Artificial Intelligence
Wolters Kluwer 2020 Full-Year Report
Wolters Kluwer 2020 Full-Year Report
February 24, 2021 – Wolters Kluwer, a global leader in professional information, software solutions, and services, today releases its full-year 2020 results.
Highlights
- Revenues €4,603 million, up 1% in constant currencies and up 2% organically.
- Excluding revenues associated with the PPP1, organic growth would have been 1%.
- Recurring revenues up 4% organically (80% of total revenues); non-recurring down 8% organically.
- Digital & services revenues up 4% organically (91% of total revenues); print down 16% organically.
- COVID-19 mainly impacted print formats, non-recurring revenues, and new sales.
- Adjusted operating profit €1,124 million, up 5% in constant currencies.
- Adjusted operating profit margin up 80 basis points to 24.4%.
- Cost savings allowed us to sustain investments in product development and marketing while bringing forward efficiency initiatives and still delivering a margin improvement.
- Diluted adjusted EPS €3.13, up 7% in constant currencies.
- Adjusted free cash flow €907 million, up 16% in constant currencies.
- Balance sheet remains strong: net-debt-to-EBITDA 1.7x.
- Return on invested capital improved to 12.3%.
- Proposed total dividend 2020: €1.36 per share, up 15%.
- Share buybacks: 2020 buyback of €350 million completed; announcing 2021 buyback of up to €350 million (of which €50 million already completed).
- Outlook 2021: mid-single-digit growth in adjusted diluted EPS in constant currencies.
Full-Year Report of the Executive Board
Nancy McKinstry, CEO and Chairman of the Executive Board, commented: “In so many ways, our employees embraced the challenge of 2020, dedicating themselves to the needs of customers while delivering on our strategic priorities. The pandemic mainly affected our non-recurring and print revenue streams and slowed our new sales activity, but digital recurring revenues performed well. We expect the recovery towards previous growth levels to be gradual and remain confident in our long-term prospects.”
Key Figures – Year ended December 31 | |||||
€ million (unless otherwise stated) | 2020 | 2019 | ∆ | ∆ CC | ∆ OG |
Business performance – benchmark figures | |||||
Revenues | 4,603 | 4,612 | 0% | +1% | +2% |
Adjusted operating profit | 1,124 | 1,089 | +3% | +5% | +5% |
Adjusted operating profit margin | 24.4% | 23.6% | |||
Adjusted net profit | 835 | 790 | +6% | +4% | |
Diluted adjusted EPS (€) | 3.13 | 2.90 | +8% | +7% | |
Adjusted free cash flow | 907 | 807 | +12% | +16% |
|
Return on invested capital (ROIC) | 12.3% | 11.8% | |||
Net debt | 2,383 | 2,199 | +8% | ||
IFRS reported results | |||||
Revenues | 4,603 | 4,612 | 0% | ||
Operating profit | 972 | 908 | +7% | ||
Profit for the year | 721 | 669 | +8% | ||
Diluted EPS (€) | 2.70 | 2.46 | +10% | ||
Net cash from operating activities | 1,197 | 1,102 | +8% | ||
∆: % Change; ∆ CC: % Change in constant currencies (€/$ 1.12); ∆ OG: % Organic growth. Benchmark figures are performance measures used by management. See Note 3 for a reconciliation from IFRS to benchmark figures. |
Full-Year 2021 Outlook
Due to the ongoing nature of the COVID-19 pandemic, we currently expect economic activity and spending patterns to be subdued for most of 2021, with a gradual recovery starting in the second half. In the first half of 2021 we face a challenging comparable, partly because we expect lower PPP1 revenues in 2021. We remain in a strong position to respond to new challenges should they arise. Our specific guidance for 2021 adjusted operating profit margin, adjusted free cash flow, return on invested capital (ROIC), and diluted adjusted EPS is provided below.
Full-Year 2021 Outlook | ||
Performance indicators | 2021 Guidance | 2020 |
Adjusted operating profit margin | 24.5% – 25.0% | 24.4% |
Adjusted free cash flow | €875-€925 million | €907 million |
ROIC | Around 12% | 12.3% |
Diluted adjusted EPS | Mid-single-digit growth | €3.13 |
Guidance for adjusted operating profit margin and ROIC is in reported currencies and assumes an average EUR/USD rate in 2021 of €/$1.21. Guidance for adjusted free cash flow and diluted adjusted EPS is in constant currencies (€/$ 1.14). Guidance reflects share repurchases for up to €350 million in 2021. |
If current exchange rates persist, the U.S. dollar rate will have a negative effect on 2021 results reported in euros. In 2020, Wolters Kluwer generated more than 60% of its revenues and adjusted operating profit in North America. As a rule of thumb, based on our 2020 currency profile, each 1 U.S. cent move in the average €/$ exchange rate for the year causes an opposite change of approximately 2 euro cents in diluted adjusted EPS.
We include restructuring costs in adjusted operating profit. We currently expect that restructuring costs will be in the range of €10-€15 million in 2021 (FY 2020: €49 million). We expect adjusted net financing costs of approximately €65 million in constant currencies2, including approximately €10 million in lease interest charges. We expect the benchmark tax rate on adjusted pre-tax profits to be in the range of 23.0%-24.0% for 2021. Capital expenditure is expected to be within our normal range of 5.0%-6.0% of total revenues (FY 2020: 5.0%). Cash repayments of lease liabilities are expected to be in line with depreciation of right-of-use assets (FY 2020: €73 million). We expect the full-year cash conversion ratio to be in the range of 95%-100% in 2021 (FY 2020: 102%). See Note 3 for the calculation of our cash conversion ratio.
