Intertrust shows sound performance over 9M 2016
(Thomson Reuters ONE) -
Full Year 2016 adjusted net income per share including Elian on a proforma basis
of approximately ?1.42 expected
Intertrust N.V. Q3 & 9M 2016 results
Amsterdam - November 3, 2016 - Intertrust N.V. ("Intertrust" or "the Company")
[ticker symbol INTER], the leading global provider of high-value trust and
corporate services, today announces its results for the third quarter and the
nine months ended September 30, 2016.
Presentation of financial and other information
Financials are presented on an adjusted basis, before specific items and one-off
revenues/expenses. Year-to-date (YTD) financial information represents unaudited
financial information for the nine months ended September 30, 2016. The
acquisition of Elian was closed on September 23, 2016.
In ? millions 9M 2016 9M 2015
---------------------------------------------------------
Adjusted revenue 265.0 253.4
Adjusted EBITA 105.6 102.6
Adjusted EBITA Margin 39.9% 40.5%
Adjusted net income 77.7
Adjusted net income per share (?)* 0.88
* Adjusted revenue of ?265 million grew by 4.6%.
* Adjusted EBITA of ?105.6 million grew by 3%.
* Adjusted EBITA margin of 39.9%. This is a 61bps decrease versus 9M 2015.
Note: Rounding differences may occur as calculations are based on nine month
figures not rounded to millions.
* Adjusted Net Income per share calculated using weighted average number of
shares outstanding as per September 30 (87,917,883), including issuance of
shares for the acquisition of Elian
David de Buck, Chief Executive Officer of Intertrust, commented:
"We are generally satisfied with the overall performance of the group, the main
exception being Cayman. Excluding Cayman, our Adjusted revenue on a constant
currency and proforma basis grew 4.6% in Q3 and 5.3% for the 9M period.
Our third quarter revenue growth was negatively impacted by weaker-than-expected
performance in Cayman, fewer available billable hours due to the continued tight
recruitment market in Luxembourg and continued weakness in specialised services
in The Netherlands. The underlying business remains strong with our sales
pipeline being 8 percent higher than same period last year. One of the short-
term effects of Brexit has been the delay of investment decisions due to
uncertainty surrounding how Brexit will play out.
The Elian acquisition was closed on September 23 and the integration is in full
swing. The new, post-merger management structure was announced and implemented.
All but one of the office moves and the rebranding of Elian to Intertrust will
be completed in the coming 6 weeks. Combined sales strategies for the newly
adopted service lines have been finalised and are being implemented. We have
received positive feedback from clients and business partners across the globe
and cross-selling opportunities between the companies are already being
realised. Synergy forecasts of £10.4 million remain unchanged. Per the period
September 23 - September 30, 2016, Elian contributed ?1.6 million in Adjusted
Revenue and ?0.6 million in Adjusted EBITA. We look to the coming year with
confidence, and we are excited with the opportunities Elian brings us."
Highlights Q3
* On September 23, 2016 Intertrust completed its acquisition of Elian, the
Jersey-based regional trust and corporate services provider for £435
million.
* Interim dividend of ?0.24 per share was announced, payable on November
30, 2016.
* 175,000 shares were repurchased in order to meet obligations under an
employee share plan.
Intertrust stand-alone Key Financials Q3 and 9M 2016(1)
(i.e. excl. Elian contribution as of September 23, 2016)
Q3 Q3 % % Change 9M 9M % % Change
% Change Change (CC & % Change Change (CC &
2016 2015 (reported) (CC ) Proforma) 2016 2015 (reported) (CC ) Proforma)
----------------------------------------- ----------------------------------------
Adjusted
revenue
(?m) 86.7 87.3 -0.7% 1.0% 1.0% 263.4 253.4 3.9% 5.1% 2.6%
Adjusted
EBITA (?m) 34.0 34.7 -2.2% -0.7% -0.7% 105.1 102.6 2.5% 3.4% 2.1%
Adjusted
EBITA
margin 39.2% 39.8% -59bps -68bps -68bps 39.9% 40.5% -58bps -65bps -22bps
Operating
free cash 33.8 35.7 -5.2% 106.5 105.3 1.1%
flow (?m)
Cash
conversion
ratio
including 92.9% 92.4% 94.2% 93.1%
strategic
capital
expenditure
(%)
Cash
conversion
ratio
excluding 94.0% 97.7% 95.8% 97.7%
strategic
capital
expenditure
(%)
Adjusted
Net Income 25.3 n.a. 77.2 n.a.
