Interim / Quarterly Report • Aug 3, 2010
Interim / Quarterly Report
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as at June 30, 2010
| I. | AT A GLANCE | 3 |
|---|---|---|
| SUMMARY | 3 | |
| II. | CONSOLIDATED INTERIM MANAGEMENT REPORT | 4 |
| KEY OPERATIONAL HIGHLIGHTS | 4 | |
| REPORT ON THE EARNINGS, NET ASSETS AND FINANCIAL POSITION | 7 | |
| OUTLOOK | 12 | |
| REPORT ON THE ANTICIPATED DEVELOPMENT AND ITS SIGNIFICANT OPPORTUNITIES AND RISKS (OPPORTUNITIES AND RISK REPORT) |
13 | |
| RELATED PARTY DISCLOSURES | 14 | |
| III. | AFFIRMATION BY THE LEGALLY AUTHORIZED REPRESENTATIVES | 15 |
| IV. | BETA SYSTEMS SOFTWARE AG AND SUBSIDIARIES | |
| CONSOLIDATED INTERIM FINANCIAL REPORT | ||
| AS AT JUNE 30, 2010 (UNAUDITED) | 16 | |
| CONSOLIDATED STATEMENT OF INCOME | 16 | |
| CONSOLIDATED STATEMENT OF FINANCIAL POSITION | 18 | |
| CONSOLIDATED STATEMENT OF CASH FLOWS | 19 | |
| CONSOLIDATED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME |
20 21 |
|
| GENERAL INFORMATION | 22 | |
| ACCOUNTING POLICIES AND METHODS OF COMPUTATION | 22 | |
| SEGMENT REPORTING | 23 | |
| SELECTED EXPLANATORY NOTES | 25 | |
| V. | DISCLOSURE OF DIRECTORS' HOLDINGS OF | |
| BETA SYSTEMS SOFTWARE AG | 30 | |
| VI. | FINANCIAL CALENDAR, CONTACT AND IMPRINT | 31 |
All amounts in thousands of euros (k€) unless otherwise indicated
| Key figures | Q1-Q2/2010 | Q1-Q2/2009 | Change |
|---|---|---|---|
| Revenues | 20,682 | 25,119 | (4,437) |
| Operating result | (1,847) | (294) | (1,553) |
| Result before income taxes | (2,050) | (428) | (1,622) |
| Net income (loss) for the fiscal period | (1,436) | (296) | (1,140) |
| 06/30/2010 | 12/31/2009 | Change | |
| Cash | 1,790 | 1,888 | (98) |
| Shareholders' equity | 31,682 | 29,742 | 1,940 |
| Total assets | 63,647 | 76,990 | (13,343) |
| Equity ratio | 49.8% | 38.6% | 11.1% |
| Number of employees | 349 | 648 | (299) |
* All amounts pertain to continued operations, to the exception of total assets and the number of employees
Beta Systems Software AG (BSS, ISIN DE0005224406) achieved a result of € 2.2 million after taxes in the first half of 2010. A significant effect was the € 4.9 million disposal gain (before taxes) arising from the sale of the ECM business, which more than compensated for the negative result from the continued operations of € -1.4 million (after taxes), which reflected seasonal fluctuations.
Assets of € 21.0 million (status as of May 31, 2010), which were allocated to the ECM segment, were sold as a result of the disposal. These were offset by liabilities of € 10.1 million connected with these assets (status as of May 31, 2010). A € 4.9 million disposal gain (before taxes) was incurred in the first half-year as part of the realization of all purchase price components that are not dependent on the occurrence of certain conditions. At the same time, sundry income of € 0.6 million was achieved as part of the transfer-related rendering of administrative services (including accounting, reporting, staff administration, and IT services) for the company Beta Systems ECM Solutions GmbH that was sold.
The previous year's order intake in the continued infrastructure software business (DCI/IdM lines of business) was not matched in the first half of 2010 due to reticence on the part of a number of customers, or delayed decisions relating to major projects. Consequently, revenue declined to € 20.7 million (Q1-Q2 2009: € 25.1 million).
Despite significant operating expense cost-savings of more than € 2.0 million, operating profit (EBIT) of € -1.8 million fell to below last year's level (€ -0.3 million).
At the same time, however, operating cash flow, which comprises an important key indicator, was again raised, by € 1.4 million to € 7.9 million. Therefore, the company's financial position was significantly improved compared to the end of 2009 through a € 9.3 million reduction in short-term debts.
The Management Board has adjusted its forecast for continued operations. More details can be found in the section entitled "Outlook".
After an initially stable start to the year 2010 (+ 6.6% by the end of March 2010), the Beta Systems share had risen almost 30% by the end of June 2010. The trading volume, which was still moderate at the start of the year, also rose discernibly in the second quarter of 2010. The price of the share started off on January 4, 2010 at € 2.58, stood at € 2.75 on March 31, 2010, and had risen to € 3.35 by June 30, 2010 (opening and closing price in Xetra). It peaked during the first three months at € 2.90, on January 8, 2010. However, the share only received impetus upon the release of the information in mid-May that a major contract had been won and the announcement of the sale of the ECM business to BancTec on June 3, 2010. The stock exchange responded positively to the sale, which was reflected in increase of the share price to € 3.60 (variable price on June 28, 2010), marking its highest gain in the first six months. The good price performance of the Beta Systems share was also buoyed by positive press reports, which lifted it by more than 20% in the month of June alone (Xetra closing price on June 1, 2010: € 2.77).
