2022 ANNUAL REPORT
Expert solutions
for an ever-changing
world
Every second of every
day, our customers
face decisive
moments that impact
the lives of millions
of people and shape
society for the future.
→ Read more about our solutions on
page 13
Wolters Kluwer 2022 Annual Report
← →
When you have to be right
Strategic Report
2 Wolters Kluwer at a glance
4 Q&A with Nancy McKinstry
6 Business model and strategy
8 2023 full-year outlook
9 Expert solutions
10 Stakeholders and value creation
12 Organizational structure and
executive team
14 Health
18 Tax & Accounting
22 Governance, Risk & Compliance
26 Legal & Regulatory
30 Group financial review
36 Sustainability
Governance
63 Corporate Governance
67 RiskManagement
78 Statements by the Executive Board
79 Executive Board and Supervisory
Board
81 Report of the Supervisory Board
87 Remuneration Report
Financial Statements and Other
110 Financial Statements
111 Consolidated Financial Statements
118 Notes to the Consolidated
FinancialStatements
204 Company Financial Statements
207 Notes to the Company
FinancialStatements
214 Independent Auditor’s Report
224 Articles of Association Provisions
Governing Profit Appropriation
225 Report of the Wolters Kluwer
Preference Shares Foundation
226 Wolters Kluwer Shares and Bonds
232 Five-Year Key Figures
234 Glossary
235 Contact Information
2022 FINANCIAL HIGHLIGHTS
€5.5bn
total revenues
93%
of revenues from digital products
and services
80%
of revenues are recurring
26.1%
adjusted operating profit margin
€4.14
diluted adjusted earnings per share
15.5%
return on invested capital
Visit our investors portal
www.wolterskluwer.com/en/investors/
As a global provider
of professional
information,
software solutions,
and services, our
work helps to protect
people’s health
and prosperity
and contributes
to a safe and just
society by providing
deep insights
and knowledge
to professionals.
→ Read more about our business
model and strategy onpage 6
← →
Wolters Kluwer 2022 Annual Report 1
SUSTAINABILITY HIGHLIGHTS 2022
11%
of revenues invested in
product development
and innovation
5%
reduction in office footprint
(square meters)
73
belonging score, measure
of employee diversity, equity,
and inclusion
committed to science-
based net-zero; near-term
targets submitted to SBTi for
validation
GLOBAL FOOTPRINT
7 flagship offices
significant subsidiaries
20,500
employees worldwide
180
countries where we serve customers
40+
countries from which we operate
FINANCIAL HIGHLIGHTS 2022
6.2%
organic growth in revenues
€1.2bn
adjusted free cash flow
56%
of revenues from
expert solutions
(
4
)
%
total shareholder
return including
dividends (not reinvested)
2 Wolters Kluwer 2022 Annual Report
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Strategic Report | Governance | Financial Statements
We help our customers make critical decisions every
day by providing expert solutions that combine
deep domain knowledge with specialized technology
and services.
Wolters Kluwer
ataglance
EUROPE
29%
of total revenues
ASIA PACIFIC & ROW
7%
of total revenues
NORTH AMERICA
64%
of total revenues
Revenues by media format
2019
Services
Print
Digital: Expert Solutions
Digital: Information products
2020 2021 2022
100%
80%
60%
40%
20%
0%
Adjusted operating profit margin
2019 2020 2021 2022
27%
26%
25%
23%
24%
22%
2022 Revenues by type
Recurring 80%
Non-recurring 20%
Diluted adjusted EPS in €
2019 2020 2021 2022
4.50
4.00
3.50
3.00
0.50
2.50
2.00
1.50
1.00
0.00
Organic revenue growth
2019 2020 2021 2022
6.2%
5.7%
1.7%
7%
6%
5%
4%
3%
2%
1%
0%
4.3%
Return on invested capital
2019 2020 2021 2022
18%
12%
15%
6%
9%
3%
0%
AREAS OF EXPERTISE
We deliver professional information,
software, and services for the
healthcare; tax and accounting;
governance, risk, and compliance;
and legal and regulatory sectors.