Any guidance we provide assumes no additional significant change to the scope of operations. We may make further acquisitions or disposals which can be dilutive to margins and earnings in the near term.
2021 Outlook by Division
Health: We expect full-year organic growth to improve over 2020 levels and the adjusted operating profit margin to be stable year-on-year as temporary cost savings fade.
Tax & Accounting: We expect organic growth to improve moderately from 2020 levels and the adjusted operating profit margin to decline due to the absence of one-time benefits and the fading of temporary cost savings.
Governance, Risk & Compliance: We expect the organic growth rate to be slightly below 2020 levels, as revenues associated with the 2021 PPP1 will likely be lower than in 2020. We expect the adjusted operating profit margin to improve on the back of lower restructuring and provisions.
Legal & Regulatory: We expect the division to return to positive organic growth driven by digital information and software revenues. We expect the adjusted operating profit margin to improve as a result of lower restructuring.
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. We support professionals across four main customer segments: health; tax & accounting; governance, risk & compliance; and legal & regulatory. All 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. Since 2003, we have been re-investing 8%‑10% of our revenues in developing new and enhanced products and the supporting technology platforms.
Expert solutions, which combine deep domain knowledge with technology to deliver both content and workflow automation to drive improved outcomes and productivity for our customers, accounted for 54% of total revenues in 2020 (FY 2019: 51%) and grew 6% organically including PPP1 (FY 2019: 7%). Based on revenues, our largest expert solutions are:
- Health: clinical decision support tool UpToDate; clinical drug databases Medi-Span and Lexicomp; and Lippincott nursing solutions for practice and learning.
- Tax & Accounting: corporate performance solutions TeamMate and CCH Tagetik; professional tax and accounting software, including CCH ProSystem fx, CCH Axcess, and PFX Engagement in North America and similar software for professionals across Europe.
- Governance, Risk & Compliance: finance, risk, and regulatory reporting suite OneSumX; banking compliance solutions Compliance One, Expere, and Gainskeeper; and enterprise legal management software Passport and Tymetrix.
- Legal & Regulatory: EHS/ORM3 suite Enablon, and our range of workflow solutions for European legal professionals.
Our business model is primarily based on subscriptions and other recurring revenues (80% of total revenues in 2020), augmented by implementation services revenues as well as volume-based transactional or other non-recurring revenues. Renewal rates for our digital information, software and service subscriptions are high and are one of the key indicators by which we measure our success. In 2020, software products accounted for 41% of total revenues (FY 2019: 39%). Of total software revenues, 28% was from recurring cloud subscription revenues, which grew 19% organically (FY 2019: 24%).
We have been evolving our technology towards fewer, globally scalable platforms, with reusable components. We are transitioning our solutions to the cloud and leveraging advanced technologies such as artificial intelligence, natural language processing, and predictive analytics to drive further innovation. We are standardizing tools, streamlining our technology infrastructure (including data centers), and improving our development processes using the scaled agile framework. Our employees drive our achievements and we have been working to ensure we are providing engaging and rewarding careers.
Strategic Priorities 2019-2021
While the pandemic has diverted us from our original three-year financial plan for 2019-2021, the crisis has reinforced and validated many aspects of our strategy: the evolution towards digital and expert solutions; the transition to cloud-based software platforms, and the investment to upgrade internal systems, infrastructure, and digital marketing capabilities. Our strategic priorities for 2019-2021 are:
- Grow Expert Solutions: We will focus on scaling our expert solutions by extending these offerings and broadening their distribution through existing and new channels, including strategic partnerships. We will invest to build or acquire positions in adjacent market segments.
- Advance Domain Expertise: We intend to continue transforming our information products and services by enriching their domain content with advanced technologies to deliver actionable intelligence and deeper integration into customer workflows. We will invest to enhance the user experience of these products through user-centric design and differentiated interfaces.
- Drive Operational Agility: We plan to strengthen our global brand, go-to-market, and digital marketing capabilities to support organic growth. We will invest to upgrade our back-office systems and IT infrastructure. Part of our 2019-2021 strategic plan is to complete the modernization of our Human Resources technology to support our efforts to attract and nurture talent.
Our strategy is focused on organic growth, although we may make further bolt-on acquisitions and non-core disposals to enhance our value and market positions. Acquisitions must fit our strategy, strengthen or extend our existing business, 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.
In 2020, group-wide product development spend was just over 9% of total revenues. While we continued to develop our expert solutions, we also invested to transform our digital information products, such as our medical research platform Ovid and our legal research solutions, to enhance their content, functionality and user interfaces, and to add capabilities that leverage artificial intelligence.
In 2020, we acquired three software companies with whom we had long-standing partnerships: CGE, XCM Solutions, and eOriginal. We were also active with divestments: last year, we sold eight assets and businesses that no longer fit our long-term strategic goals, helping us achieve increased focus on expert solutions.
We took steps to drive operational agility, moving further towards standardized technology platforms and components and transitioning products to the cloud. In 2020, we completed the final phase of our HR systems modernization and made progress on upgrading other back-office infrastructure.
Our strategy aims to achieve high levels of customer satisfaction and an engaged, talented and diverse workforce, to maintain strong corporate governance and secure systems, and to drive efficient operations that meet environmentally-sound practices.
