Quarterly Report • Oct 23, 2014
Quarterly Report
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Amadeus FiRe AG
Unaudited Nine-Months Financial Report January – September 2014
| Amounts stated in EUR k | 01.01.-30.09.2014 | 01.01.-30.09.2013 | Divergency in per cent |
|---|---|---|---|
| Revenues | 119,302 | 105,844 | 12.7% |
| Gross profit in per cent |
50,434 42.3% |
44,752 42.3% |
12.7% |
| EBITDA in per cent |
20,301 17.0% |
17,767 16.8% |
14.3% |
| EBITA in per cent |
19,690 16.5% |
17,133 16.2% |
14.9% |
| EBIT in per cent |
19,690 16.5% |
17,133 16.2% |
14.9% |
| Profit before taxes in per cent |
19,737 16.5% |
17,202 16.3% |
14.7% |
| Profit for the period in per cent |
13,153 11.0% |
11,411 10.8% |
15.3% |
| Attributable to equity holders Attributable to minority interests |
13,049 104 |
11,334 77 |
15.1% |
| Net cash from operating activities Net cash from operating activities per share |
13,493 2.60 |
11,838 2.28 |
14.0% 14.0% |
| Earnings per share | 2.51 | 2.18 | 15.1% |
| Average number of shares | 5,198,237 | 5,198,237 | |
| 30.09.2014 | 31.12.2013 | ||
| Balance sheet total | 63,341 | 61,618 | 2.8% |
| Stockholders' equity | 39,265 | 40,823 | -3.8% |
| Cash and cash equivalents | 34,598 | 37,564 | -7.9% |
| 30.09.2014 | 30.09.2013 | ||
| Number of employees (active) | 2,808 | 2,479 | 13.3% |
The momentum of the German economy is lost; in the second quarter of 2014 it contracted for the first time since the start of 2013. Adjusted for inflation, seasonal and calendar effects, gross domestic product (GDP) declined by 0.2% quarter-on-quarter in the second quarter of 2014. GDP had risen by 0.7% in the first quarter. The construction industry, for example, had benefited from the mild winter at the time.
The many hot spots around the world increasingly caused unease, particularly the Russia-Ukraine conflict and the development in the Middle East. The spring quarter was characterised by flagging exports and investments declined as well. As exports did not rise as rapidly as imports, they curbed the economy as a whole. In addition, the usual spring rally turned out weaker following the remarkably strong start to the year. One positive factor was that private consumer and public spending both increased slightly.
The indications of an economic dip have recently picked up. In terms of industry orders and production, in August exports fell their hardest in five and a half years – since the crisis in 2009. The tougher sanctions against Russia and the dragging economic development in the euro area intensified this development. August exports fell by 5.8% as against the previous month. After expansion of 4.8% in July, the decline was significantly more severe than generally anticipated.
This uncertainty is also reflected in the latest ifo Business Climate Index. At 104.7 points it is at its lowest level since April 2013. Business forecasts have even dropped to a point last seen in December 2012. The current geopolitical situation and its possible impact have cast a shadow over forecasts for industry and trade in particular. By contrast, the service sector is enjoying a significantly more positive situation to date. Business forecasts here improved slightly in September.
The currently good basic condition of the German labour market is so far undiminished. The trend towards rising employment subject to social security contributions has continued. According to the German Federal Employment Agency, the number of people in work and paying social security contributions rose to 30.3 million after adjustment for seasonal effects (up 1.8% year-on-year) in the month of July. However, unemployment and underemployment are benefiting little from the growth in employment. The incipient autumn recovery was relatively restrained. Adjusted for seasonal effects, unemployment rose to 2.9 million in September, while underemployment, which takes into account the effects of labour market policy, was unchanged.
According to the data published by the Federal Employment Agency, the number of temporary workers as at the end of 2013 was 814,580. This means that after reaching a high in 2011, the number of temporary workers has declined for two years (2012: down 0.5%; 2013: down 4.4%). This development started moving back in a positive direction in 2014. Based on the latest trend projections by the Federal Employment Agency and information published by the Federal Employers' Association for Personnel Service Providers (BAP), the number of temporary workers is believed to have grown by around 2% to 3% as against the previous year by August 2014.
