Ambitious TMC Closes 2010 Strongly and Proposes Anniversary Dividend
By Tmc Group N.v., PRNEMonday, March 21, 2011
EINDHOVEN, The Netherlands, March 22, 2011 -
RESULTS (x Eur 1,000) 2010 H2** H1* 2009 H2** H1*
2010 2010 2009 2009
Revenues 42,094 22,805 19,289 37,151 17,487 19,664
Gross profit 15,274 8,427 6,847 12,109 6,357 5,752
% of the revenues 36.3% 37.0% 35.5% 32.6% 36.4% 29.3%
EBITDA 5,272 3,223 2,049 2,716 1,611 1,105
% of the revenues 12.5% 14.1% 10.6% 7.3% 9.2% 5.6%
Result for the period ***) 3,457 2,150 1,307 -4,740 884 -5,624
% of the revenues 8.2% 9.4% 6.8% -12.8% 5.1% -28.6%
* H1: first half year
** H2: second half year
*** Results H1 2009 including impairment loss on goodwill Eur 6.2
million, and therefore in full year 2009 as well
Highlights 2010
- Proposed dividend payment of Eur 0.40 per share and Eur 0.10
anniversary dividend per share.
- 94.1% increase in EBITDA to Eur 5.3 million (2009: 2.7
million).
- Increase in revenues of 13.3% from Eur 37.2 million in 2009
to Eur 42.1 million in 2010.
- Improvement of the direct/indirect headcount ratio at
year-end 2010 to 7.9 (at year-end 2009: 6.1).
- Increase of basic earnings per share to Eur 0.94 (2009: Eur
-1.21).
- Net cash position strongly improved from Eur - 1.4 million
at year-end 2009 to Eur 3.1 million at year end 2010.
- Solvency at year-end 2010 of 68.8% (at year-end 2009:
63.3%).
Thijs Manders, Chief Executive Officer of TMC Group:
"We look back very positive on 2010. The year marked a strong
recovery for TMC. We exhibited strong growth in both revenues and
profitability. This is the result of the dedication and resourcefulness of
our people. The organisational improvements which we implemented in 2009 also
contributed greatly to the results. We achieved virtually all qualitative
targets. At year-end 2010 TMC is a financially sound company.
There have been changes concerning the shareholders as well.
The fact that several new institutional investors, one of which is Teslin,
bought into TMC, is a vote of confidence in us and our future.
All systems are go for the company to continue to perform well
in 2011. Of course, we still see challenges ahead, in the construction
industry and civil-engineering in particular, but we are well equipped to
take on these challenges. TMC Technology represents a large part of our
revenue and I foresee that we will have ample opportunity in 2011 to expand
our position even further."
SUMMARY OF THE YEAR 2010
RESULTS (x Eur 1,000) 2010 2009
Revenue 42,094 37,151
Growth 13.3% -12.2%
Gross profit % of the revenues 36.3% 32.6%
EBITDA 5,272 2,716
% of the revenues 12.5% 7.3%
Result from operating activities (EBIT) 4,725 -4,010
% of the revenues 11.2% -10.8%
Result for the period 3,457 -4,740
Growth 172.9% -217.3%
% of the revenues 8.2% -12.8%
EMPLOYENEURS & INDIRECT PERSONNEL
Number of employeneurs end of period 461 387
Average number of employeneurs 423 408
Number of indirect employees end of period 58 63
SHARE INFORMATION
Earnings per share (Eur)* 0.94 -1.21
Cash flow per share (Eur)** 1.09 0.51
Diluted earnings per share (Eur)* 0.93 -1.21
* Calculated on the average number of shares issued.
** Result after taxes plus depreciations, amortisation and impairment,
calculated on the average number of shares issued.
Financial information:
Revenues
In 2010 revenue increased by 13.3% to Eur 42.1 million in
comparison with Eur 37.2 million in 2009. In the first half of 2010 we
managed to keep revenue at the same level as in the corresponding period in
2009. In the second half of 2010 we managed to generate an increase in
revenues in comparison to the corresponding period in 2009 of 30.4%. In
November 2010 we established a record amount in revenues in the 10 years we
have been in business.
The increase of revenues is primarily the result of the rise
in the number of employeneurs as a result of increasing demand in combination
with higher productivity. The increase was realised despite continuing
pressure on the rates. Productivity rose in comparison to 2009. During 2010 a
number of employeneurs was not working at commercial rates as a result of the
'Kenniswerkersregeling' and the deployment of employeneurs on risk bearing
projects.
