Wolters Kluwer 2022 Full-Year
Alphen aan den Rijn, February 22, 2023 – Wolters Kluwer,
a global leader in professional information, software solutions and
services, today releases its full-year 2022 results.
- Revenues €5,453 million, up 5% in constant currencies
and up 6% organically.
- Recurring revenues (80% of total revenues) up 7% organically;
non-recurring up 3% organically.
- Digital & services revenues (93% of total revenues) up 7%
- Expert solutions revenues (56% of total revenues) up 9%
- Adjusted operating profit €1,424 million, up 7% in
- Adjusted operating margin 26.1%, up 80 basis points.
- Margin benefitted from operational gearing and favorable
- Diluted adjusted EPS €4.14, up 8% in constant
- Adjusted free cash flow €1,220 million, up 7% in
- Net-debt-to-EBITDA of 1.3x; return on invested capital
(ROIC) improved to 15.5%.
- Proposed 2022 total dividend €1.81 per share, an
increase of 15%.
- Share buybacks:
- Completed 2022 share buyback of €1 billion.
- Announcing 2023 share buyback of up to €1 billion, of
which €100 million completed to date.
- Outlook 2023: Expect high single-digit growth in
diluted adjusted EPS in constant currencies
- Creating new division: Corporate Performance &
- Comprising CCH Tagetik, Enablon, Finance Risk & Reporting,
Full-Year Report of the Executive Board
Nancy McKinstry, CEO and Chair of the Executive Board,
commented: “We sustained 6% organic growth in 2022, led by digital
and service subscription revenues. It was a year of record
investments in product development to drive innovation for our
customers. We also made significant progress on our ESG objectives.
While non-recurring revenue trends still pose a challenge in the
first half of 2023, we are confident of delivering robust organic
growth and margin improvement for the full year.”
Key Figures – Year ended December 31
€ million (unless otherwise stated)
Business performance – benchmark figures
Adjusted operating profit
Adjusted operating profit margin
Adjusted net profit
Diluted adjusted EPS (€)
Adjusted free cash flow
Return on Invested Capital (ROIC)
IFRS reported results
Profit for the year
Diluted EPS (€)
Net cash from operating activities
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.18); ∆
OG: % Organic growth. Benchmark figures are performance measures
used by management. See Note 3 for a reconciliation from IFRS to
Full-Year 2023 Outlook
Our guidance for 2023 is provided below. We expect full-year
organic growth to be in line with the prior year and the adjusted
operating profit margin to improve. In the first and second
quarters of 2023, organic growth is expected to be slower compared
to the prior year period, most notably in Health and Governance,
Risk & Compliance. The adjusted operating margin is expected to
ease in the first half.
Full-Year 2023 Outlook
Adjusted operating profit margin*
Around €1,200 million
Diluted adjusted EPS growth**
*Guidance for adjusted operating profit margin and ROIC is in
reporting currency and assumes an average EUR/USD rate in 2023 of
€/$1.07. **Guidance for adjusted free cash flow and diluted
adjusted EPS is in constant currencies (€/$ 1.05). Guidance
reflects share repurchases of €1 billion in 2023.
If the current U.S. dollar rate persists, currency will have a
slightly negative effect on full-year 2023 results reported in
euros. In 2022, Wolters Kluwer generated over 60% of revenues and
adjusted operating profit in North America. As a rule of thumb,
based on our 2022 currency profile, each 1 U.S. cent move in the
average €/$ exchange rate for the year causes an opposite change of
approximately 3 euro cents in diluted adjusted EPS1.
We include restructuring costs in adjusted operating profit. We
expect 2023 restructuring costs to be in the range of €10-€15
million (FY 2022: €6 million).
We expect adjusted net financing costs2 in constant currencies
to be approximately €40 million. We expect the benchmark tax rate
on adjusted pre-tax profits to be in the range of 23.0%-24.0% (FY
Capital expenditure is expected to increase but to remain within
our normal range of 5.0%-6.0% of total revenues (FY 2022: 5.4%). We
expect full-year cash conversion ratio to be approximately 100% (FY
Our guidance assumes no additional significant change to the
scope of operations. We may make further acquisitions or disposals
which can be dilutive to margins, earnings, and ROIC in the near
The impact of discontinuing activities in Russia and Belarus is
expected to be immaterial to the consolidated financial results in
2023 Outlook by Division
Health: we expect full-year organic growth to
be in line with prior year and the full-year adjusted operating
profit margin to be stable.