HEALTH
Trusted clinical technology and
evidence-based solutions that
drive effective decision-making
and outcomes across the continuum
of healthcare.
→ Read more about Health on page 14
TAX & ACCOUNTING
Expert solutions that help tax,
accounting, and audit professionals
drive productivity, navigate change,
and deliver better outcomes,
helping them to grow, manage,
and protect their businesses
and their clients’ businesses.
→ Read more about Tax & Accounting
onpage18
GOVERNANCE, RISK
&COMPLIANCE
Expert services and solutions for legal
entity compliance, legal operations
management, banking product
compliance, regulatory reporting,
and risk management.
→ Read more about Governance,
Risk&Compliance on page 22
LEGAL & REGULATORY
Evidence-based information,
actionable insights, and integrated
workflow solutions enabling
professionals to adhere to ever-
changing regulatory obligations,
manage risk, increase efficiency,
and produce better outcomes.
→ Read more about Legal & Regulatory
onpage 26
← →
Wolters Kluwer 2022 Annual Report 3
We continue to see new
opportunities to leverage
artificial intelligence to
bring even greater value to
our customers.
Nancy McKinstry
CEO and Chair of the Executive
Board Wolters Kluwer
4 Wolters Kluwer 2022 Annual Report
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Strategic Report | Governance | Financial Statements
I am proud of the
steadfast dedication and
ever-inspiring creativity
of our teams, working
together to support
our customers, drive
innovation, seek new
opportunities, and bring
benefits to all of our
stakeholders.
Q
How would you sum up Wolters Kluwer’s
financial performance in 2022?
2022 was a very good year financially.
We sustained 6% organic growth and
delivered substantial improvement
in margin and ROIC. Organic growth
was supported by our recurring digital
and services revenues, in particular
subscriptions to our cloud-based expert
solutions. We managed to steer through
an environment marked by inflation, skills
shortages, and downcycles in some of our
transactional activities to deliver on our
commitments.
Q
What progress was made on your 2022-
2024 strategic plan?
Last year was the first year of our new
three-year plan. Our top priority is to
grow our expert solutions, which are
sophisticated workflow and software
applications that enhance professionals’
decision-making and productivity, and
facilitate collaboration. In 2022, expert
solutions revenues grew 9% organically
and now account for 56% of total
revenues. We supported this growth with
record levels of investment in product
development, not only to enhance and
extend our existing expert solutions,
but also to transform our information
products into expert solutions. The
journey to the cloud and deployment
of advanced technologies are key areas
of investment. We continue to see new
opportunities to leverage artificial
intelligence in a responsible way to bring
even greater value to our customers.
We made a few carefully selected
acquisitions last year, most notably
International Document Services, which
strengthened our position in the U.S.
mortgage compliance software market. We
completed the divestment of our French
and Spanish publishing assets, putting
us in a better position to focus on driving
innovation and growth in our Legal &
Regulatory division.
Our second strategic priority is to extend
into high growth adjacencies along our
customer workflows and to adapt our
products for new customer segments.
We are investing in opportunities for
which we are well-placed. For example,
building out ESG reporting solutions is
something our customers need and a
logical extension for our businesses that
already support corporate compliance.
We are also extending geographically.
For example, we recently launched our
Legisway solution into the U.S. market.
The third priority is to evolve our
organizational capabilities and
performance. Here, we have taken early
steps to strengthen key central functions,
such as sales, marketing, and technology,
so these teams can better support the
business units in driving performance.
This pillar of our strategy also involves
improving our own ESG performance.
Sustainability is becoming deeply
integrated and measured across our
operations and we remain committed to
the principles of the UN Global Compact
and other frameworks.
Q
With regard to ESG, you said last year you
were aiming to cultivate diversity more
broadly. Can you update us?
