Intertrust N.V. Q1 2017 results
(Thomson Reuters ONE) -
Amsterdam - 4 May 2017 - Intertrust N.V. ("Intertrust" or the "Company") [ticker
symbol INTER], a leading global provider of high-value trust, corporate and fund
services, today announces its results for the first quarter of 2017.
Intertrust financial and operating performance for Q1 2017
* Revenue in Q1 increased by 38.4% year-on-year to EUR 121.6 million.
Underlying revenue increased 4.2% driven primarily by strong performance in
Luxembourg and increasing ARPE across all jurisdictions.
* EBITA in Q1 was EUR 44.7 million, increasing by 30.3% year-on-year or 0.9%
on an underlying basis.
* We continue to see solid operating leverage in the business, however due to
an increase in Group HQ & IT costs our underlying EBITA margin decreased
125 bps.
* The Elian integration and associated synergy realisation continue to be on
track.
* Adjusted EPS in Q1 was EUR 0.36, up 19.9% year-on-year.
Intertrust Group Q1 2017 figures
As reported Adjusted(3)
Q1 17(1) Q1 16 % Change Q1 17(1) Q1 16 % Change % Underlying
change(2)
------------------------- --------------------------------------
Revenue (?m) 121.6 87.9 38.4% 121.6 87.9 38.4% 4.2%
EBITA (?m) 44.7 34.3 30.3% 46.2 36.0 28.4% 0.9%
EBITA Margin 36.8% 39.1% -230bps 38.0% 40.9% -298bps -125bps
Net Income 20.8 15.9 30.8% 33.0 25.5 29.4%
(?m)
Earnings per 0.23 0.19 21.2% 0.36 0.30 19.9%
share (?)
Cash from
operating 65.9 54.6 20.8%
activities
(?m)
(1) Q1 2017 figures include Elian and Azcona
(2) Underlying: Q1 2017 at constant currency and Q1 2016 including proforma
Elian and Azcona figures
(3) See definitions for further information on Adjusted figures
David de Buck, Chief Executive Officer of Intertrust, commented:
"We are pleased with our first quarter top-line performance, and our revenue
base is now well diversified, with 24% of revenue coming from the Netherlands,
20% from Luxembourg, 14% from Cayman, 12% from Jersey and 30% from Rest of the
World. Luxembourg had a strong performance on the back of new entity inflows and
additional regulatory and compliance work. The Netherlands saw modest growth in
Q1, but we expect a pick up in the latter part of the year. Cayman continues to
stabilise and strengthen, though 2017 will continue to be impacted by the
competitive landscape. Jersey continues to perform in line with our
expectations. The Elian integration is on track, and we see our employees truly
acting as one team. Our recent transaction with Azcona has made us a leading
independent provider of capital markets, funds and corporate services in Spain."
Intertrust Group Q1 2017
Q1 17(1) Q1 16 % Change % Change (CC) % Underlying
change(2)
----------------------------------------------------------
Revenue (?m) 121.6 87.9 38.4% 40.8% 4.2%
Adjusted(3) EBITA
(?m) 46.2 36.0 28.4% 30.1% 0.9%
Average number of
FTEs 2,392 1,721 39.0%
Number of entities
(000's, end of
period) 51.0 39.2 30.0%
ARPE (?k,
annualised) 9.5 9.0 6.5%
Revenue/FTE (?k,
annualised) 203.4 204.2 -0.4%
Adj. EBITA/FTE (?k,
annualised) 77.2 83.6 -7.6%
(1) Q1 2017 figures include Elian and Azcona
(2) Underlying: Q1 2017 at constant currency and Q1 2016 including proforma
Elian and Azcona figures
(3) See definitions for further information on Adjusted figures
Financial Highlights Q1 2017
* Revenue increased 38.4% year-on-year, largely due to the acquisition of
Elian. Underlying revenue grew at 4.2% driven by strong growth in Luxembourg
and increasing ARPE (+6.5%) due to the introduction of additional reporting
requirements in several jurisdictions including the Common Reporting
Standard and Country-by-Country reporting.
