|By PR Newswire||
|November 12, 2012 01:16 AM EST||
EINDHOVEN, The Netherlands, November 12, 2012 /PRNewswire/ --
This press release contains unaudited financial information.
- Turnover: Eur 12.9 million in Q3 2012 versus Eur 12.6 million in Q3 2011 (+2.3%);
- Gross margin excluding subsidies: Eur 4.2 million in Q3 2012 versus Eur 4.3 million in Q3 2011 (-2.8%);
- Operating result: Eur 1.6 million in Q3 2012 versus Eur 1.8 million in Q3 2011 (-13.0%);
- Headcount at the end of Q3 2012 506 versus 463 at the end of Q3 2011;
- Headcount increase of 4 in Q3 2012 versus 8 in Q3 2011.
"The continued uncertain economic climate in 2012 has had an adverse impact on the Group results compared to a very strong 2011. Especially the Member Companies TMC Construction and TMC ICT are operating in a challenging market environment, with no evidence indicating a turnaround in the near term. The Member Company Technology is showing continued growth with a stable increase in the number of Employeneurs. However, overall market conditions and governmental policies have put pressure on margins resulting in reduced profitability."
Rogier van Beek, CEO/CFO
Offer by Time Acquisition B.V. for TMC Group N.V.
This press release is issued in view of the press release dated 12 November 2012 issued by Time Acquisition B.V. and TMC Group N.V. confirming commencement of the recommended all-cash public offer by Time Acquisition B.V. for all issued and outstanding shares in TMC and in addition confirming the availability of the offer memorandum prepared in the context of the offer (available at http://www.tmc.nl). The contents of this press release will be replicated in the offer memorandum.
Developments in the third quarter
In the third quarter revenues increased modestly (+2.3%) compared to the same quarter in 2011. The average number of direct FTE's increased by 9.0% to 488.4 in Q3 2012 compared to 448.0 in the same period in 2011. Despite the increase in FTE's, the average revenue per FTE decreased compared to the same period in 2011 due to the fact that productivity and tariffs showed a negative trend and decreased compared to prior year.
Gross margin increased by 2.1% compared to the same period last year to Eur 4.4 million. The gross margin excluding subsidies decreased with 2.8% compared to the same period in 2011. This decline is the result of decreasing average sales per FTE and higher personnel costs. Social security and pension costs increased on average with 13.6% per FTE, caused by an increase of the thresholds for maximum income assessable for social insurance under the Healthcare Insurance Act and the related employer's contributions. Gross margin including subsidies of Eur 4.4 million increased by 2.1% compared to the same period last year. In Q3 2012 subsidies amounted to Eur 208 thousand compared to nil subsidies in Q3 2011. Overall subsidies are lower in 2012 as compared to prior year.
Total indirect costs amounted to Eur 2.8 million compared to Eur 2.5 million in the same period 2011, an increase of 13.3%. The increase is predominantly attributable to higher personnel costs. At the same time non-personnel indirect costs also increased.
Indirect personnel related costs increased with 16.9%, related to an increase in indirect personnel and the increase in social security and pension charges. The average number of indirect FTE's in Q3 2012 ended at 65.8 compared to 61.3 in Q3 2011, an increase of 7.3%. The indirect non-personnel related costs increased with 6.6% mainly due to increased marketing and consultancy costs.
The operating result in the third quarter of 2012 decreased with 13.0% to Eur 1.6 million (Eur 1.8 million in Q3 2011). The operating result as a percentage of the revenue was 12.3% in Q3 2012 compared to 14.5% in the same quarter last year. Depreciation and amortisation in Q3 2012 was Eur 0.1 million (Q3 2011: Eur 0.1 million) resulting in EBITDA of Eur 1.7 million (Q3 2011: Eur 2.0 million), a decline of 12.8% year-on-year.
Developments per Member Company
The revenues of the Member Company Technology increased by 4.7% to Eur 11.1 million in the third quarter of 2012 (Eur 10.6 million in Q3 2011). The increase in revenues is a direct result of the increase in FTE's as TMC Technology at the same time was faced with lower productivity and lower tariffs. The average number of direct FTE's for the Member Company Technology increased with 11.6% to 423.5 (379.6 in Q3 2011).
The gross margin declined from 35.9% in Q3 2011 to 33.5% in Q3 2012. The total direct personnel costs increased with 8.5% as a result of a higher number of direct FTE's and increased social security and pension costs. The direct bonuses decreased with 14.8% due to a lower number of billable hours.