The specific form and implementation of the changes to the temporary work sector announced by the grand coalition are unaltered. According to the coalition agreement, measures such as "equal pay" after nine months working for a customer and a maximum assignment period of 18 months are to be put in place. As a legal bill has not yet been discussed, no clear conclusions can be drawn regarding the impact on the industry. Furthermore, the new wage agreement has been in effect in the temporary employment sector since January 2014 with salary increases of 3.8% in the west of Germany and 4.8% in the east.
The market environment for permanent placement remains very robust. Companies' current demand for workers is determined not just by overall economic developments, but also by the number of people in employment, which has risen to record levels in recent years. There has therefore been a rise in replacement requirements as a result of fluctuation. Furthermore, companies are not always able to fill vacancies with appropriate staff promptly. The BA-X labour market index published by the German Federal Employment Agency that shows demand for workers rose by two points from August to September to 170 points. The slight rising trend of recent months is therefore continuing. Year-on-year, the BA-X is 11 points higher than in September 2013. It is also at a high level by a longer-term comparison.
After the first nine months of the 2014 financial year, the Amadeus FiRe Group generated consolidated sales revenues of EUR 119,302 k (previous year: EUR 105,844 k). The previous year's sales were therefore exceeded by EUR 13,458 k, an increase of 12.7%. All services of the Amadeus FiRe Group contributed to the improvement in sales. There was the same number of billable days in the reporting period as in the same period of the previous year.
At EUR 50,434 k, the gross profit for the first three quarters is up 12.7% on the previous year's figure of EUR 44,752 k. The increases were essentially achieved with permanent placement and temporary staffing services.
The gross profit margin was unchanged year-on-year at 42.3%. Slight improvements in the margins of the three personnel services were neutralised by a decline in the margin for training services.
Selling and administrative expenses increased to EUR 30,788 k in the reporting period (previous year: EUR 27,671 k). The increase of over 11% was essentially due to personnel expenses. In addition to general salary increases and additional staff in the sales organisation, expenses for performance-based remuneration rose significantly.
EBITA climbed by 14.9% to EUR 19,690 k (previous year: EUR 17,133 k). The EBITA margin improved by 0.3 percentage points to 16.5% (previous year: 16.2%).
Earnings after taxes amounted to EUR 13,660 k after nine months, rising by EUR 1,694 k (14.2%). EUR 507 k (previous year: EUR 555 k) of earnings after taxes relates to non-controlling interests reported in liabilities.
Earnings per share, based on the net profit for the period attributable to the ordinary shareholders of the parent company, improved by 33 cents to EUR 2.51 (previous year: EUR 2.18) in the first nine months.
Sales in personnel service segments amounted to EUR 106,810 k (previous year: EUR 93,967 k), an increase of 14%.
With the same number of billable days in the first nine months, sales from temporary work were up significantly by 15%. After a successful start to the year with a high initial level of orders, the order situation in the first half year developed parallel compared to previous year. The goal of the expanded Amadeus FiRe sales organisation was to achieve an increase in productivity over the course of the financial year. Measures introduced in the past financial year, including a comprehensive sales training programme or a change in the recruitment process, were aimed at improving the relative order figures on a longterm basis. This was achieved during the third quarter and order levels have thus improved significantly.
The price increase in temporary work of around 2.5% on the previous year is primarily due to the collective wage agreements mentioned above and the collective industry surcharge agreements.
A further positive effect for the temporary work segment was generated from the normalised utilisation rate. In the first quarter of 2013 there was an unusually high level of illness throughout Germany. This had a correspondingly negative effect in the previous year.