Number of employees
The number of employeneurs increased from 387 at the end of 2009 to 461
at the end of 2010, an increase of 19.1%. The average number of employeneurs
increased from 408 in 2009 to 423 in 2010. This was an increase of 3.7%. The
number of indirect employees was 63 at year-end 2009. At year-end 2010 it
fell to 58. The ratio of direct versus indirect personnel was 7.9 at year-end
2010 (at year-end 2009: 6.1).
Gross profit
The gross profit in 2010 was Eur 15.3 million, an increase of
26.1% in comparison to the 2009 financial year. This increase is partly the
result of the increase of revenue and governmental grants. Excluding
governmental grants the gross profit 2010 increased by 8.4% in comparison
with 2009.
Direct personnel costs increased by 7.1% in comparison with
2009. The gross profit as a percentage of revenue is 36.3% in 2010 compared
to 32.6% in 2009. The gross profit as a percentage of revenue excluding
governmental grants in 2010 is 28.1% compared to 29.4% in 2009.
Indirect personnel costs
Indirect personnel costs were Eur 6.9 million in 2010. In 2009
these costs were Eur 6.7 million. This increase of 3.3% is the result of
several changes in costs, including the increase of bonuses for indirect
personnel of around Eur 800 thousand. The indirect personnel costs have
decreased due to the lower average number of indirect employees in 2010
compared to 2009, causing a decrease in indirect personnel costs of around
Eur 500 thousand. Finally, the costs decreased due to lower redundancy costs
for indirect employees, which were Eur 306 thousand in 2010 (2009: Eur 444
thousand). Indirect personnel costs amounted to 16.3% of revenue in 2010
(2009: 17.9%).
Other operating costs
Other operating costs were Eur 3.7 million in 2010 compared to Eur 3.3
million in 2009, excluding the impairment loss on goodwill. The increase of
11.5% was primarily the result of higher marketing costs, IT and telephone
costs and audit and consultancy costs. These costs had been curbed in 2009
due to the economic crisis. Other operating costs amounted to 8.7% of revenue
in 2010 (2009: 8.9%).
Operating result (EBIT)
The operating result, which was Eur 2.2 million in 2009,
excluding the impairment loss on goodwill, rose by 118.9% in 2010 to Eur 4.7
million. The operating result as a percentage of the revenue was 11.2% (2009:
5.8%).
Result for the period
The result before taxation for the period was Eur 4.7 million
(2009: Eur -4.2 million). The result per share increased from Eur -1.21 at
year-end 2009 to Eur 0.94 at year-end 2010.
Cash flow
The cash flow from operating activities amounts to Eur 4.2
million, an increase of 41.6% in comparison with 2009 (Eur 3.0 million). The
cash flow from investing activities amounts to Eur 202 thousand. The total
incoming cash flow therefore amounts to Eur 4.4 million, which has partly
been used to meet the repayment commitments of Eur 2.8 million. The remaining
Eur 1.6 million will be used for the proposed dividend payments.
Financing
Solvency at year-end 2010 was 68.8% compared to 63.3% at
year-end 2009. This increase was largely the result of the repayment on loans
and the increase of equity by the addition of the results over the 2010
financial year. Due to the increase in equity, the balance sheet total also
rose at year-end 2010 compared to year-end 2009. During the 2010 financial
year, no external financial sources were called upon to finance operating
activities. The dividend payments will not have a significant impact on TMC's
financing structure.
Proposal for profit appropriation
TMC's dividend policy, determined by the General Meeting of Shareholders
of TMC, is aimed at distributing a portion of the profit as dividend. In
addition a portion of the distributable reserves will be set aside to finance
further growth and development of the business. Dividend distributions will
be proposed annually by the board of directors, subject to the supervisory
board's approval, taking into account various factors including the financial
results, cash requirements, growth opportunities and the financial position.
In accordance with article 24 of the statutes, TMC's board of
directors proposes to the General Meeting of Shareholders to come to the
decision of distribution of dividend in cash from the profits of 2010 of Eur
0.50 per share. The board of directors is of the opinion that the strong
liquidity and solvency positions of the company make the proposed dividend
payments possible.
Financial results TMC Technology
The market in which TMC Technology operates, showed clear
signs of recovery in 2010. The results were influenced by the increasing
demand for our people. Particularly within the semi-conductor industry, there
was a boost in the level of activity. This resulted in an increasing demand
for highly skilled specialists. The productivity of the member company
Technology recovered compared to 2009. The rates remained relatively low
throughout 2010 as a result of the economic crisis. Virtually all business
cells contributed to the growth of the member company Technology in 2010.
