Press release

TMF Group B.V., Q2 2016 results

TMF Group Holding B.V. ('TMF Group'), a leading provider of high value global business services to clients operating and investing internationally, will announce its Q2 Financial Results on Thursday 25 August.

TMF Group Holding B.V. ('TMF Group'), a leading provider of global high value business services to clients operating and investing internationally, has announced its Q2 / 2016 Financial Results.

A full press release and interim report are available via the investor relations page on our website but highlights include:

Operational Highlights Q2 2016

  • M&A pipeline of opportunities continues to build in line with defined criteria.
  • Acquisition of UCMS (Central Eastern Europe), Extor (Poland), Swain (Canada) and Affiance (the Netherlands) completed. Acquisition of Axiss (Cayman) completed in July 2016.
  • Apriori integration on track.
  • Continued roll out of ISO 27001 certification and ISAE3402 HRP accreditation.
  • Average Employee numbers (FTE) now exceed 6,300 (H1 2015: 5,700).

Financial Highlights Q2 20161

  • As reported, Group revenue up 4.4% to €131.0 million (Q2 2015: €125.5 million):
    • Global Business Services and Trust & Corporate Services up by 6.6% and 1.3% respectively.
    • Benelux, EMEA and APAC region up by 4.3%, 10.6%  and 3.5% respectively; Americas decreased by 4.0% due to negative impact of currency.
  • Group Adjusted2 EBITDA increased 0.6% to €32.9 million (Q2 2015: €32.7 million).
  • Adjusted EBITDA margin was 25.1% (Q2 2015: 26.1%).
  • On a like for like basis, Group revenue up 8.4%; Group Adjusted EBITDA up 5.7%.
  • Net loss increased by €0.9 million to €7.8 million (Q2 2015: €6.9 million).
  • Cash generated from operations before exceptional items and income tax (excluding associates) increased by €3.0 million to €27.8 million (Q2 2015: €24.8 million) and was equal to 86.3% of Adjusted EBITDA (Q2 2015: 77.7% of Adjusted EBITDA).

Financial Highlights H1 20161

  • As reported, Group revenue up 5.5% to €256.1 million (H1 2015: €242.7 million):
    • Global Business Services and Trust & Corporate Services up by 9.0% and 1.1% respectively.
    • Benelux, EMEA, Americas and APAC region up by 2.5%, 8.6%, 3.3% and 5.8% respectively.
  • Group Adjusted2 EBITDA increased 1.4% to €64.5 million (H1 2015: €63.6 million).
  • Adjusted EBITDA margin was 25.2% (H1 2015: 26.2%).
  • On a like for like basis, Group revenue up 8.5%; Group adjusted EBITDA up 5.4%.
  • Net loss increased by €1.1 million to €21.3 million (H1 2015: €20.2 million).
  • Cash generated from operations before exceptional items and income tax (excluding associates) decreased by €2.8 million to €65.3 million (H1 2015: €68.1 million) and was equal to 102.5% of Adjusted EBITDA (H1 2015: 108.8% of Adjusted EBITDA).
  • Net leverage amounts to 4.8x (H1 2015: 4.8x).

1 In this press release all income statement and FTE related figures are presented with the associates on a full consolidation basis (‘Management basis’). All other information (e.g. cash flow and balance sheet) is presented on a Statutory basis. The Statutory basis includes the result of associates using equity accounting.

2 Adjusted EBITDA excludes exceptional items. Expenses incurred for acquisitions, litigation or redundancy and restructuring costs are classified as exceptional items.