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2019 Annual Report Wolters Kluwer 2019 Annual Report 5 Table of Contents | Consolidated Financial Statements | Company Financial Statements

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2019 Annual Report Wolters Kluwer 2019 Annual Report 5 Table of Contents | Consolidated Financial Statements | Company Financial Statements 2018 Annual Report 2019Annual Report Table of Contents | Consolidated Financial Statements | Company Financial Statements Table of Contents 2019 Financial Statements 6 8 82 89 Message from Wolters Kluwer Consolidated Notes to the the CEO at a Glance in 2019 Financial Statements Consolidated Financial Statements 10 12 178 180 Value Creation Report of the Company Notes to the Company Model Executive Board Financial Statements Financial Statements 12 Improving Lives Today and for the Future 20 Transformative Innovations 23 Embracing People and Society 30 Our Organization 187 195 32 Key Figures Other Information Other Information 34 Operational and Financial Review 45 2020 Full-Year Outlook on the Financial 195 Report of the Wolters Kluwer Statements Preference Shares Foundation 196 Wolters Kluwer Shares and Bonds 46 64 187 Independent Auditor’s Report 204 Five-Year Key Figures 194 Articles of Association Provisions 206 Glossary Corporate Report of the Governing Profit Appropriation 207 Contact Information Governance and Supervisory Board Risk Management 64 Supervisory Board Report 68 Remuneration Report 46 Corporate Governance 51 Risk Management 61 Statements by the Executive Board 62 Executive Board and Supervisory Board 4 Wolters Kluwer 2019 Annual Report Wolters Kluwer 2019 Annual Report 5 Table of Contents | Consolidated Financial Statements | Company Financial Statements Digital & services Recurring revenues of total revenues, 89% up 6% organically 78% of total revenues, up 5% organically approach to capital allocation, enabling the right levels Commitment to society at large Message from the CEO of investment to keep our current products healthy, while We are guided by the principles of the United Nations working hard to innovate and launch new products and Global Compact and acknowledge the importance of the services. This success has helped fuel the expansion of our Sustainable Development Goals (SDGs) that the United I am pleased to report that we It was a year in which we made significant progress dividend and share buyback program in 2019. Nations has set for 2030. With millions of customers on improving systems and infrastructure to support and thousands of employees around the world, our sustained 4% organic revenue growth operational agility. Scaling our expert solutions and adding Our transformation around expert solutions brings domain commitment to the SDGs is brought to life through our in 2019. We delivered an improvement value to our information products will provide a strong expertise together with technology, which comes to life efforts to make impact every day. In 2019, we continued foundation for 2020. We are committed to creating value in solutions like UpToDate Advanced, CCH Axcess iQ, to be included in leading sustainability rankings, such as in adjusted operating profit margin, for our customers, employees, investors, and society, as OneSumX, and Enablon – some of our most cutting-edge FTSE4Good, STOXX Europe Sustainability, and EURO STOXX overcoming a challenging reflected in our 2019 performance. Our ability to deliver products on the market. Working side-by-side with our ESG Leaders 50, which we are proud of and reflects that sustainable returns year-after-year illustrates a central customers, furthering our deep domain expertise, and commitment. comparable. Digital & services grew aspect of our strategy to enable customers to navigate a steadfast approach to innovation is how we intend to 6% organically, representing 89% of change. Through our efforts, we are actively shaping the create long-term value for all our stakeholders. In the midst of an ever more complex landscape across the future of work, both within the organizations we serve – via globe, I am confident that our mission will continue to fuel total revenues. Recurring revenues our expert solutions that embed advanced technologies Creating an even better place to work our organization. We will charge ahead to make progress accounted for 78% of total revenues like artificial intelligence – and within our walls at Wolters The diversity of our teams is the solid foundation on which in the future, grounded in our commitments to our Kluwer. Our advantage in the markets we operate in, is we can deliver sustained value; it is a driver of innovation stakeholders, while staying in lockstep with our customers. and grew 5% organically. our ability to combine domain expertise and advanced and results within Wolters Kluwer. I am constantly technology, which maximizes local knowledge within global inspired by the amount of employee engagement our Thank you to our shareholders, customers, partners, and platforms to provide our customers with solutions. teams generate every day, as reflected in our increasing employees, who play an integral role in enabling our engagement score, which is above the norm for high- organization to deliver impact. We wouldn’t be able to Grow further as an expert solutions company performing companies. External recognition like 2019 advance without the trust that you all continue to invest in Our three-year strategy, Accelerating Our Value, is our Forbes America’s Best Employer for Women and America’s our organization. roadmap to make deep impact. I’m confident we’re up to Best Employers for Diversity validates our efforts to the challenge at the start of a new decade. 