TMF Group Holding B.V., 2014 results

Operational Highlights 2014

• Underlying1 revenue growth of 8.7% for the full year;
• Underlying EBITDA2 growth of 8.0% for the full year;
• We opened new offices in Switzerland, Russia, Greece, Qatar and a number of countries in Africa;
• During the course of 2014 we acquired:
  • PT Tass Axia Solusi, an Indonesian payroll provider;
  • KCS Limited, an independent pan-Asian corporate services provider specialising in corporate accounting and payroll services;
    and - GMG Trust, a South African provider of fiduciary services to the financial services industry.
• Post year-end, we concluded the acquisition of:
  • Axiss International Management Ltd, a fiduciary service provider on the Cayman Islands. The acquisition is subject to approval of the Cayman regulator;
  • PwC Apriori, a Brazilian corporate service provider.
• In December 2014 we agreed to sell the Fund Services activities of the Group to its management. TMF Group will retain a 10% share in the Fund Services business. The Fund Services segment is reported as discontinued operations in the annual accounts. 

Financial Highlights Full year 2014

• Group revenue up 11.2% to €414.3 million (2013: €372.6 million):
  • Corporate Services and Structured Finance Services up 12.8% and 6.4% respectively;
  • EMEA and APAC region up 16.6% and 38.0% respectively;
• Group EBITDA increased by 9.7% to €115.5 million (2013: €105.3 million);
• EBITDA margin 27.9% (2013: 28.3 %); • Net loss for the year increased by €19.5 million to €51.2 million (2013: €31.7 million);
• Cash generated from operations3 increased by €14.8 million to €111.1 million (2013: €96.3 million) or 96% of EBITDA (2013: 91% of EBITDA). 

Financial Highlights Q4 2014

• Group revenue up 17.5% to €114.4 million (Q4 2013: €97.4 million);
  • Corporate Services and Structured Finance Services up 18.6% and 17.8% respectively;
  • EMEA and APAC region up 22.3% and 71.9% respectively; • Group EBITDA up by 13.3% to €35.4 million (Q4 2013: €31.2 million);
• EBITDA margin 30.9% (Q4 2013: 32.0 %); • Net loss for the quarter increased by €15.3 million to €21.7 million (Q4 2013: €6.4 million);
• Cash generated from operations increased by €1.3 million to €27.9 million (Q4 2013: €26.6 million) or 79% of EBITDA (Q4 2013: 85% of EBITDA).

View the full report here.