EINDHOVEN, The Netherlands, March 20, 2012 /PRNewswire/ --
- Dividend to 1 Euro
RESULTS 2011 H2 2011 H1 2011 2010 H2 2010 H1 2010
Amounts x Eur 1,000
Revenue 52,663 26,344 26,319 42,094 22,805 19,289
Growth compared to last period 25.1% 0.1% 15.4% 13.3% 18.2% 10.3%
Gross profit 18,999 8,992 10,007 15,274 8,427 6,847
as a % of revenue 36.1% 34.1% 38.0% 36.3% 37.0% 35.5%
Growth compared to last period 24.4% -10.1% 18.7% 26.1% 23.1% 7.7%
EBITDA 8,911 4,664 4,247 5,272 3,223 2,049
as a % of revenue 16.9% 17.7% 16.1% 12.5% 14.1% 10.6%
Growth compared to last period 69.0% 9.8% 31.8% 94.1% 57.3% 27.2%
Profit for the period 6,011 3,040 2,971 3,457 2,150 1,307
as a % of revenue 11.4% 11.5% 11.3% 8.2% 9.4% 6.8%
Growth compared to last period 73.9% 2.3% 38.2% 172.9% 64.5% 47.9%
Highlights
- Increase in revenue of 25.1% from Eur 42.1 million in 2010 to Eur 52.7 million in 2011.
- EBITDA rose by 69.0% from Eur 5.3 million in 2010 to Eur 8.9 million in 2011.
- Increase in profit of 73.9% from Eur 3.5 million in 2010 to Eur 6.0 million in 2011.
- Increase in the earnings per share from Eur 0.94 in 2010 to Eur 1.63 in 2011
- Net cash position strongly improved from Eur 3.1 million at year-end 2010 to Eur 7.7 million at year-end 2011.
- Solvency at year-end 2011 of 71.5% (at year-end 2010: 68.8%).
- Proposal for change in profit appropriation policy with fixed payout (50%) and variable payout.
- Proposal for dividend payment of Eur 1.00 per share.
- Proposal to General Shareholders Meeting for change-over to one-tier structure.
Thijs Manders, CEO of TMC Group:
"We are proud that we at TMC employ enthusiastic and motivated Employeneurs who realise technical inventions and breakthroughs. They are also curious people with a mission, passion and an unique engineering competency. TMC wants to stand up for these professionals educated in the exact sciences. It is our ambition to ensure that this group of highly educated and often experienced engineers receive the attention, appreciation and reward they truly deserve. We would like to create a platform in the Netherlands which makes provisions for professionals educated in the exact sciences to be judged and valued on their merits.
Our Employeneurs operate increasingly in the top 15 technological regions worldwide and we recognise a clear new trend of deployability across our borders. This also translates into the fact that we employ over 28 nationalities.
TMC intends to change over to a one-tier structure and will present a proposal to do so to its shareholders during the General Shareholders Meeting. I will act as chairman of the new board. The implementation of the one-tier board fits in well with the TMC culture of trust and delegation of responsibility with as few administrative layers as possible. I will continue to focus intensively on the strategic course, the corporate culture, further development of the Employeneurship, key customers and prospects and investor relations. The operational CEO tasks will be taken over by the two present members of the Board of Directors. I am pleased to be able to continue to devote my passion and enthusiasm to the company."
SUMMARY 2011
RESULTS 2011 2010
Amounts x Eur 1,000
Revenue 52,663 42,094
Growth 25.1% 13.3%
Gross profit 18,999 15,274
% of the revenue 36.1% 36.3%
EBITDA 8,911 5,272
% of the revenue 16.9% 12.5%
Result from operating activities (EBIT) 8,037 4,725
% of the revenue 15.3% 11.2%
Profit for the period 6,011 3,457
Growth 73.9% 172.9%
% of the revenue 11.4% 8.2%
TOTAL CASH FLOW 4,277 1,582
BALANCE SHEET DATA 2011 2010
Amounts x Eur 1,000
Equity 22,858 18,607
Balance sheet total 31,977 27,038
Net cash position 7,684 3,069
EMPLOYENEURS & INDIRECT PERSONNEL 2011 2010
Number of Employeneurs end of period 478 433
Average number of Employeneurs 455 412
Number of indirect employees end of period 61 58
Ratio direct / indirect 7.8 7.5
SHARE INFORMATION 2011 2010
Basic earnings per share (in Eur) * 1.63 0.94
Diluted earnings per share (in Eur) * 1.61 0.93
Cash flow per share (in Eur) ** 1.87 1.09
Management model
During the General Shareholders Meeting the following appointments will be proposed in connection with the change-over to a one-tier management model:
- Mister Thijs Manders, currently CEO, as non-executive director and chairman of the Board.