Sales in permanent placement increased by 10%. The permanent placement market has so far been unimpressed by the adverse economic signals. In the past summer quarter, the Amadeus FiRe Group even reported especially
After nine months, sales in the training segment climbed by 5% to EUR 12,492 k (previous year: EUR 11,877 k). Sales were increased in private customer business but declined for corporate clients. While in-house business at customer companies also saw slight increases, sales for seminars were down. The shortage of relevant, acute issues in tax, finance and accounting compared to previous years could not be compensated. The segment's gross profit was significantly reduced by lower course attendance. In addition to seminar capacity, the establishment of additional courses at high-potential locations also contributed to this.
good placement sales and gained momentum. Against the backdrop of the unchanged competitive situation on the labour market described above, it continued to be a challenge for companies to find suitable applicants for vacancies, something Amadeus FiRe benefits from.
Sales from interim and project management grew by 8% year-on-year.
The following sales were attributed to the individual services:
| In EUR k | Jan-Sept 2014 |
Jan-Sept 2013 |
Change in % |
|---|---|---|---|
| Temporary staffing | 88,466 | 77,154 | 15% |
| Interim / project management |
6,719 | 6,230 | 8% |
| Permanent placement | 11,625 | 10,583 | 10% |
| Total segment | 106,810 | 93,967 | 14% |
Nine-month segment earnings amounted to EUR 17,993 k as against EUR 15,390 k in the same period of the previous year, an increase of 16.9%.
The segment's assets amounted to EUR 52,610 k as at 30 September 2014 as against EUR 50,719 k as at 31 December 2013. The change was mainly due to the decline in cash and cash equivalents following the dividend payment in May. This was countered by the increase in trade receivables due to sales.
Earnings for the training segment amounted to EUR 1,697 k and were therefore down on by EUR 46 k (previous year: EUR 1,743 k). The decline in earnings was essentially due to the lower gross profit margin. Selling and administrative expenses increased by 2% as against the previous year.
Segment assets amounted to EUR 10,731 k as at 30 September 2014 as against EUR 10,899 k as at the end of 2013. The change was mainly due to the decline in cash and cash equivalents following distributions to shareholders.
The cash flow from operating activities amounted to EUR 13,493 k in the first nine months after EUR 11,838 k in the previous year, an increase of EUR 1,655 k. Operating profit before working capital changes initially improved by EUR 2,292 k. The main factor in this was the higher earnings before taxes. Working capital improved by EUR 126 k compared to the previous year. The significant increase in trade receivables due to sales was offset by higher liabilities. In particular, the increases here were caused by higher staff-related provisions for holiday, overtime and bonuses. Finally, tax payments were again higher than in the same period of the previous year (EUR 763 k).
Cash and cash equivalents used in investing activities climbed by EUR 371 k to EUR 991 k as a result of acquisitions of intangible assets and property, plant and equipment. In addition to regular investments in operations, the increase was largely due to investments initiated in new sales software.
A dividend of EUR 14,711 k was paid to the shareholders of Amadeus FiRe AG in the second reporting quarter. This corresponds to a distribution of EUR 2.83 per share. Furthermore, in financing activities, cash of EUR 803 k was used for the distribution to the non-controlling shareholders in Steuer-Fachschule Dr. Endriss in the second reporting quarter. There had been no distribution to non-controlling interests in the same period of 2013.
Net cash and cash equivalents amounted to EUR 34,598 k as at 30 September 2014 (previous year: EUR 31,271 k).
The equity ratio declined to 66% as at 30 September 2014 (previous year: 66%).
On 30 September 2014 there were 2,391 temporary employees working for customers (previous year: 2,080). The fact that there were 15% more temporary employees working at the reference date is encouraging, and reflects the recent increase in the company's own productivity.
| Number of employees | 30.09.2014 | 30.09.2013 |
|---|---|---|
| Employees on customer assignments (external employees) |
2,391 | 2,080 |
| Sales staff (internal employees) |
359 | 342 |
| Administration | 44 | 40 |
| Total | 2,794 | 2,462 |
| Apprentices | 14 | 17 |
There were no material related party transactions or agreements in the reporting period.
The general economic conditions in Germany described in the last annual report have developed negatively in recent months. Recently published forecasts have fallen short of assumptions.