* EBITA margins contracted by 230 bps or 125 bps on an underlying basis. The
contraction was largely due to increased HQ and IT costs. The total expenses
in Q1 2017 include EUR 0.8 million (or 69 bps) of non-recurring items.
* Gross inflow of entities over Q1 was 1,979 while gross outflow was 2,179.
End-of-life continues to account for more than half of all outflow and
competitive losses represent less than 10% of gross outflow globally.
* Cash from operating activities was EUR 65.9 million. The cash conversion
ratio was 97.6%. Capex amounted to EUR 1.1 million (0.9% of revenue) versus
EUR 2.0 million in Q1 2016.
* Net debt decreased to EUR 706.3 million at end Q1 2017 (from EUR 758.5
million at end Q4 2016). The leverage ratio decreased from 3.72x (end Q4
2016) to 3.50x (end Q1 2017).
Operational Highlights Q1 2017
* The Elian operational integration continued according to plan.
* In Spain, the remaining 25% of SFM Spain shares were purchased from Azcona,
a Spanish capital markets service provider. Azcona's clients were also
acquired and their employees joined Intertrust, doubling the headcount of
the Madrid office.
* Intertrust announced a share buy-back program on 22 March 2017 in order to
meet its deferred obligation towards certain employees including the selling
shareholders within the former management team of Elian. The share buy-back
comprises up to 1,856,354 shares and may be effectuated until 8 October
2017. As of 1 May 2017, 1,065,398 of the shares had been repurchased in the
program.
Guidance
Management reiterates the guidance given at the time of the announcement of the
Q4 2016 results, with the exception of capex, for which more precise guidance is
given. The guidance below pertains to 2017. Management will update the medium
term guidance at the Capital Markets Day on 21 September 2017.
* Underlying revenue growth for 2017 is expected to be between 4-5%.
* Underlying EBITA margins in 2017 are expected to expand slightly due to
synergies and continued operating leverage, which will compensate for the
margin pressure inherent in Elian's lower margin profile. This will result
in expected adjusted EBITA margin being roughly stable versus 2016 (39.9%).
* Dividend policy over 2017 continues to be 40-50% of adjusted net income.
* Guidance on synergies (GBP 10.4 million by the end of CY 2018E, of which
75% by end CY 2017E), effective tax rate (circa 16%), and cash conversion
(in line with historical rates) remain unchanged.
* Capex (previously 2-2.5% of revenue), now revised to less than 2% of
revenue.
Performance in key jurisdictions
Due to integration of Elian, as of Q1 2017 Intertrust no longer breaks out Elian
results but will use the following segmentation: the Netherlands, Luxembourg,
Cayman Islands, Jersey, and Rest of the World (ROW), whereby Guernsey is
included in ROW in both 2016 and 2017 figures.
The Netherlands
Q1 2017(1) Q1 2016 % Change % Underlying change(2)
---------------------------------------------------
Revenue (?m) 29.1 28.6 1.8% 1.2%
Number of entities (000's) 4.2 4.4 -5.2%
Annualised ARPE (?k) 27.9 26.0 7.3%
(1) Q1 2017 figures include Elian
(2) Underlying: Q1 2017 at constant currency and Q1 2016 including proforma
Elian figures
Intertrust Netherlands' revenue grew by 1.8% year-on-year of which approximately
1.2% was underlying growth. ARPE increased 7.3% on the back of increased
transaction complexity and an ongoing trend of enhanced corporate governance.
Based on the current pipeline, a pick-up of revenue across the Netherlands
business over the latter part of 2017 is expected.
The number of entities managed by Intertrust Netherlands decreased by 5.2%.
Inflow of entities in Q1 2017 was comparable to Q1 2016. Outflow was mainly due
to end-of-life.
Luxembourg
Q1 2017(1) Q1 2016 % Change % Underlying change(2)
---------------------------------------------------
Revenue (?m) 24.1 18.8 27.9% 18.4%
Number of entities (000's) 3.1 2.6 19.9%
Annualised ARPE (?k) 31.2 29.3 6.6%
(1) Q1 2017 figures include Elian
(2) Underlying: Q1 2017 at constant currency and Q1 2016 including proforma
Elian figures
In Luxembourg, increased transaction complexity and an ongoing trend of enhanced
corporate governance contributed to a growth in ARPE of 6.6%. Intertrust
Luxembourg's revenue increased 27.9% year-on-year or 18.4% on an underlying
basis, mainly driven by existing clients.