- Mister Jan van Rijt, currently strategic advisor, as non-executive director and vice chairman of the Board.
- Mister Jan Lobbezoo, currently chairman of the Supervisory Board, as non-executive director and member of the Board.
- Mister Hans Wouters, currently member of the Supervisory Board, as non-executive director and member of the Board.
Mister Paul Schouwenaar will resign as a member of the Supervisory Board and remain in the employ of the company as strategic advisor. Mister Luud Engels and mister Rogier van Beek shall continue in their current positions as executive director respectively as COO and CFO. The tasks and powers of the CEO are exercised by the two executive directors together.
FINANCIAL INFORMATION
Increase in revenue
In 2011 the revenue increased by 25.1% to Eur 52.7 million (2010: Eur 42.1 million). The increase of revenue is due to a higher average number of Employeneurs. In addition higher rates and increased productivity contributed to the growth in revenue. In 2010 a number of Employeneurs worked within the Knowledge Workers Scheme (Kenniswerkersregeling) and were not billable at commercial rates.
Number of employees
The number of Employeneurs increased by 10.4% from 433 at the end of 2010 to 478 at the end of 2011. The average number of Employeneurs increased by the same percentage from 412 in 2010 to 455 in 2011. At year-end 2011 the number of indirect employees had risen by 5.2% to 61 (at year-end 2010: 58). The ratio of direct versus indirect personnel was 7.8 at year-end 2011 (at year-end 2010: 7.5).
Gross profit
The gross profit in 2011 was Eur 19.0 million. This is an increase of 24.4% in comparison to 2010. This increase is also primarily explained by a higher average number of Employeneurs and a higher productivity. The gross profit as a percentage of the revenue is 36.1% compared with 36.3% in 2010. The gross profit as a percentage of the revenue excluding subsidies rose to 31.9% in 2011 (2010: 28.1%). This is an increase of 42.0% compared with 2010. This shows that TMC has become operationally more profitable.
Indirect personnel costs
Indirect personnel costs were Eur 6.7 million in 2011 (2010: Eur 6.9 million). This is a decrease of 2.9%. The indirect personnel costs have decreased despite a rise in the average number of indirect employees. This decrease is in part a result of a change in bonus structure which was implemented as per 2011. This means lower indirect bonuses were paid out. In addition there were less redundancies in 2011 than in the same period last year. The indirect personnel costs as a percentage of the revenue was 12.7% in 2011 (2010: 16.3%).
Other operating costs
Other operating costs were Eur 4.3 million in 2011 (2010: Eur 3.7 million). This increase of 16.6% is primarily a result of the increase in marketing costs of Eur 347 thousand and the impairment on the brand name Adapté of Eur 307 thousand. The higher marketing costs largely concern an intensive marketing campaign and a new corporate identity. In addition Eur 140 thousand was added to the provision for doubtful debts in 2011 regarding an outstanding debt on one of our customers, who went bankrupt. In the end an amount of Eur 226 thousand in costs concerning collectability of doubtful receivables was accounted for in 2011.
Operating result (EBIT)
The operating result rose to Eur 8.0 million in 2011 (2010: Eur 4.7 million). This is an increase of 70.1%. The operating result for amortisation and impairment (EBITDA) was Eur 8.9 million in 2011. This is an increase of 69.0% compared with the same period last year (2010: Eur 5.3 million).
The operating result as a percentage of the revenue rose to 15.3% (2010: 11.2%). The operating result for amortisation and impairment (EBITDA) as a percentage of the revenue is 16.9% (2010: 12.5%).