According to the International Monetary Fund (IMF), the risks to the global economy are on the rise again. In its most recent global economic outlook, the IMF adjusted its growth forecast for this year downwards from 3.7% to 3.3%. Instead of the recovery hoped for, the IMF believes there is a risk of stagnation in the euro area and has corrected its growth forecast to now just 0.8%. The German government recently announced that GDP growth is expected to be "well below forecasts". These forecasts had previously been for 1.8%. Leading economic research institutes are now projecting weaker growth in Germany of only 1.3% in 2014. This year's autumn report states that the economy has cooled noticeably and that domestic and international demand is currently weak. Gross domestic product is set to expand by 1.2% in the coming year of 2015. Experts had previously assumed a strong rise in GDP of 1.9% in 2014 and 2.0% next year.
The relevant indicators such as the ifo Business Climate Index, orders, production data and export data support this worsening outlook and are themselves deteriorating. It is expected that the current geopolitical uncertainties will continue to exert heavy pressure on economic development.
The German labour market is remaining stable. The number of people in employment is set to rise further, albeit at a slower rate. Customer companies' ongoing willingness to use temporary staff will depend on the relative flexibility in the labour market continuing. Further regulation of temporary staffing and a rise in prices could jeopardise this flexibility.
There are currently no discernible risks to the Amadeus FiRe Group as a going concern. For more details please refer to the risk report section in the 2013 annual report.
The fourth quarter of 2014 will have 62 billable days, the same number as in the previous year, which is also true for comparisons of the 2013 and 2014 calendar years.
Compared to the current reporting quarter, the fourth quarter will have four fewer billable days owing to calendar effects. This will be reflected in correspondingly lower sales and earnings. The capacity utilisation of temporary employees is expected to remain at the planned level.
Despite the corrected economic outlook, the current projections for employees in temporary staffing suggest that the number of temporary employees in Germany will be slightly higher than in the previous year as the year progresses. In the fourth quarter, the cyclical temporary work sector is expected to be influenced by the incipient stagnation in the commercial sector in particular. Nonetheless, in light of the robust development on the labour market, it will remain a challenge for the industry to recruit according to the high level of demand for temporary staff. This applies specifically to the recruitment of skilled workers.
It is also true for permanent placement. The fierce competition for qualified personnel will presumably remain a factor. The excess in demand for qualified workers, which is reflected in part by the high number of vacant positions, will also be hard to shift under worsening conditions.
In the training segment it must be assumed that it will not be possible to make up for the decline in seminar sales in the remainder of the year.
The demand situation for the services of the Amadeus FiRe Group has reduced slightly recently.
Thanks to the productivity increases achieved and in spite of the negative adjustment of assumptions regarding overall economic development, the Management Board is standing by its forecast of sales in excess of EUR 150 million and operating earnings higher than in the previous year for the 2014 financial year as a whole. Further information can be found in the forecast section of the 2013 annual report.
We confirm that, to the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the group for the remaining months of the financial year.
