Wolters Kluwer names Kevin Entricken as CFO
Company announces 2012 full-year net profit of €322mn
By CFOWorld.co.uk staff | CFO UK | Published 11:32, 21 February 13
Global publisher Wolters Kluwer has appointed Kevin Entricken as its new CFO.
He will succeed Boudewijn Beerkens, who has accepted a new role outside Wolters Kluwer. Entricken joined the company in 2003 and has been the CFO of Wolters Kluwer Health for the past 3 years.
Prior to his role in Health, Entricken served as vice president, investor relations and as CFO of Wolters Kluwer Law & Business.
In a trading update in Amsterdam, the specialist publishing company also announced that its 2012 full-year net profit rose to €322 million from €120 million in 2011 while revenue grew 7 percent to €3.60 billion.
Wolters Kluwer said conditions in Europe will "remain tough" in 2013, but that it is confident its digital businesses globally will continue to perform well.
Away from the trading statement, Wolters Kluwer also announced its intention to issue a new benchmark size Eurobond. Conditional on the successful completion of this Eurobond, the company intends to exercise a call option on its perpetual cumulative subordinated bonds of €225 million in 2013.
"On completion, the refinancing exercise will lower our effective interest rate starting 2014," the company said.
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