Result for the financial year
The result for the financial year was Eur 6.0 million (2010: Eur 3.5 million). This is an increase of 73.9%. The result per share increased by 73.4% to Eur 1.63 (2010: Eur 0.94 per share).
Cash flow
The cash flow from operating activities was Eur 6.1 million, an increase of 43.7% in comparison with 2010 (Eur 4.2 million). The cash flow from investment activities was Eur 388 thousand. The total net cash flow from operating and investment activities therefore amounts to Eur 6.5 million, which has partly been used for the dividend payments for 2010 and the repayment commitments of Eur 338 thousand. The remainder will be largely used for the proposed dividend payments for 2011.
Financing
Solvency at year-end 2011 was 71.5% (68.8% at year-end 2010). This increase is due to the addition of the result for the period 2011 to equity. The balance sheet total rose as a result of increased operating activities. TMC did not call upon any external financial sources in 2011. The dividend payments will not have a significant impact on TMC's financing structure.
Profit Appropriation Policy
TMC's dividend policy, determined by the General Meeting of Shareholders of TMC, is aimed at distribution of a portion of the profit as dividend. In addition a portion of the profit will be set aside to finance further growth and development of the business.
The Board of Directors has the intention to distribute a fixed regular percentage of 50% of the profit as dividend. In addition TMC intends to distribute an additional variable dividend annually. For the proposal for profit appropriation various factors are taken into account, including the financial results, cash requirements, growth opportunities and the financial position.
Dividend distributions are proposed by the board of directors annually, to the General Shareholders Meeting, subject to the Supervisory Board's approval.
Proposal for profit appropriation
On 18 April 2012 a proposal will be put to the General Shareholders Meeting to set a dividend of Eur 1.00 per share. this dividend consists of a fixed part with a payout of 50,0% (Eur 0.82 per ordinary share) a variable part with a payout of 11.3% (Eur 0.18 per share). The total payout is 61.3% of the after-tax earnings per share which can be attributed to the TMC Group N.V. shareholders. The board of Directors holds the opinion that the strong liquidity and solvency position makes the proposed dividend distribution possible.
TMC: MARKET DEVELOPMENTS & TRENDS
Our customers are international companies which generally sell their products and services worldwide. The uncertainty surrounding the European economy does affect them directly or indirectly, but is not by definition material in nature. In addition, our customers mainly operate in R&D. We have always focused on their most important (R&D) projects and expect to be able to move along with them. By deploying people flexibly and on time in times of a tight labour market, TMC solves a part of the problem of scarcity perception.
Looking at the relevant uncertainty in the world and with our customers, we foresee the need for strategic and flexible knowledge increasing rather than decreasing. This is exactly the market in which we can meet our customers' needs.
The fact that R&D in the Netherlands is far from being settled, becomes clear in the analysis carried out by so-called top teams, at the request of the minister for innovation policy. The government intends to change the taxes along with the current subsidy scheme. This way much money is being reserved for the Innovation fund SME+ (Innovatiefonds MKB+) Research and Development subsidies (RDA and RDA+) and the Promotion of Research and Development Act (WBSO). These initiatives will stimulate the innovative climate in the Netherlands.
TMC TECHNOLOGY
General
TMC Technology profited from a strong demand for technical personnel. The demand increased over the entire scope of the field in which TMC Technology operates. The semi-conductor industry has always been a market in which TMC Technology operates. The demand for Employeneurs in this industry has expanded further to suppliers and related customers. The demand from within the automotive industry has also increased.
TMC Technology is closely connected to the initiatives within Brainport 2020. In addition there is direct and good contact with the universities. New initiatives stem from this, such as an intended joint venture between TMC and the TU/e to facilitate students of Technological Design in their thesis. Other initiatives include the joint organisation of recruitment days with a large customer, and entering into relationships with international recruitment agencies in order to recruit foreign talent. TMC is also one of the sponsors of the TU-Delft for the development of an electric racing car and the sponsor of the Solar Team Twente.
Employeneurs
At year-end 2011 406 Employeneurs a active within TMC Technology (2010: 343). The average number of Employeneurs in 2011 was 379, compared with 314 in the same period last year. This is an increase of 20.7%.