Adjusted
Net Income 0.30 n.a. 0.91 n.a.
per share
(?)(2)
No. of
entities(3)
(000's) 38.5 42.1 -8.6%
Average
Adjusted
revenue per 9.12 8.0 13.8%
entity
(ARPE)
(?k)(4)
No. of
full-time 1,746 1,713 1.9%
equivalents
(FTEs)(3)
Adjusted
revenue per 201 197 2.0%
FTE (?k)(4)
1. Adjusted financial information before specific items and one-off
revenues/expenses. 2016 figures include CorpNordic acquisition
2. Adjusted Net Income per share is calculated as Quarterly or 9 Months
Adjusted EBITA less net interest costs and less tax costs divided by the
number of shares outstanding (85,221,614) before the additional issuance of
shares for the acquisition of Elian. When using the weighted average number
of shares outstanding as per September 30 (87,917,883), the Quarterly and 9
Months Adjusted Net Income per share would be ?0.27 and ?0.88 respectively
3. As of September 30, 2015 and September 30, 2016 respectively
4. Annualised numbers based on Adjusted revenue before specific items and one-
off revenue/expenses.
Financial highlights Q3 2016 versus Q3 2015
* Adjusted revenue for the quarter decreased by 0.7% to ?86.7 million (Q3
2015: ?87.3 million). On a constant currency basis, Adjusted revenue grew by
1.0%. Revenue growth continues to be driven by the ARPE growth whilst the
number of entities declined. The number of entities decreased mainly due to
low ARPE structures exiting in Cayman due to the re-entry of a competitor
into the market. Excluding the performance of Cayman, Adjusted revenue on a
constant currency and proforma basis grew by 4.6% during the quarter.
* In addition, revenue growth in Q3 2016 was impacted by the lower number of
billable hours in Luxembourg due to fewer FTEs than budgeted and lower than
budgeted specialised services in the Netherlands (combined revenue impact
?2.6 million). Negative foreign exchange rate revenue impact was ?1.5
million.
* Adjusted EBITA for the quarter decreased by 2.2% to ?34 million (Q3 2015:
?34.7 million). On a constant currency basis, Adjusted EBITA decreased by
0.7%.
* Adjusted EBITA margin was 39.2% versus 39.8% for Q3 2015, a decrease of
59bps mainly driven by the deteriorated performance of Cayman, increased IT
costs due to new hires and increased IT investment and increased Group HQ
costs including the LTIP costs.
* Total capital expenditure for the quarter was ?2.5 million (Q3 2015: ?2.8
million).
* Q3 2016 cash conversion ratio excluding strategic capital expenditures was
at 94% (Q3 2015: 97.7%).
Financial highlights 9M 2016 versus 9M 2015
* Adjusted revenue in 9M 2016 increased by 3.9% to ?263.4 million (9M 2015:
?253.4 million). On a constant currency basis, Adjusted revenue grew by
5.1%. On a constant currency and proforma basis, i.e. including the
contribution of CorpNordic for the first six months in 2015, Adjusted
revenue grew by 2.6%. Revenue growth was particularly driven by strong
performance of the Netherlands and Guernsey (albeit in GBP) and moderate
growth in Luxembourg and in the ROW (also on proforma basis). The growth was
negatively impacted by the loss in Cayman of certain low ARPE registered
office business due to the re-entry of a competitor into the market.
Excluding the performance of Cayman, Adjusted Revenue on a constant currency
and proforma basis grew by a solid 5.3% over the 9M period.
* In addition to the Cayman drag on revenue over the 9M period, the growth in
revenue was impacted by a lower number of billable hours in Luxembourg due
to fewer FTEs than budgeted stemming from a tight recruiting market and less
capital markets-related services in the Netherlands due to market
circumstances (combined revenue impact of ?5.4 million) and foreign exchange
rates (negative revenue impact of ?2.9 million).
* Adjusted EBITA over 9M 2016 increased by 2.5% to ?105.1 million (9M 2015:
?102.6 million). On a constant currency basis, Adjusted EBITA increased by
3.4%. Including the proforma contribution of CorpNordic for the first half
year in 2015, Adjusted EBITA grew by 2.1%. EBITA growth was restricted by
circa ?4.5 million because of the reasons mentioned above including
approximately ?1.0 million of foreign exchange rate impact. Excluding the
performance of Cayman, Adjusted EBITA grew by 7.2%.
