Interim / Quarterly Report • Aug 22, 2017
Interim / Quarterly Report
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January 1 – June 30, 2017
| Δ previous year |
1/1– 30/6/2017 |
1/1– 30/6/2016 |
2016 | |
|---|---|---|---|---|
| Revenue (€ ´000) | 62.3 % | 103,181 | 63,555 | 151,792 |
| of which Technology (€ ´000) | 76.4 % | 73,844 | 41,844 | 103,623 |
| of which Services (€ ´000) | 35.2 % | 29,297 | 21,671 | 48,169 |
| EBITDA | 81.6 % | 10,838 | 5,967 | 14,045 |
| EBITDA margin (%) | 10.5 | 9.4 | 9.3 | |
| EBIT | 92.2 % | 8,411 | 4,377 | 9,731 |
| EBIT margin (%) | 8.2 | 6.9 | 6.4 | |
| Net profit for the period1 (€ ´000) | 91.5 % | 6,051 | 3,160 | 7,192 |
| as percentage of revenue | 5.9 | 5.0 | 4.7 | |
| Earnings per share (€) | 83.3 % | 0.88 | 0.48 | 1.09 |
| Balance sheet (€ ´000) | 1.6 %* | 123,415 | 77,676 | 121,445 |
| Equity (€ ´000) | 2.8 %* | 63,597 | 51,907 | 61,880 |
| Equity ratio (%) | 51.5 | 66.8 | 51.0 | |
| Net debt2 (€ ´000) | 4,431 | –6,768 | 5,267 | |
| Free cash flow3 (€ ´000) | 4,635 | –564 | –12,649 | |
| Employees (average) | 50.2 % | 1,269 | 845 | 990 |
| Employee (FTE) (average) | 51.0 % | 1,110 | 735 | 855 |
| Personnel expenses (€ ´000) | 60.7 % | 35,653 | 22,184 | 52,941 |
| as percentage of revenue | 34.6 | 34.9 | 34.9 | |
| Revenue per employee (FTE) (€ ´000) | 7.5 % | 93 | 86 | 178 |
| Number of shares at end of period | 6,907,665 | 6,532,750 | 6,907,665 | |
| share price max (€) | 40.98 | 18.94 | 24.77 | |
| share price min (€) | 22.17 | 15.75 | 15.75 |
*Change since December 31, 2016
1
Net profit of the period = profit attributable to technotrans AG shareholders
2Net debt = financial liabilities – cash and cash equivalents
3Free cash flow = Net cash from operating activities
› The rates of return for the segments also showed a positive development. The Technology segment achieved a figure of 5.1 percent (previous year: 2.1 percent), and the Services segment 15.9 percent (previous year: 16.1 percent).
› Six months into the year, earnings per share improved to € 0.88 (previous year: € 0.48).
The healthy economic development in Germany and the associated positive development in the earnings of German industrial companies are currently reflected by the stock markets. German share indices as well as stock exchanges in the USA and Asia finished the first half of the year close to or at year-highs. Many investors remain sceptical about further developments on the stock markets. The reasons include worldwide political instability, the possible consequences of Brexit, the unpredictability of the US administration and the outcome of Germany's parliamentary election in September.
technotrans shares gained around 64 percent between the start of the reporting period (January 1, 2017) and the end of June. Yet another high point followed in the second quarter of 2017. On June 2, 2017 the trading price actually reached € 40.98, crossing the 40 euro threshold. Alongside the generally positive stock market trends, the publication of the business figures for the first quarter provided a further lift for the trading price. The shares ended the period under review with an XETRA closing price of € 37.66 (close of June 30, 2017).
The shares are held by both institutional investors and private shareholders. On May 3, 2017 Luxempart S.A., Luxembourg, had a shareholding of 3.05 percent which was above the disclosure threshold. LOYS Investment S.A., Luxembourg, reported a share of voting rights of 4.24 percent on May 24, 2017.
The Annual General Meeting of technotrans AG took place in Münster on May 12, 2017. The shareholders attending listened to the reports by the Board of Management, asked questions and voted on four agenda items, which were approved by a large majority. Among other matters the Annual General Meeting approved the proposed distribution of a dividend of EUR 3,799,215.75, which represents a dividend of EUR 0.55 per dividend-bearing share (previous year: EUR 0.48). The dividend was paid out on May 17, 2017.