Revenue rose to Eur 30.6 million in 2010. In 2009 revenue were
Eur 24.5 million. This is an increase of 25.0%. The increase in revenue is
largely due to the higher number of employeneurs we were able to deploy at
our clients successfully. In addition, productivity increased.
The result from operating activities rose from Eur 2.6 million
to Eur 4.7 million in 2010 compared to 2009, which is 15.4% (2009: 10.6%) of
the revenues. In 2010 Eur 3.5 million was charged on by TMC Holding B.V. and
TMC Group N.V. compared to Eur 3.1 million in 2009.
The number of employeneurs increased from 271 at year-end 2009
to 370 at year-end 2010, an increase of 36.5%. The average number of
employeneurs increased from 269 in 2009 to 322 in 2010. This is an increase
of 19.7%.
Financial results TMC ICT
TMC ICT experienced a period of slight recovery in 2010. The
pressure on rates remained unchanged, whilst productivity increased in
comparison to 2009. As a result the gross margin rose to a more acceptable
level. The savings on costs which were made in 2009 also had a positive
effect on the profitability in 2010, increasing the profitability of the
member company.
The developments within the Healthcare sector are positive.
The number of clients we serve in this sector is large and the revenue
realised by TMC ICT, form a substantial part of total revenue.
Revenue remained level in 2010 and were Eur 3.8 million, both
in 2009 and in 2010. Revenue in 2009, excluding the activities by TMC
Dynamics Professionals B.V., which was sold on 1 July 2009, were Eur 3.4
million. Therefore revenues increased by 12.0% in 2010 compared to 2009,
excluding TMC Dynamics Professionals B.V.
The results from operating activities rose in 2010 in
comparison with 2009 from Eur -482 thousand to Eur 140 thousand. As a
percentage of the revenues this is 3.7%, against -12.8% in 2009. In 2010 Eur
298 thousand was charged on by the holding and the N.V. In 2009 this amount
was Eur 422 thousand. The results from operating activities rose as a result
of a higher gross profit and a fall in indirect costs.
The number of employeneurs fell from 25 at the end of 2009 to
23 at the end of 2010. This is a decrease of 8.0%. The average number of
employeneurs fell from 33 in 2009 to 24 in 2010, or 27.3%.
Financial results TMC Adapte
The market in which Adapte operates was uncertain throughout
the whole of 2010. There was a drop in activities across the board, which
influenced Adapte's results. Anticipating the fall in revenues, we took
measures at the end of 2009 and during 2010 to adjust the cost structure.
Management of Adapte by the cell structure according to the TMC model is a
consequence of this. In addition the ratio between direct and indirect
personnel improved during 2010 as a result of the decline in the number of
indirect personnel.
In order to serve our clients better, we placed the activities
of the Oil & Gas sector, which originated from the construction and
civil-engineering sector, in a separate business cell. This cell is managed
from the Utrecht office. It concerns one-off projects, in common with the
construction and civil-engineering sector. The employeneurs are (senior)
project and risk managers, civil-engineers or structural engineers.
The revenues fell from Eur 8.9 million in 2009 to Eur 7.7
million in 2010. This is a decline of 13.5%. The decline in revenues is
largely due to the lower number of employeneurs.
The results from operating activities fell in 2010 in
comparison with 2009 from Eur 73 thousand to Eur -138 thousand. As a
percentage of the revenues this was -1.8%, against 0.8% in 2009. In 2010 Eur
1.2 million was charged on by the holding and the N.V., the same amount as in
2009. The charge-ons by TMC Holding B.V. and the TMC Group N.V. are based on
a budgeted estimate of the average number of indirect personnel at the start
of the financial year. The indirect personnel costs include Eur 256 thousand
(2009: Eur 20 thousand) of redundancy costs. The rise in redundancy costs is
the result of restructuring and improvement of the ratio direct / indirect,
which was implemented within Adapte Construction and Civil Engineering in
2010.
The number of employeneurs fell from 91 at the end of 2009 to
68 at the end of 2010, a fall of 25.3%.
The average number of employeneurs fell from 106 in 2009 to 77
in 2010, or 27.3%.
Outlook TMC Group
The financial results in the second half of 2010 improved
greatly compared to the same period in 2009 and also compared to the first
half of 2010, partly as a result of developments in the technology sector. We
are optimistic about the short term outlook.