Financial results
The revenue rose to Eur 42.6 million in 2011. In 2010 the revenue was Eur 30.6 million. This is an increase of 39.1%. This increase is the result of a higher average number of Employeneurs on the one hand and a combination of higher rates and productivity on the other hand. In 2010 there were on average 26 people working within the 'Kenniswerkersregeling'. These people were all deployed at commercial rates in 2011.
TMC Technology's contribution to the revenue of TMC Group in 2011 was 80.9%. In 2010 this percentage was 72.7%. The result from operating activities rose to Eur 8.0 million in 2011 (2010: Eur 4.7 million). This represents 18.8% of the revenue (2010: 15.4%).
Outlook TMC Technology
A number of recent fiscal initiatives by the government have had a positive effect on the innovation climate in the Netherlands. The top sector for High Tech Systems expects to spend Eur 1.4 billion on innovation. The top sectors Chemical and Life Sciences are expected to spend Eur 445 million and Eur 200 million respectively on innovation. Brainport 2020's ambitions in the south-east region of the Netherlands is great as well. Almost half of all R&D investments within our borders are made in the south-east region of the Netherlands. More than half of the patents come from the south of the Netherlands.
The outlook for 2012 is based on this increasing demand and a decreasing supply. TMC is fully aware of the opportunities. We see that we can make a contribution and realise growth, due to the appeal of our business model and the carefully built up network on the candidate side of the operations.
For 2012 the NL agency has made changes, to the graduated scales used for the Promotion of Research and Development Act (WBSO). Because of this the WBSO revenue for 2012 is expected to decrease.
TMC ICT
General
For TMC SAP Professionals 2011 was a stable year as far as the number of Employeneurs and the revenue development are concerned. The stability is partly due to the choice not to take on any projects; the best efforts obligation is leading in the strategy. A strategic joint venture to offer the market of 'small clinics' a SAP solution was aborted prematurely. The risks involved with this project were not in accordance with the strategy and size of the business cell. The rates have risen slightly compared with 2010.
Employeneurs
At year-end 2011 23 Employeneurs were active within TMC ICT (2010: 23). The average number of Employeneurs was also 23, both in 2011 and in 2010.
Financial results
In 2011 the revenue rose to Eur 4.0 million. In 2010 the revenue was Eur 3.8 million. This is an increase of 6.7%. This increase is mainly due to a higher productivity and higher rates.
TMC ICT's contribution to the revenue of TMC Group was 7.7% in 2011. In 2010 this percentage was 9.0%. The result from operating activities fell to Eur -65 thousand in 2011 (2010: Eur 140 thousand). This decrease is almost entirely attributable to the contribution to the provision for doubtful debts of Eur 140 thousand in 2011 concerning an outstanding debt on one of our customers, who went bankrupt.
Outlook TMC ICT
There is a shift taking place within the market of TMC SAP Professionals. The traditional implementation of ERP packages is slowly being replaced by business consultancy aimed at automation of entire business processes, the integration of ERP systems with other applications and the development of new modules in niche markets.
TMC SAP Professionals' focus has always been on niche markets. In addition TMC SAP Professionals is working on further profiling of its key competencies in order to make the added value which may be offered in the optimisation of business processes, more clear for potential customers. These developments, combined with the ability to bind good people to us with our business model, instil much faith in us for the results of this cell in 2012.
TMC CONSTRUCTION
General
TMC Construction operates within the construction and civil engineering market and the oil & gas market. The market in which TMC Civil Engineering operates was faced with a consistently low demand for Employeneurs in 2011. Both in the profit and the non-profit sector the customers have insufficient activities, which limits the demand for flexible manpower. The government cut-backs have a negative effect on the developments in both construction and civil engineering. The market in which Oil & Gas operates, is of a different nature and experienced a continuous demand throughout 2011. The concerted action between the three cells within TMC Construction achieved a less positive result than initially expected, as a result of these various market developments.
Employeneurs
At year-end 2011 49 Employeneurs were active within TMC Construction (2010: 67). The average number of Employeneurs in 2011 was 53 compared with 75 in the same period last year. This is a decrease of 29.3%.
Financial results
The revenue dropped to Eur 6.0 million in 2011. In 2010 the revenue was Eur 7.7 million. This is a decrease of 21.5%. This decrease is due to a lower average number of Employeneurs despite higher rates and productivity.