Tax & Accounting: we expect full-year
organic growth to be in line with prior year and the full-year
adjusted operating profit margin to improve modestly.
Governance, Risk & Compliance: we expect
full-year organic growth to be in line with prior year and the
full-year adjusted operating profit margin to improve modestly.
Legal & Regulatory: we expect full-year
organic growth to be in line with prior year and full-year adjusted
operating profit margin to be stable.
Formation of a new division: Corporate Performance &
Today we are announcing that, in March, we intend to bring
together four of our global enterprise software businesses to form
a new division, Corporate Performance & ESG, to meet the
growing demand from corporations and banks for integrated
financial, operational, and ESG performance management and
This new division will be comprised of the following global
- Corporate Performance (CCH Tagetik, including U.S. Corporate
- EHS/ORM Software (Enablon)
- Finance, Risk & Reporting
- Internal Audit Solutions
All four businesses serve global corporations and banks with
cloud and on-premise solutions and have leading market positions in
their specific areas of expertise. Combining these assets will
allow us to accelerate synergies and leverage their combined global
strengths to pursue a growing market opportunity.
Corporate Performance & ESG will be led by Karen Abramson,
who has been CEO of our Tax & Accounting division for the past
9 years. Jason Marx, currently leading North America Tax &
Accounting, will be appointed CEO of the Tax & Accounting
division. The Governance, Risk & Compliance (GRC) division will
become Financial & Corporate Compliance and will comprise CT
Corporation and Compliance Solutions, which provide legal services
and banking compliance software, content, and lien solutions to
mainly U.S. businesses. Steve Meirink will be appointed CEO of
Financial & Corporate Compliance. Steve has been EVP and
General Manager of Compliance Solutions for the past 7 years. Last
year, Richard Flynn, currently CEO of GRC, informed us of his plans
to pursue new experiences outside Wolters Kluwer. We thank him for
his many contributions to the company.
Our Enterprise Legal Management unit (ELM), currently part of
GRC Legal Services, will be transferred to the Legal &
Regulatory division where we see opportunities for closer alignment
with our Legal Software business.
We will report our 2023 results under both the historic
reporting segments and the new divisional structure. A pro forma
2022 revenue breakdown of the new divisional structure is provided
in Appendix 4 of this release. More detailed pro forma financial
information will be provided in the second quarter.
Our Mission, Business Model and Strategy
Our mission is to empower our professional customers with the
information, software solutions, and services they need to make
critical decisions, achieve successful outcomes, and save time.
Every day, our customers face the challenge of increasing
proliferation and complexity of information and the pressure to
deliver better outcomes at a lower cost. Many of our customers are
looking for mobility, flexibility, intuitive interfaces, and
integrated open architecture technology to support their
decision-making. We aim to solve their problems and add value to
their workflow with our range of digital solutions and services,
which we continuously evolve to meet their changing needs.
Our expert solutions combine deep domain knowledge with
technology to deliver both content and workflow automation to drive
improved outcomes and productivity for our customers. Expert
solutions, which include our software products and certain advanced
information solutions, accounted for 56% of total revenues in 2022
(FY 2021: 55%) and grew 9% organically (FY 2021: 6%). Software
revenues accounted for 44% of total revenues (FY 2021: 42%) and
also grew 9% organically (FY 2021: 6%), with cloud software
revenues up 17% organically (FY 2021: 17%).
Based on revenues, our largest expert solutions by division
- Health: global
clinical decision support tool UpToDate; clinical drug databases
Medi-Span and Lexicomp; and Lippincott nursing solutions for
practice and learning.
- Tax &
Accounting: global corporate performance solution CCH
Tagetik; global corporate internal audit platform TeamMate; and
professional tax and accounting software, including CCH Axcess and
CCH ProSystem fx in North America and similar software for
professionals across Europe.
- Governance, Risk &
Compliance: finance, risk, and regulatory reporting suite
OneSumX; banking compliance solutions ComplianceOne, Expere,
eOriginal, and Gainskeeper; and enterprise legal management
software Passport and TyMetrix.
