Altus Group Reports Full Year and Fourth Quarter 2015 Financial Results
Recurring Data and Software Revenues Increase 45.3% in Full Year 2015
(firmenpresse) - TORONTO, ONTARIO -- (Marketwired) -- 02/23/16 -- Altus Group Limited ("Altus Group" or "the Company") (TSX: AIF) a leading provider of commercial real estate services, software and data solutions, announced today its financial and operating results for the full year and fourth quarter ended December 31, 2015.
Full Year 2015 Financial Highlights:
Fourth Quarter 2015 Financial Highlights:
"We made great progress in 2015 as we continued to execute on our key objectives," said Robert Courteau, Chief Executive Officer at Altus Group. "We delivered strong performance with RVA Data Solutions and ARGUS Software showing double-digit growth in recurring revenues. Our strategy continues to focus on bringing the best in class integrated platform to the global commercial real estate market. We remain very excited about the future global growth opportunities for our technology products and solutions."
Full Year 2015 Review
During 2015, on a consolidated basis, favorable exchange rates against the Canadian dollar benefitted consolidated gross revenues by 4.3% and Adjusted EBITDA by 5.7%. Acquisitions contributed 9.8% to revenue growth and 3.3% to Adjusted EBITDA. In 2015, Altus Group completed seven acquisitions.
Under IFRS accounting, profit (loss) for 2015 was $9.2 million and $0.28 per share basic and $0.27 per share diluted, compared to $13.2 million and $0.44 per share basic, and $0.43 per share diluted in 2014.
As at December 31, 2015, Altus Group''s balance sheet remained strong, giving the Company the financial flexibility to pursue its growth strategy. The Company''s bank debt was $126.0 million, representing a funded debt to EBITDA leverage ratio of 1.92.
Fourth Quarter 2015 Review
During the fourth quarter of 2015, on a consolidated basis, favorable exchange rates against the Canadian dollar benefitted consolidated gross revenues by 5.8% and Adjusted EBITDA by 5.2%. Acquisitions contributed 5.7% to revenue growth and 0.7% to Adjusted EBITDA. During the fourth quarter of 2015, Altus Group completed three acquisitions.
Under IFRS accounting, profit (loss) for the fourth quarter of 2015, was $6.5 million and $0.18 per common share basic and diluted, compared to $5.1 million and $0.16 per common share basic and diluted during the corresponding period in 2014.
Full Year and Fourth Quarter 2015 Results Conference Call & Webcast
Date: Tuesday, February 23, 2016
Time: 5:00 p.m. (ET)
Webcast: altusgroup.com (under the Investors tab)
Live Call: 1- 866-223-7781 (toll-free) or 416-340-2216 (Toronto area)
Replay: A replay of the call will be available via the webcast at altusgroup.com
About Altus Group Limited
Altus Group Limited is a leading provider of independent advisory services, software, and data solutions to the global commercial real estate industry. Each of our five core practices - Research, Valuations and Advisory, ARGUS Software, Property Tax Consulting, Cost Consulting and Project Management, and Geomatics - embody and reflect decades of experience, a broad range of expertise, and leading edge technology. Our offerings empower clients to analyze, gain market insight and recognize value on their real estate investments. Headquartered in Canada, we have approximately 2,300 employees around the world, with operations in North America, Europe and Asia Pacific. Our clients include some of the world''s largest real estate industry participants, spread across a broad variety of sectors. Altus Group pays a quarterly dividend of $0.15 per share and our securities are traded on the TSX under the symbols AIF and AIF.DB.A.
For more information on Altus Group, please visit: .
Non-IFRS Measures
Altus Group uses certain non-IFRS measures as indicators of financial performance. Readers are cautioned that they are not defined performance measures under IFRS and may differ from similar computations as reported by other similar entities and, accordingly, may not be comparable to financial measures as reported by those entities. We believe that these measures are useful supplemental measures that may assist investors in assessing an investment in our shares and provide more insight into our performance.
Adjusted Earnings before Interest, Taxes, Depreciation and Amortization, ("Adjusted EBITDA"), represents operating profit (loss) adjusted for the effects of amortization of intangibles, depreciation of property, plant and equipment, acquisition related expenses (income), restructuring costs, share of profit (loss) of associates, unrealized foreign exchange gains (losses), gains (losses) on sale of property, plant and equipment, gains (losses) on sale of business assets, impairment charges, non-cash Executive Compensation Plan costs, gains (losses) on hedging transactions, gains (losses) on equity derivatives net of mark-to-market adjustments on related restricted share units ("RSUs") and deferred share units ("DSUs") being hedged and other expenses or income of a non-operating and/or non-recurring nature.
