Q4 & FY 2016 Results February 10, 2017 Agenda David de Buck - - PowerPoint PPT Presentation

Q4 & FY 2016 Results

February 10, 2017

Agenda

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David de Buck (CEO):

Introduction to Maarten de Vries, CFO Highlights Q4, Elian Update

Maarten de Vries (CFO):

Basis of Reporting and Segmentation Financial update, focus on jurisdictions Guidance

Q&A

Introduction – Maarten Jan de Vries

> Personal information:

• Name: Maarten Jan de Vries
• Date of birth: 17 January 1962
• Nationality: Dutch

> Education:

• 1987 – 1989 Vrije University of Amsterdam:

Post-Graduate Education for Controllership

• 1980-1986 University of Groningen:

Masters Degree, Faculty for Business Economics

Background

> 2014 – 12/2016 TNT Express

• Hoofddorp, the Netherlands
• CFO and Executive Board Member

> 2011 – 2014 TP Vision (TPV Technology)

• Amsterdam, the Netherlands. Listed in Hong Kong
• CEO, Television Joint Venture between TPV and
• Phillips. Revenue (2014): EUR 2.6 billion

> 1986 – 2011 Royal Philips Electronics

• Amsterdam, the Netherlands
• Member Group Management Committee (including

Chief Supply Officer and Chief Information Officer) and other Finance roles including divisional CFO

• Of which 10 years based in Taiwan/Asia

Corporate experience

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4

Revenue and Adjusted EBITA Intertrust Group

Highlights Q4 2016

91.5 120.7 37.9 48.1

Q4 2015 Q4 2016 Q4 2015 Q4 2016 (€m)

in CC1

Revenue

• Adj. EBITA

41.4% 39.9% +31.1% +36.8%

4

Margin %

Notes

• 1. CC refers to constant currency
• 2. Underlying: Intertrust standalone (excl. Elian) at constant currency and, for FY, incl. Jan-Jun 2015 CorpNordic figures
• 3. Based on management estimates

 Underlying2 Intertrust revenue for Q4 increased by 4.0% yoy  Luxembourg Q4 revenue was up sharply reflecting clearance of the Q3 backlog by new employees  Cayman outflow of entities over Q4 slowed, loss

• f revenue decelerated versus Q3

 Adjusted EBITA margin reflects consolidation of Elian while underlying2 EBITA margin unchanged  Adjusted FY 2016 EPS of €1.27 (incl. full year Elian contribution, adjusted net income per share

• f €1.44)3

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Revenue and Adjusted EBITA Elian

Elian update

28.5 9.7

FY 2016 FY 2016 (€m) Revenue

• Adj. EBITA

34.1%

5

Margin %

 Now leading service provider in Jersey, added scale in Ireland, UK and Cayman  Since Sept 23, 2016 revenue contribution of €28.5 million and Adjusted EBITA of €9.7 million  Integration on track: Target Operating Model, Leadership, Office moves, SFM (Spain) remaining JV stake acquired Feb 2017  Management estimates Elian FY 2016 revenue of £92.2 million and EBITA of £30.4 million slightly below initial estimates  Strong growth for Capital Markets business but Jersey impacted by Brexit uncertainty  Management estimates Elian revenue grew at high single digit rates for the FY 2016

Q4 2016 FY 2016 Adjusted revenue (€m) 26.9 28.5 Adjusted EBITA margin 34.1% 34.1% Number of entities 14,031 FTE 606

Basis of reporting and segmentation

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 Q4 and FY 2016 Group figures include Elian as of September 23, 2016  Additionally, Q4 & FY 2016 Intertrust is reported standalone (excluding Elian). Guernsey will be shown separately for the last time in this reporting period  Underlying: Intertrust standalone (excluding Elian) at constant currency and, for full year, including Jan-Jun 2015 CorpNordic figures  As of Q1 2017, Intertrust Group will use the following segmentation:

• The Netherlands
• Luxembourg
• Jersey
• Cayman Islands
• Rest of World (ROW)
• Guernsey will become part of ROW and will not be broken out

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As reported

Financial Highlights Q4 2016

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(€m) Q4 20161 Q4 2015 % change Q4 20161 Q4 2015 % change Revenue 120.7 91.6 31.9% 120.7 91.5 32.0% EBITA 40.2 38.0 5.8% 48.1 37.9 27.1% EBITA Margin (%) 33.3% 41.5%

