CMS today announces its financial results for the year 2011.
• Total annual revenues of €797.5m (£692.1m) - increase of over 3.9% on previous year’s total of €767.9m (£658.7m).
• Profits distributable to equity partners up 8.2% on last year.
• Market presence extended with addition of Lisbon, Luxembourg and Tirana.
• Strong performance in energy, lifesciences, retail, financial services and TMT.
All practice areas made a strong contribution, showing the benefits of a well-hedged business. From a sector perspective, activity in the lifesciences, energy, financial services and TMT sectors was particularly strong. Deal highlights included the € 9.6 billion (£8.3 billion) takeover of Swiss based Nycomed A/S by Takeda, Japan’s leading pharmaceutical company, the part-disposal in France of Saturn, the consumer electronics chain, by Metro Group and the two largest longevity swaps, circa €5.8 billion (£5 billion) by UK pensions schemes of Rolls Royce and ITV.
Other highlights of the year were the expansion of CMS to include Portugal and the opening of new offices in Luxembourg and Tirana. These moves extend CMS´ presence both in Europe and in Portuguese-speaking countries. CMS now operates in 52 offices worldwide including Rio de Janeiro, Moscow, Beijing, Shanghai, Casablanca and Algeria.
In 2011, CMS added 36 new partners, including 13 lateral hires, taking the total number to 687.
Cornelius Brandi, Executive Chairman of CMS, said : “During 2011, we made over 130 multijurisdictional pitches, each involving an average of six countries. Our win rate of over 60% shows clearly how well-positioned we are to capitalise on client need for coordinated cross-border advice.”
“This is a very good performance showing that CMS is winning clients and enjoying a significant share of European cross border activity through holding a leading position in many European jurisdictions and across a number of sectors. In Moscow we have experienced the same positive trends , with good levels of domestic and international activity. Our clients clearly value the European nature of our offering: supporting them across borders through our network and business oriented advise thanks to our local and sector expertise.” – commented Jean-Francois Marquaire, Managing Partner, CMS in Russia.