› technotrans AG › TecDAX › SDAX
› Highly promising projects in electric mobility: from mobile battery cooling (buses and rail vehicles, trucks and automated guided vehicles [AGVs]) to cooling for static quick-charging stations
› World debut at EMO 2017: new omega.eco line of process chillers for laser equipment and machine tools
Business Performance of the technotrans Group for the First Six Months of the 2017 Financial Year.
Despite political uncertainties, elections in the Netherlands and France, another parliamentary election in the United Kingdom and the new style of political leadership of the US President, the global economy's growth continued to gather pace until mid-way through the year. The International Monetary Fund has now increased its growth forecast yet again from 3.2 to 3.5 percent. In Germany, the economic growth estimates have now equally been revised upwards to 1.8 percent. The period under review brought a continuing improvement to the business situation in industry, manufacturing, construction, wholesale and retail. The ifo business confidence index, an early indicator of cyclical development in Germany, climbed to 115.1 points in June in yet another improvement on the preceding months.
In the USA, the Federal Reserve resolved another interest move and increased base rates to 1.25 percent on June 15. The European Central Bank maintained its decidedly expansionary monetary policy in the period under review. The US dollar declined 8.6 percent in purchasing power against the euro compared with the start of the year, despite the widening interest rate gap between the two currency blocks.
Supported by a stable market environment and the continuing positive economic development, the technotrans Group is able to report a marked improvement in its revenue and earnings situation in the first six months of this financial year compared with the prior-year period.
"We are very satisfied with the business performance in the first half. Almost all areas are progressing better than expected. We are particularly impressed with the development of our most recent acquisition, GWK Gesellschaft Wärme Kältetechnik mbH," remarked Henry Brickenkamp, Chief Executive Officer of technotrans AG. "At the same time, our strong organic growth in recent years presents us with a succession of fresh challenges in respect of our processes and structure. That will be a focal area for our future activities."
| HY1 2017 | HY1 2016 | Change in % | ||
|---|---|---|---|---|
| Revenue | € million | 103,2 | 63,6 | 62 |
| Gross profit | € million | 35,0 | 21,6 | 62 |
| Gross margin | in % | 33,9 % | 33,9 % | |
| EBITDA | € million | 10,8 | 6,0 | 82 |
| EBIT | € million | 8,4 | 4,4 | 92 |
| EBIT margin | in % | 8,2 % | 6,9 % | |
| Net profit for the period | € million | 6,1 | 3,1 | 96 |
| EPS | in € | 0,88 | 0,48 | 83 |
After a magnificent start to the 2017 financial year (quarterly revenue € 52.8 million), the technotrans Group successfully maintained its growth-oriented business performance with revenue for the quarter of € 50.4 million. Business made positive progress in almost every market.
Revenue in markets outside the printing industry came to around € 60 million in the first six months of 2017, equivalent to 57.7 percent of consolidated revenue. Business with customers from the printing industry again reached a high revenue figure of more than € 43 million in the period under review; this was up 6 percent on the first half of 2016. The acquisitions completed in the previous year made a major contribution to growth. GWK Gesellschaft Wärme Kältetechnik mbH contributed around € 28.0 million. Organically, too, the group's business made very pleasing progress. Consolidated revenue grew by € 11.2 million, equivalent to a rise of 17.7 percent.
The operating result (EBIT) for the first six months came to € 8.4 million (previous year: € 4.4 million). The EBIT margin improved year on year from 6.9 percent to 8.2 percent. This puts the revenue and earnings performance of the technotrans Group for the first half of the financial year in progress ahead of the most recent annual target figures.
Above all the increased revenue volume helped to improve gross profit from € 21.6 million in the prior-year period to € 35.0 million in the current financial year. Better profit margins for non-print business – underpinned by strict cost management – as well as the positive effects of fixed cost degression have given this development a substantial lift. The recent acquisition GWK Gesellschaft Wärme Kältetechnik mbH likewise made a positive profit contribution.
EBITDA (earnings before interest, taxes, depreciation and amortisation) at June 30, 2017 came to € 10.8 million, an increase of € 4.8 million on the prior-year figure (€ 6.0 million). Depreciation and amortisation rose to € 2.4 million (previous year: € 1.6 million). € 0.8 million of this figure (previous year: € 0.4 million) is attributable to the assets identified in the course of purchase price allocation. Interest charges of € 0.3 million were slightly up on the previous year (€ 0.1 million), and income tax expense came to € 2.0 million (previous year: € 1.1 million).