* Adjusted EBITA margin was 39.9% versus 40.5% for 9M 2015, a reduction of
57.8bps, partially driven by the consolidation of the lower margin
CorpNordic acquisition. Including the proforma contribution of CorpNordic
for the first six months in 2015, the EBITA margin decreased slightly by
21.7bps versus 9M 2015 mainly driven by increased IT costs due to new hires,
increased IT investment and increased Group HQ costs including the LTIP
costs.
* Total capital expenditure for 9M 2016 was ?6.5 million (9M 2015: ?7.4
million), ?1.8 million (9M 2015 ?4.9 million) of which represented one-off
strategic capital expenditure resulting from the implementation of the
Business Application Roadmap, a company-wide standard software application
platform. Increase in maintenance capex of ?2.1 million in 9M 2016 versus
9M 2015 was mainly driven by IT related investments (IT hardware replacement
and software development, the implementation of the outsourcing of
datacentres of Intertrust, procurement of software) and some leasehold
improvements.
* 9M 2016 cash conversion ratio excluding strategic capital expenditures
decreased to 95.8% (9M 2015: 97.7%) mainly driven by the increase in
maintenance capex.
* YTD annualised Average Revenue per Entity (ARPE) increased by 13.8% to ?9.1
k (9M 2015: ?8.0 k). Intertrust continues to see increasing hours per entity
due to more complex structures, regulatory reporting requirements and focus
on higher value-added entities. In addition, increased ARPE was partially
driven by the outflow of lower-valued registered office entities in Cayman.
* As of 9M 2016, Intertrust had 38,493 entities, a net outflow of 3,635
entities over the last twelve months mainly due to the re-entry of a
competitor in Cayman (2,898 entities lost of which 1,554 in 2016) and one-
time administrative adjustments of 170 entities in Netherlands and 276 in
Guernsey.
* A net increase of 33 FTEs over the last 12 month period ended September
2016 was primarily due to the increase in billable FTEs (29 FTEs) mainly in
the Netherlands and Luxembourg to support business growth. Intertrust
maintained a billable versus total FTE ratio of 75%.
* YTD annualised Adjusted revenue per FTE increased by 2% to ?201 k (9M 2015:
?197 k).
Adjusted net income and Adjusted net income per share
* Adjusted net income Intertrust stand-alone for 9M 2016 was ?77.2 million.
* Adjusted net income per share for 9M 2016 on a stand-alone basis was ?0.91
based on the number of shares outstanding excluding the Elian-related share
issue.
Outlook
* On a proforma basis including Elian for the full year and based on the
actual number of shares at the end of Q3 2016 the Adjusted net income per
share will be approximately ?1.42.
* Cayman is expected to continue to be negatively impacted by the re-entry of
a competitor into the market for the rest of 2016 and modestly throughout
2017, after which we expect the business to stabilise.
* For the medium term, objective reiterated of organic revenue growth slightly
above market growth of 5% (estimated market CAGR for CY 2015 - 2018E).
* Adjusted EBITA margin improvement objective including Elian is reiterated at
300-350bps by CY 2018E over the Intertrust stand-alone CY 2015 proforma
Adjusted EBITA margin of 40.4%.
* Compared to the stand-alone guidance, interest costs for the combined
company for the full year 2016, including new debt for the Elian
acquisition, are expected to be approximately ?21 million of which ?4.0
million is related to the amortisation of financing fees (non-cash).
* Cash conversion to continue to be in line with historical rates.
* Maintenance / normalised capex will be 2 - 2.5% of revenues for the combined
company.
* Effective tax rates based on adjusted net income before tax will be
approximately 16% after completion of the Elian acquisition (18% on a stand-
alone basis). For 2016, we expect an effective tax rate slightly below 16%.
* Unchanged target steady-state net debt to EBITDA ratios are at 2 - 2.5
times, with a temporary increase in the event of an acquisition.
* Dividend policy is a target dividend of 40-50% of Adjusted net income. The
first interim dividend of ?0.24 will be paid on November 30, 2016 over the
year ending December 31, 2016.