COVID-19 Impact
Wolters Kluwer has not been immune to the effects of the COVID-19 pandemic. The situation required an agile response from our organization. Increased efforts were made to safeguard employees, support customers, and to ensure business continuity. Since mid-March 2020, approximately 95% of Wolters Kluwer employees have been working from home. We are planning for a gradual and partial return to our offices in the second half of 2021, when and where circumstances allow. Significant investment was made in innovation and new content in 2020 to support customers in navigating through the crisis: for example, our Health division expanded its COVID-19 content, tools and resources to support healthcare providers and medical researchers. In our Tax & Accounting division, CCH Tagetik rolled out new products to allow corporate finance teams to rapidly perform the scenario analyses necessitated by the pandemic. Our Compliance Solutions group (in GRC) was one of the first providers to deliver software capable of supporting banks in lending under the U.S. PPP1 program. And in Legal & Regulatory, Enablon introduced COVID-19 modules for its EHS/ORM platform enabling users to better manage workplace health risks posed by the virus. This innovation and agility over the past year helped mitigate the challenges posed by the pandemic which were most visible in our print and non-recurring revenues and our new sales intake.
Financial Policy, Capital Allocation, Net Debt, and Liquidity
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 2020
Wolters 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 ratio4 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 2021 Annual General Meeting of Shareholders, we will propose a final dividend of €0.89, which would result in a total dividend over the 2020 financial year of €1.36, an increase of 15%. The dividend will be 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 2020 and 2021
As 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 plans.
During 2020, we spent €350 million on share buybacks, comprising 5.1 million shares at an average price of €68.41. During the year, 0.9 million treasury shares were released in respect of share-based incentive plans, leading to a net repurchase of 4.2 million shares.
Today, we are announcing our intention to spend up to €350 million on share repurchases during 2021, including repurchases to offset incentive share issuance. Of this, €50 million has already been completed in the period from January 4, 2021, up to and including February 22, 2021.
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 repurchases may be suspended, discontinued, or modified at any time.
For the period February 26, 2021, up to and including May 3, 2021, we have engaged a third party to execute €70 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 acquired will not exceed the authorization granted by the General Meeting of Shareholders. Repurchased shares are added to and held as treasury shares and will be used for capital reduction purposes or to meet future obligations arising from share-based incentive plans.
Net Debt, Leverage, and Liquidity Position
Net debt at December 31, 2020, was €2,383 million, compared to €2,199 million at December 31, 2019. Included in net debt were €348 million of lease liabilities. The net-debt-to-EBITDA ratio was 1.7x (FY 2019: 1.6x).
Our liquidity position remains strong with, as of December 31, 2020, net cash available of €364 million5, partly offset by outstanding Euro Commercial Paper of €100 million. During 2020, we issued a new €500 million 10-year senior unsecured Eurobond (coupon 0.75%) and signed a new €600 million 3-year multi-currency credit facility (undrawn as of today). This new facility will mature in 2023 and includes two one-year extension options. We remain comfortably below the leverage ratio covenant in our credit facility.
Full-Year 2020 Results
Benchmark Figures
Group revenues were €4,603 million, in line with the prior year. Revenues increased 1% in constant currencies, including the net effect of divestments and acquisitions which reduced revenues by 1%. Removing both the effect of currency and net divestments, organic growth was 2% (FY 2019: 4%). Excluding revenues associated with the PPP1, organic growth would have been 1%, the slowdown reflecting the impact of COVID-19 on our business in 2020.
All geographic regions experienced weaker growth as a result of the pandemic. Revenues from North America, which accounted for 61% of group revenues, grew 2% organically (FY 2019: 4%). Revenues from Europe, 31% of total revenues, increased 2% organically (FY 2019: 5%). Revenues from Asia Pacific and Rest of World, 8% of total revenues, declined 4% on an organic basis (FY 2019: organic growth 5%).
Adjusted operating profit was €1,124 million (FY 2019: €1,089 million), an increase of 5% in constant currencies. The adjusted operating profit margin increased 80 basis points to 24.4% (FY 2019: 23.6%), including the benefit of a one-time insurance reimbursement of €12 million and a margin on the revenues associated with the PPP1. During 2020, significant cost savings of a temporary nature were possible as a result of a freeze on travel and in-person events and reductions in promotional expenses. We also achieved more sustainable, structural savings from on-going efficiency programs in 2020. These cost savings and one-off benefits allowed us to fully sustain our investments in product development, technology infrastructure, and digital marketing. We were also able to bring forward certain restructuring initiatives. Included in adjusted operating profit were restructuring expenses of €49 million (FY 2019: €26 million) and increased provisions for returns and bad debt.
Our share of profits of associates, net of tax, was €6 million (FY 2019: €3 million), mainly due to a one-time higher result related to our 40% interest in Logical Images which was divested on May 15, 2020.
Adjusted net financing costs declined to €46 million (FY 2019: €58 million) largely due to a €24 million net foreign exchange gain on the translation of intercompany balances. Partly offsetting this was lower interest income on U.S. cash balances.
Adjusted profit before tax was €1,084 million (FY 2019: €1,034 million), up 4% in constant currencies. The benchmark tax rate on adjusted profit before tax reduced to 23.0% (FY 2019: 23.6%), reflecting favorable tax effects from financing results, prior year adjustments, and tax losses.
Adjusted net profit was €835 million (FY 2019: €790 million), an increase of 4% in constant currencies.
Diluted adjusted EPS was €3.13 (FY 2019: €2.90), up 7% in constant currencies, reflecting the increase in adjusted net profit and a 2% reduction in the diluted weighted average number of shares outstanding to 266.6 million (FY 2019: 272.2 million).