For Q3 2012 indirect costs excluding allocated corporate costs were Eur 969 thousand versus Eur 777 thousand last year, an increase of 24.8%. The average number of indirect FTE's went up from 35.4 in Q3 2011 to 37.5 in Q3 2012 (+5.9%). The indirect cost increase is mainly due to higher personnel related costs such as salaries, social security costs and pension costs.
The operating result excluding allocated corporate costs was Eur 2.7 million in Q3 2012 compared to Eur 3.0 million in Q3 2011 (-9.0%).
Revenues dropped by -19.9% in Q3 2012 versus Q3 2011 and ended at Eur 693,000. The average number of direct FTE's in Q3 2011 was 22.5 and decreased to 18.8 in Q3 2012 (-16.4%). In addition to the decrease in FTE's there remains pressure on commercial tariffs. The number of billable hours has decreased compared to the same period in 2011 due to the fact that less direct FTE's were able to be staffed.
The gross margin declined further from 16.0% in Q3 2011 to 14.1% in Q3 2012. Direct personnel costs decreased with 18.1% as a result of the lower number of direct FTE's and less billable hours. Direct bonuses decreased with 56.7% but could not prevent a gross margin decline.
The indirect costs for the Member Company ICT excluding allocated corporate costs decreased from Eur 195 thousand in Q3 2011 to Eur 99 thousand in Q3 2012. In Q3 2011 one-off costs of Eur 112 thousand were booked for doubtful debtors. Excluding these one-off costs the indirect costs increased by 20.2% primarily due to higher costs for external consultancy.
The operating result excluding allocated corporate costs remained negative at Eur -2 thousand in Q3 2012 compared to Eur -56 thousand in Q3 2011.
The Member Company Construction had slightly higher revenues in Q3 2012 compared to the same period last year. The revenues increased with 1.6% from Eur 1.2 million in Q3 2011 to Eur 1.2 million in Q3 2012. The revenues increased due to a higher number of billable hours and higher tariffs, driven by the Oil & Gas cell. The major part of the Member Company Construction continues to face considerable adverse end-market conditions.
The average number of direct FTE's for the Member Company remained stable at 46.0 (45.8 in Q3 2011).
The gross margin decreased from 29.8% in Q3 2011 to 27.5% in Q3 2012. This decrease is primarily due to increasing personnel cost, lower productivity and pressure on tariffs.
The operating result excluding allocated corporate costs was Eur 119 thousand in Q3 2012 compared to Eur 203 thousand in Q3 2011.
At the end of September 2012 the net cash position increased to Eur 6.8 million. The net cash flow from operations over the third quarter of 2012 was Eur 1.7 million (Q3 2011: Eur 2.4 million). The decrease in net cash flow from operations is primarily due to the lower profitability for the period and an increase in working capital. The total net cash flow decreased with 32.2% from Eur 2.3 million over the third quarter of 2011 to Eur 1.6 million over the same period this year.
Results YTD September 2012
Revenues YTD September 2012 were Eur 40.9 million versus Eur 39.0 million over the same period last year, an increase of 5.0%. The Member Company Technology contributed 84.4% of the Group revenues in the first nine months of 2012 compared to 80.2% in the first nine months of 2011. The relative contribution from the Member Company ICT decreased from 7.8% in the first nine months of 2011 to 6.0% in the same period this year. The Member Company Construction represented 10.1% of the revenues YTD September 2012 versus 11.9% in the same period last year.
The total average direct FTE increased with 10.8% from 440.5 in the first nine months last year to 488.1 in the first nine months of 2012.
The gross margin excluding subsidies decreased from 33.2% in the first nine months of 2011 to 29.8% in the same period this year. The gross margin including subsidies decreased from 36.7% over the first nine months of 2011 to 32.4% in the first nine months of 2012. One of the main reasons for this margin decrease is a lower productivity rate. In addition, total direct personnel related costs increased while average tariffs remained stable compared to the same period last year. The total direct personnel related costs increased with 12.1% due to a higher number of direct FTE's as well as a strong increase in social security and pension costs.
Despite the slight rise in the average number of indirect employees, the indirect costs went down by 3.0% compared to the same period last year. The operating result over the first nine months of 2012 amounted to Eur 5.0 million (2011: Eur 5.8 million), a decrease of 13.7%. The operating result as a percentage of the revenue was 12.2% in the first nine months of 2012 compared to 14.9% in 2011. Depreciation and amortisation YTD September 2012 was Eur 0.4 million (YTD September 2011: Eur 0.4 million) resulting in EBITDA of Eur 5.4 million (YTD September 2011: Eur 6.2 million), a decline of 13.1% year-on-year.