Performance in key jurisdictions
The Netherlands
Q3 Q3 9M 9M
% Change % Change
2016 2015 (reported) 2016 2015 (reported)
------------------------------ -----------------------------
Adjusted revenue 29.7 28.5 4.5% 88.1 83.4 5.5%
(?m)
Number of entities 4.3 4.5 -3.8%
(000's)
Annualised ARPE 27.2 24.8 9.7%
(?k)
1. Adjusted financials before specific items and one-off revenues/expenses
In the Netherlands YTD 2016, Intertrust achieved year-on-year adjusted revenue
growth of 5.5%, driven by continuing international investments and increased
billable work force. Inflow of new entities YTD 2016 was in line with inflow
over same period 2015. Inflow in Q3 2016 was higher than in Q2 2016 and at the
same level as Q3 2015. A significant part of YTD outflow (approximately 170
entities) was related to a one-time administrative correction of a group of
capital markets entities which were terminated before 2016. The correction had
no revenue impact. Outflow in Q3 was in line with Q2 2016, predominantly
reflecting end of life of client structures. ARPE growth continues as a result
of transaction complexity and regulatory requirements demanding value-added
services.
Luxembourg
Q3 Q3 9M 9M
% Change % Change
2016 2015 (reported) 2016 2015 (reported)
------------------------------ -----------------------------
Adjusted revenue 18.9 18.5 2.2% 57.4 55.4 3.7%
(?m)
Number of entities 2.6 2.7 -2.7%
(000's)
Annualised ARPE 29.5 27.7 6.6%
(?k)
In 9M 2016, Intertrust Luxembourg achieved year-on-year Adjusted revenue growth
of 3.7%, driven by increased billable workforce and renegotiation of fixed fee
agreements in order to align fees with the current services provided. Growth was
lower than expected due to unavailable hours and fewer billable hours due to
fewer FTEs than budgeted because of a tight recruitment market. New business
from existing clients showed strong growth, specifically PE/VC activity. The
number of entities decreased by 2.7% compared to September 2015 due to less
incorporations in the market mainly driven by deal flow in the PE and real
estate markets. Outflows due to end of life and insourcing were balanced by
inflows with similar revenue.
ARPE growth of 6.6% reflects continuous increase in substance requirements and
more complex structures leading to higher fees.
The Cayman Islands
Q3 Q3 9M 9M %
% Change % Change % Change Change
2016 2015 (reported) (CC(1)) 2016 2015 (reported) (CC)
---------------------------------- -------------------------------
Adjusted 12.2 14.7 -17.1% -16.8% 37.9 42.6 -11.0% -10.8%
revenue (?m)
Number of
entities 15.7 19.0 -17.4%
(000's)
Annualised 3.2 3.0 7.8% 8.0%
ARPE (?k)
In the Cayman Islands, on a constant currency basis, Adjusted revenue decreased
in 9M 2016 by 10.8% driven by a decline in the number of registered office
entities as well as the sale of its banking activities in Cayman to Cainvest at
the end of 2015, partially offset by higher registered office transfer-out fees.
The re-entry of a competitor in the Cayman Islands led to a reduced inflow and
an outflow of 1,554 entities in 9M 2016 (2,898 entities since re-entering the
market mid 2015). Remaining outflows in Cayman of 406 entities were driven
mainly by end of life and bad debtors. Outflow of Cayman entities in Q3 was
almost half of outflow in Q2. Growth in the other businesses, like fiduciary
services, fund administration and corporate secretarial services, was less than
anticipated. Cayman has had a new MD since September 23(rd), with the former MD
of Elian Cayman leading the combined teams.
ARPE in constant currency grew by 8% due to outflow of lower ARPE structures,
which improves the mix of business.
Guernsey
Q3 Q3 9M 9M %
% Change % Change % Change Change
2016 2015 (reported) (CC(1)) 2016 2015 (reported) (CC)
---------------------------------- -------------------------------
Adjusted
revenue(1) 6.5 6.9 -7.2% 11.1% 21.0 21.2 -1.0% 9.3%
(?m)
Number of
entities 3.0 3.3 -10.2%
(000's)
Annualised 9.3 8.5 10.2% 21.7%
ARPE (?k)
In Guernsey, on a constant currency basis, Intertrust achieved Adjusted revenue
growth of 9.3% in 9M 2016. This is driven by additional revenue on FATCA filings
and compliance remediation work.
YTD ARPE increased by 21.7% in GBP (10.2% in EUR), driven by the exit of lower
margin private client entities from Guernsey and Cayman as well as taking on
more complex structures over the last year that generated higher revenue. The
decrease in the number of entities was due to an administrative clean-up of 276
entities.