IFRS Reported Figures
Reported operating profit increased 7% to €972 million (FY 2019: €908 million), reflecting the increase in adjusted operating profit combined with an absence of impairment charges on acquired identifiable intangible assets. Reported financing results amounted to a net cost of €41 million (FY 2019: €53 million), reflecting adjusted net financing cost of €46 million and a €7 million net gain on disposals of equity-accounted associates and financial assets (FY 2019: €9 million).
The reported effective tax rate increased to 23.1% (FY 2019: 22.0%), owing largely to the taxable capital gains made on 2020 disposals, while the prior year was favorably impacted by tax exempted divestments and the conclusion of tax audits. Total profit for the year increased 8% to €721 million (FY 2019: €669 million) and diluted earnings per share increased 10% to €2.70 (FY 2019: €2.46).
Cash Flow
Adjusted operating cash flow was €1,145 million (FY 2019: €1,049 million), up 13% in constant currencies. The cash conversion ratio increased to 102% (FY 2019: 96%), primarily due to an inflow of working capital compared to an outflow in the prior year.
Depreciation of property, plant, and equipment and amortization and impairment of internally developed software was €223 million, in line with the prior year (FY 2019: €220 million). Depreciation and impairment of right-of-use assets were €75 million (FY 2019: €73 million). Net capital expenditure increased to €231 million (FY 2019: €226 million), stable at 5.0% of revenues (FY 2019: 4.9%). Cash payments related to leases, including €11 million of lease interest paid, increased to €85 million (FY 2019: €80 million). Favorable timing of collections resulted in a €39 million cash inflow on working capital (FY 2019: €27 million outflow).
Net interest paid, excluding lease interest paid, increased to €54 million (FY 2019: €46 million). Corporate income tax paid increased to €221 million (FY 2019: €195 million). The effect of restructuring was a net increase in provisions of €20 million (compared to a net decrease of €6 million in FY 2019) as net additions to restructuring provisions of €37 million were partly offset by cash appropriations of €17 million.
As a result, adjusted free cash flow was €907 million (FY 2019: €807 million), up 12% overall and up 16% in constant currencies.
Total acquisition spending, net of cash acquired and including €11 million in transaction costs, was €406 million (FY 2019: €35 million), primarily relating to the acquisitions of eOriginal in Governance, Risk & Compliance (€235 million), XCM Solutions in Tax & Accounting (€140 million), and CGE in Legal & Regulatory (€20 million). On a pro-forma basis, these acquisitions generated revenues of €58 million in 2020, of which €13 million was consolidated in 2020. Earnouts and deferred payments on acquisitions completed in prior years amounted to €6 million (FY 2019: €1 million).
Divestment proceeds, net of cash disposed and transaction costs, were €48 million (FY 2019: €39 million) and related to the divestment of certain Belgian training assets, selected German assets, the healthcare compliance solution ComplyTrack, GRC’s flood determination services, French legal notices business, and our stakes in Medicom in China and Logical Images in the U.S. Up to their divestment dates, the divested assets generated total revenues of €34 million in 2020. See Note 6 for more details.
Dividends paid to shareholders amounted to €334 million (FY 2019: €280 million), while share repurchases totaled €350 million (FY 2019: €350 million).
ESG Highlights 20206
In 2020, employee engagement saw a significant increase to 84% (FY 2019: 77%), placing our score more than 10 percentage points above the norm for high-performing companies. Throughout the year, we conducted regular employee surveys to monitor well-being and learn what was needed to support employees working from home. The increased engagement was attributable to a focus on health and well-being, an increase in internal communications, and the provision of virtual collaboration tools to all employees globally.
During 2020, we accelerated a number of multi-year programs that will help reduce carbon emissions in coming years. This included our real estate rationalization program, which delivered a 7% organic reduction in our office footprint by closing smaller offices, and our data center consolidation program, which decommissioned 11 data centers while transitioning applications to the cloud. The migration of products and internal systems from on-premise servers to more energy-efficient cloud platforms results in a net reduction in carbon emissions.
About Wolters Kluwer
Wolters Kluwer (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 2020 annual revenues of €4.6 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 19,200 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. (WTKWY).
For more information, visit www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn, and YouTube.
Financial Calendar
March 10, 2021 Publication of Annual Report
April 22, 2021 Annual General Meeting of Shareholders
April 26, 2021 Ex-dividend date: 2020 final dividend
April 27, 2021 Record date: 2020 final dividend
May 5, 2021 First-Quarter 2021 Trading Update
May 19, 2021 Payment date: 2020 final dividend ordinary shares
May 26, 2021 Payment date: 2020 final dividend ADRs
August 4, 2021 Half-Year 2021 Results
August 31, 2021 Ex-dividend date: 2021 interim dividend
September 1, 2021 Record date: 2021 interim dividend
September 23, 2021 Payment date: 2021 interim dividend ordinary shares
September 30, 2021 Payment date: 2021 interim dividend ADRs
November 3, 2021 Nine-Month 2021 Trading Update
February 23, 2022 Full-Year 2021 Results
Media Investors/Analysts
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Forward-looking Statements and Other Important Legal Information
This 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; 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 Throughout this document, PPP refers to the U.S. Small Business Association (SBA) Paycheck Protection Program established by the 2020 U.S. CARES Act. Wolters Kluwer Compliance Solutions (part of Governance, Risk & Compliance) supported its bank customers in lending under this program. A new tranche of the U.S. PPP program was launched by the SBA in January 2021.
2 Guidance for adjusted net financing costs in constant currencies excludes the impact of exchange rate movements on currency hedging and intercompany balances.