In its meeting on July 16, 2010, the Supervisory Board of Beta Systems Software AG appointed Jürgen Herbott (51) to the position of Chief Executive Officer of Beta Systems Software AG on July 19, 2010. Moreover, the Supervisory Board renewed the contract of Gernot Sagl (41), Chief Financial Officer, in the same meeting.
Jürgen Herbott has more than 25 years of experience working in the IT industry, gathered first and foremost in large corporations in the software sector. Before joining Beta Systems, Mr. Herbott, who holds a degree in business administration, was Vice President Central Europe at Torex Retail Solutions. Prior to this, he headed up the Central European organizations of Hyperion Solutions and Siebel Systems and worked in a number of different sales and management functions at IBM. Here he took over the building up and expansion of Tivoli's software business in the capacity of director, was branch manager in Saarbruecken, and division manager of all activities in the utility companies segment.
On June 3, 2010, Beta Systems Software AG announced the sale of its Enterprise Content Management (ECM) Line of Business (LoB) to the BancTec Group. The respective purchase agreement for the takeover of 100% of the shares in Beta Systems ECM Solutions GmbH, Augsburg, was concluded with Banctec GmbH, Langen, and Banctec, Inc., Dallas, Texas/USA, on the same day. At the same time, the assets assigned to this LoB in the USA and Austria were sold to the BancTec Group. The sale has already been completed. Confidentiality has been agreed in respect of further details of the purchase agreement.
The sale has had a great impact on the fiscal year 2010. The divestment of the ECM business in accounting and organizational terms from the Beta Systems Group took economic effect on May 31, 2010. Both companies signed a service agreement for administrative services for a transition period up until the end of 2010 in order to ensure a smooth transfer to the new owner for the customers, suppliers and employees. The deconsolidation of the ECM business necessitates that the positive one-off effects on the earnings, net assets and financial position of Beta Systems Software AG, right
Half-yearly Financial Report as at June 30, 2010
through to an adjustment of forecasts for continued operations, be taken full account of in the financial accounts in the second quarter of 2010.
The sale of the ECM business to the BancTec Group heralded the repositioning of Beta Systems as an infrastructure software provider. The Management Board of Beta Systems Software AG brought the spin-off of the ECM solutions business, resolved in 2009 as part of a package of measures, to completion at the start of 2010, as well extensively reviewing alternatives for action (including restructuring from the Company's own resources, joint ventures and participations) with the aim of realigning the business. The option of selling to strategic investors was also reviewed. Having carefully considered the alternatives, the Management Board decided in favor of accepting the purchase offer submitted by BancTec. A decisive role in this decision was the high level of synergy potential between Beta Systems' ECM business and BancTec in terms of sales regions, technology and strategy, with a view to ensuring the best possible future prospects in the interest of customers, partners and employees. For more information on the sale of the ECM solutions business and the effect on the earnings, net assets and financial position in 2010, we refer to the selected explanatory Notes.
At the start of 2010, Beta Systems Software AG made a strategic investment in a future-oriented Identity Access Management (IAM) by taking over all rights to the ownership of rolmine, a software product of Swiss partner ipg AG. rolmine synchronizes existing authorization information from systems and applications with a company's constantly evolving organization structures. In this process, rolmine creates, analyzes and maintains clusters of similar access rights, so-called roles, within a company and is thus an important fundament underpinning innovative and audit-compliant Identity Access Management in large enterprises.
At the beginning of 2010, Beta Systems Software AG took over the global distribution rights to APX/PCC, a scheduling product of APM-Software GmbH, thereby adding to its range of process automation products as a strategic component of the product portfolio. The APX/PCC scheduling system enables company processes to be carried out more effectively across platform boundaries and ensures that the right job is executed on the right computer with the right parameters at the right time.
The explanations set out in the following pertain to the continued operations.
Explanatory notes on discontinued operations have been included in the Consolidated Statement of Income under the "Net income (loss) of discontinued operations for the fiscal period including result recognized on the disposal of the discontinued operations (post-tax)" item and in the Consolidated Statement of Financial Position under the "Assets of disposal groups classified as held for sale" and "Liabilities of disposal groups classified as held for sale". The Consolidated Cash Flow Statement comprises explanatory notes on continued and discontinued lines of business.
As a supplier of complex IT corporate solutions, Beta Systems generates revenues from software licenses, maintenance and services components. An additional source of revenue comes from hardware.
Despite the protracted global crisis in the capital and financial markets, demand in the core market of Europe came primarily from the banking and insurance sectors. The persistently difficult economic situation nonetheless still presents opportunities for the products and solutions of Beta Systems. On the customer side, for instance, it is accelerating the process of consolidation in the financial services sector and, at the same time, exerting pressure on companies in this sector to reduce costs. For this reason and for reason of the new pan-European laws and directives with more stringent compliance requirements, our customer companies must continue to optimize their IT processes and make them more secure. This is where they can draw on the support of the software solutions from the Beta Systems portfolio. Alongside new products, the product range comprises tried-and-tested standard products acquired in the context of acquisitions or technology transfer.