2019 focused continue fostering an inclusive company culture where we on laying the groundwork to grow our expert solutions, attract, develop, and retain high-performing, productive, advance our deep domain expertise, and drive operational and diverse talent. agility, including the roll out of a new global HR platform. We stepped up investment in our digital information Nancy McKinstry products, such as Ovid and our European legal research CEO and Chairman of the Executive Board solutions, to enhance their content, functionality, and user Wolters Kluwer interface and to add capabilities that leverage artificial intelligence. Investors have recognized our successful 6 Wolters Kluwer 2019 Annual Report Wolters Kluwer 2019 Annual Report 7 Table of Contents | Consolidated Financial Statements | Company Financial Statements Wolters Kluwer at a Glance in 2019 Transformation Digital & services 2019 Financial highlights services print digital 89% €4.6 23.6% €807 billion adjusted operating million adjusted revenues profit margin expert free cash flow solutions of total revenues, up 6% organically 2003 2014 2016 2019 4.3% 11.8% 78% Our Serving customers in organic return on recurring revenues, PORTFOLIO 180+ revenue growth invested capital up 5% organically includes: UpToDate, Sentri7, TeamMate, countries. Operations CCH Axcess, CT Corporation, OneSumX, in 40+ countries Enablon, and eVision 99% A rich of our employees completed the Annual In 2019, the share price increased 26% 8%-10% 183-YEAR Compliance Training € 70 of total revenues invested heritage of strong values, deep domain in new and enhanced knowledge, innovation, and a continuous 60 products focus on the customer 260 suppliers committed to our 50 Supplier Code of Conduct or equivalent standard 40 Diversity 30 100% 20 of major data center 43% 50% 75% 10 suppliers certified 2015 2016 2017 2018 2019 according to ISO/IEC 27001 female female female Wolters Kluwer Supervisory Executive division AEX (rebased) Board Board CEOs EURO STOXX Media (rebased) 19,000 MSCI Europe Commercial & Professional Services (rebased) employees worldwide 8 Wolters Kluwer 2019 Annual Report Wolters Kluwer 2019 Annual Report 9 Table of Contentscontents || ConsolidatedConsolidated FinancialFinancial StatementsStatements || CompanyCompany FinancialFinancial StatementsStatements Our purpose Our values Deliver deep impact Focus on Make it Aim high Win as when it matters most customer better and deliver a team success Value Creation Model Resources Business activities Impact • €4.6bn revenues in professional • Efforts and skills of Human information, software solutions, and services 19,000 employees Talent Enriching & Fostering Customers Strong Brand • Enabling efficient, effective, and accurate decision-making • 78% recurring Customer Talent • €2.4bn equity Financial Retention Management • €3.1bn gross debt Capital Grow • €1.9bn in compensation Expert Solutions • Developing skills, talent, Employees and careers • Promoting diversity Technology & • Global brand Smart Capital Advance Digital Intellectual • Software and content IP Allocation Deep Domain Expertise Innovation Property • Total shareholder return 28% over 2019 Drive Investors • €46m net interest paid to • Actively selected and Business Operational Agility financial credit institutions managed suppliers Partners Operational Good Excellence Governance • €195m income tax paid • Protect people's health and • Energy and water Innovation-Driven Natural Sustainability Society prosperity and contribute to a consumption at our offices Resources safe and just society and data centers • Community efforts 10 Wolters Kluwer 2019 Annual Report Wolters Kluwer 2019 Annual Report 11 Table of Contents | Consolidated Financial Statements | Company Financial Statements Transformation towards an expert solutions company Above all, our expert services solutions are tailored print 50% digital to address and expert of our revenues navigate change. solutions come from expert solutions 2003 2014 2016 2019 Health Completion of the first year of Accelerating Our Report of the Executive Board Providing trusted clinical technology and evidence-based Value strategy solutions that engage clinicians, patients,
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