The prognosis for the activities in the construction and
civil-engineering sector is based on the expectations of the Economic
Institute for the Construction Industry (EIB). 'After two years with a total
production loss of 15% in the Construction industry, we appear to have
reached the lowest point. The total production in construction is expected to
grow by 1% this year and this is mainly due to the recovery in residential
building. Both the non-residential building and the ground and water works
and road engineering still exhibit a modest contraction. These sectors are
experiencing the consequences of cut backs by governing bodies. In the
non-residential building sector the overcapacity of office space will also
put growth over the coming years under pressure. As of 2012 construction
shows a strong recovery. All this must, of course, be viewed against the
backdrop of a production level which will initially remain low. (Source: EIB,
'Expectations of production in construction and employment 2011').
The IT market is expected to grow by 2.0% in 2011. Last year
growth was 1.1%. The trend of recovery appears to be continuing. (source:
sector organisation ICT~Office).
At the end of 2010 TMC is in a financially sound position and
the ratios are solid. At the same time, we expect the pressure on rates to
decline, but not to recover to the level they were before the economic
crisis. Nevertheless we begin 2011 with a relatively high number of billable
employeneurs as a result of the termination of the 'Kenniswerkersregeling'.
In 2011 we will also invest in marketing activities and training of our
people through the TMC Academy. In 2011 we shall follow our strategy by
growing from the existing business cells. The emphasis will be on recruiting
new clients in new regions and further expansion of our presence in all the
sectors we operate in.
TMC does not intend to make any significant investments in
2011. In order to be able to realise the expected rise in the number of
employeneurs, we foresee a rise in the number of indirect employees.
Taking the aforementioned market developments and the
(financial) starting point at the year-end 2010 into consideration, we begin
2011 with great confidence.
Financial statements
The financial information is based on International Financial
Reporting Standards, as adopted within the European Union (EU-IFRS). The
information included in the appendices 2 through to 5 is taken from the
audited 2010 financial statements of TMC Group N.V., for which an unqualified
independent auditor's report has been issued. The entire financial statements
will be available on the TMC Group website as of 22 March 2011. The 2010
financial statements have yet to be approved by the General Meeting of
Shareholders, which will be held on 20 April 2011.
Forward-looking statements
This press release contains a number of forward-looking
statements. These statements are based on current expectations, estimates and
prognoses by management and the information available to the company at the
present time. The statements are subject to certain risks and uncertainties
which are difficult to assess. Therefore TMC Group accepts no obligation to
update the statements made in this press release.
Financial calendar:
- 20 April 2011 General Meeting of Shareholders
- 26 April 2011 Ex-dividend date
- 28 April 2011 Registration date dividend right
- 10 May 2011 Passing for payment dividend
- 23 August 2011 Publication half-year figures 2011
- 20 March 2012 Publication annual report 2011
- 18 April 2012 General Meeting of Shareholders
Mnemo : ALTMC
ISIN : NL0000290997
www.tmc.nl
TMC GROUP
TMC deploys highly skilled professionals in technical
environments. We distinguish ourselves by supplying rare competencies needed
for the development of complex products and projects. Our focus lies with
projects of vital importance to our clients. In addition we contribute to the
project continuity and flexibility of our clients and we are able to supply
them continually with strategic knowledge. We work for clients who are
specialised in high-tech, R&D, ICT en construction & civil-engineering.
TMC manages to bind the right specialists to the company, with
the employeneurship model, which combines employment and entrepreneurship in
a new working relationship.
Employeneurship: the business model of the 21st century!
The driving force behind TMC Group is our distinctive and
proven business model. This business model, the so-called employeneurship
model, is based on the entrepreneurship of our direct (employeneurs) and
indirect employees. The model features the following five principles:
- Long-term employment relationship
- Individual profit sharing
- 1-on-1 career coaching
- Specialised business cells
- Entrepreneurial lab
This unique employeneurship enables us to bind enterprising
professionals to our company who are frequently deployed by our clients to
the most vital and critical projects.
