"In the year 2000, most of the additional (Internet) product development spending took place in the second half of the year, when the company spent EUR 39 million, compared with just EUR 8 million in the first half of 2000. For this year Wolters Kluwer plans to spend approximately EUR 100 million on additional (Internet) product development compared with EUR 47 million in 2000 and this spending is likely to be spread much more evenly over the two half-yearly periods than was the case in the year 2000."
"Additionally, Loislaw, which has been consolidated with effect from February 1, 2001 and is targeted to realize a break-even operating income (EBITA) for the full year 2001, will - as projected - still be loss making in the first half of the year. Loislaw is a US provider of primary and secondary source material for legal research delivered on a subscription basis over the Internet."
"Due to these two factors - additional (Internet) product development spending and Loislaw - we expect that the first half-year 2001 ordinary net income before amortization of goodwill will show a sizeable shortfall relative to the level reported for the comparable period of 2000. These effects, however, will be compensated in the second half of the year 2001 and Wolters Kluwer therefore expects the full year 2001 ordinary net income before amortization of goodwill to increase approximately 5%."
Approval of the 2000 accounts and profit appropriation
The shareholders of Wolters Kluwer approved the annual accounts and agreed upon the 2000 dividend proposal from the Executive Board. Wolters Kluwer will pay a dividend of EUR 0.50 (1999: EUR 0.46) per ordinary share in cash. The opportunity for shareholders to re-invest their dividend has been maintained. Wolters Kluwer offers a premium of around 2%. The stock dividend will be determined on May 15, 2001 (after close of trading). The dividend will be made payable as from May 17, 2001.
The shareholders of Wolters Kluwer approved the annual accounts and agreed upon the 2000 dividend proposal from the Executive Board. Wolters Kluwer will pay a dividend of EUR 0.50 (1999: EUR 0.46) per ordinary share in cash. The opportunity for shareholders to re-invest their dividend has been maintained. Wolters Kluwer offers a premium of around 2%. The stock dividend will be determined on May 15, 2001 (after close of trading). The dividend will be made payable as from May 17, 2001.
Appointment Nancy McKinstry as Member of the Executive Board
The Annual General Meeting of Shareholders expressed its appreciation with the appointment of Nancy McKinstry (1959, American), CEO of Wolters Kluwer Legal, Tax & Business (LTB) North America, as Member of the Executive Board with effect from June 1, 2001. From this date the Executive Board of Wolters Kluwer will have four Board Members: Rob Pieterse (1942, Dutch), Chairman of the Executive Board, Hugh J. Yarrington (1942, American), Jean-Marc M. Detailleur (1947, French) and Nancy McKinstry (1959, American). Ms. McKinstry will initially combine her Board Member activities with her responsibility as CEO of LTB North America, one of the most profitable businesses of Wolters Kluwer.
The Annual General Meeting of Shareholders expressed its appreciation with the appointment of Nancy McKinstry (1959, American), CEO of Wolters Kluwer Legal, Tax & Business (LTB) North America, as Member of the Executive Board with effect from June 1, 2001. From this date the Executive Board of Wolters Kluwer will have four Board Members: Rob Pieterse (1942, Dutch), Chairman of the Executive Board, Hugh J. Yarrington (1942, American), Jean-Marc M. Detailleur (1947, French) and Nancy McKinstry (1959, American). Ms. McKinstry will initially combine her Board Member activities with her responsibility as CEO of LTB North America, one of the most profitable businesses of Wolters Kluwer.
LTB North America is comprised of CCH, CCH Legal Information Services, Aspen Publishers, CCH Tax Compliance and CCH Canadian and generated sales of more than EUR 1 billion in 2000.
Changes in the Supervisory Board of Wolters Kluwer nv
Mr. B. H. ter Kuile, who served on the Supervisory Board for 15 years, has stepped down. The Chairman of the Supervisory Board, Mr. H. de Ruiter, expressed the company's appreciation for the outstanding manner in which Mr. Ter Kuile has served Wolters Kluwer.
Mr. N.J. Westdijk stepped down from the Supervisory Board in accordance with the rotation
Considering the profile, and given the current extent of business operations, a Supervisory Board consisting of seven members would seem to be the optimum size. As of today, there are two vacancies. The company is currently reviewing several candidates with international backgrounds to fill these vacant positions.
Note for the editor:
Wolters Kluwer is a multinational information services company with annual sales of approximately EUR 3.7 billion, employing approximately 19,000 people in Europe, North America and Asia Pacific. The company's core activities are Legal, Tax & Business, International Health & Science, and Education. The Wolters Kluwer shares are quoted on the Euronext Amsterdam. The financial results for the first half 2001 will be announced on August 14, 2001.
Wolters Kluwer is a multinational information services company with annual sales of approximately EUR 3.7 billion, employing approximately 19,000 people in Europe, North America and Asia Pacific. The company's core activities are Legal, Tax & Business, International Health & Science, and Education. The Wolters Kluwer shares are quoted on the Euronext Amsterdam. The financial results for the first half 2001 will be announced on August 14, 2001.
Internet: www.wolterskluwer.com
For more information, please contact:
- Press: Eric Heres, tel. +31 20 6070 335
- Analysts/Investors: Annie Hull-Bom, tel. +31 20 6070 407
Wolters Kluwer nv
P.O. Box 75248
1070 AE Amsterdam
the Netherlands
e-mail: info@wolterskluwer.com (press)
e-mail: ir@wolterskluwer.com (investor relations)
- Analysts/Investors: Annie Hull-Bom, tel. +31 20 6070 407
Wolters Kluwer nv
P.O. Box 75248
1070 AE Amsterdam
the Netherlands
e-mail: info@wolterskluwer.com (press)
e-mail: ir@wolterskluwer.com (investor relations)