In the first six months of 2010, the companies belonging to the Beta Systems Group signed a series of contracts worldwide in all of its business segments with well-known customers which included companies such HUK Coburg Versicherungsgruppe (financial services provider, Germany), KfW Bankengruppe (financial services provider, Germany), SIA-SSB Spa (financial services provider, Italy), Casino Services SAS (IT services provider, France), Leoni AG (automotive supplier, Germany), PNC Bank Corp. (financial services provider, USA) and Bank Leumi (Switzerland) AG (financial services provider, Switzerland).
All amounts in thousands of euros (k€) unless otherwise indicated
The reticence of a number of customers in placing orders and delayed in decisions relating to major projects in the first half of 2010 caused total revenues to fall to € 20.7 million as against the first half of 2009 (Q1-Q2/2009: € 25.1 million).
The decline was sustained first and foremost by software license revenues. A compounding influence were the aforementioned effects and the termination of the sales partnership with UC4 which meant that, as opposed to the year-earlier period, this product did not generate any revenues. Service revenues held steady on a quarterly and six-monthly basis. Strengthened by acquisitions made in 2008 and 2009, maintenance revenues continued to be a stable mainstay of the business model. They nonetheless declined by € 0.9 million in the second quarter of 2010 and by € 1.4 million during the first six months of 2010 in a year-on-year comparison.
The cost of revenues declined in the first six months of 2010, above all owing to lower royalty expenses for maintenance and the lower level of personnel costs. In comparison to the previous year's quarter, royalty expenses for licenses also dropped in the second quarter of 2010 as fewer third-party products were sold. The decline in revenues in the second quarter and in the first six months nonetheless caused gross profit to fall despite the lower costs.
All amounts in thousands of euros (k€) unless otherwise indicated.
By the end of the first six months, operating expenses had decreased in all segments, particularly for services outsourced. Despite a slight quarter-on-quarter rise, selling expenses have declined significantly owing to lower internal and external sales commissions paid over the first six months of 2010. General and administrative expenses fell in the second quarter of 2010 and over the first six months of 2010 due to lower personnel and operating expenses. Sundry income from continued operations comprise income of € 0.6 million achieved as part of the transfer-related rendering of administrative services (including accounting, reporting, staff administration, and IT services) for the company Beta Systems ECM Solutions GmbH that was sold. A service agreement was signed at the same time as the sale of the ECM business to the BancTec Group.
Measured against revenues, operating expenses stood at 61.8 % in the second quarter of 2010 (Q2/2009: 55.7%) and at 65.1% at the end of the first six months (Q1-Q2/2009: 61.9%).
At the end of the first half year of 2010, EBIT came to € -1.8 million (Q1-Q2/2009: €: € -0.3 million) and EBITDA, which is EBIT plus depreciation and amortization, posted € -0.5 million (Q1-Q2/2009: € 1.2 million).
Given a tax rate of 30.0%, income tax amounted to € 0.6 million. The result of continued operations (after tax) came to € -1.4 million (Q1-Q2/2009: € -0.3 million).
A € 4.9 million disposal gain (before tax) was incurred in the first half-year as part of the realization of all purchase price components that are not dependent on the occurrence of certain conditions. The result of the discontinued line of business, including proceeds from the sale of discontinued operations (net of transaction costs and tax), posted € 3.6 million (Q1-Q2/2009: € -0.4 million).
Profit for the period, resulting from the aforementioned income components, came to € 2.2 million in the first half of 2010 (Q1-Q2/2009: € -0.7 million).
The Group's business segments are divided up into the two DCI (Data Center Infrastructure) and IdM (Identity Management) Lines of Business (LoBs).
Following the sale of the ECM (Enterprise Content Management) LoB, the presentation of the business segments has been adjusted accordingly in the following overviews. Details on the sale of the ECM solution business have been included in the Consolidated Interim Financial Report in the section entitled "Discontinued Enterprise Content Management (ECM) operations: sale successfully completed".
All amounts in thousands of euros (k€) unless otherwise indicated.
| Revenues Operating Segments | Q2/2010 | Q2/2009 | Change | |
|---|---|---|---|---|
| DCI | 8,382 | 11,135 | (2,753) | (24.7)% |
| IdM | 2,273 | 2,963 | (690) | (23.3)% |
| Total | 10,655 | 14,098 | ||
| Segment's | ||||
| Operating Income (Loss) | Q2/2010 | Q2/2009 | Change | |
| DCI | 2,978 | 5,286 | (2,308) | (43.7)% |
| IdM | (162) | 111 | (273) | (246.8)% |
| Total | 2,816 | 5,397 | ||
| Revenues Operating Segments | Q1-Q2/2010 | Q1-Q2/2009 | Change | |
|---|---|---|---|---|
| DCI | 16,295 | 19,989 | (3,694) | (18.5)% |
| IdM | 4,387 | 5,214 | (827) | (15.9)% |
| Summe | 20,682 | 25,203 | ||
| Segment's | ||||
| Operating Income (Loss) | Q1-Q2/2010 | Q1-Q2/2009 | Change | |
| DCI | 5,665 | 8,530 | (2,865) | (33.6)% |
| IdM | (642) | 199 | (841) | (422.8)% |
| Summe | 5,023 | 8,729 |
Despite the decline in revenues in the second quarter and over the first six months of 2010, the DCI LoB continued to make the highest contribution to profit which nonetheless fell short of the year-earlier periods.