Our aim is to build on our success in
fostering gender diversity by advancing
diversity, equity, and inclusion in a
broader sense, across our workforce
and across our products. Looking at our
workforce, we now measure employee
Q&A with
NancyMcKinstry
EXPERT SOLUTIONS
9%
organic growth in 2022
CLOUD SOFTWARE
17%
organic growth in 2022
DIVERSITY, EQUITY, AND
INCLUSION
73
belonging score improved by 1 point
→ Read more about our greenhouse gas
footprint onpage 51
→ Read our TCFD disclosures onpage 59
← →
Wolters Kluwer 2022 Annual Report 5
belonging annually and have been
including a target for this metric in the
compensation plans of the Executive
Board and all executives globally.
Belonging is defined as the extent to
which employees believe they can bring
their authentic selves to work and be
accepted for who they are. We improved
our belonging score by 1 point in 2022,
meeting our initial target, and we have
a wide range of initiatives in place to
continue driving improvement. With our
products, we have started applying a more
rigorous diversity approach to ensure
that our content, user interfaces, and
functionality are inclusive.
Q
You made a commitment to set science-
based targets. What progress has been
made on this front?
A year ago, we made a commitment to
set science-based targets and to align
with the recommendations of the Task
Force on Climate-related Financial
Disclosures (TCFD). I’m very pleased to
report that we made a big step forward
in 2022. We completed an assessment
of our scope 3 indirect greenhouse
gas emissions, covering all relevant
upstream and downstream activities
along our value chain. We also improved
the robustness of our scope 1 and 2
emission data. This work enabled us to
establish a baseline for 2019 from which
to implement emissions reduction targets
and abatement plans. We have committed
to reduce our company-wide emissions
in line with science-based net-zero,
and submitted our near-term emission
reduction targets to the Science Based
Targets initiative for validation.
In this annual report, you will find
our first TCFD statement which
provides an increased level of climate-
related disclosures, moving us closer
towards alignment with the TCFD
recommendations.
Q
You announced the creation of a new
division. What drove that decision?
This new division, to be formed in March
2023, brings together four of our global
enterprise software units. Combining
these assets will allow us to accelerate
synergies and leverage their combined
global strengths to pursue a growing
market opportunity. We are seeing
heightened demand from corporations
and banks for integrated financial,
operational, and ESG performance
management and reporting solutions and
we have a unique set of assets with the
right capabilities to serve this market.
Q
Finally, what is your outlook for 2023,
especially given the less predictable
environment we now find ourselves in?
While we remain watchful of how
the macro-economic and political
environment develops, in particular wage
inflation and the U.S. dollar exchange rate,
we are confident that for the full year, we
can deliver organic revenue growth in line
with 2022 and improved operating profit
margins. Most importantly, I am confident
we are on the right course strategically
and in a strong position competitively.
Our talented teams are excited and
engaged, and very committed to deliver
value for all stakeholders.
Nancy McKinstry
CEO and Chair of the Executive Board
Wolters Kluwer
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Strategic Report | Governance | Financial Statements
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.
Every day, 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.
Our expert solutions combine deep
domain knowledge with technology
to deliver both content and workflow
automation to drive improved outcomes
and productivity for our customers.
Expert solutions, which include our
software products and certain advanced
information solutions, accounted for 56%
of total revenues in 2022.
Based on revenues, our largest expert
solutions are:
• Health: global clinical decision support
tool UpToDate; clinical drug databases
Medi-Span and Lexicomp; and
Lippincott nursing solutions for practice
and learning.
• Tax & Accounting: global corporate
performance solution CCH Tagetik; global
internal audit platform TeamMate; and
professional tax and accounting software
CCH Axcess and CCH ProSystem fx in
North America and similar software for
professionals across Europe.
• Governance, Risk & Compliance: finance,
risk, and regulatory reporting suite
OneSumX; banking compliance solutions
ComplianceOne, Expere, eOriginal,
and Gainskeeper; and enterprise
legal management software Passport
and TyMetrix.
• Legal & Regulatory: global
environmental, health and safety, and
operation risk management (EHS/ORM)
1
suite Enablon; legal workflow solutions
Kleos and Legisway; and other software
tools for European legal professionals.
