and Asia driving growth; Tax & Accounting improves in third quarter.
- Recurring revenues (75% of total) sustain momentum.
Nine-month EBITA margin stable year-on-year.
Nine-month ordinary free cash flow increased in constant currencies.
Leverage ratio net-debt-to-EBITDA improves to 2.8x (2011 year-end: 3.1x).
- Expect net-debt-to-EBITDA to approach target of 2.5x by year-end.
Nancy McKinstry, CEO and Chairman of the Executive Board, commented:
“Our performance in the third quarter was largely as anticipated, with our European operations facing a
difficult macro-economic environment and our North American businesses maintaining their recent
momentum. Growth in our online, software, and services products globally continues to support overall
positive organic growth for the group. We are actively managing the portfolio to drive faster growth,
investing in product innovation and geographic expansion, and seeking further operating efficiencies. The
quality of the business continues to improve and we remain confident we will deliver on our full-year
guidance.”
Full-Year 2012 Outlook
We reiterate our full-year 2012 guidance, despite worsened conditions in Europe and growing uncertainty
around the US economy as we enter the fourth quarter.
Performance indicators 2012 Guidance3)
Ordinary EBITA margin 21.5-22.5%
Ordinary free cash flow1) ≥ €425 million
Return on invested capital ≥ 8%
Diluted ordinary EPS1) Low single-digit growth2)
1)
In constant currencies (EUR/USD 1.39)
2)
Includes effect of 2012 share buy-backs, stock dividend and performance shares.
3)
Guidance is for continuing operations.
Springboard cost savings are on track to reach a run rate of €205–€210 million in the full year (compared
to €191 million in 2011).
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 2011 currency profile, a 1 U.S. cent move in
the average EUR/USD exchange rate for the year causes an opposite 0.8 euro-cent change in diluted
ordinary EPS.
Net financing costs are expected to be approximately €125 million in constant currencies. The
benchmark effective tax rate on ordinary income before tax is expected to be approximately 27.5% in
2012 due to an increasing proportion of profits in higher tax regions, such as North America.
Wolters Kluwer 2012 Third-Quarter Trading Update Page 1 (4)
2. Our divisional outlook for 2012 is as follows:
In Legal & Regulatory, we expect European markets to remain challenging in the near term. Our North
American Legal & Regulatory business is positioned for growth, although transactional revenue streams
have softened in recent months. The division’s results will reflect two disposals of non-core publishing
operations in the Netherlands which were completed in the second quarter of 2012.
In Tax & Accounting, we continue to expect positive organic growth in the second half reflecting
seasonal patterns. As indicated in July, we expect the second-half margin to be broadly in line with the
second half of 2011.
In Health, we expect continued strong demand for Clinical Solutions. Trends in journal advertising
markets are likely to remain weak. Margins should benefit from the ongoing shift towards electronic
products. The acquisition of Health Language, announced on October 17, is currently expected to close
in early 2013.
In Financial & Compliance Services, we expect good growth in Financial Services and Audit, Risk &
Compliance, but continued weakness in Transport Services. Margins reflect investment in global
expansion and lower Transport Services transactional revenues.
Dividend Policy and Anti-dilution Policy
Wolters Kluwer has a progressive dividend policy under which the company expects to increase the
dividend per share each year. Shareholders have the option to elect dividend pay-out in cash or stock. As
per our announcement on July 25, Wolters Kluwer intends to offset the dilution of its stock dividend and
performance share issuance annually via share repurchases. For the full year 2012, the company expects
to repurchase shares for up to €135 million. As of November 6, a total of 7.7 million ordinary shares have
been repurchased this year for a total consideration of €100 million (average purchase price €13.07).
Third-Quarter Developments
Third-quarter organic revenue growth was 1%, overall in line with the first half. Growth in North America and
Asia Pacific has been partially offset by declines in Legal & Regulatory Europe. Total recurring revenues (75%
of group total) maintained momentum, as growth in electronic and services subscriptions more than offset the
ongoing decline in print subscriptions. Trends in books, transactional and other cyclical products weakened
modestly in the quarter.