In the second quarter of 2010, the IdM LoB succeeded in more than halving its negative contribution to the consolidated result as against the first quarter. At the end of the second quarter and of the first six months of 2010, the segment result was nonetheless still burdened through the decline in revenues as well as especially through the increase in royalties for third-party products in this segment.
At per June 30, 2010, the number of employees belonging to the continued operations of the Beta Systems Group had fallen to 349 compared with 375 a year ago and 358 at year-end 2009.
Half-yearly Financial Report as at June 30, 2010
All amounts in thousands of euros (k€) unless otherwise indicated
Operating cash flow rose significantly in the first six months of 2010 as against the year-earlier period owing to the significant improvement in trade receivables management. The higher operating cash flow allowed the utilization of short-term debt to be scaled back further.
As a result of invoicing for maintenance services at the start of the year, deferred income rose as against December 31, 2009. This item includes maintenance revenues invoiced at the start of the year for the corresponding provision of services and recognition of revenues in the course of the year in accordance with the accruals concept.
Non-current assets include the acquisition costs incurred by the purchase of the rolmine software of Swiss ipg AG which took place in the first quarter of 2010. The acquisition costs came to € 0.6 million, plus earn-out payments depending on future revenues.
Current liabilities had fallen significantly by June 30, 2010, owing to the reduction in short-term debt and other current liabilities. The latter fell first and foremost because of the notable reduction in vacation entitlement and flexitime credits. As per December 31, 2009, this item included the last purchase price installment of € 1.0 million for the DETEC companies, payment of which was effected in February 2010.
The scheduled redemption of loans resulted in a lower level of borrowing.
Assets of € 21.0 million (as of May 31, 2010), allocated to the ECM segment, were sold as a result of the disposal of the ECM business. These were offset by liabilities of € 10.1 million associated with these assets (as of May 31, 2010). The respective purchase price claim against the BancTec Group was disclosed under other current assets which rose significantly as a result.
All amounts in thousands of euros (k€) unless otherwise indicated.
| Cash flow | Q1-Q2/2010 | Q1-Q2/2009 | Change |
|---|---|---|---|
| … from operating activities | 8,823 | 2,260 | 6,563 |
| … from investing activities | 1,256 | (2,007) | 3,263 |
| … from financing activities | (9,925) | 654 | (10,579) |
| Free cash flow | 155 | 907 |
The cash flows shown above pertain to Beta Systems as per June 30, 2010. The discontinued operations were included up until May 31, 2010.
The cash flow from operating activities climbed to a higher level owing to the aforementioned effects. At Group level, the cash flow from investing activities was positive at the end of the first six months of 2010 in comparison with the year-earlier period, mainly owing to the disposal of the ECM LoB. This was offset by a payment in connection with the purchase of rolmine from Swiss ipg AG which came to € 0.6 million and the payment of the last purchase price installment for the acquisition of the DETEC companies (€ 1.0 million) in February 2010.
In the first six months of 2010, the cash flow from financing activities included a significantly higher reduction of € 9.3 million in short-term debt (Q1-Q2/2009: borrowing of € 0.3 million) and the redemption of loans which came to € 0.4 million as against the previous year's period. Moreover, this position also included long-term borrowings of € 0.5 million in 2009.
The statements concerning the outlook for revenue and the result that were made at the start of the year have been reformulated for the ongoing business operations for the fiscal year 2010, although excluding one-off effects. As a consequence, the management currently anticipates a revenue level of around € 50 million in the DCI and IdM lines of business (2009: around € 52 million), and an EBIT margin in the mid-single-digit percentage range as part of cost-reductions (2009: around 4%). Many key customers are currently continuing to critically scrutinize their major IT investments, and experience suggests that they will fail to place major project orders before the end of the year. The conclusion of significant contracts in the infrastructure business is consequently not anticipated until the fourth quarter. There is also additional positive earnings potential in the second half of 2010 arising from additional purchase price components for ECM of up to € 2.0 million, which are connected with the occurrence of certain conditions.
At the same time, and following an initial analysis, the Management Board anticipates one-off expenses of up to € 5.0 million for the second half of 2010 for the restructuring and re-positioning of the business.
The opportunities and risk report is an update of the assumptions made in the Combined Management Report on the Group and the Parent Company as per December 31, 2009. The report is therefore to be read in conjunction with these statements. Major changes in the current financial year have occurred in relation to the following opportunities and risks:
The persistently tense situation in the international financial markets is accelerating the consolidation process in the financial services sector and, at the same time, exerting increasing pressure on participants to reduce costs in the sector. On the one hand, this favors the development of the new software solutions of Beta Systems which are focused on the adjustment of business processes, IT systems and organization as part of consolidation. On the other, however, there is the risk in the short term that investments may be postponed owing to liquidity and finance shortfalls.
The specific risks inherent in the ECM business and described up until now are no longer applicable due to the sale of the line of business in its entirety.
The seasonality typical of revenues is set to increase in the wake of the sale of the ECM business as the share of software license revenues in total revenues will be greater. As is customary in the software sector, large-scale projects with high license volumes in the infrastructure business are commissioned by major companies in the final quarter of a fiscal year in particular. This causes greater volatility in revenues and a distortion in breakeven which is postponed to the end of the year. As a result, the extent to which the results of the specific periods fluctuate and the dependency of the consolidated results on high license revenues will increase towards the end of the year.