Business model
Our business model is primarily based
on subscriptions, software maintenance,
and other recurring revenues (80% of
total revenues in 2022), augmented by
implementation services and license fees
as well as volume-based transactional or
other non-recurring revenues. Renewal
rates for our recurring digital information,
software, and services revenues are high
and are one of the key indicators by which
we measure our success.
More than half of our operating costs
relate to our employees, who create,
develop and maintain, sell, implement,
and support our solutions. Our technology
architecture is increasingly based on
globally scalable platforms that use
standardized components. Most of
our new solutions are built cloud-first.
Many of our solutions incorporate
advanced technologies, such as artificial
intelligence, natural language processing,
robotic process automation, and
predictive analytics.
Our development teams follow a
customer-centric, contextual design
process and develop solutions based on
the scaled agile framework. Our solutions
are sold by our own sales teams or
through selected distribution partners.
Strategy 2022-2024
Our strategy aims to deliver good organic
growth and improved margins and returns
over the three-year period. Our strategic
priorities for 2022-2024 are:
Accelerate Expert Solutions: we intend
to focus our investments on cloud-based
expert solutions while continuing to
transform selected digital information
products into expert solutions. We will
invest to enrich the customer experience
of our products by leveraging advanced
data analytics.
Expand Our Reach: we will seek to
extend into high-growth adjacencies
along our customer workflows and adapt
our existing products for new customer
segments. We plan to further develop
partnerships and ecosystems for our
key software platforms.
Evolve Core Capabilities: we intend to
enhance our central functions to drive
excellence and scale economies in sales
and marketing (go-to-market) and in
technology. We plan to advance our
environmental, social, and governance
(ESG) performance and capabilities and to
continue investing in diverse and engaged
talent to support innovation and growth.
Product innovation is a key driver of
organic growth and value creation for
our customers. In our three-year plan, we
expect product development spending
to average approximately 10% of total
revenues each year.
Business model
andstrategy
56%
of 2022 revenues from expert solutions
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Wolters Kluwer 2022 Annual Report 7
All four businesses serve global
corporations and banks with cloud and
on-premise solutions and have leading
market positions in their specific areas of
expertise.
Our Enterprise Legal Management
unit (ELM), currently part of GRC Legal
Services, will be transferred to the Legal
& Regulatory division where we see
opportunities for closer alignment with
our Legal Software business.
Combining these assets will allow us to
accelerate synergies and leverage their
combined global strengths to pursue a
growing market opportunity.
We will report our 2023 results under both
the historical reporting segments and the
new divisional structure.
Creation of new division: Corporate
Performance & ESG
In March 2023, we intend to bring together
four of our global enterprise software
businesses to form a new division,
Corporate Performance & ESG, to meet the
growing demand from corporations and
banks for integrated financial, operational,
and ESG performance management and
reporting solutions.
This new division will be comprised of the
following global software units:
• Corporate Performance (CCH Tagetik,
including U.S. Corporate Tax);
• EHS/ORM Software (Enablon);
• Finance, Risk & Reporting; and our
• Internal Audit Solutions (TeamMate).
While our strategy remains centered on
organic investment and growth, we may
make selected acquisitions and non-
core disposals to enhance our value and
market positions. Acquisitions must fit our
strategy, strengthen or extend our existing
business, generally 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.
Key ESG goals in our strategic plan are to
drive an improvement in our belonging
score, to align with the recommendations
of the Task Force on Climate-related
Financial Disclosures (TCFD) and to obtain
validated science-based targets.
STRATEGY 2022-2024
Our strategy, Elevate Our Value, aims to drive
good organic growth and improved operating
profit margins and return on invested capital over
the 2022-2024 period while advancing our ESG
performance. Our priorities are:
Elevate Our
Value
Accelerate
Expert Solutions
Expand
Our Reach
Evolve
Core Capabilities
• Drive investment in cloud-based
expert solutions
• Transform digital information
products into expert solutions
• Enrich customer experience by
leveraging data analytics
• Extend into high-growth
adjacencies
• Reposition solutions for new
segments
• Drive revenues through
partnerships and ecosystem
development
• Enhance central functions,
including marketing and technology
• Advance ESG performance and
capabilities
• Engage diverse talent to drive
innovation and growth
1
This rule of thumb excludes the impact of exchange rate movements on intercompany balances, which is accounted for in adjusted net financing costs
inreported currencies and determined based on period-end spot rates and balances.