The consolidated result after tax for the period under review reached € 6.1 million (previous year: € 3.1 million). The return on sales was 5.9 percent (previous year: 4.9 percent). Six months into the year, earnings per share climbed to € 0.88 (previous year: € 0.48).
| Assets | 30/6/2017 | 31/12/2016 |
|---|---|---|
| Fixed assets | 48.1 | 49.5 |
| Inventories | 26.8 | 25.6 |
| Trade receivables | 21.9 | 17.8 |
| Cash | 21.6 | 23.9 |
| Other assets | 5.0 | 4.6 |
| Total | 123.4 | 121.4 |
| Liabilities | 30/06/2017 | 31/12/2016 |
|---|---|---|
| Equity | 63.6 | 61.9 |
| Borrowings | 24.9 | 28.1 |
| Provisions | 10.8 | 9.8 |
| Trade payables | 7.5 | 4.8 |
| Payments received | 6.4 | 6.9 |
| Other equity and liabilities | 10.2 | 9.9 |
| Total | 123.4 | 121.4 |
At June 30, 2017 the balance sheet total of the technotrans Group showed an increase of 1.6 percent compared with December 31, 2016 to € 123.4 million. Thanks to business growth and the higher order backlog, the assets side reveals marked growth within current assets, and more specifically within inventories and trade receivables. However this increase was mitigated by the decline in the non-current assets as well as in cash and cash equivalents in the period under review. In the first half of the year, the line item cash and cash equivalents was slightly reduced as expected by € 2.3 million to € 21.6 million as a result of the divided distribution (€ 3.8 million) and the scheduled repayment of financial debt (€ 3.2 million).
On the equity and liabilities side, equity grew to € 63.6 million (December 31, 2016: € 61.9 million), taking the equity ratio to 51.5 percent. Financial debt was reduced by € 3.2 million to € 24.9 million in the course of the year. As a result of organic growth, trade payables at the reporting date as well as other current liabilities moved in the opposite direction.
Bank borrowings at the end of June 2017 totalled € 24.9 million. The overall borrowing arrangements reveal balanced diversification and a balanced maturities structure. Net debt as recognised on the balance sheet – after netting of cash and cash equivalents with interestbearing borrowings – declined slightly in the course of the first half of 2017. At the reporting date, net debt amounted to € 4.4 million (December 31, 2016: € 5.3 million).
| Cashflow (in € million) | 1/1/ – 30/06/2017 |
1/1/ – 30/06/2016 |
|---|---|---|
| Cash flow from operating activities |
10.1 | 5.9 |
| Net cash flow from operating activities |
5.5 | –0.5 |
| Cash flow from investing activities |
–0.8 | –0.1 |
| Free cash flow | 4.6 | –0.6 |
| Cash flow from financing activities |
–7.0 | –4.5 |
The operating cash flow came to € 10.1 million in the period under review, compared with € 5.9 million in the previous year. The overall cash outflow resulting from the rise in working capital as well as for interest and tax payments was lower than in the previous year. The cash flow (net cash from operating activities) at June 30, 2017 therefore remained positive at € 5.5 million. The cash outflow from investing activities increased to € 1.2 million compared with the previous year (€ 0.4 million). However the cash flow from investing activities came to only € -0.8 million (previous year: € -0.1 million). In the course of the year
investing activities are still expected to rise noticeably as a result of the acquisition of the property at the Meinerzhagen location and of a building plot in Baden-Baden. Free cash flow after the first six months improved again to € 4.6 million), compared with € -0.6 million in the previous year. The cash flow from financing activities produced a cash outflow of € -7.0 million (previous year: € -4.5 million) and comprised the scheduled repayment of borrowings as well as the distribution of € 3.8 million in dividends to technotrans shareholders for the past financial year (previous year: € 3.1 million).