The main product of the ECM segment (EBS 2000) is no longer part of the product portfolio. Revenues are therefore concentrated on the remaining products with, however, a much lower level of cost-related risk.
The market and cost-related risk in the ECM segment is no longer applicable as this segment has been sold. There is, however, a greater credit risk associated with the outstanding installments on the purchase price owed by the BancTec Group. These installments have been secured by a receivables assignment and a guarantee furnished by BancTec, Inc., the parent company. By the same token, the reduction in short-term debt has been instrumental in considerably lowering the credit risk.
The Consolidated Statement of Cash Flows clearly shows that the liquidity position has improved owing to the higher level of operating cash flow from continued operations and through payment of the first purchase price installment from the sale of the ECM business. Moreover, there is less risk of the cash flow developing negatively because of the ECM segment.
Since the sale of the ECM business, Beta Systems is now focused exclusively on the infrastructure business and the product-oriented DCI/IdM segments from an organizational standpoint. The Company will be concentrating on products designed for job and output management and for the highgrowth markets of security and compliance.
The Company is expecting further cost-saving potential from its repositioning and realignment following the sale of the ECM business.
Explanations on business relationships with related parties are included in the selected Notes to the Consolidated Financial Statements.
Berlin, in August 2010
Jürgen Herbott Gernot Sagl Chief Executive Officer Chief Financial Officer
Beta Systems Software AG has drawn up this Consolidated Interim Management Report as at June 30, 2010, in accordance with the legal requirements. The reporting period covers the first six months of 2010. The Consolidated Interim Management Report is to be read in conjunction with the Consolidated Interim Financial Report as at June 30, 2010.
All forward-looking statements relate to the period up until December 31, 2010. In observance of the legal provisions, this Consolidated Interim Management Report is not an instrument of information in its own right but constitutes material changes to the statements made in the Combined Management Report on the Group and on the Parent Company as per December 31, 2009, and must therefore be read in connection with the latter. In respect of the forward looking statements, these are also an update on those made on December 31, 2009.
The information set out below relates to the consolidated results of the Beta Systems Group. Segment Reporting has been prepared in accordance with the structure of the Company and is divided into the following business segments: Data Center Infrastructure (DCI) and Identity Management (IdM).
All amounts cited in the Consolidated Interim Management Report and information derived therefrom (e.g. percentage figures) are figures fully rounded up to thousands of euros as presented in the Consolidated Interim Financial Report. The Consolidated Interim Financial Report as at June 30, 2010, and the Consolidated Interim Management Report as per June 30, 2010, were neither audited by an external auditor nor were they subject to a review by an external auditor.
This Half-yearly Financial Report contains forward-looking statements which are based on assumptions and estimates made by the management of Beta Systems Software AG. Although the expectations inherent in these forward-looking statements are assumed to be realistic, no guarantee can be undertaken that these expectations prove to be correct. The assumptions may harbor risks and uncertainties which may lead to actual results diverging significantly from the forward-looking statements. The factors which may cause such divergences have been described in the Risk and Opportunities Report of the Combined Management Report on the Group and the Parent Company 2009 and elsewhere. An update of these forward-looking statements by Beta Systems is neither planned nor does management undertake any obligation to do carry out such updates. All company, product and service brand names and logos used here are the property of the respective company.
To the best of our knowledge, and in accordance with the applicable reporting principles for interim reporting, the 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 principal opportunities and risks associated with the expected development of the Group during the remaining financial year.
Berlin, in August 2010
Jürgen Herbott Gernot Sagl Chief Executive Officer Chief Financial Officer
| Consolidated Statement of Income | Q1-Q2/2010 | Q1-Q2/2009 |
|---|---|---|
| (Thousand €, unless otherw ise noted ) | (unaudited) | (unaudited) |
| Continued operations | ||
| Revenues | 20,682 | 25,119 |
| Product licenses | 6,824 | 9,984 |
| Hardw are | 86 | 29 |
| Maintenance | 10,450 | 11,812 |
| Services | 3,322 | 3,294 |
| Cost of revenues | 9,074 | 9,855 |
| Gross profit | 11,608 | 15,264 |
| Operating expenses | 13,455 | 15,558 |
| Selling expenses | 6,451 | 7,055 |
| General administrative expenses | 3,914 | 4,066 |
| Research and development expenses | 4,112 | 4,515 |
| Sundry income | (1,341) | (372) |
| Other expenses | 319 | 294 |
| Operating result | (1,847) | (294) |
| Finance result | (203) | (134) |
| Interest income | 7 | 25 |
| Interest expenses | (210) | (159) |
| Result before income taxes of continued operations | (2,050) | (428) |
| Income taxes | 614 | 132 |
| Net income (loss) for the fiscal period of continued | ||
| operations | (1,436) | (296) |
| Net income (loss) of discontinued operations for the fiscal period | ||
| including result recognized on the disposal of the discontinued operations (post-tax) |
3,628 | (436) |
| Net income (loss) for the fiscal period | 2,192 | (732) |
| Earnings per ordinary share of continued operations | ||
| Basic and diluted | (0.11) € | (0.02) € |
| Earnings per ordinary share | ||
| Basic and diluted | 0.17 € | (0.06) € |
| Weighted average shares outstanding | ||
| to calculate earnings per ordinary share | ||
| Basic and diluted | 13,168,304 pcs. | 13,168,304 pcs. |
The accompanying Notes are an integral part of this Interim Financial Report.