3 Throughout this document, EHS/ORM refers to environmental, health & safety and operational risk management.
4 Dividend payout ratio: dividend per share divided by adjusted earnings per share.
5 Net cash available consists of cash and cash equivalents of €723 million less overdrafts used for cash management purposes of €359 million.
6 Environmental, social and governance data is not assured.
Attachment
Artificial Intelligence
More than $9 Million Awarded to High School Scientists and Engineers at the Regeneron International Science and Engineering Fair 2024
Grace Sun, 16, receives $75,000 Top Award for a new kind of organic electrochemical transistor at the world’s largest pre-college science, technology, engineering and math (STEM) competition.
TARRYTOWN, N.Y. and WASHINGTON, May 17, 2024 /PRNewswire/ — Regeneron Pharmaceuticals, Inc. (NASDAQ: REGN) and Society for Science (the Society) announced that Grace Sun, 16, of Lexington, Kentucky, won the $75,000 top award, the George D. Yancopoulos Innovator Award, named in honor of the pioneering drug researcher and Regeneron co-Founder, Board co-Chair, President and Chief Scientific Officer, in the 2024 Regeneron International Science and Engineering Fair (Regeneron ISEF), the world’s largest pre-college science and engineering competition. Other top prizes went to projects in second-order cone programming, microplastics filtration and multi-sensory therapy for dementia.
The top winners were honored during two award ceremonies: the Special Awards on May 16 and the Grand Awards Ceremony on the morning of May 17. In total, over $9 million USD was awarded to the finalists based on their projects’ creativity, innovation and depth of scientific inquiry. The competition featured nearly 2,000 young scientists representing 49 U.S. states and nearly 70 countries, regions and territories across the world.
Grace Sun, 16, of Lexington, Kentucky, won first place and received the $75,000 George D. Yancopoulos Innovator Award for her research on building a better organic electrochemical transistor that she hopes will be used to develop new electronic devices that could help detect and treat serious illnesses like diabetes, epilepsy and organ failure. To overcome the problems that have previously prevented such devices from working effectively inside the body, Grace developed a new way of chemically treating their organic components, which greatly improved their laboratory performance.
Michelle Wei, 17, of San Jose, California, received one of two Regeneron Young Scientist Awards of $50,000 for her research to improve the speed and efficiency of a type of software that is useful in many fields such as machine learning, transportation and financial systems. Michelle’s new approach involved determining a quick approximate solution to the second-order cone programming problem, then splitting the initial cone into smaller cones, which enabled her new algorithm to greatly outperform previous approaches.
Krish Pai, 17, of Del Mar, California, received the second Regeneron Young Scientist Award of $50,000 for his machine-learning research to identify microbial genetic sequences that can be modified to biodegrade plastic. His new software, called Microby, scans databases of microorganisms and determines which ones can be changed genetically to biodegrade plastics. In tests, he identified two microorganisms that can be genetically modified to degrade plastic at a cost he believes would be ten times less than traditional recycling.
“Congratulations to the Regeneron International Science and Engineering Fair 2024 winners,” said Maya Ajmera, President and CEO, Society for Science and Executive Publisher, Science News. “I’m truly inspired by the ingenuity and determination shown by these remarkable students. Coming from around the world with diverse backgrounds and academic disciplines, these students have shown that it is possible to come together in unity to tackle some of the toughest challenges facing our world today, and I could not be prouder.”
Regeneron ISEF provides a global stage for the world’s best and brightest young scientists and engineers. Through this competition, Regeneron and the Society are fostering the next generation of STEM leaders who are pioneering solutions to improve our world. Since 2020, Regeneron has provided STEM experiences to approximately 2.4 million students, on track to meet its goal of 2.5 million by 2025.
“The talent, intelligence and potential of this year’s Regeneron ISEF finalists is truly inspiring, and I congratulate each on their remarkable achievements,” said George D. Yancopoulos, M.D., Ph.D., co-Founder, Board co-Chair, President and Chief Scientific Officer of Regeneron. “Science competitions like ISEF were pivotal in shaping my own career and fueling my passion to fight back against disease. I look forward to seeing these students continue to push the boundaries of science and technology to create positive and sustainable change for all humanity.”
Other top honors from the competition include:
Justin Huang and Victoria Ou, both 17, of Woodlands, Texas, received the Gordon E. Moore Award for Positive Outcomes for Future Generations of $50,000 for their new prototype filtration system that uses ultrasonic waves to remove microscopic plastic particles from water. In lab tests, the acoustic force from the high-frequency sound waves removed between 84% and 94% of the suspended microplastic particles in a single pass. The students are now working to scale up and fine-tune their experimental system.
Ingrid Wai Hin Chan, 17, of Hong Kong, China received the Craig R. Barrett Award for Innovation of $10,000 for her research on using a multi-sensory therapy for dementia patients. Her mixed therapy app would allow patients to practice physical and cognitive skills through a personalized, immersive environment using virtual reality headsets. Ingrid conducted an eight-week study with six people living with dementia and found that the cognitive function of patients who used her prototype improved in several areas. She believes her app could serve as a viable option for dementia patients with limited access to in-person professional therapy.
Tanishka Balaji Aglave, 15, of Valrico, Florida, received the H. Robert Horvitz Prize for Fundamental Research of $10,000 for her investigation into a natural alternative treatment against citrus greening, a disease that threatens citrus farming in many parts of the world and is currently only treated with antibiotics. Tanishka injected the trunks of infected trees with an extract from the curry leaf tree, and found through tests that this potential method could effectively and sustainably manage citrus greening disease.