Appendices:
1) Key figures
2) Consolidated statement of comprehensive income
3) Consolidated statement of financial position
4) Consolidated statement of cash flows
5) Segment Reporting
6) Multi-year overview
Appendix 1: Key figures
RESULTS (x Eur 1,000) 2010 2009
Revenues 42,094 37,151
Growth 13.3% -12.2%
Gross profit 15,274 12,109
% of the revenues 36.3% 32.6%
Result from operating activities before
depreciation, amortisation and impairment (EBITDA) 5,272 2,716
% of the revenues 12.5% 7.3%
Result from operating activities (EBIT) 4,725 -4,010
% of the revenues 11.2% -10.8%
Result for the period 3,457 -4,740
Growth 172.9% -217.3%
% of the revenues 8.2% -12.8%
Total cash flow 1,582 -298
BALANCE SHEET DATA (x Eur 1,000)
Shareholders' equity 18,607 15,068
Balance sheet total 27,038 23,803
EMPLOYENEURS & INDIRECT PERSONNEL
Number of employeneurs end of period 461 387
Average number of employeneurs 423 408
Number of indirect employees end of period 58 63
SHARE INFORMATION
Number of shares issued at year-end 3,314,845 3,314,845
Number of shares in issue and shares issued A
(convertible shares) 372,921 -
Number of convertible shares at acquisition -
fixed purchase price portion - 311,127
Basic earnings per share (Eur) * 0.94 -1.21
Cash flow per share (Eur) ** 1.09 0.51
Number of convertible shares at acquisition -
variable purchase price portion - 61,794
Diluted earnings per share (Eur)* 0.93 -1.21
Market capitalisation at end of period (x Eur 1,000)
(excluding convertible shares) 31,491 24,861
Highest closing price (Eur) 9.50 10.37
Lowest closing price (Eur) 6.25 4.80
Closing price at year end (Eur) 9.50 7.50
* Calculated on the average number of shares in issue.
** Result after taxes plus depreciations, amortisation and impairment,
calculated on the average number of shares in issue.
Appendix 2: Consolidated statement of comprehensive income
Amounts x Eur 1,000 2010 2009
Revenues 42,094 37,151
Direct personnel costs -26,820 -25,042
Gross profit 15,274 12,109
Indirect personnel costs -6,868 -6,650
Other operating costs -3,681 -9,469
Result from operating activities (EBIT) 4,725 -4,010
Finance income 42 48
Finance costs -79 -218
Result before income tax 4,688 -4,180
Income tax expense -1,231 -560
Result for the period 3,457 -4,740
Result attributable to:
Owners of the company 3,457 -4,740
Non controlling interest - -
Result for the period 3,457 -4,740
Earnings per share (Eur)
Basic earnings per ordinary share* 0.94 -1.21
Diluted earnings per ordinary share* 0.93 -1.21
* Calculated on the average number of shares in issue.
Appendix 3: Consolidated statement of financial position
(before profit appropriation)
Amounts x Eur 1,000 2010 2009
ASSETS
Tangible fixed assets 717 927
Intangible assets 11,004 11,298
Trade and other receivables 649 852
Total non-current assets 12,370 13,077
Trade and other receivables 10,548 6,466
Current tax assets - 6
Other taxes and social security premiums 178 -
Other current assets 535 2,429
Cash and cash equivalents 3,407 1,825
Total current assets 14,668 10,726
TOTAL ASSETS 27,038 23,803
Amounts x Eur 1,000 2010 2009
EQUITY
Share capital 315 315
Share premium 14,439 14,439
Reserves -1,995 -1,995
Retained earnings 5,848 2,309
Total equity attributable to shareholders of the Company 18,607 15,068
LIABILITIES
Loans and borrowings - 338
Deferred tax liabilities 487 562
Total non-current liabilities 487 900
Loans and borrowings 338 2,844
Trade and other payables 918 506
Tax liabilities 196 -
Other taxes and social security premiums 2,847 2,269
Other liabilities and accruals 3,645 2,216
Total current liabilities 7,944 7,835
TOTAL EQUITY AND LIABILITIES 27,038 23,803
Appendix 4: Consolidated statement of cash flows
Amounts x Eur 1,000 2010 2009
Result for the period 3,457 -4,740
Adjustments for:
Depreciation 253 263
Amortisation of intangible assets 294 294
Impairment losses on intangible assets - 6,169
Net finance costs 37 170
Equity-settled share-based payment transactions 82 -