TMC Construction's contribution to the revenue of TMC Group was 11.4% in 2011. In 2010 this percentage was 18.3%. The cost structure for TMC Construction was adjusted, taking the fall in revenue into account. The indirect costs for TMC Construction decreased by 42.7% in 2011 compared to 2010. This decrease is the result of the fact that TMC Construction has been organised more efficiently and therefore has less indirect personnel costs and has less costs charged-on from the holding and the plc.
Partly due to this the operating result rose to Eur 78 thousand in 2011 (2010: Eur -138 thousand). This represents 1.3% of the revenue (2010: -1.8%).
Outlook TMC Construction
The demand for highly educated personnel in the construction and civil engineering market does not display a positive departure from the trend in the first months of 2012. The further fall in government investments will not be compensated by a possible strengthening demand from the private sector. In the first months of 2012 the project requests are often short-term and, particularly within construction, there is a wait-and-see approach.
A great advantage in the construction and civil engineering sector is that most construction related companies have shrunk now. This has made hiring knowledge and capacity and using a flexible layer very important. We see a similar development for the government.
The Oil & Gas market is conservative by nature and is still in its infancy where flexibilisation of workers is concerned. Particularly when it concerns highly educated personnel. This market is familiar with self-employed workers to a certain degree, but has less experience with deployment the way this is done within TMC Construction. We see a demand for highly educated personnel and that people operating in this market, are open to the business model as we use it. The results in 2011 offer a good foundation for a healthy 2012. The central coordination and cooperation between the cells within TMC Construction form an extra contributing factor.
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 2011 financial statements of TMC Group N.V., for which an unqualified audit opinion has been issued. The entire financial statements will be available on the TMC Group website as of 20 March 2012. The 2011 financial statements have yet to be approved by the General Meeting of Shareholders, which will be held on 18 April 2012.
Forward-looking statements
This press release contains a number of forward-looking statements. These statements are based on current expectations, estimations and prognoses by the 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:
21 March 2012 Registration date General Meeting of Shareholders
18 April 2012 General Meeting of Shareholders
20 April 2012 Ex-dividend date
24 April 2012 Registration date dividend right
1 May 2012 Passing for payment dividend
6 August 2012 Publication condensed interim financial statements 2012
Mnemo : ALTMC
ISIN : NL0000290997
Employeneurship model
The driving force behind TMC is the unique Employeneurship model. This enables us to bind top talent to our company. The model features the following five principles:
- Long-term employment relationship
TMC values employing its Employeneurs and offering them long-term employment. By doing this we emphasise the faith we have in our people and that we would like to enter into a long-term working relationship together. Furthermore, this way of working offers our customers the correct quality of Employeneurs and continuity in R&D projects. This clearly deviates in relationship to project deployment agencies, job agencies and other intermediaries.
- Individual profit sharing
On commencing employment the Employeneur's rate, as it will be charged to the customer by TMC, is determined transparently and in consultation with the Employeneur. Depending on his experience and seniority, the Employeneur shares in the profit. This can accumulate to 50%. This variable component is paid out monthly, depending on the actual rate and the hours worked. The variable reward makes our terms and conditions of employment highly competitive.
- 1-on-1 career coaching /TMC Academy
One of the principles of our business model is aimed at the individual development of our Employeneurs by way of coaching. This will primarily be geared towards the inter and intrapersonal skills and enhancement of the entrepreneurial behaviour. Within the TMC Academy all these competencies are developed further. As far as the substantive professional knowledge is concerned, all our people are extremely highly developed. This is a part of the selection procedure when recruiting.
- Specialised business cells
TMC is formed by various business cells. Each cell represents a certain area of competencies. The advantage of this structure is that the people in a cell feel connected with their peers. In addition they can share and request knowledge. For TMC the advantage is that we can enter both the customer market and the candidate market. Within the business cells we involve our Employeneurs in company policy and strategy development. This enables them increasingly to become an Employeneur.
- Entrepreneurial Lab
In the Entrepreneurial Lab Employeneurs from various business cells work together on various projects. This way knowledge is shared and entrepreneurship is put into practice, with the accompanying budget and marketing plans. This is how we introduce our Employeneurs to true entrepreneurship, in a safe environment.