| Technology | Services | technotrans Group | ||||
|---|---|---|---|---|---|---|
| 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |
| Revenue (€ million) | 73.9 | 41.9 | 29.3 | 21.7 | 103.2 | 63.6 |
| Q1 | 38.2 | 20.0 | 14.6 | 10.4 | 52.8 | 30.4 |
| Q2 | 35.7 | 21.9 | 14.7 | 11.3 | 50.4 | 33.2 |
| EBITDA (€ million) | 5.7 | 2.2 | 5.1 | 3.8 | 10.8 | 6.0 |
| Q1 | 2.9 | 1.0 | 2.6 | 1.8 | 5.5 | 2.8 |
| Q2 | 2.8 | 1.2 | 2.5 | 2.0 | 5.3 | 3.2 |
| EBIT (€ million) | 3.8 | 0.9 | 4.6 | 3.5 | 8.4 | 4.4 |
| Q1 | 2.0 | 0.4 | 2.3 | 1.7 | 4.3 | 2.1 |
| Q2 | 1.8 | 0.5 | 2.3 | 1.8 | 4.1 | 2.3 |
| EBIT margin (€ million) | 5.1 | 2.1 | 15.9 | 16.1 | 8.2 | 6.9 |
| Q1 | 5.2 | 1.8 | 16.0 | 16.3 | 8.2 | 6.8 |
| Q2 | 5.0 | 2.3 | 15.7 | 16.0 | 8.1 | 6.9 |
The Technology segment is able to look back on an extremely successful first and second quarter of 2017. Compared with the previous year, first-half revenue for the segment climbed by € 32.0 million (+76.4 percent) to € 73.9 million. The revenue total included € 23.2 million for gwk, which has been consolidated since September 1, 2016. In addition, Technology revenues in the laser, machine tool and forming technology areas as well as in the growth markets achieved growth of around 45 percent. Organic revenue growth in the Technology segment again returned an excellent figure of +21.1 percent overall.
The Services segment successfully increased its revenue by 35.2 percent overall (€ +7.6 million) to € 29.3 million. A substantial portion of this amount is attributable to the
The number of employees in the technotrans Group at the end of the first half of the financial year was again up. At the reporting date of June 30, 2017 the worldwide core workforce comprised 1,285 employees. This represents 2.6 percent growth in the employee total, or 33 employees, compared with the end of 2016. In terms of full-time equivalents the average number of employees has risen from 1,069 to 1,110 since the start of the year.
At the end of the first six months there were 928 employees allocated to the Technology segment, compared with 886 for this segment at the year-end reporting date of December 31, 2016. The increase
increased scope of consolidation, but in organic terms too. Revenue growth reached double figures, at +11.1 percent. Within the segment, the increase was again driven both by follow-on business in the technology markets and by technical documentation business.
The result (EBIT) for the Technology segment was up € 2.9 million on the 2016 figure at € 3.8 million. The rate of return for the segment at the six-month mark was consequently 5.1 percent, compared with 2.1 percent in the previous year. The Services segment repeated its healthy financial performance with € 4.6 million (previous year: € 3.5 million). The rate of return for the segment in the reporting period reached 15.9 percent, down from 16.1 percent.
is mainly attributable to the growth-related capacity expansion at the production locations of the technotrans Group. There were 357 employees allocated to the Services segment at June 30, 2017, compared with 366 at the end of 2016.
The higher personnel expenses in the first half of 2017 stem partly from the recruitment of additional employees and the increased scope of consolidation of technotrans, and partly from the pay increase averaging 3 percent that took effect in the financial year. The personnel expenses ratio of 34.6 percent was slightly down on the level for the 2016 reference period (previous year: 34.9 percent).
technotrans is expanding its compact liquid cooling systems business area. To that end, its subsidiary Termotek GmbH is increasing production capacities at the Baden-Baden location. On July 13, 2017 the company signed the appropriate land purchase contract, kicking off the expansion process. The new 13,000 square metre site will enable the cooling specialist to double its production capacities. In the first phase a building housing more than 5,000 square metres of floor space is to be erected by the end of 2018.
There were no material changes to the opportunities and risks in the period under review. For details of the significant risks to our business and the risk early-warning system, please refer to our remarks in the Combined
Management Report for 2016. It is noted there that the company does not consider itself to be exposed to any existential risks that could endanger the company as a going concern.
The global economic mood improved in the course of the past year. In the eurozone, sentiment within the industry reached a six-year high. The business situation for German industrial companies is likewise high. Capacity utilisation in manufacturing industry has risen latterly.