Half-yearly Financial Report as at June 30, 2010
| Consolidated Statement of Income | Q2/2010 | Q2/2009 |
|---|---|---|
| (Thousand €, unless otherw ise noted ) | (unaudited) | (unaudited) |
| Continued operations | ||
| Revenues | 10,655 | 14,084 |
| Product licenses | 3,683 | 6,246 |
| Hardw are | 77 | 25 |
| Maintenance | 5,164 | 6,074 |
| Services | 1,731 | 1,740 |
| Cost of revenues | 4,623 | 5,704 |
| Gross profit | 6,032 | 8,480 |
| Operating expenses | 6,582 | 7,845 |
| Selling expenses | 3,591 | 3,450 |
| General administrative expenses | 1,579 | 2,054 |
| Research and development expenses | 2,073 | 2,314 |
| Sundry income | (785) | 7 |
| Other expenses | 124 | 20 |
| Operating result | (550) | 634 |
| Finance result | (89) | (76) |
| Interest income | 6 | 12 |
| Interest expenses | (95) | (88) |
| Result before income taxes of continued operations | (639) | 558 |
| Income taxes | 191 | (127) |
| Net income (loss) for the fiscal period of continued | ||
| operations | (448) | 431 |
| Net income (loss) of discontinued operations for the fiscal period including result recognized on the disposal of the discontinued |
||
| operations (post-tax) | 2,354 | (1,065) |
| Net income (loss) for the fiscal period | 1,906 | (634) |
| Earnings per ordinary share of continued operations | ||
| Basic and diluted | (0.03) € | 0.03 € |
| Earnings per ordinary share | ||
| Basic and diluted | 0.14 € | (0.05) € |
| Weighted average shares outstanding | ||
| to calculate earnings per ordinary share | ||
| Basic and diluted | 13,168,304 pcs. | 13,168,304 pcs. |
| Consolidated Statement of Financial Position | 06/30/2010 | 12/31/2009 |
|---|---|---|
| (Thousand €) | (unaudited) | (audited) |
| Current assets | 44,302 | 42,119 |
| Cash | 1,790 | 1,888 |
| Trade receivables | 26,651 | 37,911 |
| Construction contracts | 320 | 209 |
| Inventories | 184 | 72 |
| Other current assets | 15,063 | 1,703 |
| Income tax assets | 294 | 334 |
| Non-current assets Property, plant & equipment |
19,345 1,192 |
18,835 1,835 |
| Goodw ill | 3,372 | 3,371 |
| Other intangible assets | 2,713 | 2,582 |
| Acquired softw are product rights | 2,224 | 2,574 |
| Deferred tax assets | 9,001 | 7,680 |
| Other non-current assets | 843 | 793 |
| Assets of disposal groups classified as held for sale | 0 | 16,036 |
| Total assets | 63,647 | 76,990 |
| Current liabilities | 19,381 | 28,806 |
| Short-term debt | 3,690 | 13,187 |
| Trade payables Deferred income |
2,716 8,999 |
2,046 6,159 |
| Other current liabilities | 3,976 | 7,413 |
| Non-current liabilities | 12,584 | 13,131 |
| Long-term debt | 1,169 | 1,735 |
| Employee benefits | 1,796 | 1,824 |
| Deferred tax liabilities | 9,294 | 9,071 |
| Other non-current liabilities | 325 | 501 |
| Liabilities of disposal groups classified as held for sale | 0 | 5,311 |
| Total liabilities | 31,965 | 47,248 |
| Shareholders` equity | 31,682 | 29,742 |
| Share capital | 17,276 | 17,276 |
| Capital reserve | 10,709 | 10,709 |
| Retained earnings (losses) | 3,289 | 1,096 |
| Other comprehensive income | 827 | 1,080 |
| Treasury shares | (419) | (419) |
| Total liabilities and shareholders` equity | 63,647 | 76,990 |
| Consolidated Statement of Cash Flows | Q1-Q2/2010 | Q1-Q2/2009 |
|---|---|---|
| (Thousand €) | (unaudited) | (unaudited) |
| Net cash from operating activities | 8,823 | 2,260 |
| Net cash from operating activities | ||
| of continued operations | 7,892 | 6,503 |
| Net income (loss) for the fiscal period | (1,436) | (296) |
| Reconcilation from net income (loss) for the fiscal period to | ||
| net cash from operating activities: | ||
| Depreciation and amortization | 1,323 | 1,479 |
| (Gain) loss on the disposal of property , plant & equipment and intangible assets, net | 66 | 21 |
| Finance result, net | 203 | 134 |
| Current tax (income) expenses | 156 | 415 |
| Deferred tax (income) expenses | (765) | (735) |
| Income taxes paid | (21) | (190) |
| Foreign currency losses (gains), net | (470) | 18 |
| Changes in assets and liabilities: | ||
| - (Increase) decrease in trade receivables | 11,260 | 4,522 |
| - Increase (decrease) in trade payables | 670 | 1,168 |
| - Increase (decrease) in deferred revenues | 2,840 | 4,618 |
| - Changes in other assets and liabilities | (5,933) | (4,651) |
| Net cash from operating activities | ||
| of discontinued operations | 931 | (4,243) |
| Net cash provided by (used in) investing activities | 1,256 | (2,007) |
| Net cash provided by (used in) investing activities | ||
| of continued operations | (1,650) | (1,485) |
| Acquisition of property, plant & equipment and intangible assets | (657) | (170) |
