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Annual Report 2019 Annual 2019 Report Annual Report 2019 Annual Report 2019 Annual intertrustgroup.com Why Intertrust Intertrust provides expert corporate and administrative business solutions to global clients in more than 30 international markets. We support the drive for good governance and business practice in highly regulated sectors of the economy through unparalleled legal, fi nancial and corporate services. We invest in technology to automate and accelerate business processes, helping to ensure our clients are better equipped to succeed in a fast-paced, unpredictable and highly-connected modern world. Table of contents Management Board Report Financial Statements Introduction Consolidated Financial Statements 71 At a glance 4 Consolidated statement of profit or loss 72 Message from the CEO 6 Consolidated statement of comprehensive income 72 Our business model 8 Consolidated statement of financial position 73 Our market 15 Consolidated statement of changes in equity 74 Consolidated statement of cash flows 76 Our strategy Notes to the consolidated financial statements 78 Our strategy 17 Environmental, social and governance strategy 21 Company Financial Statements 138 Company statement of profit or loss 139 Business performance Company statement of financial position 140 Financial performance 28 Company statement of changes in equity 141 Shares and shareholders 30 Notes to the Company financial statements 143 Other information 145 Governance Independent auditor's report 146 Compliance and Risk Management 32 Office locations 161 Statement by the Management Board 38 Glossary 165 Report from the Supervisory Board 40 Remuneration report 45 Corporate Governance 56 Introduction Our strategy Business performance Governance Financial Statements At a glance At a glance Intertrust delivers high-quality, tailored corporate, fund, capital market and private wealth services to its clients, with a view to building long-term relationships. Intertrust works with global law fi rms and accountancy fi rms, multinational corporations, fi nancial institutions, fund managers, high net worth individuals and family offi ces. Intertrust reports on three geographical segments: the Americas, Western Europe and Rest of the World. Americas Bahamas Brazil British Virgin Islands Canada Cayman Islands Curaçao India United States Western Europe Belgium Germany Luxembourg €110.9 20% Netherlands Switzerland Revenue of Percentage of Americas Total Revenue €237.3 44% Revenue of Percentage of Western Europe Total Revenue 4 Annual Report 2019 Introduction Our strategy Business performance Governance Financial Statements At a glance Performance Scale Total Revenue Net income O ffi c e s Active in €544.9 €141.8 46 30 million million worldwide countries FTEs 3,467 worldwide Strategic Employees 85% Rest of the World completed the YES 1 Australia China Cyprus Denmark Finland Guernsey Hong Kong ELLA 2 Ireland Japan 13,442 Jersey courses completed New Zealand Norway Singapore Spain Sweden 1 €196.7 36% Yearly Engagement Survey. United Arab Emirates 2 ELLA is Intertrust’s global online United Kingdom learning platform. Revenue of Percentage of Rest of the World Total Revenue Annual Report 2019 5 Introduction Our strategy Business performance Governance Financial Statements Message from the CEO Message from the CEO It has been a truly exciting year for Intertrust. Having set out our and the US, and unlocked opportunities to cross-sell products ambitious three-year strategy in late 2018, we wasted no time and services. in pursuing our goal of becoming a globally renowned, market- leading, tech-enabled corporate and fund solutions provider. Since completion of the transaction in June, we have aligned our commercial and marketing strategies and commenced the 2019 was characterised by healthy organic growth, the game- migration of selected back office and support functions to our changing acquisition of Viteos and a significant strengthening of new Centres of Excellence in India. As the integration continues, our technological capabilities. Our efforts have seen the Group we expect the deal to deliver tremendous benefits to our make notable progress against all three of the pillars existing clients through advanced technology, a digitalised underpinning our strategy. These are: capturing opportunities to delivery model and a solution-oriented service suite. Total expand and diversify our service offering; investing in our synergies are expected to reach USD 22 million, of which we platform; and creating an environment for people to grow, expect to realise 20% by the end of 2020 and 90% by 2021. perform and succeed. Accelerated organic innovation Healthy financial results We delivered significant technological advancement in 2019, Our operational achievements are reflected in the