Ambitious TMC Closes 2010 Strongly and Proposes Anniversary Dividend
EINDHOVEN, The Netherlands, March 22, 2011 /PRNewswire/ --
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
http://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
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