Entity inflow was higher than inflow over the same period last year, largely
driven by Private Equity and Real Estate funds.
Cayman Islands
% Change % Underlying
Q1 2017(1) Q1 2016 % Change (Constant change(2)
currency)
-------------------------------------------------------------
Revenue (?m) 17.5 13.3 31.3% 26.9% -2.1%
Number of
entities (000's) 19.7 16.5 19.5%
Annualised ARPE
(?k) 3.6 3.2 9.9% 6.2%
(1) Q1 2017 figures include Elian
(2) Underlying: Q1 2017 at constant currency and Q1 2016 including proforma
Elian figures
In Cayman, entity outflow to competitors continued to reduce in Q1. ARPE grew
9.9% (or 6.2% at constant currency) year-on-year, reflecting the growing portion
of higher value-added services and increased cross-sell activities.
Revenue increased 31.3%, largely due to the Elian contribution and currency
effects. Q1 underlying revenue was down 2.1% year-on-year. Q1 year-on-year
comparisons for Cayman are impacted by prior-year entity losses and related one-
off transfer revenue in Q1 2016.
Jersey
Q1 2017 Q1 2016 % Change % Underlying change(1)
------------------------------------------------
Revenue (?m) 14.6 n.a. n.a. 3.7%
Number of entities (000's) 4.5 n.a. n.a.
Annualised ARPE (?k) 12.9 n.a. n.a.
(1) Underlying: Q1 2017 at constant currency and Q1 2016 based on proforma
Jersey figures
n.a.: no reported results available as Intertrust had no operations in Jersey in
Q1 2016
Jersey continued to perform in line with expectations. Underlying revenue growth
in Q1 is estimated to be 3.7%, impacted by alignment of Elian revenue allocation
policies with Intertrust as well as one-off income in Q1 2016. Accelerated
growth in the second half of 2017 is expected to lead to overall high-single
digit growth for the full year.
Rest of the World (ROW)
% Change % Underlying
Q1 2017(1) Q1 2016 % Change (Constant change(2)
currency)
-------------------------------------------------------------
Revenue (?m) 36.3 27.1 34.0% 37.6% 1.8%
Number of
entities (000's) 19.5 15.8 23.7%
Annualised ARPE
(?k) 7.4 6.9 8.3% 11.2%
(1) Q1 2017 figures include Elian and Azcona
(2) Underlying: Q1 2017 at constant currency and Q1 2016 including proforma
Elian and Azcona figures
In Rest of the World (ROW) revenue grew by 34.0%, of which underlying growth was
1.8% year-on-year. Underlying revenue growth was driven by the performance of
Guernsey, Asia and Spain but impacted by Belgium and Switzerland. Growth
continues to be driven by ongoing M&A activity, increased real estate activity
and additional reporting requirements. ROW drove the majority of the Group's
total cross jurisdictional sales in Q1 2017, with the largest contributions
coming from the US, UK and Asia.
Annualised ARPE increased from EUR 6.9 thousand in Q1 2016 to EUR 7.4 thousand
in Q1 2017. The addition of the Elian entities and more complex services
contributed to the ARPE increase.
Group HQ and IT
Q1 2017(1) Q1 2016
-----------------------
Group HQ and IT costs (?m) -16.1 -9.5
(1) Q1 2017 figures include Elian and Azcona
Group HQ and IT costs increased by EUR 6.6 million, of which EUR 2.7 million
(net of synergies) is related to the inclusion of Elian.
In addition to the former Elian overhead costs, the increased HQ costs (EUR 2.4
million) were mainly driven by higher Long-Term Incentive Plan (LTIP) and bonus
related spend (EUR 0.8 million), higher professional fees and other expenses
(EUR 0.7 million), and higher staff cost (EUR 0.9 million) related to, amongst
others, the strengthening of the business operations and duplication of staff
cost due to the shift of Group Finance from Geneva to Amsterdam.
