23 February 2022
Highlights
- Revenues €4,771 million, up 6% in constant currencies and up 6% organically.
- Recurring revenues up 6% organically (80% of total revenues); non-recurring up 6% organically.
- Digital & services revenues up 7% organically (92% of total revenues); print down 4% organically.
- Expert solutions revenues up 6% organically (55% of total revenues).
- Adjusted operating profit €1,205 million, up 11% in constant currencies.
- Adjusted operating profit margin up 90 basis points to 25.3%.
- Margin benefitted from operational gearing, lower restructuring costs, net positive one-time items, and savings on travel and other expenses curtailed during the pandemic.
- Diluted adjusted EPS €3.38, up 17% in constant currencies, partly reflecting a lower tax rate.
- Adjusted free cash flow €1,010 million, up 15% in constant currencies.
- Balance sheet remains strong: net-debt-to-EBITDA 1.4x.
- Return on invested capital improved to 13.7%.
- Proposed 2021 total dividend: €1.57 per share, an increase of 15%.
- Share buybacks: completed €410 million in 2021; intend to repurchase up to €600 million in 2022 (of which €50 million already completed).
- Outlook 2022: expect good organic growth and improved adjusted operating profit margin, with the increase in adjusted diluted EPS to be dampened by a return to our historical tax rate.