The healthy level of orders in the opening months of the year has occasioned the VDMA to increase its output forecast for 2017 from +1 to +3 percent in real terms. Above all growth in orders received from within Germany and other eurozone countries as well as strong exports to China are expected to drive up output growth, despite all the risks. The three percent forecast is in line with the long-term average.
Business confidence in the printing and media industry has equally improved by 5.1 percent compared with the prioryear level. At the end of June the business confidence index reached 107.2, its highest level since April 2014. The industry reported a steady development in its order backlog.
The ifo Institute has significantly upped its economic forecast for 2017 and 2018, and now anticipates new record levels of employment. For the current year it currently expects 1.8 percent growth instead of 1.5 percent previously. The figure is even set to rise to 2.0 percent next year. As in previous years, the upturn is driven by the domestic economy, and more specifically by the construction sector and consumer spending. Industry is now also contributing. The accelerating economy in the eurozone and the rest of the world is providing a major lift to exports. According to the ifo economic survey, companies now rate the outlook as brighter than at any time since 1990.
Working against the positive developments in the real economy, the future economic, fiscal and monetary framework remains shrouded in uncertainty and there are also risks of a possible escalation in existing geopolitical tensions. The forecast for the German economic area should therefore continue to be viewed with caution.
The Board of Management's overall assessment of the technotrans Group's business prospects for the 2017 financial year is positive. technotrans has set itself the goal of growing faster than the market. The further business development of the technotrans Group will to a large degree depend on the world economy and on various project launches involving existing and new customers.
technotrans achieved notable revenue growth in the first six months of the 2017 financial year and achieved a very good operating result overall. In summary, the current business performance therefore surpasses previous expectations for the year.
In light of this, the Board of Management of technotrans AG has revisited the annual targets for 2017. As matters stand, on the whole we expect the revenue and earnings performance for the second half of the year to continue at the level of the first half. After weighing up various scenarios, we are therefore increasing the revenue forecast for the technotrans Group for the 2017 financial year to consolidated revenue in the order of € 203 to 208 million. The operating result should be within a range of € 16.0 to 17.0 million. We had previously envisaged consolidated revenue for 2017 in the region of € 185 to 195 million, along with EBIT of between € 12.0 and 14.0 million. The revenue and earnings planning does not reflect new acquisitions. On the strength of the continuing healthy level of orders and capacity utilisation within the technotrans Group, we are confident about the prospects for the coming months.
| Realized 2016 | Forecast 2017 Combined Management Report |
Outlook 2017 | ||
|---|---|---|---|---|
| Revenue | € million | 151.8 | 185–195 | 203–208 |
| Technology | € million | 103.6 | 131–137 | 145–148 |
| Service | € million | 48.2 | 54–58 | 58–60 |
| EBIT | € million in % |
9.7 6.4 |
12.0–14.0 6.5–7.2 |
16–17 7.8–8.2 |
| Free cash flow | € million | –12.6 | positive | positive |
The 2017 financial year will see technotrans increasingly focus its attention on maintaining or improving its business performance in the individual markets and on advancing the integration of the acquired businesses further. In the second half of the year, the technotrans Group will again be presenting itself at several international shows as a system partner for technologically sophisticated, custommade cooling solutions.
For the full year, the Board of Management expects a healthy operating cash flow thanks to steady income and earnings. Capital spending on property plant and equipment and intangible assets is set to total around € 10.0 million in 2017 (excluding acquisitions). Around € 7.2 million of this amount will go on the acquisition of the property at gwk's production location in Meinerzhagen. This capital investment is directly connected to the interest acquired in the past financial year. technotrans also anticipates further new and replacement investment measures amounting to between € 2.5 and € 3.0 million at the German production locations.
These real investments as well as the scheduled repayment of the bank liabilities and the dividend payout are to be financed from current cash flow or from available liquidity amounting to around € 22.0 million.
The Board of Management furthermore confirms its medium-term targets of increasing the revenue of the technotrans Group to € 300 million. By 2020, the organic growth rate is to average an annual 5 to 6 percent. Further growth is to be generated by fresh strategic options in connection with M&A activities. The revenue growth, the economies of scale that will result from this, along with a disciplined approach to costs and higher margins from growing technology and service business, should in the medium term boost the operating result (profit target: double-digit EBIT margin for group) and increase the value of the company.