| Interest received | 7 | 25 |
| Cash paid for investments, net of acquired cash | (1,000) | (1,340) |
| Net cash provided by (used in) investing activities | ||
| of discontinued operations (including net cash provided by the | ||
| disposal of discontinued operations) | 2,906 | (522) |
| Net cash provided by (used in) financing activities | (9,925) | 654 |
| Net cash provided by (used in) financing activities | ||
| of continued operations | (9,925) | 654 |
| Net increase (decrease) in short-term debt | (9,333) | 282 |
| Proceeds from grant of long-term debt | (0) | 531 |
| Repayment of long-term debt | (382) | 0 |
| Interest paid | (210) | (159) |
| Net cash provided by (used in) financing activities | ||
| of discontinued operations | 0 | 0 |
| Increase (decrease) in cash | 155 | 907 |
| Effect of exchange rate fluctuations on cash | (253) | (49) |
| Cash at the beginning of the fiscal period | 1,888 | 1,822 |
| Cash at the end of the fiscal period | 1,790 | 2,680 |
| (Thousand €, except share data in number of shares) Consolidated State |
ment of Changes in Shareholders' Equity | Q1-Q2/2010 (unaudited) |
|||||||
|---|---|---|---|---|---|---|---|---|---|
| Ordinary shares | Exchange | Treasury Shares | |||||||
| Number of | Capital | Capital | Retained | differences arising | Total | Number of | Value | Total | |
| shares | stock | reserve | earnings | on translation of | treasury | at cost | shareholders' | ||
| issued | (losses) | foreign operations | shares | equity | |||||
| Balance as at January 1, 2009 | 13,288,914 | 17,276 | 10,709 | (145) | 1,166 | 29,006 | (120,610) | (419) | 28,587 |
| Net income (loss) for the year | 0 | 0 | 0 | 1,241 | 0 | 1,241 | 0 | 0 | 1,241 |
| Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (86) | (86) | 0 | 0 | (86) |
| Total comprehensive income (loss) | 0 | 0 | 0 | 1,241 | (86) | 1,155 | 0 | 0 | 1,155 |
| Balance as at December 31, 2009 | 13,288,914 | 17,276 | 10,709 | 1,096 | 1,080 | 30,161 | (120,610) | (419) | 29,742 |
| Net income (loss) for the fiscal period | 0 | 0 | 0 | 2,192 | 0 | 2,192 | 0 | 0 | 2,192 |
| Other comprehensive income (loss) | 0 | 0 | 0 | 0 | (253) | (253) | 0 | 0 | (253) |
| Total comprehensive income (loss) | 0 | 0 | 0 | 2,192 | (253) | 1,939 | 0 | 0 | 1,939 |
| Balance as at June 30, 2010 | 13,288,914 | 17,276 | 10,709 | 3,289 | 827 | 32,101 | (120,610) | (419) | 31,682 |
| Consolidated Statement of Comprehensive Income (Thousand €) |
Q1-Q2/2010 (unaudited) |
Q1-Q2/2009 (unaudited) |
|---|---|---|
| Net income (loss) for the fiscal period | 2,192 | (732) |
| Income and expenses recognized in equity | (253) | (49) |
| Exchange differences arising on translation of foreign operations | (253) | (49) |
| Total comprehensive income (loss) for the fiscal period | 1,939 | (781) |
| Consolidated Statement of Comprehensive Income (Thousand €) |
Q2/2010 (unaudited) |
Q2/2009 (unaudited) |
|---|---|---|
| Net income (loss) for the fiscal period | 1,906 | (634) |
| Income and expenses recognized in equity | (18) | (75) |
| Exchange differences arising on translation of foreign operations | (18) | (75) |
| Total comprehensive income (loss) for the fiscal period | 1,888 | (709) |
Beta Systems Software Aktiengesellschaft ("AG") with registered office in Berlin, Germany and its subsidiaries form the group of entities ("Beta Systems" or "the Group"), for which these Consolidated Interim Financial Statements were prepared in accordance with the International Financial Reporting Standards (IFRS) for the fiscal period from January 1, 2010, to June 30, 2010.
The headquarters of the Group are located in Alt-Moabit 90d, D-10559 Berlin, Germany. The subsidiaries are based in Europe and North America. Beta Systems develops, distributes, implements and provides services for premium automation software products and solutions designed for the safe and efficient processing of bulk data used by enterprises, public administration and other industrial and commercial organizations.
These Consolidated Interim Financial Statements were prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and the interpretations of the International Financial Interpretations Committee (IFRIC), as applicable within the European Union. In compliance to IAS 34 Interim Financial Reporting these Consolidated Interim Financial Statements do not comprise all information and notes required for a Consolidated Financial Statement. They are therefore to be read in connection with the Annual Consolidated Financial Statements for the fiscal year 2009 and respective notes to these financial statements.