Adjusted Earnings (Loss) per Share, ("Adjusted EPS"), represents basic earnings per share adjusted for the effects of amortization of intangibles acquired as part of business acquisitions, non-cash finance costs (income) related to the revaluation of amounts payable to UK unitholders, net of changes in fair value of related equity derivatives, distributions related to amounts payable to UK unitholders, acquisition related expenses (income), restructuring costs, share of profit or loss of associates, unrealized foreign exchange gains (losses), gains (losses) on sale of property, plant and equipment, gains (losses) on sale of certain business assets, interest accretion on vendor payables, impairment charges, non-cash Executive Compensation Plan costs, gains (losses) on hedging transactions, gains (losses) on equity derivatives net of mark-to-market adjustments on related RSUs and DSUs being hedged and other expenses or income of a non-operating and/or non-recurring nature. All of the adjustments are made net of tax.
Forward-Looking Information
Certain information in this press release may constitute "forward-looking information" within the meaning of applicable securities legislation. All information contained in this press release, other than statements of current and historical fact, is forward-looking information. Forward-looking information includes, but is not limited to, the discussion of our business and operating initiatives, focuses and strategies, our expectations of future performance for our various business units and our consolidated financial results, and our expectations with respect to cash flows and liquidity. Generally, forward-looking information can be identified by use of words such as "may", "will", "expect", "believe", "plan", "would", "could" and other similar terminology. All of the forward-looking information in this press release is qualified by this cautionary statement.
Forward-looking information is not, and cannot be, a guarantee of future results or events. Forward-looking information is based on, among other things, opinions, assumptions, estimates and analyses that, while considered reasonable by us at the date the forward-looking information is provided, inherently are subject to significant risks, uncertainties, contingencies and other factors that may cause actual results, performance or achievements, industry results or events to be materially different from those expressed or implied by the forward-looking information. The material factors or assumptions that we identified and were applied by us in drawing conclusions or making forecasts or projections set out in the forward-looking information include, but are not limited to: the successful execution of our business strategies; consistent and stable economic conditions or conditions in the financial markets; consistent and stable legislation in the various countries in which we operate; no disruptive changes in the technology environment; the opportunity to acquire accretive businesses; the successful integration of acquired businesses; and the continued availability of qualified professionals.
Inherent in the forward-looking information are known and unknown risks, uncertainties and other factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any results, performance or achievements expressed or implied by such forward-looking information. Those risks, uncertainties and other factors that could cause actual results to differ materially from the forward-looking information include, but are not limited to: general state of the economy; currency risk; oil and gas sector; ability to maintain profitability and manage growth; commercial real estate market; competition in the industry; ability to attract and retain professionals; information from multiple sources; reliance on larger software transactions with longer and less predictable sales cycles; success of new product introductions; ability to respond to technological change and develop products on a timely basis; protection of intellectual property or defending against claims of intellectual property rights of others; information technology governance and security; integration of acquisitions; fixed-price and contingency engagements; appraisal and appraisal management mandates; Canadian multi-residential market; weather; legislative and regulatory changes; customer concentration; interest rate risk; credit risk; income tax matters; revenue and cash flow volatility; operating risks; performance of obligations/maintenance of client satisfaction; risk of future legal proceedings; insurance limits; ability to meet solvency requirements to pay dividends; leverage and restrictive covenants; unpredictability and volatility of common share price; capital investment; and issuance of additional common shares diluting existing shareholders'' interests, as described in Altus Group''s publicly filed documents, including the Annual Information Form for the year ended December 31, 2014 (which are available on SEDAR at ).
Given these risks, uncertainties and other factors, investors should not place undue reliance on forward-looking information as a prediction of actual results. The forward-looking information reflects management''s current expectations and beliefs regarding future events and operating performance and is based on information currently available to management. Although we have attempted to identify important factors that could cause actual results to differ materially from the forward-looking information contained herein, there are other factors that could cause results not to be as anticipated, estimated or intended. The forward-looking information contained herein is current as of the date of this press release and, except as required under applicable law, we do not undertake to update or revise it to reflect new events or circumstances. Additionally, we undertake no obligation to comment on analyses, expectations or statements made by third parties in respect of Altus Group, our financial or operating results, or our securities.
Contacts:
Altus Group Limited
Ali Mahdavi
Investor Relations
(416) 234-3660
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Datum: 23.02.2016 - 15:05 Uhr
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