The third quarter EBITA margin improved slightly and the nine-month margin was broadly stable year-on-
year, supported by Springboard savings, the ongoing shift in business mix, and the favorable effect of
currency. Third-quarter cash flow from operations increased in constant currencies and the cash
conversion ratio improved in the quarter compared to the same period a year ago. Ordinary free cash
flow also increased in constant currencies in the third quarter and for the first nine months.
Our net-debt-to-EBITDA ratio (12 month rolling basis) was 2.8x as of September 30, 2012, improving from
2.9x as of June 30, 2012 and 3.1x at year-end 2011. We expect to approach our target of 2.5x by the end
of this year. This takes into account acquisitions completed in the second half, the largest of which was
FinArch.
Legal & Regulatory saw organic revenue trends deteriorate in the third quarter, due mainly to weakening
trends in loose leafs, books and cyclical products (training, advertising) across Europe. The North American
Legal & Regulatory business saw good organic growth in the third quarter, with Law & Business improving and
Corporate Legal Services (CLS) sustaining good momentum despite lower transaction volumes associated with
M&A, business formation, and trademark activities.
Tax & Accounting improved to positive organic growth in the third quarter, as anticipated. Growth in North
American tax software more than offset continued weakness in tax publishing and bank products. European
revenues showed positive growth in the third quarter, despite the worsened economic conditions. Growth in
Wolters Kluwer 2012 Third-Quarter Trading Update Page 2 (4)
3. European tax software compensated for declines in loose leaf, book and cyclical revenues in the region. In
Asia Pacific, revenues declined organically in the quarter due mainly to timing of publishing releases in
Australia. Acclipse, which offers online accounting software, including cloud-based solutions for finance and
tax professionals in Australia, New Zealand, and other parts of Asia Pacific, was acquired during the quarter.
Health remains on track to deliver good growth and margin improvement this year. Clinical Solutions achieved
double-digit organic revenue growth in the third quarter, with UpToDate, ProVation Medical and Clinical Drug
Information all performing well. The acquisition of Health Language, currently expected to close in early
2013, brings medical terminology management databases and software that are highly complimentary to
existing Clinical Solutions services. In Medical Research, Ovid’s growth was positive in the quarter, while our
medical journals faced continued weakness in advertising markets. Professional & Education books achieved
growth in the U.S. education segment, but this was offset by weakness in medical practice textbooks and
international sales.
Financial & Compliance Services organic growth moderated in the third quarter from the levels seen in the
first half. The full year is still expected to see acceleration in growth compared to 2011. Financial Services,
which in the first half had benefitted from implementation fees from new banking customers, achieved good
organic growth, primarily from products for U.S. mortgage and lending markets. FRSGlobal achieved double-
digit organic growth in the third quarter as it continues to roll out globally. The combination with FinArch,
acquired in July, strengthens and extends our capabilities and geographic reach. Transport Services, based in
Europe, saw continued top line weakness, particularly in transactional revenues. Audit, Risk & Compliance
delivered strong organic revenue growth as it invests in expansion in Asia and Central and South America.
Wolters Kluwer 2012 Third-Quarter Trading Update Page 3 (4)
4. About Wolters Kluwer
Wolters Kluwer is a market-leading global information services company. Professionals in the areas of
legal, business, tax, accounting, finance, audit, risk, compliance and healthcare rely on Wolters
Kluwer’s 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 2011 annual revenues of €3.4 billion. The group employs over 18,500 people
worldwide and maintains operations in over 40 countries across Europe, North America, Asia Pacific and
Latin America. The company is headquartered in Alphen aan den Rijn, the Netherlands. Wolters Kluwer
shares are listed on NYSE Euronext Amsterdam (symbol: WKL) and are included in the AEX and Euronext
100 indices.
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
December 7, 2012 Investor Seminar: Financial & Compliance Services
February 20, 2013 Full Year 2012 Results
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
Should you wish to change how you receive information from Wolters Kluwer, please click here.
Forward-looking Statements
This press release 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.
Wolters Kluwer 2012 Third-Quarter Trading Update Page 4 (4)