IT costs after inclusion of former Elian costs increased EUR 1.5 million due to
higher IT depreciation following the completion of IT investments in the
Business Application Roadmap (BAR), and higher operating expenses related to the
migration of data centres and increased outsourcing costs. IT spend on the
migration of the data centres is front loaded, and related operating expenses
costs are expected to decrease over the course of the year. IT capital
expenditures are lower due to the migration to Software as a Service and
Infrastructure as a Service.
Financial Calendar
+-----------------+------------------------------------------------------------+
|Date |Event |
+-----------------+------------------------------------------------------------+
|16 May 2017 |Intertrust N.V. AGM |
+-----------------+------------------------------------------------------------+
|18 May 2017 |Intertrust NV share quotation ex-final dividend 2016 |
+-----------------+------------------------------------------------------------+
|19 May 2017 |Record date final dividend 2016 entitlement |
+-----------------+------------------------------------------------------------+
|12 June 2017 |Payment date final dividend 2016 |
+-----------------+------------------------------------------------------------+
| |Q2 & Half Year 2017 results & announcement of interim |
|24 August 2017 |dividend |
+-----------------+------------------------------------------------------------+
|21 September 2017|Capital Markets Day |
+-----------------+------------------------------------------------------------+
|9 November 2017 |Q3 2017 results |
+-----------------+------------------------------------------------------------+
Press and analyst calls
Today, Intertrust's CEO David de Buck and CFO Maarten de Vries will hold an:
* Analyst / investor call at 1:00 pm CET. A webcast of the call will be
available on the Company website. Details can be found at
https://www.intertrustgroup.com/investors.
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 a leading global provider of high-value trust, corporate and fund
services, with more than 2,500 employees located throughout a network of 41
offices in 30 jurisdictions across Europe, the Americas, Asia and the Middle-
East. The Company delivers 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, Jersey and the Cayman Islands. 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)
(EUR 000) 01.01.17 - 31.03.17 01.01.16 - 31.03.16
Revenue 121,624 87,864
Staff expenses (54,450) (38,796)
Rental expenses (6,069) (4,499)
Other operating expenses (13,685) (8,265)
Depreciation and amortisation of (2,690) (1,969)
software
Amortisation of acquisition-related (10,128) (7,582)
intangible assets
-------------------------------------------------------------------------------
Profit/(loss) from operating 34,602 26,753
activities
-------------------------------------------------------------------------------
Net finance costs (7,734) (5,103)
Share of profit of equity-accounted (3) (9)
investees (net of tax)
-------------------------------------------------------------------------------
Profit/(loss) before income tax 26,865 21,641
-------------------------------------------------------------------------------
Income tax (6,069) (5,741)
-------------------------------------------------------------------------------
Profit/(loss) after tax 20,796 15,900
-------------------------------------------------------------------------------
Profit/(loss) after tax attributable
to:
Owners of the Company 20,744 15,919
Non-controlling interests 52 (19)
-------------------------------------------------------------------------------
Profit/(loss) 20,796 15,900
-------------------------------------------------------------------------------
Earnings per share (EUR) 0.23 0.19
Intertrust N.V. - Balance Sheet (unaudited)
(EUR 000) 31.03.2017 31.12.2016
Assets
Property, plant and equipment 19,620 20,167
Software 14,021 15,120
Goodwill and acquisition-related intangible assets 1,560,273 1,565,367
Investments in equity-accounted investees 578 707
Other non-current financial assets 3,708 3,820
Deferred tax assets 354 2,480
---------------------------------------------------------------------------
Non-current assets 1,598,554 1,607,661
---------------------------------------------------------------------------
Trade receivables 94,517 99,160
Other receivables 20,917 15,021
Work in progress 37,105 31,984
Current tax assets 512 945
Other current financial assets 1,344 1,627
Prepayments 10,139 8,167
Cash and cash equivalents 91,143 69,858
---------------------------------------------------------------------------
Current assets 255,677 226,762
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total assets 1,854,231 1,834,423
---------------------------------------------------------------------------
Equity
Share capital 55,200 55,200
Share premium 630,441 630,441
Reserves 37,385 42,345
Retained earnings 50,801 29,887
Equity attributable to owners of the Company 773,827 757,873
Non-controlling interests 178 1,930
---------------------------------------------------------------------------