• 819bps

39.9% 41.4%

• 153 bps

Net Income 15.9 n/a 35.5 n/a Earnings per share2 0.17 n/a 0.39 n/a Cash from operating activities 51.6 37.7 36.9%

Notes

• 1. Q4 2016 includes Elian
• 2. Average number of shares for Q4: 91,995,836
• 3. Underlying: Intertrust standalone (excl. Elian) at constant currency and, for FY, incl. Jan-Jun 2015 CorpNordic figures

Adjusted

 Q4 revenue of €120.7 million grew 31.9% yoy including Elian. Underlying3 revenue grew 4.0% driven by added-value services  Luxembourg Q4 revenue increased as sufficient employees were in place to absorb market growth and address Q3 backlog  Cayman standalone revenue declined 10.2% in Q4 yoy but entity outflow slowed during Q4 and continued to show improvement in the beginning of 2017  Elian contributed €26.9 million in revenue and €9.2 million in adjusted EBITA over Q4  Standalone adjusted EBITA margins were stable while Group adjusted EBITA decreased, reflecting Elian's lower margin profile  An interim dividend of €22.1 million was paid out in November 2016

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As reported

Financial Highlights FY 2016

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(€m) FY 20161 FY 2015 % change FY 20161 FY 2015 % change Revenue 385.8 344.6 11.9% 385.8 344.9 11.9% EBITA 135.9 137.4

• 1.1%

153.8 140.4 9.5% EBITA Margin (%) 35.2% 39.9%

• 464bps

39.9% 40.7%

• 85 bps

Net Income 52.0 2.6 113.2 101.4 Earnings per share2 0.58 0.12 1.27 1.19 6.9% Cash from operating activities 152.4 127.5 19.5%

Adjusted

 FY 2016 revenue grew 11.9% to €385.8 million. Underlying3 group revenue grew by 3.0%, in Luxembourg (7.4%) and Netherlands (4.3%), but impacted by Cayman (-10.6% CC)  EBITA for the year was lower due to inclusion of €17.9 million in one-off costs related to Elian acquisition 

• No. of entities worldwide (standalone) decreased by 5.4% in 2016. Underlying ARPE grew 8.9% due to mix and higher added-

value services  FTEs increased to 2,359 (including Elian). 75.4% billable FTEs at year-end 2016  Cash from operating activities was €152.4 million  Net Income was €52.0 million or €113.2 million on an adjusted basis (see slide 23 for adjustments)

Notes

• 1. FY 2016 includes Elian as of September 23, 2016
• 2. Average number of shares for FY 2016: 88,942,943
• 3. Underlying: Intertrust standalone (excl. Elian) at constant currency and, for FY, incl. Jan-Jun 2015 CorpNordic figures

Revenue bridge FY 2015 to FY 2016

344.9 357.3 385.8 4.8 5.6 6.1 0.2 8.3 28.5

Intertrust 2015 SA Netherlands Luxembourg Cayman Guernsey RoW Intertrust 2016 SA Elian Intertrust 2016

FY 16 yoy % growth Q4 16 yoy % growth

+4.3% +7.4%

• 10.6%

+11.9% +3.9% +3.0% +11.9% +0.8% +17.7%

• 10.2%

+20.2% +0.9% +4.0% +31.9%

Underlying1

+x.x% +xx.x% 1.

Underlying: Intertrust standalone (excl. Elian) at constant currency and, for FY, incl. Jan-Jun 2015 CorpNordic figures

= reported

9 Adjusted Reported

Adjusted EBITA bridge FY 2015 to FY 2016

140.4 144.0 153.8 3.0 5.4 4.7 0.4 3.3 3.9 9.7

Intertrust 2015 SA Netherlands Luxembourg Cayman Guernsey RoW HQ & IT costs Intertrust 2016 SA Elian Intertrust 2016

FY 16 margin % Q4 16 margin %

64.0% 53.4% 58.0% 38.2% 32.0% 40.3% 39.9% 58.4% 60.3% 36.1% 29.9% 41.5% 39.9% 62.8% 34.1% 34.1%

Underlying1

+x.x% +xx.x% 1.