Appendices:
- Key figures
- Consolidated income statement
- Consolidated statement of financial position
- Consolidated statement of cash flows
- Information by segment
- Multi-year overview
Appendix 1: Key figures
RESULTS 2011 2010
Amounts x Eur 1,000
Revenue 52,663 42,094
Growth 25.1% 13.3%
Gross profit 18,999 15,274
as a % of revenue 36.1% 36.3%
EBITDA 8,911 5,272
as a % of revenue 16.9% 12.5%
Result from operating activities (EBIT) 8,037 4,725
as a % of revenue 15.3% 11.2%
Profit for the period 6,011 3,457
Growth 73.9% 172.9%
as a % of revenue 11.4% 8.2%
TOTAL CASH FLOW 4,277 1,582
BALANCE SHEET DATA 2011 2010
Amounts x Eur 1,000
Equity 22,858 18,607
Balance sheet total 31,977 27,038
Net cash position 7,684 3,069
EMPLOYENEURS & INDIRECT PERSONNEL 2011 2010
Number of Employeneurs end of period 478 433
Average number of Employeneurs 455 412
Number of indirect employees end of period 61 58
Ratio direct / indirect 7.8 7.5
SHARE INFORMATION 2011 2010
Number of shares issued at year-end 3,687,766 3,314,845
Number of shares in issue and shares issued A (convertible shares) - 372,921
Basic earnings per share (in Eur) * 1.63 0.94
Diluted earnings per share (in Eur) * 1.61 0.93
Cash flow per share (in Eur) ** 1.87 1.09
Market capitalisation at end of period (x Eur 1,000) *** 35,587 31,491
Highest closing price (in Eur) 12.30 9.50
Lowest closing price (in Eur) 9.00 6.25
Closing price at year end (in Eur) 9.65 9.50
* 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.
*** Excluding convertible shares.
Appendix 2: Consolidated income statement
2011 2010
Amounts x Eur 1,000
Revenue 52,663 42,094
Direct personnel costs -33,664 -26,820
Gross profit 18,999 15,274
Indirect personnel costs -6,670 -6,868
Other operating costs -4,292 -3,681
Result from operating activities (EBIT) 8,037 4,725
Finance income 47 42
Finance costs -27 -79
Profit before income tax 8,057 4,688
Income tax expense -2,046 -1,231
Profit for the period 6,011 3,457
Profit attributable to:
Owners of the company 6,011 3,457
Non controlling interest - -
Profit for the period 6,011 3,457
Earnings per share (Eur)
Basic earnings per share * 1.63 0.94
Diluted earnings per share (in Eur) * 1.61 0.93
* Calculated on the average number of shares in issue.
Appendix 3: Consolidated statement of financial position
(before profit appropriation)
2011 2010
Amounts x Eur 1,000
ASSETS
Tangible fixed assets 705 717
Intangible assets and goodwill 10,403 11,004
Trade and other receivables 47 649
Total non-current assets 11,155 12,370
Trade and other receivables 12,354 10,548
Other taxes and social security premiums - 178
Other current assets 784 535
Cash and cash equivalents 7,684 3,407
Total current assets 20,822 14,668
TOTAL ASSETS 31,977 27,038
2011 2010
Amounts x Eur 1,000
EQUITY
Share capital 315 315
Share premium 14,439 14,439
Reserves -1,995 -1,995
Retained earnings 10,099 5,848
Total equity attributable to shareholders of the
Company 22,858 18,607
LIABILITIES
Deferred tax liabilities 327 487
Total non-current liabilities 327 487
Loans and borrowings - 338
Trade and other payables 743 918
Tax liabilities 714 196
Other taxes and social security premiums 3,138 2,847
Other liabilities and accruals 4,197 3,645
Total current liabilities 8,792 7,944
TOTAL EQUITY AND LIABILITIES 31,977 27,038
Appendix 4: Consolidated statement of cash flows
2011 2010
Amounts x Eur 1,000
Profit for the period 6,011 3,457
Adjustments for:
Depreciation 273 253
