Press Release

TMF Group Holding B.V. announce Q1/2016 results

26 May 2016

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 Q1 / 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 Q1 2016

  • M&A pipeline of opportunities continues to build in line with defined criteria.
  • Apriori integration on track.
  • Since 31 March 2016, three businesses have been acquired.
  • Continued roll out of ISO 27001 certification and ISAE3402 HRP accreditation
  • Average Employee numbers (FTE) now exceed 6,100 (Q1 2015: 5,500).

Financial Highlights Q1 2016 [1]

  • As reported, Group revenue up 6.7% to €125.1 million (Q1 2015: €117.2 million):

        - Global Business Services and Trust & Corporate Services up by 11.3% and 0.9% respectively.

        - Benelux, EMEA, Americas and APAC region up by 1.3%, 6.8%, 12.0% and 8.2% respectively.

  • Group Adjusted [2] EBITDA increased 2.6% to €31.6 million (Q1 2015: €30.8 million).
  • Adjusted EBITDA margin was 25.3% (Q1 2015: 26.3%).
  • On a like for like basis, Group revenue up 8.7%; Group adjusted EBITDA up 5.1%.
  • Net loss increased by €0.2 million to €13.5 million (Q1 2015: €13.3 million).
  • Adjusted [2] cash generated from operating activities (excluding associates) decreased by €5.9 million to €37.5 million (Q1 2015: €43.4 million) and was equal to 119.1% of Adjusted EBITDA (Q1 2015: 141.4% of Adjusted EBITDA).
  • Net leverage reduced to 4.6x (Q1 2015: 4.9x).

[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.

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