Rest of the World
Q3 Q3 % Change 9M 9M % Change
% Change (Proforma % Change (Proforma
2016 2015 (reported) and CC) 2016 2015 (reported) and CC)
---------------------------------- --------------------------------
Adjusted
revenue 19.4 18.6 4.0% 4.7% 59.0 50.8 16.1% 5.0%
(?m)
Number of
entities 12.9 12.7 2.0%
(000's)
Annualised 6.1 5.4 13.9% 2.9%
ARPE (?k)
In the Rest of the World (ROW) at constant currency and on a proforma basis,
Adjusted revenue grew by 5.0% year on year. The 9M 2016 figures include
CorpNordic, acquired in June 2015. On a proforma and constant currency basis,
Adjusted revenue growth was driven by strong performance of Spain, Ireland and
Singapore, but partially offset by Hong Kong and Switzerland. This growth
continues to be driven by increased M&A activity, increased private equity
activity and growth in demand from financial institutions.
On a proforma basis, the number of entities remained stable, mainly driven by
net inflows in Spain, Ireland, UK, Dubai and Delaware, offset by net outflows in
Hong Kong, Curacao and Switzerland. ARPE improved further from ?5.4 k in Q3
2015 to ?6.1 k in Q3 2016, driven by more complex services resulting in a
higher-value service offering to new client entities. The increase in Asian M&A
activity is resulting in an increased outbound deal flow from all Asian offices
to the network of Intertrust. We also see stronger growth in ROW countries by
client wins away from competitors, as a result of a flight to quality.
Group HQ and IT
Q3 Q3 9M 9M
% Change % Change % Change % Change
2016 2015 (reported) (CC) 2016 2015 (reported) (CC)
----------------------------------- ----------------------------------
Group HQ
and IT -10.4 -9.0 15.4% 16.1% -30.2 -27.3 10.6% 10.9%
costs
(?m)
Group HQ and IT costs increased by ?2.9 million year-on-year driven by IT costs.
The increase mainly comes from IT staff expenses in order to support business
and IT initiatives, higher software maintenance costs due to the new
applications and higher software amortisation costs due to BAR investments. BAR
applications were deployed in most jurisdictions, and this project is completed.
Plans to decrease IT latency and down-time are under review, as well as a
further strengthening of monitoring and control activities to ensure client data
is well-protected.
Financial Calendar
Q3 2016 results - November 3, 2016
Intertrust NV share quotation ex-interim dividend 2016 - November 9, 2016
Record date interim dividend 2016 entitlement - November 10, 2016
Payment date interim dividend 2016 - November 30, 2016
FY 2016 results - February 10, 2017
Publish audited financial statements - April 3, 2017
Q1 2017 results - May 4, 2017
AGM - May 16, 2017
Intertrust NV share quotation ex-final dividend 2016 - May 18, 2017
Record date final dividend 2016 entitlement - May 19, 2017
Payment date final dividend 2016 - June 12, 2017
Investor call
Intertrust CEO David de Buck and CFO Ernesto Traulsen will hold an investor call
today at 9:30 a.m. CET to discuss the Company's 9M 2016 Trading Update. A
webcast of the call will be available on the website. Details can be found at
http://investors.intertrustgroup.com.
For further information
Intertrust N.V.
annelouise.metz(at)intertrustgroup.com
Anne Louise Metz Tel: +31 20 577 1157
Director of Investor Relations, Marketing & Communications
About Intertrust
Intertrust is the leading global provider of high-value trust and corporate
services, with approximately 2,400 employees located throughout a network of 42
offices in 31 jurisdictions across Europe, the Americas, Asia and the Middle-
East. The Company focuses on delivering high-quality, tailored services to its
clients with a view to building long-term relationships. Intertrust's business
services offering is comprised of corporate services, fund services, capital
market services, and private wealth services. Intertrust has leading market
positions in selected key geographic markets of its industry, including the
Netherlands, Luxembourg, the Cayman Islands and Jersey. Intertrust works with
global law firms and accountancy firms, multi-national corporations, financial
institutions, fund managers, high net worth individuals and family offices.
Intertrust N.V. - Consolidated Profit/Loss (unaudited)
The following figures include Elian from September 23, 2016
In ? millions 9M 2016 9M 2015
------------------
Revenue 265.0 253.0
Staff expenses (118.7) (109.7)
thereof equity share-based (3.7) -
payments upon IPO
Rental expenses (13.7) (12.7)
Other operating expenses (30.9) (28.3)
thereof transaction & (4.7) (3.2)
monitoring costs
thereof integration costs (1.0) (1.0)
Other operating income 0.1 2.4
EBITDA 101.8 104.7
Depreciation & amortisation (28.7) (27.5)
Profit/(loss) from operating activities 73.1 77.2
Net Finance costs (23.1) (56.1)
Profit/(loss) before tax 50.0 21.1
Income tax (13.9) (6.8)
Profit/(loss) from continuing operations 36.1 14.3
Basic Earnings per share (?)(1) 0.41 n.a.