Mnemo : ALTMC
ISIN : NL0000290997
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 increasingly enables them 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.
With the proliferation of connected devices underpinning new Internet of Things systems, Brandon Schulz, Director of Luxoft IoT – Retail, will be looking at the transformation of the retail customer experience in brick and mortar stores in his session at @ThingsExpo. Questions he will address include: Will beacons drop to the wayside like QR codes, or be a proximity-based profit driver? How will the customer experience change in stores of all types when everything can be instrumented and analyzed? As an area of investment, how might a retail company move towards an innovation methodolo...
Aug. 27, 2015 06:15 PM EDT Reads: 377
As more and more data is generated from a variety of connected devices, the need to get insights from this data and predict future behavior and trends is increasingly essential for businesses. Real-time stream processing is needed in a variety of different industries such as Manufacturing, Oil and Gas, Automobile, Finance, Online Retail, Smart Grids, and Healthcare. Azure Stream Analytics is a fully managed distributed stream computation service that provides low latency, scalable processing of streaming data in the cloud with an enterprise grade SLA. It features built-in integration with Azur...
Aug. 27, 2015 05:45 PM EDT
WebRTC has had a real tough three or four years, and so have those working with it. Only a few short years ago, the development world were excited about WebRTC and proclaiming how awesome it was. You might have played with the technology a couple of years ago, only to find the extra infrastructure requirements were painful to implement and poorly documented. This probably left a bitter taste in your mouth, especially when things went wrong.
Aug. 27, 2015 02:45 PM EDT Reads: 375
As more intelligent IoT applications shift into gear, they’re merging into the ever-increasing traffic flow of the Internet. It won’t be long before we experience bottlenecks, as IoT traffic peaks during rush hours. Organizations that are unprepared will find themselves by the side of the road unable to cross back into the fast lane. As billions of new devices begin to communicate and exchange data – will your infrastructure be scalable enough to handle this new interconnected world?
Aug. 27, 2015 02:15 PM EDT
SYS-CON Events announced today that IceWarp will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. IceWarp, the leader of cloud and on-premise messaging, delivers secured email, chat, documents, conferencing and collaboration to today's mobile workforce, all in one unified interface
Aug. 27, 2015 02:00 PM EDT Reads: 323
Too often with compelling new technologies market participants become overly enamored with that attractiveness of the technology and neglect underlying business drivers. This tendency, what some call the “newest shiny object syndrome,” is understandable given that virtually all of us are heavily engaged in technology. But it is also mistaken. Without concrete business cases driving its deployment, IoT, like many other technologies before it, will fade into obscurity.
Aug. 27, 2015 01:00 PM EDT Reads: 282
Consumer IoT applications provide data about the user that just doesn’t exist in traditional PC or mobile web applications. This rich data, or “context,” enables the highly personalized consumer experiences that characterize many consumer IoT apps. This same data is also providing brands with unprecedented insight into how their connected products are being used, while, at the same time, powering highly targeted engagement and marketing opportunities. In his session at @ThingsExpo, Nathan Treloar, President and COO of Bebaio, will explore examples of brands transforming their businesses by t...
Aug. 27, 2015 11:30 AM EDT
The Internet of Things (IoT) is about the digitization of physical assets including sensors, devices, machines, gateways, and the network. It creates possibilities for significant value creation and new revenue generating business models via data democratization and ubiquitous analytics across IoT networks. The explosion of data in all forms in IoT requires a more robust and broader lens in order to enable smarter timely actions and better outcomes. Business operations become the key driver of IoT applications and projects. Business operations, IT, and data scientists need advanced analytics t...
Aug. 27, 2015 10:45 AM EDT Reads: 311
SYS-CON Events announced today that Micron Technology, Inc., a global leader in advanced semiconductor systems, will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Micron’s broad portfolio of high-performance memory technologies – including DRAM, NAND and NOR Flash – is the basis for solid state drives, modules, multichip packages and other system solutions. Backed by more than 35 years of technology leadership, Micron's memory solutions enable the world's most innovative computing, consumer,...
Aug. 27, 2015 10:00 AM EDT Reads: 119
Through WebRTC, audio and video communications are being embedded more easily than ever into applications, helping carriers, enterprises and independent software vendors deliver greater functionality to their end users. With today’s business world increasingly focused on outcomes, users’ growing calls for ease of use, and businesses craving smarter, tighter integration, what’s the next step in delivering a richer, more immersive experience? That richer, more fully integrated experience comes about through a Communications Platform as a Service which allows for messaging, screen sharing, video...
