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    Chris Collett

    Research Analyst at Deutsche Bank

    Chris Collett's questions to WOLTERS KLUWER N V /FI (WTKWY) leadership

    Chris Collett's questions to WOLTERS KLUWER N V /FI (WTKWY) leadership • Q2 2017

    Question

    Chris Collett from Deutsche Bank sought confirmation on the estimated €36 million in annual interest savings from debt refinancing, the pro forma earnings dilution from recent asset sales, and whether Enablon had reached its revenue target since its acquisition.

    Answer

    CFO Kevin Entricken confirmed the interest savings estimate was 'in the right neighborhood' and that the pro forma dilution from disposals would be around €0.02 to €0.03, which the company intends to mitigate with share buybacks. CEO Nancy McKinstry noted that while Enablon's revenue recognition is shifting due to the move to cloud, the business is tracking to expectations, highlighting the 20% growth in recurring revenues as a key positive indicator.

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    Chris Collett's questions to WOLTERS KLUWER N V /FI (WTKWY) leadership • Q4 2016

    Question

    Chris Collett from Deutsche Bank asked about the expected impact of a rising interest rate environment on GRC transactional revenues, future margin drivers for the Legal division beyond restructuring, and for more justification on the ROIC guidance.

    Answer

    CFO Kevin Entricken acknowledged that rising rates would create challenging comparables for the Lien Solutions business. He stated that the Legal & Regulatory margin will continue to be supported by restructuring. On ROIC, he reiterated it is a key focus but is the most difficult metric to move. CEO Nancy McKinstry added that the Legal margin will also benefit from the mix shift towards digital products.

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