Underlying: Intertrust standalone (excl. Elian) at constant currency and, for FY, incl. Jan-Jun 2015 CorpNordic figures

= adjusted

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 37,907 entities at year end 2016  Net outflow of 2,158 (-5.4%) entities over the last twelve months

 Main reasons for outflows were end-of-life, portfolio optimisation and loss to competition  Majority of inflow from existing clients

Entities (000) ARPE1 (€k)

• 5.4%

9.5%

Total growth

40.1 37.9

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FY 2015 FY 2016

8.6 9.4

FY 2015 FY 2016

Total growth Underlying growth2

8.9%

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Intertrust standalone Entities & ARPE development

Notes

• 1. Average revenue per entity ("ARPE")
• 2. Underlying: Intertrust standalone (excl. Elian) at constant currency and, for FY, incl. Jan-Jun 2015 CorpNordic figures

Cash development

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Capex (€m)  Cash from operating activities was €152.4 million  FY 2016 cash conversion ratio, excluding strategic capital expenditures, remains strong at 94.5%  Total capital expenditure for FY 2016 was €11.3 million  Increase in maintenance capex in Q4 2016 versus Q4 2015 was driven by additional IT infrastructure projects 3.5 4.9 10.9 11.3 Q4 2015 Q4 2016 FY 2015 FY 2016

Maintenance Capex (€m)

4.4 1.9 4.4 9.0

Strategic Capex (€m)

6.5 1.6 0.5 2.3

Cash Conversion Ratio & Cash from operating activities (€m)

37.7 51.6 127.6 152.4

1 Cash from

• perating

activities (€m)

95.3% 91.4% 97.0% 94.5% Q4 2015 Q4 2016 FY 2015 FY 2016

• 1. Cash from operating activities as reported
• 2. Cash conversion ratio = Adjusted EBITDA minus maintenance CAPEX, taken as a percentage of Adjusted EBITDA

2 Cash

conversion ratio

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Focus on the Netherlands*

Total growth 0.8% 4.3%

Q4 2015 Q4 2016 FY 2015 FY 2016 Adjusted revenue (€m) 28.6 28.8 112.1 116.9 Adjusted EBITA margin 61.8% 62.8% 64.1% 64.0% Number of entities 4,482 4,192 ARPE (€k) 25.0 27.9 FTE 414 438

• Adj. revenue/FTE

(€k) 270.9 267.1 17.7 18.1 71.8 74.8 Q4 2015 Q4 2016 FY 2015 FY 2016

2.4% 4.2%

Adjusted revenue (€m) Adjusted EBITA (€m)

28.6 28.8 112.1 116.9 Q4 2015 Q4 2016 FY 2015 FY 2016  Remain market leader, increased market share  Q4 Adjusted revenue reflecting €1.2 million WIP write-down  FY 2016 driven by solid growth in corporate services, specialised services continues to be impacted by timing issues  Entities inflow in line with expectations and similar to 2015, driven by new entities from existing clients as well as inflow from US

• clients. Net outflow of 290 entities largely driven by end-of-life

and administrative clean-up of 170 entities  ARPE growth driven by transaction monitoring services, substance-related services as well as mix effect

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* Standalone

Focus on Luxembourg*

Total growth 17.7% 7.4%

Q4 2015 Q4 2016 FY 2015 FY 2016 Adjusted revenue (€m) 19.9 23.5 75.3 80.9 Adjusted EBITA margin 50.9% 58.4% 50.1% 53.4% Number of entities 2,573 2,669 ARPE (€k) 29.3 30.3 FTE 383 388

• Adj. revenue/FTE

(€k) 196.9 208.6 10.2 13.7 37.8 43.2 Q4 2015 Q4 2016 FY 2015 FY 2016

35.1% 14.4%

Adjusted revenue (€m) Adjusted EBITA (€m)

19.9 23.5 75.3 80.9 Q4 2015 Q4 2016 FY 2015 FY 2016  Adjusted Revenue growth driven by higher billing ratio, more available hours from new billable employees  Number one in new incorporations and gaining market share, maintained number two position overall  Margin improvements resulted from increase in Adjusted Revenue, staff expenses flat due to stable year-on-year FTE numbers as well as strong cost control versus Q4 2015  Client entities grew year-on-year, strong inflows from existing clients

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* Standalone

Focus on Cayman*

Total growth

• 9.1%
• 10.4%

Q4 2015 Q4 2016 FY 2015 FY 2016 Adjusted revenue (€m) 16.2 14.8 58.8 52.7 Adjusted EBITA margin 62.0% 60.3% 59.9% 58.0% Number of entities 17,571 15,473 ARPE (€k) 3.3 3.4 FTE 140 126

