CMS announces its financial results for the year ended December 31 2012.
- Total annual revenues of €837.7m (£679.3m) - increase of 5.1% compared with 2011 revenues of €797.3m (£646.5m)1
- Net profit up 4.5% compared with 2011
- New offices opened in Barcelona and Dubai, substantial expansion of Beijing practice into the Lifesciences sector
- Client activity highest in the Energy, Lifesciences, TMT and Financial Services sectors
- 31 new partners taking total to 768
- Ranked 7th by number of lawyers and 22nd by turnover in the AmLaw 2012 Global 100
Cornelius Brandi, Executive Chairman of CMS, commented, “In 2012, we advised clients on a large number of complex matters across a wide range of jurisdictions. These included working with Telefónica Deutschland on the largest flotation in Germany and with Société Générale on their €50bn European Medium Term Note programme.
We are delighted that our full-year revenues increased again in 2012, continuing our growth in fee income. This strong performance, which has been achieved despite the global economic downturn, is confirmation that the CMS model is the right one, allowing us to provide clients with the service they require on the best terms available.”
In Europe, CMS opened a new office in Barcelona, adding to its Iberian presence in Madrid, Se-ville and Lisbon. CMS also opened a new office in Dubai to serve its established energy client base in the Middle East. The Beijing office saw significant growth and now has a team of 14 law-yers supporting the rapid expansion of large pharmaceutical companies into China.
CMS added 31 new partners in the year, including two lateral hires, taking the total number to 768.
In the key industry tables, CMS was ranked at number 7 by number of lawyers and number 22 by turnover in the AmLaw 2012 Global 100, number 8 in The Lawyer’s UK Top 100, number 8 in Legal Week's UK firms by global revenues and number 23 in the Legal Business Global 100 Survey.
International client mandates included:
Energy and Utilities
- Advised SMA Solar Technology, one of the largest German companies in the sector, on its multi-million Euro acquisition of a majority stake in Jiangsu Zeversolar New Energy Co, Ltd, a leading manufacturer in the Chinese photovoltaic market
- Advised OSX on the US$2bn development of the Tubarao Martelo field offshore Brazil, in-cluding contracts for the financing, construction, leasing and operation of a floating produc-tion, storage and offloading unit and fixed wellhead platform
- Acted for RWE in connection with the sale of Horizon Nuclear Power to Hitachi for almost £700m
- Represented a consortium led by Cheung Kong Infrastructure Holdings Limited on the acqui-sition of Wales and West Utilities for US$1bn from its current owners, who are led by Aus-tralian group Macquarie.
Finance and Insurance
- Sole legal advisers to Société Générale’s €50bn European Medium Term Note programme
- Cross-border team, including lawyers in the Czech Republic, Ukraine and the Netherlands, advised ING Bank as coordinator of a group of banks on a €416m loan to DTEK, the largest, privately-owned company in Ukraine
- Advised MetLife, Inc. on its acquisition from Aviva of its life assurance and pensions admin-istration subsidiaries in the Czech Republic, Hungary and Romania.
Industrial & Automotive
- Advised the Federal State of Lower Saxony and the independent supervisory board member of Volkswagen on acquiring the remaining 50.1% of shares in Porsche not already owned.
- Advised Kennametal on its cross-border acquisition of the Deloro Stellite Group from private equity house, Duke Street Capital, for $354m.
- Legal advisers for private equity firm BC Partners´acquisition of Aenova, Temmler and EVP (solid oral dosage delivery) involving competition filings in six jurisdictions Advised Syngenta, the global crop protection and seeds corporation, on plant protection mat-ters across five jurisdictions.
- Acted for Telefónica Deutschland Holding AG during their €1.5bn IPO, the largest flotation in Germany in the last five years.