2
Adjusted net financing costs include lease interest charges. Guidance for adjusted net financing costs in constant currencies excludes the impact of exchange
rate movements on currency hedging and intercompany balances.
8 Wolters Kluwer 2022 Annual Report
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Strategic Report | Governance | Financial Statements
If the current U.S. dollar rate persists,
currency will have a slightly negative
effect on full-year 2023 results reported in
euros. In 2022, Wolters Kluwer generated
over 60% of revenues and adjusted
operating profit in North America. As
a rule of thumb, based on our 2022
currency profile, each 1 U.S. cent move
in the average €/$ exchange rate for
the year causes an opposite change of
approximately 3 euro cents in diluted
adjusted EPS
1
.
We include restructuring costs in
adjusted operating profit. We expect 2023
restructuring costs to be in the range of
€10-€15 million (2022: €6 million).
We expect adjusted net financing costs in
constant currencies to be approximately
€40 million
2
. We expect the benchmark tax
rate on adjusted pre-tax profits to be in
the range of 23.0%-24.0% (2022: 22.6%).
Capital expenditure is expected to
increase but to remain within our normal
range of 5.0%-6.0% of total revenues
(2022: 5.4%). We expect full-year cash
conversion ratio to be approximately 100%
(2022: 107%).
Our guidance assumes no additional
significant change to the scope of
operations. We may make further
acquisitions or disposals which can be
dilutive to margins, earnings, and ROIC in
the near-term.
The impact of discontinuing activities
in Russia and Belarus is expected to be
immaterial to the consolidated financial
results in 2023.
2023 OUTLOOK BY DIVISION
Health
We expect full-year organic growth to
be in line with prior year and full-year
adjusted operating profit margin to be
stable.
Tax & Accounting
We expect full-year organic growth to
be in line with prior year and full-year
adjusted operating profit margin to
improve modestly.
Governance, Risk & Compliance
We expect full-year organic growth to
be in line with prior year and full-year
adjusted operating profit margin to
improve modestly.
Legal & Regulatory
We expect full-year organic growth to
be in line with prior year and full-year
adjusted operating profit margin to be
stable.
2023 full-year
outlook
performance indicators 2023 guidance 2022 actual
Adjusted operating profit margin (%) 26.1-26.5 26.1
Adjusted free cash flow (€ million) Around 1,200 1,220
ROIC (%) Around 16.5-17.0 15.5
Diluted adjusted EPS High single-digit growth 8% growth
Guidance for adjusted operating profit margin and ROIC is in reporting currencies and assumes an average EUR/USD rate in 2023 of €/$1.07. Guidance for
adjusted free cash flow and diluted adjusted EPS is in constant currencies (€/$ 1.05). Guidance reflects share repurchases of €1 billion in 2023.
Our specific guidance for 2023 is provided below. We expect full-year organic
growth to be in line with the prior year and the adjusted operating profit margin
to improve. In the first and second quarters of 2023, organic growth is expected
to be slower compared to the prior year period, most notably in Health and
Governance, Risk & Compliance. The adjusted operating profit margin is expected
to decline in the first half.
UpToDate
Leading evidence-based clinical decision
support tool used by over 2 million
clinicians worldwide and supported by
over 7,000 experts
7,000+
authors and peer reviewers
44,000+
institutional customers worldwide
→ Read more about Health on page 14
OneSumX for Regulatory Change
Management
Automated, AI-enabled regulatory
monitoring and workflow solution to
enhance banking regulatory compliance
1,150+
global regulatory bodies tracked
130,000+
global regulatory changes per year
→ Read more about Governance, Risk &
Compliance on page 22
CCH Axcess
Integrated cloud-based tax and
accounting platform used by tens of
thousands of U.S. professional firms
including 90% of the top 100 firms
380,000+
users
95%+
renewal rate
→ Read more about Tax & Accounting
onpage18
Enablon
Cloud-based, integrated environmental,
health and safety, and operational risk
management platform
160
used in 160 countries
3,000,000+
users
→ Read more about Legal & Regulatory
onpage 26
← →
Wolters Kluwer 2022 Annual Report 9
Our top strategic priority
is to grow our expert
solutions.