• Adj. revenue/FTE

(€k) 421.5 419.0 10.1 8.9 35.2 30.5 Q4 2015 Q4 2016 FY 2015 FY 2016

• 11.6%
• 13.3%

Adjusted revenue (€m) Adjusted EBITA (€m)

16.2 14.8 58.8 52.7 Q4 2015 Q4 2016 FY 2015 FY 2016  Maintained number two position, landscape settling  CC Adjusted Revenue declined driven by the decline of registered

• ffice entities and sale of banking activities at end of 2015

 CC Adjusted EBITA declined  Cayman standalone net entity outflow during Q4 was 207, versus 1,891 for first 9 months 2016 and 1,413 in Q4 2015.  Q4 and beginning of 2017 continued improvement in Intertrust Cayman’s market position

Growth at constant currency

• 10.2%
• 10.6%
• 12.7%
• 13.5%

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* Standalone

Focus on Guernsey*

Total growth

• 0.3%
• 0.9%

Q4 2015 Q4 2016 FY 2015 FY 2016 Adjusted revenue (€m) 6.7 6.7 27.9 27.7 Adjusted EBITA margin 42.1% 36.1% 36.2% 38.2% Number of entities 3,324 2,439 ARPE (€k) 8.4 11.3 FTE 122 123

• Adj. revenue/FTE

(€k) 228.8 225.0 2.8 2.4 10.1 10.6 Q4 2015 Q4 2016 FY 2015 FY 2016

• 14.5%

4.4%

Adjusted revenue (€m) Adjusted EBITA (€m)

6.7 6.7 27.9 27.7 Q4 2015 Q4 2016 FY 2015 FY 2016  Now market leader, gaining market share  CC Adjusted Q4 Revenue grew driven by significantly higher ARPE and an increase in regulatory and compliance services  CC Adjusted EBITA margin for FY 2016 increased driven by increased revenue, decreased in Q4 yoy as Q4 2015 benefitted from a release of provisions  FY 2016 net outflow of 885 client entities due to end-of-life, proactive management of portfolio to focus on higher value services  Better portfolio mix, more complex clients and increased regulatory requirements led to higher ARPE.

Growth at constant currency 20.2% 11.9% 3.6% 17.9%

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* Standalone

Focus on ROW*

Total growth 0.8 % 11.8%

Q4 2015 Q4 2016 FY 2015 FY 2016 Adjusted revenue (€m) 20.0 20.1 70.8 79.1 Adjusted EBITA margin 31.7% 29.9% 31.1% 32.0% Number of entities 12,115 13,134 ARPE (€k) 5.8 6.0 FTE 522 541

• Adj. revenue/FTE

(€k) 135.2 146.4 6.3 6.0 22.0 25.3 Q4 2015 Q4 2016 FY 2015 FY 2016

• 5.1%

15.3%

Adjusted revenue (€m) Adjusted EBITA (€m)

20.0 20.1 70.8 79.1 Q4 2015 Q4 2016 FY 2015 FY 2016  Q4 Revenue up slightly, underlying* FY revenue up 3.9% - double digit growth in Spain, Ireland & UK, and Singapore. Revenue growth and Adjusted EBITA margins impacted in Q4 by a one-off write-down of €1.3 million in Switzerland  Underlying* EBITA increased 9.5%  Number of entities increased by 8.4% driven by inflow of lower revenue generating entities. Higher value entities were stable.  CC ARPE decreased due to inflow of low-ARPE entities in Delaware

Underlying growth 0.9% 3.9%

• 4.9%

9.5%

* Underlying: Intertrust standalone (excl. Elian) at constant currency and, for FY, incl. Jan-Jun 2015 CorpNordic figures

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Guidance

The guidance below pertains to 2017 Management will update the medium term guidance at our first Capital Markets Day on September 21, 2017  Underlying revenue growth for 2017 is expected to be between 4-5%  Underlying EBITA margins in 2017 are expected to expand slightly due to synergies and continued operating leverage, which will compensate for the margin pressure inherent to Elian’s lower margin profile. This will result in expected adjusted EBITA margin being roughly stable versus 2016 (39.9%)  Dividend policy over 2017 continues to be 40-50% of adjusted net income  Previous guidance on synergies (£10.4 million by end CY 2018E, of which 75% by end CY 2017E), capex (2-2.5%