- Legal &
Regulatory: global EHS/ORM3 suite Enablon; legal workflow
solutions Kleos and Legisway; and other software tools for European
Our business model is primarily based on subscriptions, software
maintenance, and other recurring revenues (80% of total revenues in
FY 2022), augmented by implementation services and license fees as
well as volume-based transactional and other non-recurring
revenues. Renewal rates for our recurring digital information,
software, and service revenues are high and are one of the key
indicators by which we measure our success. More than half of our
operating costs relate to our employees, who create, develop,
maintain, sell, implement, and support our solutions on behalf of
our customers. Our technology architecture is increasingly based on
globally scalable platforms that use standardized components. An
increasing proportion of our solutions is built cloud-first. Many
of our solutions incorporate advanced technologies such as
artificial intelligence, natural language processing, robotic
process automation, and predictive analytics. Our development teams
follow a customer-centric, contextual design process and develop
solutions based on the scaled agile framework. Our solutions are
sold by our own sales teams or through selected distribution
Strategy 2022-2024: Elevate Our ValueOur
strategy aims to deliver good organic growth and improved margins
and returns over the three-year period (2022-2024). Our strategic
priorities for 2022-2024 are:
- Accelerate Expert
Solutions: we are focusing our investments on cloud-based
expert solutions while continuing to transform selected digital
information products into expert solutions. We are investing to
enrich the customer experience of our products by leveraging
advanced data analytics.
- Expand Our Reach:
we are seeking to extend organically into high-growth adjacencies
along our customer workflows and to adapt our existing products for
new customer segments. We are developing partnerships and
ecosystems for our key software platforms.
- Evolve Core
Capabilities: we intend to enhance our central functions
to drive excellence and scale economies, mainly in sales and
marketing (go-to-market) and in technology. We plan to advance our
environmental, social, and governance (ESG) performance and
capabilities and to continue investing in diverse and engaged
talent to support innovation and growth.
Product innovation is a key driver of organic growth and
customer satisfaction. In our current strategic plan, we expect
that annual product development spend4 will average approximately
10% of total revenues over the three-year period. While our
strategy remains centered on organic investment and growth, we may
make selected acquisitions and non-core disposals to enhance our
value and market positions. Acquisitions must fit our strategy,
strengthen or extend our existing business, generally be accretive
to diluted adjusted EPS in their first full year and, when
integrated, deliver a return on invested capital above our weighted
average cost of capital (8%) within three to five years. Key ESG
goals in our current strategic plan are to drive an improvement in
our belonging score5, to align with the recommendations of the Task
Force on Climate-related Financial Disclosures (TCFD), and to
obtain validated science-based targets.
Financial Policy, Capital Allocation, Net Debt, and
Wolters Kluwer uses its free cash flow to invest in the business
organically and through acquisitions, to maintain optimal leverage,
and to provide returns to shareholders. We regularly assess our
financial position and evaluate the appropriate level of debt in
view of our expectations for cash flow, investment plans, interest
rates, and capital market conditions. While we may temporarily
deviate from our leverage target, we continue to believe that, in
the longer run, a net-debt-to-EBITDA ratio of around 2.5x remains
appropriate for our business given the high proportion of recurring
revenues and resilient cash flows.
Dividend Policy and Proposed Final Dividend
2022Wolters Kluwer remains committed to a progressive
dividend policy, under which we aim to increase the dividend per
share in euros each year, independent of currency fluctuations. The
payout ratio6 can vary from year to year. Proposed annual increases
in the dividend per share take into account our ﬁnancial
performance, market conditions, and our need for ﬁnancial
ﬂexibility. The policy takes into consideration the characteristics
of our business, our expectations for future cash ﬂows, and our
plans for organic investment in innovation and productivity, or for
acquisitions. We balance these factors with the objective of
maintaining a strong balance sheet.
At the 2023 Annual General Meeting of Shareholders, we will
propose a final dividend of €1.18, which would result in a total
dividend over the 2022 financial year of €1.81, an increase of 15%.
Dividends are paid in cash. Shareholders can choose to reinvest
both interim and ﬁnal dividends by purchasing additional Wolters
Kluwer shares through the Dividend Reinvestment Plan (DRIP)
administered by ABN AMRO Bank N.V.