Expert solutions combine
deep domain knowledge
with technology to
deliver both content and
workflow automation
in order to support our
customers’ decision-
making and productivity.
Expert solutions are embedded in our
professional customers’ workflows and
are typically used frequently throughout
the day to support critical decision-
making and to digitize, automate, and
streamline processes.
Several of our expert solutions leverage
artificial intelligence (AI) in order to
augment and automate certain tasks,
provide new or improved insights, and
enable efficiencies.
In most markets, we offer cloud-
based expert solutions. Several of
our expert solutions are integrated,
modular platforms that offer third-party
connectivity (ecosystems).
Our expert solutions are generally sold
on a subscription basis or include a
recurring license and/or maintenance
fee. These solutions generally have high
renewal rates and above average organic
growth rates.
Examples of expert solutions:
Expert solutions
10 Wolters Kluwer 2022 Annual Report
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Strategic Report | Governance | Financial Statements
Wolters Kluwer maintains regular contact with a range of stakeholders, including
customers, employees, suppliers and partners, investors, financial and ESG analysts,
ratings agencies, government bodies, the media, civil society organizations (CSOs),
and educational and research institutions. We are a strategic partner or member in
industry associations and advocacy organizations, such as the Healthcare Information
Management Systems Society, International Society of Pharmacoeconomics and
Outcomes Research, Accounting Blockchain Coalition, Institute of Internal Auditors,
Mortgage Bankers Association, American Financial Services Association, European
Company Lawyers Association, International Legal Technology Association, American
Bankers Association, and European Risk Management Council.
Stakeholders and
valuecreation
Key stakeholders How we engage How we measure How we create value
CUSTOMERS
Year-round dialogue through
sales, marketing, and
customer service teams; and
customer collaboration on
product development
Net promoter scores;
customer satisfaction scores;
customer and product
renewal rates; market
share studies; and product
development spending
Impact when it matters most:
our professional information,
software, and services
provide insights and workflow
automation to customers
to support their critical
decision-making
EMPLOYEES
Regular engagement at all
levels, including one-on-
one, group, and townhall
meetings; check-ins and
performance meetings;
surveys; SpeakUp line; Global
Innovation Awards, Code
Games, and other employee
awards and events; and works
council engagement
Employee turnover rates;
employee engagement and
belonging scores; and training
sessions attended
Providing attractive employment
and career opportunities;
developing skills, talent,
and experience; and promoting
diversity, equity, inclusion,
and belonging
SUPPLIERS & PARTNERS
Regular quality screening,
audits, and due diligence; and
collaboration
Procurement process and
due diligence questionnaires;
certification programs; and
commitment to standards in
Supplier Code of Conduct
Creating mutually beneficial
economic value for our
suppliers and partners
INVESTORS
Year-round dialogue
through a global program
of investor relations events
and meetings; regular
engagement with analysts;
and Annual General Meeting
of Shareholders
Financial KPIs, including
organic growth, adjusted
operating profit margin,
adjusted free cash flow, and
ROIC; and ESG KPIs, including
employee engagement,
cybersecurity maturity, and
ESG ratings
Generating Total Shareholder
Return (TSR) for shareholders
through share price
appreciation and dividends; and
risk-adjusted financial returns
for creditors
SOCIETY
Various programs in support
of our communities around
the world
Tracking of charitable
contributions
Our employees donate their
time and talents to community
projects; our work helps protect
people’s health and prosperity,
and contributes to a safe and
just society; and we provide
attractive jobs, pay taxes, and
set high standards
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Wolters Kluwer 2022 Annual Report 11
We aim to create long-term value for all stakeholders including society, by using resources thoughtfully and efficiently, respecting our
company values, and focusing our efforts on actions that support our purpose and our strategy.
