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Announcement of TMF Group Holding B.V. 2015 Financial Results
Operational Highlights 2015
- Completed acquisition of PwC Brazil's outsourcing divisi, PwC Apriori. Integration of the acquired business with TMF Group on track.
- Disposal of Fund Services activities completed. TMF Group retains a 10% interest in the Fund Services business.
- Turnaround programme initiated in the Netherlands. Initial results showing positive impact.
- A Pipeline of opportunities continues to build in line with defined criteria.
- Employee numbers (FTE) now exceed 6,000.
Financial Highlights Full Year 2015 1
- Group revenue up 18.8% to €492.0 million (2014: €414.3 million):
- Global Business Services and Trust & Corporate Services up by 32.5% and 4.6% respectively.
- EMEA, Americas and APAC region up by 12.2%, 41.9% and 51.7% respectively.
- Group Adjusted2 EBITDA increased 12.9% to €130.4 million (2014: €115.5 million).
- Adjusted EBITDA margin reached 26.5% (2014: 27.9%).
- Net loss decreased by €13.5 million to €37.7 million (2014: €51.2 million).
- Adjusted2 cash generated from operating activities (excluding associates) increased by €25.7 million to €136.8 million (2014: €111.1 million) and was equal to 106.0% of Adjusted EBITDA (2014: 96.2% of Adjusted EBITDA).
Financial Highlights Q4 2015
- Group revenue up 13.4% to €129.9 million (Q4 2014: €114.5 million): respectively.
- Global Business Services and Trust & Corporate Services up by 24.0% and 1.8%
- EMEA, Americas and APAC region up by 8.6%, 43.1% and 19.5% respectively.
- Group Adjusted EBITDA increased 4.0% to €36.6 million (Q4 2014: €35.2 million).
- Adjusted EBITDA margin reached 28.2% (Q4 2014: 30.7%).
- Net loss decreased by €13.7 million to €8.0 million (Q4 2014: €21.7 million).
- Adjusted cash generated from operating activities (excluding associates) increased by €12.2 million to €40.7 million (Q4 2014: €28.5 million) and was equal to 113.7% of Adjusted EBITDA (Q4 2014: 81.0% of Adjusted EBITDA).
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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 and Adjusted cash generated from operating activities exclude exceptional items. Expenses incurred for acquisitions, litigation or redundancy and restructuring costs are classified as exceptional items.