Share Buybacks 2022 and 2023As a matter of
policy since 2012, Wolters Kluwer will offset the dilution caused
by our annual incentive share issuance with share repurchases
(Anti-Dilution Policy). In addition, from time to time when
appropriate, we return capital to shareholders through share
buyback programs. Shares repurchased by the company are added to
and held as treasury shares and are either cancelled or utilized to
meet future obligations arising from share-based incentive
In 2022, we completed share repurchases of €1 billion (10.1
million shares at an average price of €98.75). See Note 8 for
further information on issued share capital.
Today, we are announcing our intention to repurchase shares for
up to €1 billion during 2023. In the year to date, up to and
including February 20, 2023, we have repurchased €100 million in
shares (1.0 million shares at an average price of €100.18).
Assuming global economic conditions do not deteriorate
substantially, we believe this level of share buybacks leaves us
with ample headroom to support our dividend plans, to sustain
organic investment, and to make selective acquisitions. The share
repurchase program may be suspended, discontinued, or modified at
any time. For the period starting February 24, 2023, up to and
including April 28, 2023, we have mandated a third party to execute
€160 million in share buybacks on our behalf, within the limits of
relevant laws and regulations (in particular Regulation (EU)
596/2014) and the company’s Articles of Association. The maximum
number of shares which may be repurchased will not exceed the
authorization granted by the Annual General Meeting of
Net Debt, Leverage, Sustainability-Linked Credit
Facility, and Liquidity PositionNet debt on December 31,
2022, was €2,253 million, compared to €2,131 million on December
31, 2021. The net-debt-to-EBITDA ratio was 1.3x (2021: 1.4x).
Effective July 2022, we agreed to the final one-year extension of
our €600 million multi-currency credit facility, such that the
facility will now mature in 2025. The facility is ESG-linked, with
pricing tied to four key ESG performance indicators. The facility
is currently fully undrawn. In September 2022, we issued a new €500
million Eurobond with a four-year term and 3.0% annual coupon. Our
liquidity position remains strong with, net cash available of
€1,330 million as of December 31, 2022.7
Full-Year 2022 Results
Benchmark FiguresGroup revenues were €5,453
million, up 14% overall, benefitting from a stronger U.S. dollar
for most of the year. Excluding the effect of exchange rate
movements, revenues increased 5% in constant currencies. The effect
of divestments (almost entirely in Legal & Regulatory)
outweighed the effect of acquisitions. Organic revenue growth was
6% (FY 2021: 6%).
Revenues from North America, 64% of total group revenues, grew
6% organically (FY 2021: 7%). Revenues from Europe, 29%
of total revenues, also grew 6% organically (FY 2021: 4%). Revenues
from Asia Pacific and Rest of World, 7% of total revenues, grew 10%
organically (FY 2021: 3%).
Adjusted operating profit was €1,424 million (FY 2021: €1,205
million), up 7% in constant currencies. The related margin
increased 80 basis points to 26.1% (FY 2021: 25.3%), reflecting a
favorable currency mix (40 basis points), operational gearing, and
the ongoing gradual shift in business mix. These factors more than
offset an increase in operating costs, including higher product
development expenses. Total product development spending, including
capitalized expenditures, increased to 11% of total revenues (FY
2021: 10%). Restructuring expenses, which are included in adjusted
operating profit, were in line with the prior year €6 million
(FY 2021: €6 million).
Adjusted net financing costs were €56 million (FY 2021: €78
million) due to higher interest rates on cash and cash equivalents.
Included in adjusted net financing costs was a €5 million net
foreign exchange loss (FY 2021: €15 million net foreign
exchange loss) mainly related to the translation of intercompany
balances. This non-cash loss was lower than we had guided in
November 2022 due to the depreciation of the U.S. dollar in the
final weeks of 2022.
Adjusted profit before tax was €1,368 million (FY 2021: €1,128
million), up 21% overall and up 8% in constant currencies. The
benchmark tax rate on adjusted profit before tax increased to 22.6%
(FY 2021: 21.5%) due to newly introduced restrictions on tax
deductibility of finance costs in the Netherlands, while 2021
included a one-time benefit following the closure of tax audits.