OUR RESOURCES
HUMAN TALENT
• Efforts and skills of
20,500 employees
FINANCIAL CAPITAL
• €2.3bn equity
• €3.6bn gross debt
TECHNOLOGY &
INTELLECTUAL
PROPERTY
• Global brand
• Software and
content IP
SUPPLIERS &
PARTNERS
• Actively selected and
managed suppliers
NATURAL
RESOURCES
• Energy and water
consumption along
our value chain
THE WAY WE DO BUSINESS
Focus on customer success Make it better Aim high and deliver Win as a team
Accelerate
Expert Solutions
Expand
Our Reach
Evolve
Core Capabilities
• Strong customer retention
• Sustained investment
in innovation
• Disciplined capital allocation
• Talented, engaged, and
diverse employees
• Respect for society
and environment
• Strong brands • Agile and secure operations
• Good governance
OUR IMPACT
CUSTOMERS
• €5.5bn revenues
in professional
information, software
solutions, and services
• Enabling efficient,
effective, and accurate
decision-making
• 80% recurring
revenues
EMPLOYEES
• €2.3bn in personnel
salaries, wages, and
other benefits
• Developing skills,
talent, and careers
• Promoting diversity,
equity, inclusion,
and belonging
SUPPLIERS &
PARTNERS
• €2.2bn third-party
spend on content,
goods, and services
• High standards
INVESTORS
• Total shareholder
return of (4)% in 2022
• €45m net interest
paid to financial
credit institutions
SOCIETY
• €289m income
tax paid
• Community efforts
• Our products help
protect people’s
health and prosperity,
and contribute to a
safe and just society
UN Sustainable Development Goals
Value creation model
Elevate Our
Value
12 Wolters Kluwer 2022 Annual Report
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Strategic Report | Governance | Financial Statements
Wolters Kluwer is organized around four customer-
facing divisions supported by three centralized teams
and a corporate office.
Operating costs and FTEs of Global Growth Markets, Digital eXperience Group, and Global Business
Services are allocated to the customer-facing divisions.
Organizational structure
and executive team
EXECUTIVE BOARD & CORPORATE OFFICE
HEALTH
• Clinical Solutions
• Health Learning,
Research & Practice
TAX & ACCOUNTING
• Corporate
Performance
• Professional Tax
& Accounting
GOVERNANCE, RISK
& COMPLIANCE
• Legal Services
• Financial Services
LEGAL &
REGULATORY
• EHS/ORM &
Legal Software
• Legal Information
Solutions
€1.5bn
revenues 2022
€1.8bn
revenues 2022
€1.3bn
revenues 2022
€0.9bn
revenues 2022
GLOBAL GROWTH MARKETS DIGITAL EXPERIENCE GROUP GLOBAL BUSINESS SERVICES
• China, India, and Brazil
• Global expert solutions
• Local market knowledge
• Innovation and product development
• Development centers of excellence
• Technology asset management
• Technology infrastructure
• Operational excellence programs
• Procurement and shared services
180+
FTEs
1,600+
FTEs
1,200+
FTEs
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Wolters Kluwer 2022 Annual Report 13
HEALTH
Stacey Caywood CEO
We provide trusted clinical
technology and evidence-based
solutions that engage clinicians,
patients, researchers, students, and
the next generation of healthcare
providers. With a focus on clinical
effectiveness, research and
learning, clinical surveillance
and compliance, as well as data
solutions, our proven solutions
drive effective decision-making
and consistent outcomes across
the continuum of care.
Customers span a broad scope
of hospitals and healthcare
organizations, individual students
and clinicians, nursing and medical
schools and libraries, payers,
life sciences, and retail pharmacies.
Portfolio includes AudioDigest,
Emmi, Health Language, Lexicomp,
Lippincott, Medi-Span, Ovid,
POC Advisor, Sentri7, Simplifi
797, SoleSource, UpToDate, and
UpToDate Advanced.