ASSETS
| 30/6/2017 | 31/12/2016 | |
|---|---|---|
€ 000 | €000 |
||
| Non-current assets | ||
| Property, plant and equipment | 17,422 | 17,734 |
| Goodwill | 23,144 | 23,144 |
| Intangible assets | 7,513 | 8,639 |
| Other financial assets | 90 | 92 |
| Deferred tax | 1,928 | 2,440 |
| 50,097 | 52,049 | |
| Current assets | ||
| Inventories | 26,794 | 25,609 |
| Trade receivables | 21,883 | 17,787 |
| Income tax receivable | 98 | 180 |
| Other financial assets | 1,429 | 724 |
| Other assets | 1,522 | 1,167 |
| Cash and cash equivalents | 21,592 | 23,929 |
| 73,318 | 69,396 | |
| Total assets | 123,415 | 121,445 |
| 30/6/2017 | 31/12/2016 | |
|---|---|---|
€ 000 | €000 |
||
| Equity | ||
| Issued capital | 6,908 | 6,908 |
| Capital reserve | 19,097 | 19,097 |
| Retained earnings | 37,784 | 34,391 |
| Other reserves | –6,403 | –5,826 |
| Net profit for the period | 6,051 | 7,192 |
| Total equity attributable to technotrans AG shareholders | 63,437 | 61,762 |
| Non-controlling interests in equity | 160 | 118 |
| 63,597 | 61,880 | |
| Non-current liabilities | ||
| Borrowings | 21,865 | 23,024 |
| Provisions | 1,218 | 1,178 |
| Other financial liabilities | 1,353 | 1,359 |
| Deferred tax | 1,967 | 2,215 |
| 26,403 | 27,776 | |
| Current liabilities | ||
| Borrowings | 3,054 | 5,068 |
| Trade payables | 7,547 | 4,809 |
| Prepayments received | 6,411 | 6,928 |
| Provisions | 9,623 | 8,617 |
| Income tax payable | 1,620 | 1,060 |
| Other financial liabilities | 2,208 | 2,631 |
| Other liabilities | 2,952 | 2,676 |
| 33,415 | 31,789 | |
| Total equity and liabilities | 123,415 | 121,445 |
| 1/4/- 30/6/2017 |
1/4/- 30/6/2016 |
1/1/- 30/6/2017 |
1/1/- 30/6/2016 |
|
|---|---|---|---|---|
| € ´000 | € ´000 | € ´000 | € ´000 | |
| Revenue | 50,395 | 33,152 | 103,181 | 63,555 |
| of which Technology | 35,741 | 21,931 | 73,884 | 41,884 |
| of which Services | 14,654 | 11,221 | 29,297 | 21,671 |
| Cost of sales | –33,237 | –21,994 | –68,181 | –41,997 |
| Gross profit | 17,158 | 11,158 | 35,000 | 21,558 |
| Distribution costs | –6,423 | –4,696 | –13,163 | –8,801 |
| Administrative expenses | –4,680 | –3,404 | –9,465 | –6,628 |
| Development costs | –1,834 | –1,064 | –3,597 | –2,122 |
| Other operating income | 753 | 656 | 1,434 | 1,369 |
| Other operating expenses | –881 | –333 | –1,798 | –999 |
| Earning before interest and taxes (EBIT) | 4,093 | 2,317 | 8,411 | 4,377 |
| Financial income | 0 | 4 | 0 | 4 |
| Financial charges | –155 | –72 | –307 | –139 |
| Net finance costs | –155 | –68 | –307 | –135 |
| Profit before tax | 3,938 | 2,249 | 8,104 | 4,242 |
| Income tax expenses | –976 | –561 | –2,011 | –1,129 |
| Net profit for the period | 2,962 | 1,688 | 6,093 | 3,113 |
| of which: | ||||
| Profit attributable to technotrans AG shareholders | 2,942 | 1,701 | 6,051 | 3,160 |
| Profit/loss attributable to non-controlling interests | 20 | –13 | 42 | –47 |
| Earnings per share (€) | ||||
| (basic) | 0.43 | 0.26 | 0.88 | 0.48 |
| (diluted) | 0.43 | 0.26 | 0.88 | 0.48 |
| 1/4/- 30/6/2017 |
1/4/- 30/6/2016 |
1/1/- 30/6/2017 |
1/1/- 30/6/2016 |
|
|---|---|---|---|---|
| € ´000 | € ´000 | € ´000 | € ´000 | |
| Net profit for the period | 2,962 | 1,688 | 6,093 | 3,113 |
| Other results | ||||
| Items that were or must be reclassified to Income Statement |
||||
| Exchange differences from the translation of foreign group companies |
–299 | –186 | –372 | –530 |
| Change in the amount recognised within equity (Net investments in a foreign operation) |
–269 | 321 | –230 | 420 |
| Change in the market values of cash flow hedges | 20 | 11 | 36 | 17 |
| Deferred tax | –6 | –3 | –11 | –5 |