Maddux Alexander Springer, 18, of Honolulu, Hawaii, received the Peggy Scripps Award for Science Communication of $10,000 for his research into fibropapillomatosis (FP), a disease that is the primary cause of death in green sea turtles. Some turtles he studied in Kaneohe Bay, Hawaii, were stricken with a disease that causes internal and external tumors that inhibit their everyday lives. After analyzing the turtles’ diet of green algae, Maddux concluded that this disease, wastewater, invasive algae and the amino acid arginine all pose a grave risk to these endangered sea creatures.
Ria Kamat, 17, of Hackensack, New Jersey; Anna Oliva, 17, of Houston, TX; and Shuhan Luo, 18, of Worcester, MA, received the Dudley R. Herschbach SIYSS Award, which provides finalists an all-expense paid trip to attend the Stockholm International Youth Science Seminar during Nobel Week in Stockholm, Sweden.
Jack Shannon, 18, of Clane, Kildare, Ireland, and Nikhil Vemuri, 17, of Cary, North Carolina, received the EU Contest for Young Scientists Award. Their projects will represent Regeneron ISEF at the EU Contest for Young Scientists to be held this September in Katowice, Poland.
For more information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
The full list of Special Award ISEF 2024 Finalists can be found at https://www.societyforscience.org/press-release/regeneron-isef-2024-special-awards-winners.
In addition to the Top Award winners, more than 450 finalists received awards and prizes for their innovative research, including “First Award” winners, who each received a $5,000 prize.
The following lists the First Award winners for each of the 22 categories, from which the Top Awards were chosen:
Animal Sciences, sponsored by Society for ScienceMaddux Alexander Springer, Honolulu, Hawaii
Behavioral and Social Sciences, sponsored by Society for ScienceAndrew Y. Liang, San Jose, California
Biochemistry, sponsored by RegeneronAmy Hong Xiao, Garden City, New York
Biomedical and Health Sciences, sponsored by RegeneronRia Kamat, Hackensack, New Jersey; Kevin Xuan Lei, Shanghai, China
Biomedical Engineering, sponsored by Alfred E. Mann CharitiesAyush Garg, Dublin, California; Divij Motwani, Palo Alto, California; Akash Ashish Pai, Portland, Oregon
Cellular and Molecular Biology, sponsored by RegeneronLara and Maya Sarah Hammoud, Beverly Hills, Michigan
Chemistry, sponsored by Society for ScienceAkilan Sankaran, Albuquerque, New Mexico; Arjun Suresh Malpani and Siddharth Daniel D’costa, Portland, Oregon
Computational Biology and Bioinformatics, sponsored by RegeneronKun-Hyung Roh, Bronx, New York
Earth and Environmental Sciences, sponsored by Google.orgNikhil Vemuri, Durham, North Carolina; Justin Yizhou Huang and Victoria Ou, The Woodlands, Texas
Embedded Systems, sponsored by HPChloe Rae and Sophie Rose Filion, Welland, Ontario, Canada
Energy: Sustainable Materials and Design, sponsored by Siemens EnergyAlia Wahban, Hamilton, Ontario, Canada
Engineering Technology: Statics and Dynamics, sponsored by Howmet Aerospace FoundationChiyo Nakatsuji, Bunkyoku, Tokyo, Japan; Kevin Shen, Olympia, Washington
Environmental Engineering, sponsored by JacobsKrish Pai, San Diego, California; Jack Shannon, Clane, Kildare, Ireland
Materials Science, sponsored by Howmet Aerospace FoundationGrace Sun, Lexington, Kentucky
Mathematics, sponsored by Akamai FoundationAnna Oliva, Houston, Texas
Microbiology, sponsored by Schattner FoundationMatthew Chang, Irvine, California
Physics and Astronomy, sponsored by Richard F. Caris Charitable Trust IIHarini Thiagarajan and Vishal Ranganath Yalla, Bothell, Washington; Shuhan Luo, Worcester, Massachusetts
Plant Sciences, sponsored by Society for SciencePauline Estrada, Fresno, California; Tanishka Balaji Aglave, Dover, Florida
Robotics and Intelligent Machines, sponsored by RegeneronMichal Lajciak, Dubnica nad Vahom, Trenciansky kraj, Slovakia; Anthony Efthimiadis, Oakville, Ontario, Canada
Systems Software, sponsored by MicrosoftMichelle Wei, San Jose, California
Technology Enhances the Arts, sponsored by Society for ScienceAnant Khandelwal, Sritan Motati and Siddhant Sood, Alexandria, Virginia
Translational Medical Science, sponsored by RegeneronZheng-Chi Lee, West Lafayette, Indiana; Ingrid Wai Hin Chan, Hong Kong, China
The full list of all award-winning ISEF 2024 finalists is available here: https://www.societyforscience.org/press-release/regeneron-isef-2024-full-awards.
View all the finalists’ research here: https://projectboard.world/isef.
About the Regeneron International Science and Engineering FairThe Regeneron International Science and Engineering Fair (Regeneron ISEF), a program of Society for Science for over 70 years, is the world’s largest global science competition for high school students. Through a global network of local, regional and national science fairs, millions of students are encouraged to explore their passion for scientific inquiry. Each spring, a group of these students is selected as finalists and offered the opportunity to compete for approximately U.S. $9 million in awards and scholarships.