GLOBAL GROWTH MARKETS
Cathy Wolfe President & CEO
Global Growth Markets (GGM) is
responsible for developing the
company’s strategic presence
in fast-growing geographies,
particularly China, India, and
Brazil. GGM’s mission is to apply
local market knowledge to
service professionals with global
and local expert solutions.
TAX & ACCOUNTING
Karen Abramson CEO
We enable professionals in tax
and accounting firms, governing
authorities, and businesses of all
sizes to grow, manage, and protect
their business and their clients’
businesses. Our expert solutions
integrate deep domain knowledge
and advanced technology with
workflows to ensure compliance,
improved productivity, effective
management, and strengthened
client relationships.
Customers include accounting
firms, corporate finance, tax and
auditing departments, government
agencies, libraries, and universities.
Portfolio includes A3 Software,
ADDISON, ATX, CCH, CCH
AnswerConnect, CCH Axcess, CCH
Axcess iQ, CCH Axcess Validate,
CCH Axcess Workflow, CCH iFirm,
CCH Integrator, CCH OneClick, CCH
PinPoint, CCH ProSystem fx, CCH
Tagetik, Genya, PFX Engagement,
TeamMate, and Twinfield.
DIGITAL EXPERIENCE GROUP
Dennis Cahill CTO
The Digital eXperience Group (DXG)
creates state-of-the-art digital
and software solutions in close
collaboration with our business
units around the world. The DXG
mission is to accelerate innovation
and leverage our technology
investments. The group drives
innovation through three centers
of excellence, which focus on
user and customer experience,
artificial intelligence, and advanced
platform services.
GOVERNANCE, RISK
&COMPLIANCE
Richard Flynn CEO
We provide banking and legal
professionals with solutions to
ensure compliance with ever-
changing global regulatory and
legal obligations, manage risk,
increase efficiency, and produce
better business outcomes. Our
portfolio offers technology-enabled
expert services and solutions
focused on banking regulatory
and product compliance, legal
entity compliance, and legal
operations management.
Customers include corporations,
small businesses, law firms,
corporate legal departments,
compliance and risk professionals,
banks, non-bank lenders, credit
unions, insurers, and securities
firms.
Portfolio includes BizFilings,
CASH Suite, ComplianceOne, CT
Corporation, eOriginal, Expere,
GainsKeeper, LegalVIEW BillAnalyzer,
Lien Solutions, OneSumX, Passport,
TSoftPlus, and TyMetrix 360°.
GLOBAL BUSINESS SERVICES
Andres Sadler CEO
Global Business Services (GBS)
is responsible for driving and
enhancing the quality, performance,
and transformation of our
internal technology infrastructure,
including IT operations, workplace
technologies, cybersecurity, IT
architecture, engineering services,
and network and enterprise
systems. GBS supports the
company’s digital transformation
across technology, accounting,
strategic sourcing, procurement,
operational excellence,
collaboration services, analytics,
and events.
LEGAL & REGULATORY
Martin O’Malley CEO
We enable legal and compliance
professionals and environmental,
health and safety, and operational
risk managers to improve
productivity and performance,
mitigate risk, and solve complex
problems with confidence. With
expert information, enriched with
advanced technologies, we help
professionals thrive in the complex
and changing areas of legal and
regulatory compliance.
Customers include law firms,
corporate legal departments,
corporations, environmental and
health and safety professionals,
operational risk managers,
universities, and government
agencies.
Portfolio includes CaseWorx, CGE,
Enablon, InView, Iter, Jogtár, Jura,
Kleos, Legal Intelligence, Legal
Monitoring, Legisway, LEX, Navigator,
NotaioNext, ONE, Progman,
RBSource, Schulinck, Simpledo,
VitalLaw, and Wolters Kluwer Online.
CORPORATE OFFICE
The Corporate Office sets the
global strategic direction for
the company and ensures good
corporate governance. Its mission
is to support and provide an
enabling business and operating
environment, to help realize our
strategy to deliver impact to our
customers, employees, investors,
and society at large.
Full list of management
www.wolterskluwer.com/en/
about-us/management