| Change in the amount recognised within equity (cash flow hedges) |
14 | 8 | 25 | 12 |
| Other profit after tax | –554 | 143 | –577 | –98 |
| Overall result for the period | 2,408 | 1,831 | 5,516 | 3,015 |
| of which: | ||||
| Profit attributable to technotrans AG shareholders | 2,388 | 1,844 | 5,474 | 3,062 |
| Profit/loss attributable to non-controlling interests | 20 | –13 | 42 | –47 |
| 1/1/- 30/6/2017 |
1/1/- 30/6/2016 |
|
|---|---|---|
| € ´000 | € ´000 | |
| Cash flow from operating activities | ||
| Net profit for the period | 6,093 | 3,113 |
| Adjustments for: | ||
| Depreciation and amortisation | 2,428 | 1,590 |
| Share-based payment transactions | 0 | 35 |
| Income tax expenses | 2,011 | 1,129 |
| Gain (–) / loss (+) on the disposal of property, plant and equipment | –206 | –19 |
| Foreign exchange losses (+)/ gains (–) | –561 | –61 |
| Net finance costs | 306 | 135 |
| Cash flow from operating activities before working capital changes |
10,071 | 5,922 |
| Change in: | ||
| Inventories | –1,184 | –1,406 |
| Receivables and other assets | –5,075 | –4,763 |
| Other non-current assets | 514 | –140 |
| Liabilities and prepayments | 1,720 | 1,455 |
| Provisions | 1,047 | –275 |
| Cash from operating activities | 7,093 | 793 |
| Interest received | 0 | 4 |
| Interest paid | –306 | –134 |
| Income taxes paid / income tax rebates | –1,328 | –1,167 |
| Net cash from operating activities | 5,459 | –504 |
| Cash flow from investing activities | ||
| Cash payments for investments in property, plant and equipment and in intangible assets |
–1,178 | –367 |
| Cash inflow/outflow for the acquisition of consolidated companies | 0 | 274 |
| Proceeds from the sale of property, plant and equipment | 354 | 33 |
| Net cash used for investing activities | –824 | –60 |
| Cash flow from financing activities | ||
| Cash payment from the repayment of loans | –3,173 | –1,332 |
| Distributions to investors | –3,799 | –3,138 |
| Net cash used in financing activities | –6,972 | –4,470 |
| Net increase/decrease in cash and cash equivalents | –2,337 | –5,034 |
| Cash and cash equivalents at start of period | 23,929 | 19,978 |
| Net effect of currency translation in cash and cash equivalents | 0 | –36 |
| Cash and cash equivalents at the end of the period | 21,592 | 14,908 |
| Total equity of technotrans AG shareholders |
Non-controlling interests in equity |
30/6/2017 | 31/12/2016 | |
|---|---|---|---|---|
| € ´000 | € ´000 | € ´000 | € ´000 | |
| Equity at January 1st | 61,762 | 118 | 61,880 | 51,725 |
| Net profit for the period | 6,051 | 42 | 6,093 | 7,262 |
| Other result | –577 | 0 | –577 | 173 |
| Overall result for the period | 5,474 | 42 | 5,516 | 7,435 |
| Transactions with owners | ||||
| Distribution of profit | –3,799 | 0 | –3,799 | –3,136 |
| Issuance of treasury shares | 0 | 0 | 0 | 8,190 |
| Transactions with owners | –3,799 | 0 | –3,799 | 5,054 |
| Change of reduced interests in subsidiaries | 0 | 0 | 0 | –2,334 |
| Equity at the end of the period | 63,437 | 160 | 63,597 | 61,880 |
The Consolidated Financial Statements of technotrans AG at June 30, 2017 in common with the Consolidated Financial Statements at December 31, 2016, have been prepared in accordance with the International Financial Reporting Standards (IFRS) and their interpretations as applicable at the reporting date. These Interim Consolidated Financial Statements were prepared in agreement with IAS 34 "Interim Financial Reporting" and should be read in the context of the Consolidated Financial Statements published by the company for the 2016 financial year. technotrans prepares and publishes the Consolidated Financial Statements in euros.
