Amsterdam - 24 August 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 second quarter and half year ended 30 June 2017.
Intertrust financial and operating performance for Q2 and H1 2017
Management reiterates full year 2017 guidance for underlying revenue of at least 3.5% year-on-year and for Adjusted EBITA margin between 37.5-38.5%.
Revenue increased 33.0% year-on-year to EUR 118.1 million in Q2, but declined 0.1% on an underlying basis. Revenue for H1 was EUR 239.7 million, implying underlying growth of 2.0%.
Adjusted EBITA was EUR 41.7 million in Q2, up 18.6% but down 9.0% underlying year-on-year. Adjusted EBITA margin declined 342bps to 35.3% in Q2, primarily due to EUR 2.1 million of non-recurring expenses (or approx. 180bps).
Elian synergy realisation continues on track; the IT integration is now expected to be completed in 2019.
Adjusted net income in H1 2017 grew 24.1% to EUR 64.5 million. Adjusted EPS in H1 2017 was EUR 0.71, up 15.9% year-on-year.
An interim dividend of EUR 0.28 per share has been declared and will be paid on 29 November 2017.
Management and Supervisory Board changes are announced in separate press releases also published today.
David de Buck, CEO of Intertrust, commented:
As previousy announced, our Q2 was disappointing. Underlying revenue came in at the same level as last year, impacted by
lower revenues in the Netherlands, where high staff turnover led to lower productivity. We are implementing various actions
to reduce the staff turnover. The performance in Luxembourg remained strong, driven by increased revenues in the Private
Equity & Real Estate Funds business, that is bHnHfittLnJ from our increased 'funds profiOH
following the Elian acquisition last
year. The other reporting business segments performed in line with our expectations. Our Adjusted EBITA was impacted by
onHoff expenses related to a legal claim, and by higher IT expenses due to additional investment in various projects,
including the outsourcing of our data centres. The lower performance in the Netherlands also impacted overall EBITA
Intertrust N.V. Press Release – Q2 and H1 2017 results 1
margins for Q2 and H1. The integration of Elian remains on track and we are seeing integration synergies in line with our
business case, although the full systems integration will take until mid-2019 to complete.
see and read more on
http://hugin.info/171118/R/2128962/813112.pdf
Intertrust N.V. announces Management and Supervisory Board changes
Amsterdam - 24 August 2017 - Intertrust N.V. ("Intertrust" or "the Company") [ticker symbol INTER], a leading global provider of high-value trust, corporate and fund services, announces management and Supervisory Board changes.
Management changes
Henk-Pieter (HP) van Asselt, member of the Executive Committee, will join the Management Board in his capacity as Chief Commercial Officer of Intertrust, subject to regulatory and shareholder approval at an Extraordinary General Meeting (EGM) to be held later this year.
Other members of the Management Board are David de Buck, CEO and Maarten de Vries, CFO.
HP has been working with Intertrust since 2005, initially in New York where he set up the company's first US sales office. HP was subsequently based in London where he was responsible for Intertrust's UK office. In 2009 HP moved to Amsterdam and joined the Executive Committee as Global Head Business Development. Currently HP is Chief Commercial Officer, also responsible for the four service lines.
David de Buck, CEO of Intertrust, said "HP brings a wealth of experience in various commercial and geographical roles to the Management Board. HP will be a strong addition to our Management Board and ensure that Intertrust's commercial interests always remain high on our agenda. We welcome and congratulate him on this important move."
Dick Niezing, Managing Director of Intertrust in the Netherlands and member of the Executive Committee, has announced his decision to step down as per 1 January 2018. Dick has been with Intertrust since 2012 when he re-joined the company as Managing Director of the Netherlands. A search for his successor has been initiated.
David de Buck said "We are grateful to Dick for his contribution during an important phase of Intertrust's development. We will miss him and wish him the best going forward."
Supervisory Board changes
Intertrust's Supervisory Board has nominated Charlotte Lambkin to join the Supervisory Board for a term of four years, subject to regulatory approval and approval by shareholders at the EGM.
In May 2017, major shareholder Blackstone's shareholding fell below the 25% threshold, creating an opportunity to increase the number of independent board members on the Supervisory Board. Gerry Murphy, member of Intertrust's Supervisory Board since 2015, will step down and be replaced by Ms. Lambkin.
After the changes, the Supervisory Board will consist of the following independent members; Hélène Vletter-van Dort (Chairperson), Charlotte Lambkin, Anthony Ruys, and Toine van Laack. Supervisory board member Lionel Assant is representing Blackstone and Paul Willing, whose nomination is also pending shareholder approval in October, is the former CEO of Elian.
Hélène Vletter-van Dort, Chairperson of Intertrust's Supervisory Board, commented: "We would like to thank Gerry for his dedication and unwavering focus on Intertrust's interests. We look forward to welcoming Charlotte and are confident that her extensive experience in corporate affairs and public relations with listed companies will add value to our board."
Ms. Lambkin, a British citizen, is an experienced corporate affairs and communications professional with extensive experience serving in strategic communications positions within large listed companies. Most recently, she served as Executive Committee member and Corporate Relations Director at Diageo, the UK headquartered FTSE 10 listed global producer of spirits, beer and wine brands. Prior to that, she spent 10 years at BAE Systems, a UK-headquartered FTSE 30 listed defence, aerospace and security solutions company, as Executive Committee member and Group Communications Director. She started her career at communications consultancy Bell Pottinger Corporate and Financial, where she was a Director and member of the Management Team, advising boards of large multi-nationals to position their strategies and financial public relations.
Until Ms. Lambkin's envisaged appointment at the EGM, she will attend board meetings as an observer. The agenda and notice for the EGM will be published on the Company's website in advance of the meeting.
AND
Intertrust N.V. announces intention of CEO not to seek reappointment
Amsterdam - August 24, 2017 - Intertrust N.V. ("Intertrust" or the "Company") [ticker symbol INTER], the leading global provider of high-value trust, corporate and fund services, announces that Chief Executive Officer David de Buck will not seek reappointment at the end of his term in May of 2018.
David de Buck said "I have informed the Supervisory Board of my decision not to seek another four year term as CEO of Intertrust when my current term ends at the AGM of 17 May 2018. It has been a great privilege to lead Intertrust since 2009 and I am proud of all we have achieved. It has been a fantastic journey, all the way from the management buy-out in 2009, the two periods of private equity ownership with Waterland and Blackstone, our seven acquisitions between 2011 and 2017 and last but not least our IPO in 2015. None of these accomplishments would have been possible without the hard work and loyalty of all my colleagues across the world, and I am profoundly thankful to all the great people that work and have worked at Intertrust over the last nine years."
Chairperson Hélène Vletter-van Dort said "On behalf of the Supervisory Board, I would like to express our deep gratitude to David for his many years of hard work and dedication to Intertrust. Under David's entrepreneurial leadership, Intertrust has become one of the world's leading Trust, Corporate and Fund Services providers, and clearly the successful IPO of Intertrust in 2015 is one of the highlights of David's tenure. I have very much enjoyed our cooperation, and we wish David every success with his future endeavours. The Supervisory Board has initiated a search for a new CEO."
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