Total equity 774,005 759,803
---------------------------------------------------------------------------
Liabilities
Loans and borrowings 781,125 781,221
Other non-current financial liabilities 2,980 1,763
Employee benefits liabilities 2,785 3,082
Deferred income 7,577 8,677
Provisions 847 1,147
Deferred tax liabilities 85,320 85,659
---------------------------------------------------------------------------
Non-current liabilities 880,634 881,549
---------------------------------------------------------------------------
Loans and borrowings 62 18,072
Trade payables 5,629 10,636
Other payables 60,615 66,974
Other current financial liabilities 4,975 -
Deferred income 99,272 71,467
Provisions 1,182 2,219
Current tax liabilities 27,857 23,703
---------------------------------------------------------------------------
Current liabilities 199,592 193,071
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total liabilities 1,080,226 1,074,620
---------------------------------------------------------------------------
---------------------------------------------------------------------------
Total equity & liabilities 1,854,231 1,834,423
---------------------------------------------------------------------------
Intertrust N.V. - Condensed Cash flow statement (unaudited)
(EUR 000) 01.01.17 - 31.03.17 01.01.16 - 31.03.16
Cash flows from operating activities
Profit/(loss) 20,796 15,900
Adjustments for:
----------------------------------------
Income tax expense 6,069 5,741
Share of loss/(profit) of equity- 3 9
accounted investees
Net finance costs 7,734 5,103
Depreciation and amortisation of 2,690 1,969
software
Amortisation of acquisition-related 10,128 7,582
intangible assets
(Gain)/loss on sale of non-current 10 5
assets
Other non-cash items 1,128 1,145
----------------------------------------
48,558 37,455
Changes in:
----------------------------------------
(Increase)/decrease in trade working 21,200 24,709
capital (*)
(Increase)/decrease in other working (1,639) (7,210)
capital (**)
Increase/(decrease) in provisions (1,309) (89)
Changes in foreign currency 418 388
----------------------------------------
67,228 55,253
Income tax paid (1,332) (691)
-------------------------------------------------------------------------------
Net cash from/(used in) operating 65,896 54,562
activities
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net cash from/(used in) investing (6,735) (2,864)
activities
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net cash from/(used in) financing (25,656) (3,827)
activities
-------------------------------------------------------------------------------
-------------------------------------------------------------------------------
Net increase/(decrease) in cash 33,505 47,871
-------------------------------------------------------------------------------
Cash attributable to the Company at 51,733 66,472
the beginning of the period
Effect of exchange rate fluctuations (554) (1,770)
on cash attributable to the Company
-------------------------------------------------------------------------------
Cash attributable to the Company at 84,684 112,573
the end of the period
Cash held on behalf of clients at the 6,459 5,681
end of the period
-------------------------------------------------------------------------------
Cash and cash equivalents at the end 91,143 118,254
of the period
-------------------------------------------------------------------------------
(*) Trade working capital is defined by the net (increase)/decrease in trade
receivables, work in progress, trade payables and deferred income
(**) Other working capital is defined by the net (increase)/decrease in other
receivables, prepayments and other payables (excluding liabilities for cash held
on behalf of clients)
Intertrust N.V. - Reconciliation of performance measures to reported results
(EUR 000) 01.01.17 - 31.03.17 01.01.16 - 31.03.16
-------------------------------------------------------------------------------
Profit/(loss) from operating 34,602 26,753
activities
-------------------------------------------------------------------------------
Amortisation of acquisition-related 10,128 7,582
intangible assets
Specific items - Transaction & 93 -
Monitoring costs
Specific items - Integration costs 352 529
Specific items - Share-based payment 480 1,039
upon IPO
Specific items - Share-based payment 404 -
upon integration
Specific items - Other operating 103 5
(income)/expenses
One-off expenses - 55
-------------------------------------------------------------------------------
Adjusted EBITA (*) 46,162 35,963
-------------------------------------------------------------------------------
(*) Adjusted EBITA is defined as EBITA before specific items. 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 on financial performance. Specific items are not of an operational
nature and do not represent core operating results. The one-off expenses are
related to redundancies, legal costs and settlement fees. The Company uses this
measure to analyse the operational performance of the company and its reportable
segments.