Adjusted net profit was €1,059 million (FY 2021:
€885 million), an increase of 20% overall and 6% in constant
Diluted adjusted EPS was €4.14 (FY 2021: €3.38), up 8% in
constant currencies, reflecting the increase in adjusted net profit
and a 2% reduction in the diluted weighted average number of shares
outstanding to 255.8 million (FY 2021: 261.8 million).
IFRS Reported FiguresReported operating profit
increased 32% to €1,333 million (FY 2021: €1,012 million). The
increase reflects the increase in adjusted operating profit and a
€75 million net disposal gain on the divestments during the year
(most notably the sale of our Spanish and French publishing
assets), partly offset by a €20 million impairment of certain
Reported financing results amounted to a net cost of €57 million
(FY 2021: €84 million cost).
The reported effective tax rate decreased to 19.5% (FY 2021:
21.6%). The 2022 gain on divestment was not taxable while the prior
period included a taxable disposal gain and a disposal-related loss
which was not tax-deductible.
Net profit increased 41% overall to €1,027 million
(FY 2021: €728 million) and diluted earnings per share
increased 44% to €4.01 (FY 2021: €2.78).
Cash FlowAdjusted operating cash flow was
€1,528 million (FY 2021: €1,348 million), up 2% in constant
currencies. As anticipated, the cash conversion ratio decreased to
107% (FY 2021: 112%). Capital expenditures were €295 million
(FY 2021: €239 million), an increase of 16% in constant
currencies. Capital expenditures remained within our guided range
at 5.4% of group revenues (FY 2021: 5.0%). Cash payments related to
leases, including lease interest paid, were €81 million (FY 2021:
€77 million). Depreciation of physical assets and the
amortization and impairment of internally developed software assets
amounted to €234 million (FY 2021: €237 million), a decrease
of 8% in constant currencies. The depreciation and impairment of
right-of-use assets, mainly leased offices, was €71 million (FY
2021: €72 million).
Net interest paid, excluding lease interest paid, was €45
million, lower than in the prior period (FY 2021: €57
million). Corporate income tax paid increased to €289 million (FY
2021: €277 million), reflecting higher income before tax and the
newly introduced U.S. tax rules on the capitalization of research
& development expenses. Net cash outflows related to
restructuring were €12 million, lower than in the prior year (FY
2021: outflow of €33 million). Consequently, adjusted free cash
flow was €1,220 million (FY 2021: €1,010 million), up 7% in
Total acquisition spending, net of cash acquired and including
transaction costs, was €95 million (FY 2021:
€113 million), primarily relating to the acquisition of IDS on
April 8, 2022 by the Governance Risk & Compliance division.
Total divestment proceeds amounted to €103 million, net of cash
divested and divestment-related costs, primarily relating to the
divestment of our Spanish and French publishing assets.
Dividends paid to shareholders amounted to €424 million (FY
2021: €373 million), including the 2021 final dividend and the 2022
interim dividend. Cash spent on share buybacks was €1 billion (FY
2021 €410 million). As such, more than 100% of adjusted free cash
flow was returned to shareholders.
ESG Highlights 2022
Advancing our performance against relevant and material ESG
objectives is a core element of our strategy. We are focused on
delivering high levels of customer satisfaction and innovative,
impactful solutions and services; we are nurturing an engaged,
talented, and diverse workforce; we are supporting strong ethics,
compliance, and governance; and we are investing to maintain highly
secure systems. We are committed to reducing our greenhouse gas
footprint in line with the Paris Agreement.
Investment in product development and innovation was 11% of
revenues in 2022 (FY 2021: 10%).
In 2022, our employee engagement and belonging scores, now
measured by Glint, both increased by 1 point, to 77 and 73
respectively. We have plans and targets in place to drive further
improvement. Employee turnover remained elevated amid a tight
global market for talent, especially for technology and other
skilled professionals. During the year, we expanded initiatives
designed to attract, engage, and retain talent.
A year ago, we committed to aligning our practices and reporting
to the recommendations of the Task Force on Climate-related
Disclosures (TCFD) and to setting science-based targets. During
2022, we made significant progress. We completed an assessment of
our greenhouse gas footprint, including scope 1, 2 and 3 emissions
and improved existing processes for scope 1 and scope 2 data
collection. We have committed to reduce our emissions in line with
1.5°C global warming and reaching net-zero no later than by 2050.