Amortisation of intangible assets 294 294
Impairment losses on intangible assets 307 -
Net finance income and expense -20 37
Equity-settled share-based payment transactions 83 82
Income tax expense 2,046 1,231
8,994 5,354
Change in trade and other receivables -1,806 -4,082
Change in other current assets -249 1,894
Change in trade and other payables -175 412
Change in other taxes and social security premiums 469 400
Change in other liabilities and accruals 552 1,429
7,785 5,407
Interest paid -27 -79
Income tax paid -1,688 -1,104
Net cash from operating activities 6,070 4,224
Interest received 47 42
Acquisition of tangible fixed assets -261 -43
Loans granted 602 203
Net cash used in investing activities 388 202
Dividends paid -1,843 -
Proceeds form loans - 5
Repayment of borrowings -338 -2,849
Net cash from financing activities -2,181 -2,844
Cash flow during the period 4,277 1,582
Cash and cash equivalents at 1 January 3,407 1,825
Cash flow during the period 4,277 1,582
Cash and cash equivalents at 31 December 7,684 3,407
Appendix 5: Information by segment
INFORMATION BY SEGMENT 2011 2010
Amounts x Eur 1,000
TMC Technology 42,599 30,626
TMC ICT 4,033 3,781
TMC Construction 6,031 7,687
Other - -
Revenue 52,663 42,094
TMC Technology 8,024 4,723
TMC ICT -65 140
TMC Construction 78 -138
Other - -
Result from operating activities (EBIT) 8,037 4,725
Finance income and expense 20 -37
Income tax expense -2,046 -1,231
Profit for the period 6,011 3,457
2011 2010
Amounts x Eur 1,000
TMC Technology 11,660 10,314
TMC ICT 1,026 1,060
TMC Construction 1,335 1,530
Other 17,956 14,134
Assets 31,977 27,038
TMC Technology 5,341 4,905
TMC ICT 503 637
TMC Construction 546 869
Other 2,729 2,020
Liabilities 9,119 8,431
TMC Technology - -
TMC ICT - -
TMC Construction - -
Other 261 43
Investments 261 43
TMC Technology - -
TMC ICT - -
TMC Construction - 52
Other 874 495
Depreciations and amortisation intangible assets 874 547
Appendix 6: Multi-year overview
2011 2010 2009 2008 2007*
Amounts x Eur 1,000
Revenue 52,663 42,094 37,151 42,336 27,355
Growth 25.1% 13.3% -12.2% 54.8% 94.7%
Gross profit 18,999 15,274 12,109 14,302 10,111
as a % of revenue 36.1% 36.3% 32.6% 33.8% 37.0%
EBITDA 8,911 5,272 2,716 6,137 5,136
as a % of revenue 16.9% 12.5% 7.3% 14.5% 18.8%
Operating result (EBIT) 8,037 4,725 -4,010 5,612 4,877
as a % of revenue 15.3% 11.2% -10.8% 13.3% 17.8%
Profit for the period 6,011 3,457 -4,740 4,040 3,561
as a % of revenue 11.4% 8.2% -12.8% 9.5% 13.0%
Cash flow 4,277 1,582 -298 -68 -2,808
Balance sheet (x Eur 1,000)
Trade and other receivables 12,354 10,548 6,466 8,396 5,779
Equity 22,858 18,607 15,068 23,378 19,511
Liabilities 9,119 8,431 8,735 9,515 11,179
Total equity & liabilities 31,977 27,038 23,803 32,893 30,690
Employees
Number of Employeneurs at 31 December 478 433 378 440 380
Number of indirect employees at 31 December 61 58 63 76 56
Ratio direct / indirect 7.8 7.5 6.0 5.8 6.8
* Including takeover of Adapté as of 1 July 2007.
Table Continued
2006 2005 2004 2003
Amounts x Eur 1,000
Revenue 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
as a % of revenue 34.3% 34.4% 36.9% 37.2%
EBITDA 2,853 977 525 81
as a % of revenue 20.3% 16.0% 14.1% 2.8%
Operating result (EBIT) 2,827 970 520 79
as a % of revenue 20.1% 15.9% 14.0% 2.7%
Profit for the period 1,913 637 300 34
as a % of revenue 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 Adapté as of 1 July 2007.
PRN NLD
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