Frankfurt am Main, 23 October 2014
Peter Haas Robert von Wülfing CEO CFO
| Amounts stated in EUR k | 01.01.–30.09.2014 | 01.01.–30.09.2013 |
|---|---|---|
| Revenue | 119,302 | 105,844 |
| Cost of sales | -68,868 | -61,092 |
| Gross profit | 50,434 | 44,752 |
| Selling expenses | -24,872 | -22,820 |
| General and administrative expenses | -5,916 | -4,851 |
| Other operating income | 47 | 58 |
| Other operating expenses | -3 | -6 |
| Profit from operations | 19,690 | 17,133 |
| Finance cost | 0 | 0 |
| Finance income | 47 | 69 |
| Profit before taxes | 19,737 | 17,202 |
| Income taxes | -6,077 | -5,236 |
| Profit after taxes | 13,660 | 11,966 |
| Profit attributable to non-controlling interests | ||
| disclosed under liabilities | -507 | -555 |
| Profit for the period | 13,153 | 11,411 |
| - Attributable to non-controlling interests | 104 | 77 |
| - Attributable to equity holders | 13,049 | 11,334 |
Earnings per share, in relation to the profit of the period attributable to the ordinary equity holders of the parent
| basic (euro/share) | 2.51 | 2.18 |
|---|---|---|
| Amounts stated in EUR k | 01.01.–30.09.2014 | 01.01.–30.09.2013 |
|---|---|---|
| Profit for the period | 13,153 | 11,411 |
| Total comprehensive income for the period, net of tax |
13,153 | 11,411 |
| - Attributable to non-controlling interests | 104 | 77 |
| - Attributable to equity holders of the parent | 13,049 | 11,334 |
| Amounts stated in EUR k | 01.07.–30.09.2014 | 01.07.–30.09.2013 |
|---|---|---|
| Revenue | 43,790 | 37,431 |
| Cost of sales | -23,941 | -20,407 |
| Gross profit | 19,849 | 17,024 |
| Selling expenses | -8,458 | -7,700 |
| General and administrative expenses | -2,059 | -1,712 |
| Other operating income | 29 | 9 |
| Other operating expenses | -2 | 0 |
| Profit from operations | 9,359 | 7,621 |
| Finance cost | 0 | 0 |
| Finance income | 12 | 21 |
| Profit before taxes | 9,371 | 7,642 |
| Income taxes | -2,824 | -2,313 |
| Profit after taxes | 6,547 | 5,329 |
| Profit attributable to non-controlling interests | ||
| disclosed under liabilities | -354 | -242 |
| Profit for the period | 6,193 | 5,087 |
| - Attributable to non-controlling interests | 59 | 31 |
| - Attributable to equity holders | 6,134 | 5,056 |
Earnings per share, in relation to the profit of the period attributable to the ordinary equity holders of the parent
| basic (euro/share) | 1.18 | 0.97 |
|---|---|---|
| Amounts stated in EUR k | 01.07.–30.09.2014 | 01.07.–30.09.2013 |
|---|---|---|
| Profit for the period | 6,193 | 5,087 |
| Total comprehensive income for the period, net of tax |
6,193 | 5,087 |
| - Attributable to non-controlling interests | 59 | 31 |
| - Attributable to equity holders of the parent | 6,134 | 5,056 |
| Amounts stated in EUR k | 30.09.2014 | 31.12.2013 |
|---|---|---|
| Assets | ||
| Non-current assets | ||
| Software | 293 | 393 |
| Goodwill | 6,935 | 6,935 |
| Property, plant and equipment | 1,290 | 1,250 |
| Prepayments | 436 | 0 |
| Income tax credit | 92 | 123 |
| Deferred taxes | 696 | 706 |
| 9,742 | 9,407 | |
| Current assets | ||
| Trade receivables | 18,321 | 14,169 |
| Other assets | 79 | 75 |
| Prepaid expenses | 601 | 403 |
| Cash and cash equivalents | 34,598 | 37,564 |
| 53,599 | 52,211 | |
| Total assets | 63,341 | 61,618 |
| Equity & Liabilities | ||
| Equity | ||
| Subscribed capital | 5,198 | 5,198 |
| Capital reserves | 11,247 | 11,247 |
| Retained earnings | 22,623 | 24,285 |
| Attributable to equity holders of Amadeus FiRe AG | 39,068 | 40,730 |
| Non-controlling interests | 197 | 93 |
| 39,265 | 40,823 | |
| Non-current liabilities | ||
| Liabilities to non-controlling interests | 3,358 | 3,358 |
| Deferred tax liablilities | 551 | 511 |
| Other liabilities and accrued liabilities | 1,593 | 966 |
| 5,502 | 4,835 | |
| Current liabilities | ||
| Income tax liabilities | 629 | 789 |
| Trade payables | 1,107 | 1,054 |