Income tax expense 1,231 560
5,354 2,716
Change in trade and other receivables -4,082 1,930
Change in other current assets 1,894 69
Change in trade and other payables 412 -285
Change in other taxes and social security premiums 400 170
Change in other liabilities and accruals 1,429 -494
5,407 4,106
Interest paid -79 -218
Income tax paid -1,104 -904
Net cash from operating activities 4,224 2,984
Interest received 42 48
Acquisition of tangible fixed assets (minus disposals) -43 -45
Loans granted 203 118
Net cash from investing activities 202 121
Dividends paid - -1,575
Repurchase of own shares - -1,995
Proceeds from loans 5 2,097
Repayment of borrowings -2,849 -1,930
Net cash used in financing activities -2,844 -3,403
Cash flow during the period 1,582 -298
Cash and cash equivalents at 1 January 1,825 2,123
Cash flow during the period 1,582 -298
Cash and cash equivalents at 31 December 3,407 1,825
Appendix 5: Segment Reporting
INFORMATION BY SEGMENT
Amounts x Eur 1,000 2010 2009
TMC Technology 30,626 24,501
TMC ICT 3,781 3,761
Adapte Construction & Civil Engineering 7,687 8,883
Other - 6
Revenues 42,094 37,151
TMC Technology 4,723 2,606
TMC ICT 140 -482
Adapte Construction & Civil Engineering -138 73
Other - -6,207
Result from operating activities (EBIT) 4,725 -4,010
Finance income and expense -37 -170
Income tax expense -1,231 -560
Result for the period 3,457 -4,740
Amounts x Eur 1,000 2010 2009
TMC Technology 10,314 7,141
TMC ICT 1,060 937
Adapte Construction & Civil Engineering 1,530 2,052
Other 14,134 13,673
Assets 27,038 23,803
TMC Technology 4,905 2,815
TMC ICT 637 481
Adapte Construction & Civil Engineering 869 967
Other 2,020 4,472
Liabilities 8,431 8,735
TMC Technology - -
TMC ICT - -
Adapte Construction & Civil Engineering - 25
Other 43 45
Investments 43 70
TMC Technology - -
TMC ICT - -
Adapte Construction & Civil Engineering 52 41
Other 495 6,685
Depreciations, amortisation and impairment losses
intangible assets 547 6,726
Appendix 6: Multi-year overview
Amounts x Eur 1,000 2010 2009 2008 2007*
Revenues 42,094 37,151 42,336 27,355
Growth 13.3% -12.2% 54.8% 94.7%
Gross profit 15,274 12,109 14,302 10,111
% of the revenues 36.3% 32.6% 33.8% 37.0%
Operating result before depreciation,
amortisation and impairment (EBITDA) 5,272 2,716 6,137 5,136
% of the revenues 12.5% 7.3% 14.5% 18.8%
Operating result (EBIT) 4,725 -4,010 5,612 4,877
% of the revenues 11.2% -10.8% 13.3% 17.8%
Result for the period 3,457 -4,740 4,040 3,561
% of the revenues 8.2% -12.8% 9.5% 13.0%
Cash flow 1,582 -298 -68 -2,808
Balance sheet (x Eur 1,000)
Trade and other receivables 10,548 6,466 8,396 5,779
Equity 18,607 15,068 23,378 19,511
Liabilities 8,431 8,735 9,515 11,179
Total equity & liabilities 27,038 23,803 32,893 30,690
Employees
Number of employeneurs at 31 December 461 387 460 384
Number of indirect employees at 31 December
58 63 76 56
Ratio direct / indirect 7.9 6.1 6.1 6.9
(table continued)
Amounts x Eur 1,000 2006 2005 2004 2003
Revenues 14,050 6,100 3,719 2,874
Growth 130.3% 64.0% 29.4% -0.8%
Gross profit 4,814 2,099 1,374 1,070
% of the revenues 34.3% 34.4% 36.9% 37.2%
Operating result before depreciation,
amortisation and impairment (EBITDA) 2,853 977 525 81
% of the revenues 20.3% 16.0% 14.1% 2.8%
Operating result (EBIT) 2,827 970 520 79
% of the revenues 20.1% 15.9% 14.0% 2.7%
Result for the period 1,913 637 300 34
% of the revenues 13.6% 10.4% 8.1% 1.2%
Cash flow 4,717 1 230 193
Balance sheet (x Eur 1,000)
Trade and other receivables 3,469 1,420 820 428
Equity 6,804 490 73 -51
Liabilities 3,220 1,829 1,370 803
Total equity & liabilities 10,024 2,319 1,443 752
Employees
Number of employeneurs at 31 December 175 70 33 23
Number of indirect employees at 31 December 21 14 9 4
Ratio direct / indirect 8.3 5.0 3.7 5.8
* Including takeover of Adapte as of 1 July 2007.
PRN NLD
For further information: Rogier van Beek, CFO, +31 (0)40-239 22 60, rogier.van.beek at tmc.nl
Tags: Eindhoven, March 22, Netherlands, The Netherlands, Tmc Group N.v.