Aug. 27, 2015 06:15 AM EDT Reads: 509
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies leverage disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 17th Cloud Expo, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevOps to advance innovation and increase agility. Specializing in designing, imple...
Aug. 26, 2015 08:00 AM EDT Reads: 155
Akana has announced the availability of the new Akana Healthcare Solution. The API-driven solution helps healthcare organizations accelerate their transition to being secure, digitally interoperable businesses. It leverages the Health Level Seven International Fast Healthcare Interoperability Resources (HL7 FHIR) standard to enable broader business use of medical data. Akana developed the Healthcare Solution in response to healthcare businesses that want to increase electronic, multi-device access to health records while reducing operating costs and complying with government regulations.
Aug. 26, 2015 07:00 AM EDT
SYS-CON Events announced today that HPM Networks will exhibit at the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. For 20 years, HPM Networks has been integrating technology solutions that solve complex business challenges. HPM Networks has designed solutions for both SMB and enterprise customers throughout the San Francisco Bay Area.
Aug. 3, 2015 06:45 PM EDT Reads: 774
For IoT to grow as quickly as analyst firms’ project, a lot is going to fall on developers to quickly bring applications to market. But the lack of a standard development platform threatens to slow growth and make application development more time consuming and costly, much like we’ve seen in the mobile space. In his session at @ThingsExpo, Mike Weiner, Product Manager of the Omega DevCloud with KORE Telematics Inc., discussed the evolving requirements for developers as IoT matures and conducted a live demonstration of how quickly application development can happen when the need to comply wit...
Aug. 2, 2015 11:15 AM EDT Reads: 538
The Internet of Everything (IoE) brings together people, process, data and things to make networked connections more relevant and valuable than ever before – transforming information into knowledge and knowledge into wisdom. IoE creates new capabilities, richer experiences, and unprecedented opportunities to improve business and government operations, decision making and mission support capabilities.
Aug. 1, 2015 10:00 AM EDT Reads: 467
Explosive growth in connected devices. Enormous amounts of data for collection and analysis. Critical use of data for split-second decision making and actionable information. All three are factors in making the Internet of Things a reality. Yet, any one factor would have an IT organization pondering its infrastructure strategy. How should your organization enhance its IT framework to enable an Internet of Things implementation? In his session at @ThingsExpo, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, described how to revolutionize your archit...
Jul. 30, 2015 07:30 PM EDT Reads: 1,556
MuleSoft has announced the findings of its 2015 Connectivity Benchmark Report on the adoption and business impact of APIs. The findings suggest traditional businesses are quickly evolving into "composable enterprises" built out of hundreds of connected software services, applications and devices. Most are embracing the Internet of Things (IoT) and microservices technologies like Docker. A majority are integrating wearables, like smart watches, and more than half plan to generate revenue with APIs within the next year.
Jul. 30, 2015 02:30 PM EDT Reads: 267
Growth hacking is common for startups to make unheard-of progress in building their business. Career Hacks can help Geek Girls and those who support them (yes, that's you too, Dad!) to excel in this typically male-dominated world. Get ready to learn the facts: Is there a bias against women in the tech / developer communities? Why are women 50% of the workforce, but hold only 24% of the STEM or IT positions? Some beginnings of what to do about it! In her Opening Keynote at 16th Cloud Expo, Sandy Carter, IBM General Manager Cloud Ecosystem and Developers, and a Social Business Evangelist, d...
Jul. 30, 2015 12:00 PM EDT Reads: 2,213
In his keynote at 16th Cloud Expo, Rodney Rogers, CEO of Virtustream, discussed the evolution of the company from inception to its recent acquisition by EMC – including personal insights, lessons learned (and some WTF moments) along the way. Learn how Virtustream’s unique approach of combining the economics and elasticity of the consumer cloud model with proper performance, application automation and security into a platform became a breakout success with enterprise customers and a natural fit for the EMC Federation.
Jul. 30, 2015 09:00 AM EDT Reads: 2,306
The Internet of Things is not only adding billions of sensors and billions of terabytes to the Internet. It is also forcing a fundamental change in the way we envision Information Technology. For the first time, more data is being created by devices at the edge of the Internet rather than from centralized systems. What does this mean for today's IT professional? In this Power Panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, panelists addressed this very serious issue of profound change in the industry.
Jul. 29, 2015 03:00 PM EDT Reads: 1,436