In 2019, Regeneron became the title sponsor of ISEF to help reward and celebrate the best and brightest young minds globally and encourage them to pursue careers in STEM to positively impact the world. Regeneron ISEF is supported by a community of additional sponsors, including Akamai Foundation, Alfred E. Mann Charities, Aramco, Caltech, Google.org, Gordon and Betty Moore Foundation, Howmet Aerospace Foundation, HP, , Jacobs, King Abdulaziz & his Companions Foundation for Giftedness and Creativity, Microsoft, National Geographic Society, Richard F. Caris Charitable Trust II, Rise, an initiative of Schmidt Futures and the Rhodes Trust, Schattner Foundation, Siemens Energy, Annenburg Foundation, Ballmer Group, Broadcom Foundation, Cesco Linguistic Services, Conrad N. Hilton Foundation, Edison International, Insaco, Oracle Academy, The Eli and Edythe Broad Foundation, The Ralph M. Parsons Foundation and US Army ROTC. Many are entrepreneurs across a wide range of industries. Learn more at https://www.societyforscience.org/isef/.
About Society for ScienceSociety for Science is a champion for science, dedicated to promoting the understanding and appreciation of science and the vital role it plays in human advancement. Established in 1921, Society for Science is best known for its award-winning journalism through Science News and Science News Explores, its world-class science research competitions for students, including the Regeneron Science Talent Search, the Regeneron International Science and Engineering Fair and the Thermo Fisher Scientific Junior Innovators Challenge, and its outreach and equity programming that seeks to ensure that all students have an opportunity to pursue a career in STEM. A 501(c)(3) membership organization, Society for Science is committed to inform, educate and inspire. Learn more at www.societyforscience.org and follow us on Facebook, Twitter, Instagram and Snapchat (Society4Science).
About RegeneronRegeneron (NASDAQ: REGN) is a leading biotechnology company that invents, develops and commercializes life-transforming medicines for people with serious diseases. Founded and led by physician-scientists, our unique ability to repeatedly and consistently translate science into medicine has led to numerous approved treatments and product candidates in development, most of which were homegrown in our laboratories. Our medicines and pipeline are designed to help patients with eye diseases, allergic and inflammatory diseases, cancer, cardiovascular and metabolic diseases, neurological diseases, hematologic conditions, infectious diseases and rare diseases.
Regeneron believes that operating as a good corporate citizen is crucial to delivering on our mission. We approach corporate responsibility with three goals in mind: to improve the lives of people with serious diseases, to foster a culture of integrity and excellence and to build sustainable communities. Regeneron is proud to be included on the Dow Jones Sustainability World Index and the Civic 50 list of the most “community-minded” companies in the U.S. Throughout the year, Regeneron empowers and supports employees to give back through our volunteering, pro bono and matching gift programs. Our most significant philanthropic commitments are in the area of early science education, including the Regeneron Science Talent Search and the Regeneron International Science and Engineering Fair (ISEF).
For more information, please visit www.Regeneron.com or follow Regeneron on LinkedIn, Instagram, Facebook or X.
More information about the top winners and access to visual assets visit: https://www.societyforscience.org/isef-2024-media-kit.
Media ContactsJoseph Brown, [email protected]
Gayle Kansagor, Society for [email protected]
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Artificial Intelligence
J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Announce Winner of Inaugural 2024 Life Sciences Innovation Summit
In conjunction with Abu Dhabi Global Healthcare Week 2024
ABU DHABI, UAE, May 17, 2024 /PRNewswire/ — J.P. Morgan Life Sciences Private Capital, Blue Horizon Advisors and United Al Saqer Group announced today Rayees Rahman of Harmonic Discovery as the winner of the inaugural J.P. Morgan Asset Management: Life Sciences Innovation Summit. Harmonic Discovery is a precision pharmacology company applying its generative chemistry platform to advance next-generation kinase inhibitors.
In partnership with the Department of Health – Abu Dhabi (DoH), the Summit took place on May 14-15, 2024 at Cleveland Clinic Abu Dhabi and showcased the 11 innovative finalists, as well as highlighted existing innovators and opportunities in the Emirate of Abu Dhabi. The event also featured keynote speeches from Dr. Laurie Glimcher of Dana-Farber Cancer Institute, Dr. Shahrukh Hashmi of the Department of Health – Abu Dhabi, and Dr. David Ho of Columbia University Medical Center and provided attendees networking opportunities to gain valuable insights into the future of life sciences innovation.
In addition, the jury designated Chun-Hao Huang of Algen Biotechnologies as honourable mention. Algen Biotechnologies is a platform therapeutics and drug discovery company using world-leading CRISPR and AI to find treatments for cancer, inflammation and metabolic diseases.
The winners were selected by an esteemed, international panel of judges, which included:Laurie Glimcher, MD, President and CEO at Dana-Farber Cancer InstituteJorge Guzman, MD, CEO at Cleveland Clinic Abu DhabiProf. Shahrukh Khurshid Hashmi, MD, Director of Research, Department of Health, Abu DhabiYasmine Hayek Kobeissi, PhD, CQF, BSc., Executive Director at Blue Horizon AdvisorsAnya Schiess, Managing Partner at J.P. Morgan Life Sciences Private CapitalWalid Zaher, PhD, Co-Founder and CEO, Carexso
Dr. Asma Al Mannaei, Executive Director of the Research and Innovation Centre at the Department of Health – Abu Dhabi said: “Under the directives of the UAE’s wise leadership, and renowned for its world-leading medical infrastructure, Abu Dhabi stands at the forefront of healthcare excellence, offering an unparalleled opportunity for advancement in healthcare for global partners. It was our utmost pleasure hosting the J.P. Morgan Asset Management Life Sciences Innovation Summit 2024 on the sidelines of Abu Dhabi Global Healthcare Week and we commend the winners for their pioneering efforts in driving impactful advancements in healthcare; their dedication to innovation not only transforms the landscape of medicine, but also holds the promise of improving lives worldwide.”
