Amsterdam, the Netherlands - 7 February 2019 - Intertrust N.V. ("Intertrust" or "Company") [Euronext: INTER], a leading global provider of expert administrative services to clients operating and investing in the international business environment, today publishes its results for the fourth quarter and full year ended 31 December 2018.
Q4 2018 Highlights
Revenue increased 3.3% underlying year-on-year to EUR 132.7 million.
Adjusted EBITA amounted to EUR 50.0 million, decrease of 2.6%, due to one-off HQ costs.
Adjusted EBITA margin of 37.7% (Q4 2017: 40.0%).
Adjusted EPS decreased 2.4% to EUR 0.41 due to higher finance expenses.
Refinancing successfully completed consisting of senior unsecured notes and new senior facilities.
Strong cash flow generation of EUR 69.5 million, an increase of more than 40%.
FY 2018 Highlights
Full year 2018 results well within guidance. Guidance 2019 reiterated.
Revenue of EUR 496.1 million, an underlying increase of 3.5% year-on-year.
Adjusted EBITA amounted to EUR 185.9 million, up 1.8% on an underlying basis.
Adjusted EBITA margin of 37.5% (FY 2017: 38.2%).
Adjusted EPS increased 0.7% to EUR 1.54.
Cash flow from operating activities increased 18% to EUR 185.0 million.
Effective tax rate (ETR) of 8.6% due to a one-off adjustment mainly as a result of tax rate changes in the Netherlands (adjusted ETR 18.2%).
Proposed final dividend of EUR 0.32 per share, resulting in total dividend of EUR 0.62 (FY 2017: EUR 0.61).
To read the full Q4 and FY 2018 results press release, please open the attached file or download here.
The supporting Q4 and FY 2018 results presentation is available on our website.
Analyst call / webcast
Today, Intertrust's CEO Stephanie Miller and CFO Hans Turkesteen will hold an analyst call at 13:00 CET. A webcast of the call will be available on the Company's website. The webcast can be accessed here. The supporting presentation can be downloaded from our website.
Stephanie Miller, CEO of Intertrust, commented:
"We are pleased to have consistently delivered on our full year 2018 guidance. Our cash flow generation was very strong as a result of enhanced working capital management. Our full year underlying revenue increased by 3.5% to EUR 496.1 million with our underlying EBITA having grown by 1.8% to EUR 185.9 million. The adjusted EBITA margin amounted to 37.5%.
Our operating environment continues to be more advanced and more sophisticated. So, with a very clear strategy in place, Intertrust is changing at a faster and faster pace which will make us stronger and more successful than ever. We made significant progress in 2018 and created a strong foundation to facilitate future success, from which our clients will benefit. One key initiative I would like to highlight is our Client Portal which we have launched this January. This is a testament of our ability to deliver on our promises, and on our strategy. Furthermore, launching the Client Portal marks a major milestone in further advancing our client service. As always, work remains to be done. We continue to invest to become the leading tech-enabled corporate and fund solutions provider. We continue to execute our strategy and we continue to drive longterm profitability, having embedded purpose in our business model and corporate strategy. We are confident about delivering on our medium-term expectations.
We will propose a final dividend of EUR 0.32 per ordinary share at our Annual General Meeting of Shareholders on 16 May 2019, resulting in a total dividend for 2018 of EUR 0.62."
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Intertrust to acquire ABN AMRO's Escrow and Settlement business
Amsterdam - 7 February 2019 - Intertrust N.V. ("Intertrust" or the "Company") [ticker symbol INTER], a leading global provider of expert administrative services, and ABN AMRO today announce they have reached agreement for Intertrust to acquire ABN AMRO's Escrow and Settlement business. With the acquisition, Intertrust will become the number one escrow provider in Europe.
Escrow is a commonly used solution to ensure that complex financial transactions, for example in M&A and the Real Estate sector, are completed to the full satisfaction of clients, particularly in cross-border settings.
ABN AMRO's Escrow and Settlement business is the market leader for escrow, settlement and paying agency services in the Netherlands. It has a strong presence in the larger UK market and a growing business in Germany. The highly experienced team will transfer to Intertrust in its entirety and form the foundation for further international expansion of escrow, settlement and paying agency services under the ownership of Intertrust. The account bank services remain with ABN AMRO who will continue to provide this service to the business.
Stephanie Miller, CEO of Intertrust:
"In acquiring ABN AMRO's Escrow and Settlement business we move forward with our M&A strategy to expand our current offering in ancillary financial services. The two businesses have a strong cultural fit, having historically been part of the same organisation within MeesPierson. We still enjoy excellent personal and professional relationships and we are looking forward to growing and expanding our service offering in this area to clients as one combined team."
Transferring ABN AMRO's Escrow & Settlement business to Intertrust is in line with the bank's strategic focus on its core banking activities. Intertrust's extensive range of administrative services offers opportunities for the team to diversify its product and geographical offering and creates possibilities for further career development in Europe and beyond.
While this acquisition expands Intertrust's service offering, it does not have a material impact on the Company's financial position or results and the terms of the transaction are not disclosed. The transaction is subject to regulatory approvals and is expected to complete in Q3 2019.
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