The Consolidated Balance Sheet together with the Consolidated Income Statement, Consolidated Statement of Recognised Income and Expense, Consolidated Statement of Movements in Equity and Consolidated Cash Flow Statement for the reporting periods ending on June 30, 2017 and 2016 as well as the Notes have been neither
audited nor subjected to any other review. All interim financial statements for the companies included in the Interim Consolidated Financial Statements were prepared in accordance with standard recognition and measurement principles, which were also applied for the Consolidated Financial Statements for the year ending December 31, 2016. The same recognition and measurement principles as well as the consolidation methods applied for the 2016 financial year were retained. For further explanatory remarks we refer to the Notes to the Consolidated Financial Statements at December 31, 2016.
The technotrans Group at June 30, 2017 comprised technotrans AG as well as 22 companies that were included in the Interim Financial Statements as fully consolidated companies. Compared to the position at December 31, 2016 the number of group companies has increased by one through the establishment of technotrans Grundstücksverwaltungs GmbH.
and the interim management report of the group includes a fair review of the performance and position of the group, together with a description of the principal opportunities and risks associated with the expected development of the
To the best of our knowledge, and in accordance with the applicable reporting principles for financial reporting, the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the group, the management report of the group includes a fair review of the performance and results of the group,
Sassenberg, August 2017
technotrans AG
Henry Brickenkamp Dirk Engel Dr. Christof Soest
group.
Shareholder Structure at the end of the period in %
| 30/6/2017 | ||
|---|---|---|
| Freefloat | in % | 76.5 |
| Objectif Small Cap (F) | in % | 6.3 |
| Gerlin NV (NL) | in % | 5.0 |
| Midlin NV (NL) | in % | 4.9 |
| LOYS Investment S.A. | in % | 4.2 |
| Luxempart (LU) | in % | 3.1 |
| Directors' Holdings (Board of Management and Supervisory Board Members) |
|
|---|---|
| 30/6/2017 | |
| Board of Management | |
| Henry Brickenkamp | 47,037 |
| Dirk Engel | 20,000 |
| Dr. Christof Soest | 10,764 |
| Supervisory Board | |
| Reinhard Aufderheide | 380 |
| Dr. Norbert Bröcker | 250 |
| Heinz Harling | 64,854 |
| Dr. Wolfgang Höper | 0 |
| Thomas Poppenberg | 656 |
| Dieter Schäfer | 0 |
Our website provides a comprehensive IR service. In addition to corporate reports (online Annual Report), analyst estimates, financial presentations and information on the Annual General Meeting, you will also find our factsheet and financial communications there.
The Interim Financial Report of technotrans AG at June 30, 2017 has been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and is in accordance with Section 51 of the stock exchange rules for the Frankfurt Stock Exchange (FSE).
This Interim Financial Report is published in German and English. The German version is always definitive.
This Interim Group Management Report contains statements on the future development of the technotrans Group. These reflect the present views of the management of technotrans AG and are based on the corresponding plans, estimates and expectations. We point out that the statements are subject to certain risks and uncertainties which could mean that the actual results differ considerably from those expected. The figures and percentages contained in this report may lead to differences due to rounding.
| Publications | Date |
|---|---|
| Interim Report 1-9/2017 | 07/11/2017 |
| Germany Equity Forum 2017 | 27 to 28/11/2017 |
| Annual Report 2017 | 13/03/2018 |
| Interim Report 1-3/2018 | 04/05/2018 |
| Shareholders' meeting 2018 | 18/05/2018 |
Member of the technotrans group
technotrans AG Robert-Linnemann-Str. 17 48336 Sassenberg Germany
Tel +49 (0)2583 301-1000 Fax +49 (0)2583 301-1030 [email protected] www.technotrans.com
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