Stephen Squinto, PhD, Chief Investment Officer, J.P. Morgan Life Sciences Private Capital said: “We are thrilled with the level of biotech passion and innovation that we observed at this year’s Summit in Abu Dhabi. The energy was truly palpable we are thrilled to announce Rayees Rahman as the winner of our first Life Sciences Innovation Summit. Harmonic Discovery’s approach embodies the next generation of drug discovery and development. We appreciate the time and effort of all participants and cannot wait for our next event in the region.”
Nabil Kobeissi, Chief Executive Officer of Blue Horizon Advisors, said: “As the main sponsor, we are committed to nurturing and fostering the growth of all 11 finalists in this vibrant biotech ecosystem. This Summit marks the beginning of a transformative journey, and we are confident that it will pave the way for a flourishing hub in the region. We are also pleased to announce that we will commit to invest in and partner with the winner, Harmonic Discovery, to support its future growth in the region.”
Sponsors for the event included J.P. Morgan Life Sciences Private Capital, J.P. Morgan Commercial Bank, Blue Horizon Advisors, United Al Saqer Group, Thermo Fisher Scientific, and Salam Capital. The Summit organisation, logistics and finalist recruitment were facilitated by Lyfebulb.
Of importance, at the Summit, Mr. Mohamed Al Breiki, Executive Director of Sustainable Development at Masdar City, announced that Masdar City Free Zone would award all 11 Finalists complimentary business licenses to further support their establishment in the region. Masdar City is one of the world’s most sustainable urban developments and innovation hubs with a growing focus on life science entrepreneurship in Abu Dhabi.
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Artificial Intelligence
Congregating in the Lion City for a Win-Win Future of Intelligent Computing at the Global Data Center Facility Summit 2024
SINGAPORE, May 17, 2024 /PRNewswire/ — On May 17, 2024, the Global Data Center Facility Summit 2024 was held in Singapore with the theme of “Power the Digital Era Forward.” At the summit, over 600 data center industry leaders, technical experts, and ecosystem partners gathered to discuss new trends and opportunities of the global data center industry in the intelligent computing era. The attendees also got to experience all-scenario, all-ecosystem, and all-service end-to-end (E2E) solutions, share innovative practices of green data centers in the Asia Pacific and Europe, and experience the exhibition vehicle to unveil the mystery of Outdoor PowerPOD that features one power system per container. By fully embracing the intelligent computing era, Huawei strives to power the digital era forward.
Seizing Opportunities Brought by AI and Jointly Building Green & Reliable Computing Infrastructure
At the opening speech, Charles Yang, Senior Vice President of Huawei and President of Marketing, Sales and Services, Huawei Digital Power, noted that since ChatGPT ushered in the AI era, large models keep pushing the limits of computing power and the intelligent computing industry is witnessing an unprecedented construction boom. As predicted, 100 GW will be added to the global data center installed capacity and the market value will exceed US$600 billion in the next five years.
According to Charles, with opportunities come challenges. The primary challenge concerning the data center industry is reliability and electricity. Data centers are scaling up from the MW-level to the GW-level. E2E reliability of data centers is becoming even more important than ever. In response to the opportunities, Huawei will work with customers and partners to expand the industry space.
Steering Data Centers to the AI Era with Product + Service + Ecosystem
During the summit, Sun Xiaofeng, President of Huawei Data Center Facility & Critical Power Business, delivered a speech titled “Power the Digital Era Forward. ” He stated that as AI large models are penetrating, the surging compute demands drive the expansive growth in data center.
To address the challenges, Huawei strives to build product + service + ecosystem E2E data center solutions that feature fast deployment, flexible cooling, green energy, and ultimate reliability.
Fast deployment: Data centers are fully modularized and prefabricated to ensure high quality and efficient construction.Flexible cooling: Air-liquid fusion and integrated cooling source emerges as the optimal cooling architecture for intelligent computing.Green energy: New generation-grid-load-storage integrated solution is built to ensure the sound operations of intelligent computing centers.Ultimate reliability: Data centers are safeguarded through reliable products and preventive protection.Currently, Huawei’s global service network covers more than 170 countries with over 1800 professional engineers, providing 24/7 technical support. With N+ flagship service centers, Huawei has built a one-hour service radius for its customers.
The ecosystem is a key part for a win-win future of intelligent computing. Huawei works with partners to develop comprehensive E2E solutions and provide customers with one-stop data center services.
During the summit, Huawei and the ASEAN Centre for Energy released a white paper on “Building Next Generation Data Center Facility in ASEAN.” The document provides insights into the status quo, challenges, and trends of data centers in the ASEAN region, and emphasizes that efficient and energy-saving products and solutions should be applied. It also proposes future-oriented policy recommendations for data center markets.
In the ecosystem exhibition area, Huawei showcased scenario-based solutions for large-, medium-, and small-sized data centers, and demonstrated data center consulting, design, integrated development, and delivery capabilities with dozens of ecosystem partners including CIMC, Weichai, CSCEC, and Huashi.
On a special note, the Huawei Outdoor PowerPOD exhibition vehicle made its global debut. The Huawei Outdoor PowerPOD features one power system per container, outdoor deployment, plug-and-play, and high protection rating and reliability. It has become the preferred choice for decoupling the power supply architecture.
A single tree cannot make a forest.
AI is presenting great opportunities. By delving into the industry, aggregating partner ecosystems, and making innovations applicable to transformations, Huawei will continue to help customers build reliable computing infrastructure, accelerating the industry to embrace AI and powering the digital era forward.
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