|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.
SYS-CON Events announced today that MetraTech, now part of Ericsson, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Ericsson is the driving force behind the Networked Society- a world leader in communications infrastructure, software and services. Some 40% of the world’s mobile traffic runs through networks Ericsson has supplied, serving more than 2.5 billion subscribers.
May. 30, 2015 02:00 PM EDT Reads: 2,551
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 this session, James Kirkland, Red Hat's Chief Architect for the Internet of Things and Intelligent Systems, will describe how to revolutionize your architecture and...
May. 30, 2015 01:00 PM EDT Reads: 1,067
The 4th International Internet of @ThingsExpo, co-located with the 17th International Cloud Expo - to be held November 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA - announces that its Call for Papers is open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
May. 30, 2015 12:00 PM EDT Reads: 2,751
The enterprise market will drive IoT device adoption over the next five years. In his session at @ThingsExpo, John Greenough, an analyst at BI Intelligence, division of Business Insider, will analyze how companies will adopt IoT products and the associated cost of adopting those products. John Greenough is the lead analyst covering the Internet of Things for BI Intelligence- Business Insider’s paid research service. Numerous IoT companies have cited his analysis of the IoT. Prior to joining BI Intelligence, he worked analyzing bank technology for Corporate Insight and The Clearing House Pay...
May. 30, 2015 11:45 AM EDT Reads: 981
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...
May. 30, 2015 11:30 AM EDT Reads: 4,582
All major researchers estimate there will be tens of billions devices - computers, smartphones, tablets, and sensors - connected to the Internet by 2020. This number will continue to grow at a rapid pace for the next several decades. With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo, June 9-11, 2015, at the Javits Center in New York City. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be
May. 30, 2015 11:15 AM EDT Reads: 3,204
SYS-CON Events announced today that BMC will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. BMC delivers software solutions that help IT transform digital enterprises for the ultimate competitive business advantage. BMC has worked with thousands of leading companies to create and deliver powerful IT management services. From mainframe to cloud to mobile, BMC pairs high-speed digital innovation with robust IT industrialization – allowing customers to provide amazing user experiences with optimized IT per...
May. 30, 2015 11:15 AM EDT Reads: 1,929
The world is at a tipping point where the technology, the device and global adoption are converging to such a point that we will see an explosion of a world where smartphone devices not only allow us to talk to each other, but allow for communication between everything – serving as a central hub from which we control our world – MediaTek is at the heart of both driving this and allowing the markets to drive this reality forward themselves. The next wave of consumer gadgets is here – smart, connected, and small. If your ambitions are big, so are ours. In his session at @ThingsExpo, Jack Hu, D...
May. 30, 2015 11:15 AM EDT Reads: 1,443
The multi-trillion economic opportunity around the "Internet of Things" (IoT) is emerging as the hottest topic for investors in 2015. As we connect the physical world with information technology, data from actions, processes and the environment can increase sales, improve efficiencies, automate daily activities and minimize risk. In his session at @ThingsExpo, Ed Maguire, Senior Analyst at CLSA Americas, will describe what is new and different about IoT, explore financial, technological and real-world impact across consumer and business use cases. Why now? Significant corporate and venture...
May. 30, 2015 11:00 AM EDT Reads: 1,140
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
May. 30, 2015 11:00 AM EDT Reads: 5,935
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 will addresses this very serious issue of profound change in the industry.
May. 30, 2015 11:00 AM EDT Reads: 1,755
SYS-CON Events announced today that O'Reilly Media has been named “Media Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York City, NY. O'Reilly Media spreads the knowledge of innovators through its books, online services, magazines, and conferences. Since 1978, O'Reilly Media has been a chronicler and catalyst of cutting-edge development, homing in on the technology trends that really matter and spurring their adoption by amplifying "faint signals" from the alpha geeks who are creating the future. An active participa...
May. 30, 2015 10:30 AM EDT Reads: 1,536
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
May. 30, 2015 10:30 AM EDT Reads: 4,912
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
May. 30, 2015 10:30 AM EDT Reads: 5,724
There will be 150 billion connected devices by 2020. New digital businesses have already disrupted value chains across every industry. APIs are at the center of the digital business. You need to understand what assets you have that can be exposed digitally, what their digital value chain is, and how to create an effective business model around that value chain to compete in this economy. No enterprise can be complacent and not engage in the digital economy. Learn how to be the disruptor and not the disruptee.
May. 30, 2015 10:15 AM EDT Reads: 1,264
2015 predictions circa 1970: houses anticipate our needs and adapt, city infrastructure is citizen and situation aware, office buildings identify and preprocess you. Today smart buildings have no such collective conscience, no shared set of fundamental services to identify, predict and synchronize around us. LiveSpace and M2Mi are changing that. LiveSpace Smart Environment devices deliver over the M2Mi IoT Platform real time presence, awareness and intent analytics as a service to local connected devices. In her session at @ThingsExpo, Sarah Cooper, VP Business of Development at M2Mi, will d...
May. 30, 2015 10:00 AM EDT Reads: 1,254
Thanks to widespread Internet adoption and more than 10 billion connected devices around the world, companies became more excited than ever about the Internet of Things in 2014. Add in the hype around Google Glass and the Nest Thermostat, and nearly every business, including those from traditionally low-tech industries, wanted in. But despite the buzz, some very real business questions emerged – mainly, not if a device can be connected, or even when, but why? Why does connecting to the cloud create greater value for the user? Why do connected features improve the overall experience? And why do...
May. 30, 2015 09:45 AM EDT Reads: 1,363
Almost everyone sees the potential of Internet of Things but how can businesses truly unlock that potential. The key will be in the ability to discover business insight in the midst of an ocean of Big Data generated from billions of embedded devices via Systems of Discover. Businesses will also need to ensure that they can sustain that insight by leveraging the cloud for global reach, scale and elasticity.
May. 30, 2015 09:30 AM EDT Reads: 7,400
Imagine a world where targeting, attribution, and analytics are just as intrinsic to the physical world as they currently are to display advertising. Advances in technologies and changes in consumer behavior have opened the door to a whole new category of personalized marketing experience based on direct interactions with products. The products themselves now have a voice. What will they say? Who will control it? And what does it take for brands to win in this new world? In his session at @ThingsExpo, Zack Bennett, Vice President of Customer Success at EVRYTHNG, will answer these questions a...
May. 30, 2015 09:15 AM EDT Reads: 1,093
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo in Silicon Valley. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place Nov 3-5, 2015, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 17th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal an...
May. 30, 2015 09:00 AM EDT Reads: 3,386