(EUR 000) 01.01.17 - 31.03.17
---------------------------------------------------
Adjusted Specific items Excluded items Reported
-------------------------------------------------------------------------------
EBITA 46,162 (1,432) - 44,730
-------------------------------------------------------------------------------
Amortisation of
acquisition-related - - (10,128) (10,128)
intangible assets
-------------------------------------------------------------------------------
Profit/(loss) from 46,162 (1,432) (10,128) 34,602
operating activities
-------------------------------------------------------------------------------
Net interest (7,050) - - (7,050)
Foreign exchange losses - - (684) (684)
Share of profit of equity-
accounted investees (net of (3) - - (3)
tax)
-------------------------------------------------------------------------------
Profit/(loss) before income 39,109 (1,432) (10,812) 26,865
tax
-------------------------------------------------------------------------------
Income tax (6,069) - - (6,069)
-------------------------------------------------------------------------------
Net income (*) 33,040 (1,432) (10,812) 20,796
-------------------------------------------------------------------------------
(EUR 000) 01.01.16 - 31.03.16
---------------------------------------------------
Adjusted Specific items Excluded items Reported
-------------------------------------------------------------------------------
EBITA 35,963 (1,628) - 34,335
-------------------------------------------------------------------------------
Amortisation of
acquisition-related - - (7,582) (7,582)
intangible assets
-------------------------------------------------------------------------------
Profit/(loss) from 35,963 (1,628) (7,582) 26,753
operating activities
-------------------------------------------------------------------------------
Net interest (4,686) - - (4,686)
Foreign exchange losses - - (417) (417)
Share of profit of equity-
accounted investees (net of (9) - - (9)
tax)
-------------------------------------------------------------------------------
Profit/(loss) before income 31,268 (1,628) (7,999) 21,641
tax
-------------------------------------------------------------------------------
Income tax (5,741) - - (5,741)
-------------------------------------------------------------------------------
Net income (*) 25,527 (1,628) (7,999) 15,900
-------------------------------------------------------------------------------
(*) Adjusted net income is defined as Adjusted EBITA less net interest and less
income tax. The Company uses this measure a.o. in its dividend policy.
Forward-looking statements and presentation of financial and other information
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.
Definitions
Adjusted EBITDA is defined as EBITDA before specific items. 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 revenue 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 Revenue, and is
expressed as a percentage.
Adjusted net income is defined as Adjusted EBITA less net interest and less
income tax.
Adjusted net income per share is defined as Adjusted net income divided by the
average number of shares outstanding at 31 March 2017.
Average for Q1 2017: 91,990,328 shares. Average for Q1 2016: 85,221,614 shares.
ARPE is Average revenue per entity.
Capital expenditure is defined as investments in property, plant, equipment and
software not related to acquisitions.
Cash conversion ratio is defined as operating free cash flow divided by Adjusted
EBITDA and is expressed as a percentage.
CC is Constant Currency.
EBITDA is defined as earnings before interest, taxes, depreciation and
amortisation.
Leverage ratio is total net debt divided by Adjusted proforma EBITDA. Proforma
means adjusted to take into account the full year effect of acquisitions,
including projected synergies.
Net interest is defined as Net finance cost excluding Forex gains and losses.
Operating free cash flow is defined as Adjusted EBITDA less capital expenditure.
Total net debt is nominal value of the senior facilities at the prevailing
exchange rates less cash excluding cash held on behalf of clients.
Underlying is Q1 2017 at constant currency and Q1 2016 including proforma Elian
and Azcona figures.
Intertrust NV Press release - Q1 2017 Results - vFINAL:
http://hugin.info/171118/R/2101610/796865.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: 04.05.2017 - 07:15 Uhr
Sprache: Deutsch
News-ID 540165
Anzahl Zeichen: 41904
contact information:
Town:
Amsterdam
Kategorie:
Business News
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