In early 2023, we submitted near-term targets to the Science Based
Targets initiative (SBTi) for validation, to reduce absolute Scope
1 & 2 GHG emissions by 50% and absolute Scope 3 GHG emissions
by 30% by the year 2030 from a 2019 base year. We will submit a
net-zero target to the SBTi within two years of our commitment.
In the meantime, efforts to reduce our scope 1 and 2 emissions
continued. Most notably in 2022, we achieved a 5% organic reduction
in our global office footprint (m2) and decommissioned 1,032
on-premise servers by migrating applications to more
energy-efficient cloud infrastructure.
About Wolters Kluwer
Wolters Kluwer (EURONEXT: WKL) is a global leader in
professional information, software solutions, and services for the
healthcare; tax and accounting; governance, risk and compliance;
and legal and regulatory sectors. We help our customers make
critical decisions every day by providing expert solutions that
combine deep domain knowledge with technology and services.
Wolters Kluwer reported 2022 annual revenues of €5.5 billion.
The group serves customers in over 180 countries, maintains
operations in over 40 countries, and employs approximately 20,000
people worldwide. The company is headquartered in Alphen aan den
Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and
are included in the AEX and Euronext 100 indices. Wolters Kluwer
has a sponsored Level 1 American Depositary Receipt (ADR) program.
The ADRs are traded on the over-the-counter market in the U.S.
For more information, visit www.wolterskluwer.com, follow us on
Twitter, Facebook, LinkedIn, and YouTube.
Financial CalendarMarch 8, 2023
Publication of 2022 Annual
ReportMay 3, 2023
First-Quarter 2023 Trading UpdateMay 10, 2023
Annual General Meeting of
ShareholdersMay 12, 2023
Ex-dividend date: 2022 final dividendMay 15, 2023
Record date: 2022 final
dividendJune 6, 2023
Payment date: 2022 final dividend ordinary sharesJune
date: 2022 final dividend ADRsAugust 2, 2023
Half-Year 2023 ResultsAugust 29, 2023
Ex-dividend date: 2023 interim
dividendAugust 30, 2023
date: 2023 interim dividendSeptember 21, 2023
date: 2023 interim dividendSeptember 28, 2023
date: 2023 interim dividend ADRsNovember 1, 2023
Nine-Month 2023 Trading UpdateFebruary 21, 2024
Full-Year 2023 ResultsMarch 6, 2024
Publication of 2023
Investors/AnalystsGerbert van Genderen
GeldensGlobal Branding & Communications
Relationst + 31 (0)172 641 230
t + 31 (0)172 641
Forward-looking Statements and Other Important Legal
InformationThis report contains forward-looking statements. These
statements may be identified by words such as “expect”, “should”,
“could”, “shall” and similar expressions. Wolters Kluwer cautions
that such forward-looking statements are qualified by certain risks
and uncertainties that could cause actual results and events to
differ materially from what is contemplated by the forward-looking
statements. Factors which could cause actual results to differ from
these forward-looking statements may include, without limitation,
general economic conditions; conditions in the markets in which
Wolters Kluwer is engaged; conditions created by global pandemics,
such as COVID-19; 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.Elements
of this press release contain or may contain inside information
about Wolters Kluwer within the meaning of Article 7(1) of the
Market Abuse Regulation (596/2014/EU). Trademarks referenced are
owned by Wolters Kluwer N.V. and its subsidiaries and may be
registered in various countries.
1 This rule of thumb excludes the impact of exchange rate
movements on intercompany balances, which is accounted for in
adjusted net financing costs in reported currencies and determined
based on period-end spot rates and balances.2 Adjusted net
financing costs include lease interest charges. Guidance for
adjusted net financing costs in constant currencies excludes the
impact of exchange rate movements on currency hedging and
intercompany balances.3 EHS/ORM = environmental, health and safety
and operational risk management.4 Product development spend refers
to both operating expenses and capitalized spending.5 Belonging is
defined as the extent to which employees believe they can bring
their authentic selves to work and be accepted for who they are.
Our employee engagement and belonging scores are measured by a
third party (Microsoft Glint).6 Dividend payout ratio: dividend per
share divided by adjusted earnings per share.7 Cash and equivalents
of €1,346 million less overdrafts used for cash management purposes
of €16 million.
- 2023.02.22 Wolters Kluwer 2022 Full-Year Results
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