| Liabilities to non-controlling interests | 795 | 1,091 |
| Deffered revenue | 188 | 82 |
| Other liabilities and accrued liabilities | 15,855 | 12,944 |
| 18,574 | 15,960 | |
| Total equity & liabilities | 63,341 | 61,618 |
| Amounts stated | Equity attributable to equity holders of the parent | Non controlling | Total | |||
|---|---|---|---|---|---|---|
| in EUR k | Subscrib capital |
Capital reserve |
Revenue reserves |
Total | interests | equity |
| 01.01.2013 | 5,198 | 11,247 | 24,921 | 41,366 | -59 | 41,307 |
| Total comprehensive income for the period |
0 | 0 | 11,334 | 11,334 | 77 | 11,411 |
| Profit distributions | 0 | 0 | -15,335 | -15,335 | 0 | -15,335 |
| 30.09.2013 | 5,198 | 11,247 | 20,920 | 37,365 | 18 | 37,383 |
| 01.10.2013 | 5,198 | 11,247 | 20,920 | 37,365 | 18 | 37,383 |
| Total comprehensive income for the period |
0 | 0 | 3,365 | 3,365 | 75 | 3,440 |
| 31.12.2013 | 5,198 | 11,247 | 24,285 | 40,730 | 93 | 40,823 |
| 01.01.2014 | 5,198 | 11,247 | 24,285 | 40,730 | 93 | 40,823 |
| Total comprehensive income | ||||||
| for the period | 0 | 0 | 13,049 | 13,049 | 104 | 13,153 |
| Profit distributions | 0 | 0 | -14,711 | -14,711 | 0 | -14,711 |
| 30.09.2014 | 5,198 | 11,247 | 22,623 | 39,068 | 197 | 39,265 |
| Amounts stated in EUR k | 01.01. – 30.09.2014 | 01.01. – 30.09.2013 |
|---|---|---|
| Cash flows from operating activities | ||
| Profit for the period from continuing operations | ||
| before profit attributable to non-controlling interests | ||
| disclosed under liabilities | 13,660 | 11,966 |
| Tax expense | 6,077 | 5,236 |
| Amortization, depreciation and impairment of non-current assets | 611 | 634 |
| Finance income | -47 | -69 |
| Finance costs | 0 | 0 |
| Non-cash transactions | 50 | 292 |
| Operating profit before working capital changes | 20,351 | 18,059 |
| Increase/decrease in trade receivables and other assets | -4,120 | -1,355 |
| Increase/decrease in prepaid expenses and deferred income | -198 | 32 |
| Increase/decrease in trade payables, other liabilities and accrued liabilities |
3,647 | 526 |
| Cash flows from operating activities | 19,680 | 17,262 |
| Income taxes paid | -6,187 | -5,424 |
| Net cash from operating activities | 13,493 | 11,838 |
| Cash flows from investing activities | ||
| Acquisition of intangible assets and property, | ||
| plant and equipment | -991 | -620 |
| Disposals of assets | 4 | 0 |
| Interest received | 42 | 55 |
| Net cash used in investing activities | -945 | -565 |
| Cash flows from financing activities | ||
| Payments to non-controlling interests | -803 | 0 |
| Profit distributions | -14,711 | -15,335 |
| Net cash used in financing activities | -15,514 | -15,335 |
| Net change in cash and cash equivalents | -2,966 | -4,062 |
| Cash and cash equivalents at the beginning of the period | 37,564 | 35,333 |
| Cash and cash equivalents at the end of period | 34,598 | 31,271 |
| Composition of cash and cash equivalents as of 30 Sept. Cash on hand and bank balances |
34,598 31,271
(without drawing restrictions)
| Amounts stated in EUR k | Temporary staffing/interim- and project management/ permanent placement |
Training | Consolidated |
|---|---|---|---|
| 01.01.-30.09.2014 | |||
| Revenue* | |||
| Segment revenue | 106,810 | 12,492 | 119,302 |
| Result | |||
| Segment Result | 17,993 | 1,697 | 19,690 |
| Finance costs | 0 | 0 | 0 |
| Finance income | 43 | 4 | 47 |
| Profit before tax | 18,036 | 1,701 | 19,737 |
| Income taxes | 5,848 | 229 | 6,077 |
| 01.01.-30.09.2013 | |||
| Revenue* | |||
| Segment revenue | 93,967 | 11,877 | 105,844 |
| Result | |||
| Segment Result | 15,390 | 1,743 | 17,133 |
| Finance costs | 0 | 0 | 0 |
| Finance income | 64 | 5 | 69 |
| Profit before tax | 15,454 | 1,748 | 17,202 |
| Income tax | 5,041 | 195 | 5,236 |
* Revenue between segments of EUR k 2 (prior year: EUR k 11) and EUR k 44 (prior year: EUR k 31) was not consolidated.