• f revenue), effective tax rate (circa 16%), and cash conversion (in line with historical rates) remain unchanged

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Appendix 1

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Key dates for your agendas

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Date Event April 3, 2017 Publication of Annual Report 2016 and audited financial statements May 4, 2017 Q1 2017 results May 16, 2017 Intertrust N.V. AGM May 18, 2017 Intertrust NV share quotation ex-final dividend 2016 May 19, 2017 Record date final dividend 2016 entitlement June 12, 2017 Payment date final dividend 2016 August 24, 2017 Q2 & Half Year 2017 results & announcement of interim dividend September 21, 2017 Capital Markets Day November 9, 2017 Q3 2017 results

Income statement

Including Elian acquisition since September 23, 2016

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Income statement (€m)

FY 2016 FY 2015 Revenue 385.8 344.6 Staff expenses (170.7) (144.9) thereof equity share-based payments upon IPO (4.1) (4.4) thereof equity share-based payments upon Integration (0.4) Rental expenses (20.1) (17.2) Other operating expenses (50.5) (41.6) thereof transaction & monitoring costs (4.2) (5.3) thereof integration costs (8.5) (3.1) Other operating income 0.1 3.7 Earnings before interest, taxes, depreciation and amortisation (EBITDA) 144.6 144.6 Depreciation and amortisation (42.5) (37.3) (Profit/(loss) from operating activities 102.1 107.3 Net finance costs (30.6) (100.7) (Profit/(loss) before income tax 71.5 6.6 Income tax (19.5) (4.0) Profit/(loss) from continuing operations 52.0 2.6 21

Bridge EBITDA & EBITA -> Adjusted EBITDA & EBITA

Adjustments (€m)

FY 2016 FY 2015 Earnings before interest, taxes, depreciation and amortisation (EBITDA) 144.6 144.6 Transaction & Monitoring costs 4.2 5.3 Integration costs 8.5 3.1 Other operating (income)/expense 0.5 (3.7) Equity share based payments upon IPO 4.1 4.4 Equity share based payments upon Integration 0.4 One-off revenue 0.3 One-off expenses 0.3 (6.3) Adjusted EBITDA 162.5 147.6 Depreciation and software amortisation (8.7) (7.2) Adjusted EBITA 153.8 140.4 22

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FY 2016 FY 2015 Reported EBITDA 144.6 144.6 Depreciation and software amortization (8.7) (7.2) Amortization of (PPA related) intangibles (33.8) (30.1) Net finance costs (30.6) (100.7) Profit before tax 71.5 6.6 Income tax (19.5) (4.0) Reported Net Income 52.0 2.6

Reported Net Income (€m) Adjusted Net Income (€m)

FY 2016 FY 2015 Adjusted EBITDA 162.5 147.6 Depreciation (8.7) (7.2) Adjusted EBITA 153.8 140.4 Amortization of (PPA related) intangibles Net Interest costs (21.1) (16.7) Adjusted Profit before tax 132.7 123.7 Income tax (19.5) (22.3) Adjusted Net Income 113.2 101.4 Excluding specific items (Integration & transaction costs mainly) and equity share based payments upon IPO and upon integration Acquisition related amortisation excluded from Adjusted Net Income definition 2016: Net finance Costs excl. Forex gains and losses of € 9.6 m; 2015: pro forma post IPO interest cost 2016: Reported Income tax; 2015: 18% pro forma taxes

Adjustments

FY 2016 Reported and Adjusted Net Income

Including Elian acquisition since September 23, 2016

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In €m Intertrust s.a. FY 2016 Elian 2016 Total Adjusted EBITA 144.0 36.8 180.8 Interest expenses

• 28.0
• Adj. Net income before tax

152.8 Taxation

• 20.7

Adjusted net income 132.2 Number of shares (in million) 92.0 Adjusted net income per share 1.44 Elian EBITA £30.4 million Proforma Proforma As at end Dec 2016

FY 2016 proforma (Intertrust + Elian1) Adjusted net income per share

Notes

• 1. Based on management estimates

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Revenue and Adjusted EBITA (Actual growth)

Q4 2015 Q4 2016

Revenue Growth (underlying) 1,4

4.0%

Revenue Growth (CC)