EBITDA to Adjusted EBITA analysis
In ? millions 9M 2016 9M 2015
--------------------
EBITDA 101.8 104.7
Transaction & monitoring costs 4.7 3.2
Integration costs 1.0 1.0
Other operating (income)/expense - (2.4)
Equity share-based payments upon IPO 3.7 -
One off revenue 0.3
One-off expenses 0.6 1.0
Adjusted EBITDA 111.7 107.8
Depreciation and software amortisation (6.1) (5.3)
Adjusted EBITA 105.6 102.6
Intertrust N.V. - Balance sheet items (unaudited)
9M 2016 9M 2015
--------------------
Total Net debt(2) (?m) 771.0 n.a.
Leverage ratio(3) 3.79 n.a.
1. Basic Earnings per share are calculated as Profit/(Loss) for the period
divided by the weighted average number of shares outstanding during the
period which was 87,917,883 for 9M and 91,999,392 for Q3. The Group had
91,999,392 shares outstanding as per September 30, 2016.
2. Total net debt at the end of September 2016 exchange rates.
3. Leverage ratio is defined as Total net debt divided by the last twelve
months Adjusted EBITDA Intertrust and Adjusted EBITDA Elian and full year
run rate synergies of £10.4 million.
Definitions
Adjusted EBITDA is defined as EBITDA before specific items and before one-off
revenue / expenses. Specific items of income or expense are income and expense
items that, based on their significance in size or nature, should be separately
presented to provide further understanding about financial performance. Specific
items include (i) transaction and monitoring costs; (ii) integration costs;
(iii) income / expenses related to disposal of assets and (iv) share-based
payment upon IPO. Specific items are not of an operational nature and do not
represent core operating results. One-off revenue consists mainly of revenues
related to the release of one-off provisions. The one-off expenses are related
to redundancies, legal costs and settlement fees.
Adjusted EBITA is defined as Adjusted EBITDA after depreciation and software
amortisation.
Adjusted EBITA margin is defined as Adjusted EBITA divided by Adjusted revenue,
and is expressed as a percentage.
Adjusted revenue is defined as revenue adjusted for one-off revenue as defined
under Adjusted EBITDA.
Stand-alone is defined as Intertrust without the incorporation of the financials
of Elian as of September 23, 2016.
Adjusted net income is defined as Adjusted EBITA less net interest costs and
less tax costs.
Adjusted net income per share is defined as Adjusted net income divided by the
number of shares outstanding as specified, i.e. either before additional
issuance for the acquisition of Elian, or weighted average during the period, or
the actual number at the end of the period.
Proforma means including the CorpNordic contribution for the period January -
June 2015.
CC is defined as constant currency.
Capital expenditure is defined as investments in property, plant, equipment and
software not related to acquisitions.
Cash conversion ratio including strategic capital expenditures is defined as
Adjusted EBITDA less capital expenditure, including strategic capital
expenditures, divided by Adjusted EBITDA and is expressed as a percentage.
Cash conversion ratio excluding strategic capital expenditures is defined as
operating free cash flow divided by Adjusted EBITDA and is expressed as a
percentage.
EBITDA is defined as earnings before interest, taxes, depreciation and
amortisation.
Operating free cash flow is defined as Adjusted EBITDA less capital expenditure,
excluding strategic capital expenditures. We define strategic capital
expenditures as capital expenditures relating to the Business Application
Roadmap, or relating to investments in IT infrastructure in connection with the
Business Application Roadmap.
Forward-looking statements
This press release may contain forward looking statements with respect to
Intertrust's future financial performance and position. Such statements are
based on Intertrust's current expectations, estimates and projections and on
information currently available to it. Intertrust cautions investors that such
statements contain elements of risk and uncertainties that are difficult to
predict and that could cause Intertrust's actual financial performance and
position to differ materially from these statements. Intertrust has no
obligation to update or revise any statements made in this press release, except
as required by law.
Intertrust NV Press release - 9M 2016 Results - FINAL:
http://hugin.info/171118/R/2053889/768784.pdf
This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Intertrust Group via GlobeNewswire
Unternehmensinformation / Kurzprofil:
Datum: 03.11.2016 - 07:15 Uhr
Sprache: Deutsch
News-ID 504642
Anzahl Zeichen: 36298
contact information:
Town:
Amsterdam
Kategorie:
Business News
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