The interim consolidated financial statements for nine months 2014 were approved by the management board on 22 Oct 2014 for subsequent publication.
Amadeus FiRe AG is a stock corporation under German law and has registered office at Frankfurt am Main, Germany. Amadeus Fire AG has been listed on the regulated market of the Frankfurt Stock Exchange since March 4, 1999 and was admitted to the Prime Standard on January 31, 2003. Since 22 March 2010 the shares of Amadeus FiRe AG are listed within the SDAX.
The activities of the group entities comprise the provision of temporary staffing and temporary management services within the framework of the German Personnel Leasing Act ["Arbeitnehmerüberlassungsgesetz"], permanent placement and recruitment, interim and project management as well as the provision of training in the areas of tax, finance and accounting and financial control.
According to article 4 of the regulation (EU) No. 1606/2002 of the European Parliament and the European Council of July 19, 2002 (§ 315a I HGB) Amadeus FiRe AG is obliged to adopt the International Financial Reporting Standards. The present interim report was prepared in accordance with the IFRS published by the International Accounting Standards Board (IASB) and with their interpretations by the International Financial Reporting Interpretations Committee (IFRIC).
The interim report was prepared in accordance with IAS 34 (Interim Financial Reporting) and DRS 16.
All accounting and valuation methods were applied as in the consolidated financial statements for fiscal year 2013 ending at 31 December 2013. A detailed description of the methods applied is given in the notes to the Amadeus FiRe annual report 2013.
Other comprehensive income in the reporting period amounts to EUR 0k (Prior Year: 0k).
In accordance with the resolution by the Annual General Meeting on 22 May 2014, a dividend of EUR 2.83 per share (previous year: EUR 2.95 per share) was paid to the shareholders of Amadeus FiRe AG, resulting in a total dividend payment of EUR 14,711k.
The corporate income taxes were calculated on basis of the realized earnings in the reporting period of the group's legal entities. The composition of the tax expenses are shown in the following table:
| in EUR k | 30.09.2014 | 30.09.2013 |
|---|---|---|
| Tax expense actually disclosed Actually tax expenses |
6,028 | 4,946 |
| Deferred tax expenses Origination und reversal of |
||
| temporary differences | 49 | 290 |
| Tax expenses | 6,077 | 5,236 |
The company Greenwell Gleeson B.V., Amsterdam (NL), is in liquidation. As the company has not been operational for several years, its liquidation will have no notable effect on the Amadeus FiRe Group's results. Endriss Services GmbH was merged with Akademie für Management und Nachhaltigkeit GmbH and, at the same time, renamed Endriss Services GmbH. This merger is also not expected to have a notable effect on the Group's results. Other than these, there have been no other changes in consolidation since the end of the 2013 financial year.
The Group's business is organized by services for corporate management purposes and has the following two operating segments which are subject to disclosure:
The operating result of each segment is monitored separately by management to make decisions about resources to be allocated and assess its performance.
This intermediate financial report was prepared in accordance with the provisions of section 37w of the German Securities Trading Act, but has not been audited in accordance with section 317 of the German Commercial Code or reviewed by the Company's auditors.
There have been no material events subsequent to the end of the reporting period.
Amadeus FiRe AG Darmstädter Landstraße 116 . 60598 Frankfurt am Main Tel.: 069 96876-0 . E-Mail: [email protected]
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