4.0%

Revenue Growth2

2.6%

Adjusted EBITA Growth (underlying)1,4

4.0%

Adjusted EBITA Growth (CC)1

4.0%

Adjusted EBITA Growth2

2.9%

# of entities (k)

40.1 37.9

ARPE (€k)

9.13 9.93

ARPE Growth

8.5%

ARPE Growth (CC)1

9.9%

FTE

1,714 1,753

Revenue / FTE (€k)

213.53 214.23

EBITA / FTE (€k)

88.33 88.93

Key performance indicators

Intertrust standalone trading update – Q4 2016

91.5 93.9 37.9 39.0

Q4 2015 Q4 2016 Q4 2015 Q4 2016 (€m)

Underlying

Revenue

• Adj. EBITA

41.4% 41.5% +4.0% +4.0%

25

Margin %

• 3. Annualised numbers based on quarterly figures (Q4)
• 4. CorpNordic is included in 2015 figures

Notes

• 1. Underlying: Intertrust standalone (excl. Elian) at constant

currency and, for FY, incl. Jan-Jun 2015 CorpNordic figures

• 2. CC refers to constant currency

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Revenue and Adjusted EBITA (Actual growth)

FY 2015 FY 2016

Revenue Growth (CC & PF) 1,4

3.0%

Revenue Growth (CC)1

4.8%

Revenue Growth2

3.6%

Adjusted EBITA Growth (CC & PF)1,4

2.6%

Adjusted EBITA Growth (CC)1

3.6%

Adjusted EBITA Growth2

2.6%

# of entities (k)

40.1 37.9

ARPE (€k)

8.63 9.43

ARPE Growth

9.5%

ARPE Growth (CC)1

10.7%

FTE

1,714 1,753

Revenue / FTE (€k)

201.23 203.83

EBITA / FTE (€k)

81.93 82.23

Key performance indicators

Intertrust standalone trading update – FY 2016

344.9 357.3 140.4 144.0

FY 2015 FY 2016 FY 2015 FY 2016 (€m)

Underlying

Revenue

• Adj. EBITA

40.3% 40.7% +2.6% +3.0% 40.2% in CC

26

Margin %

• 3. Annualised numbers based on quarterly figures (Q4)
• 4. CorpNordic is included in 2015 figures

Notes

• 1. Underlying: Intertrust standalone (excl. Elian) at constant

currency and, for FY, incl. Jan-Jun 2015 CorpNordic figures

• 2. CC refers to constant currency

Intertrust standalone FTEs

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FTEs Revenue per FTE1 (€k)

Notes:

• 1. Annualised numbers based on adjusted revenue before specific items and one-off revenue/expenses
• 2. Including CorpNordic

2.3% 1.3%

Total growth2

1714 1753

FY 2015 FY 2016

201.2 203.8

FY 2015 FY 2016

 The Elian acquisition and our strategic focus on investing in people enabled us to increase the number of FTEs at year- end to 1,753 on standalone basis  Average revenue per FTE increased by 1.3% on a standalone basis  At year-end 2016 we had 75.4% billable FTEs

Total growth

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Proforma & CC growth3

0.7%

Notes & Definitions

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 Intertrust N.V. Q4 and FY 2016 financial figures are shown on a reported and adjusted basis  Adjustments in EBITDA and EBITA are disclosed in the appendix of this document  Financial figures of the Segmentation are presented on an adjusted basis  Reported figures are as disclosed in the statutory annual accounts  Adjusted figures represent adjustments because of exceptional occurrences  Intertrust standalone (“s.a.”), means Intertrust group before the acquisition of Elian on September 23, 2016 Selected definitions: Adjusted net income per share is defined as Adjusted net income divided by the average number of shares outstanding at December 31,

• 2016. Average for Q4: 91,995,836 shares. Average for FY2016: 88,942,943 shares.

Cash conversion ratio including strategic capital expenditures is defined as Adjusted EBITDA less capital expenditure, including strategic capital expenditures, divided by Adjusted EBITDA and is expressed as a percentage Cash conversion ratio excluding strategic capital expenditures is defined as operating free cash flow divided by Adjusted EBITDA and is expressed as a percentage. CC is Constant Currency FTE is Full-time equivalent employee Underlying is Intertrust standalone (excl. Elian) at constant currency and, for FY, incl. Jan-Jun 2015 CorpNordic figures