solid set of not just through the acquisition of Viteos, but by successfully financial results reported for the full year. Performance across implementing a range of internal initiatives. The Group the Group was in line with expectations, with core business increased digitilisation through workflow automation and we segments positively contributing across all key performance successfully completed the rollout of our global client portal indicators. (‘IRIS’). The rollout of IRIS is the first step towards the consistent delivery of all our services in a “one-stop shop” and, looking Our Corporate and Funds service lines together represent 75% further ahead, the first step towards client self-service. of our revenue. Funds reported underlying revenue growth of Workflow automation is also progressing well and, towards the 10.6%, driven mainly by Luxembourg and Viteos. Our end of the year, a proof of concept for the automation of operations in Ireland, the Nordics, Spain, the UK, the Americas AML/KYC services was delivered. Going forward, we expect the and Asia Pacific also grew. Our full year underlying revenue workflow automation process to benefit further from the tools increased by 3.7% to EUR 544.9 million, while EBITA amounted and expertise gained through the Viteos integration. to EUR 196.9 million. Our adjusted EBITA margin in the period reached 36.1%, in line with guidance of at least 36%. Strong Nurturing a strong culture cash generation was also achieved throughout the year, Recognising that our people are vital to the success of our supported by effective working capital discipline. It is against this digital transformation, we took action to reinforce our backdrop that we are proposing a final dividend of EUR 0.33 per capabilities and strengthen our culture, to foster engagement ordinary share at our Annual General Meeting of Shareholders among our teams. As part of this process we announced a on 14 May 2020, resulting in a total dividend of EUR 0.63 for number of key appointments throughout the year and 2019. established a Senior Leadership Group to facilitate a more seamless transformation of the Group. By creating a new role of Viteos: a game-changing acquisition Talent Director, we further enhanced our Human Resources The acquisition of Viteos, a top-10 US fund administration function which will play a key role in keeping our employees provider, represents a significant leap forward for Intertrust, informed and engaged. allowing us to accelerate our growth strategy and take the lead in the digitalisation of our industry. With the addition of more In 2019, we also launched an employee mobility scheme which than 700 highly skilled employees, including 130 technology offers our people opportunities to pursue new roles in different experts, we have enhanced our global position in fund services locations within Intertrust. Furthermore, we significantly 6 Annual Report 2019 Introduction Our strategy Business performance Governance Financial Statements Message from the CEO enhanced our learning and development opportunities through management training, induction and the launch of our new online training portal ‘ELLA’. Leveraging market opportunities While mounting regulation can be complex for our clients to navigate, it presents significant opportunities for our business and continues to drive our growth. To leverage such opportunities, during 2019 we developed tailored solutions for our clients, including our AML/KYC offering and substance compliance checker. Once again, Brexit contributed to sustained market uncertainty throughout 2019. This led to some stagnation in the Channel Islands with many of the Group’s Private Wealth clients taking a -wait and see- approach. As a regulatory event, Brexit also provides potential opportunities for the Group. Once the UK’s departure from the EU has taken effect, companies will take decisions about their corporate structures and Intertrust is well positioned to facilitate their next steps. It’s a good time to be a tech-enabled administrative services provider 2020 is set to be another exciting year as we continue to implement our key strategic initiatives and start to reap benefits from the integration of Viteos into our business. We remain encouraged by the opportunities presented by new regulation and continuing market globalisation. Regulatory and compliance services are increasingly important to our business, as we can act as an integral gatekeeper to the world, helping clients manage their specific and often complex requirements. In 2020, we will fully embed technology developed in the past year. We will also drive forward the automation of manual processes, particularly in the Corporates and Funds service lines, and further roll-out the automation of AML/KYC processes. Integrated risk
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