The Consolidated Interim Financial Statements include all customary and recurrent adjustments and provide all information for a fair presentation and which is relevant to understand the financial position and performance of the Group. The results of the financial interim period ended on June 30, 2010, are not necessarily indicative of the results which can be expected for the entire fiscal year 2010.
Beta Systems Software AG is the parent company of the Group. The Consolidated Interim Financial Statements include all entities under control ("subsidiaries") of the parent by way of full consolidation. Control is presumed to exist when the parent has directly or indirectly the power to govern the financial and operating policies of an entity.
All financial statements included are prepared using uniform accounting policies and valuation methods. Intragroup balances, transactions, income and expense and dividend payments were eliminated.
The Consolidated Interim Financial Statements were prepared using the same accounting policies and methods of computation as applied to the Annual Consolidated Financial Statements for the fiscal year 2009. In addition, the new pronouncements which must be applied to the fiscal year commencing January 1, 2010, were adopted. To be specific, these are amendments to IFRS 1 First-time Adoption of IFRS, IFRS 3 Business Combinations, IAS 27 Consolidated and Separate Financial Statements, IAS 39 Financial Instruments: Recognition and Measurement, IFRIC 9 Reassessment of Embedded Derivates, IFRIC 12 Service Concession Arrangements, IFRIC 15 Agreements for the Construction of Real Estate, IFRIC 16 Hedges on a net Investment in a Foreign Operation, IFRIC 17 Distribution of non-cash Assets to Owners, IFRIC 18 Transfer of Assets from Customers and Improvements to IFRSs as revised in 2008. More information and explanations on the content and the effects of these pronouncements are included in the Annual Report 2009, in the section entitled Notes to the Consolidated Financial Statements, "New Accounting Guidelines".
Half-yearly Financial Report as at June 30, 2010
Beta Systems applies IFRS 5 - Non-current assets held for sale and discontinued operations including the regarding changes by the Improvements to IFRSs as revised in 2009 as adopted by the European Union on April 23, 2010, since the fiscal year 2010.
Following these standards, the Company summarized the assets respectively the liabilities of the discontinued operations in the positions "Assets of disposal groups classified as held for sale" and "Liabilities of disposal groups classified as held for sale". Both are shown separately in the Consolidated Statement of Financial Position of December 31, 2009. Measurement was effected at the lower of its carrying amount and fair value less costs to sell.
All income and expense of the disposal group (held for sale) were reclassified and reported in a special position in the Consolidated Statement of Income, named "Net income (loss) of discontinued operations for the fiscal period including result recognized on the disposal of the discontinued operations (posttax)". According to IFRS 5 prior periods were adjusted as applicable.
Details of the sale of the ECM solutions business are given in the section entitled "Discontinued Enterprise Content Management (ECM) operations: sale successfully completed".
Details on the basis of segmentation and the basis of measurement are explained in the Annual Report 2009, in the section entitled Segment Reporting. The basic principles of segmentation and measurement were not changed during the fiscal interim period under review.
The whole operating segment ECM (Enterprise Content Management) was sold on June 3, 2010, and it was divested from the Group with economic effect on May 31, 2010. In the following tables the exposure of the operating segments was adjusted accordingly.
Details for the sale of the ECM solutions business are given in the section entitled "Discontinued Enterprise Content Management (ECM) operations: Sale successfully completed".
| Operating segments | DCI | IdM | Clearing | Total | DCI | IdM | Clearing | Total |
|---|---|---|---|---|---|---|---|---|
| (unaudited) | Q1-Q2/2010 | Q1-Q2/2009 | ||||||
| Revenues w ith customers | 16,295 | 4,387 | 0 | 20,682 | 19,989 | 5,214 | (84) | 25,119 |
| Intersegment revenues | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total revenues | 16,295 | 4,387 | 0 | 20,682 | 19,989 | 5,214 | (84) | 25,119 |
| Cost of revenues and operating expenses of the operating segments |
(10,630) | (5,030) | 0 | (15,660) | (11,459) | (5,015) | 84 | (16,390) |
| Segment's operating income (loss) for the fiscal period |
5,665 | (642) | 0 | 5,023 | 8,530 | 199 | 0 | 8,729 |
| Reconciliation to Beta Systems' consolidated results | Q1-Q2/2010 | Q1-Q2/2009 |
|---|---|---|
| Total segment operating income for the fiscal period | 5,023 | 8,729 |
| Unallocated overhead costs | (7,892) | (9,101) |
| Sundry income | 1,341 | 372 |
| Other expenses | (319) | (294) |
| Operating result | (1,847) | (294) |
| Finance result | (203) | (134) |
| Result before income taxes | (2,050) | (428) |
| Income taxes | 614 | 132 |
| Net income (loss) for the fiscal period | (1,436) | (296) |
In the first half of 2010, the discontinued ECM operations contributed revenues in total of k€ 11,773 to the Group's revenues. The contribution to the operating result amounts to a total of k€ 1,422.
| Operating segments | DCI | IdM | Clearing | Total | DCI | IdM | Clearing | Total |
|---|---|---|---|---|---|---|---|---|
| (unaudited) | Q2/2010 | Q2/2009 | ||||||
| Revenues w ith customers | 8,382 | 2,273 | 0 | 10,655 | 11,135 | 2,963 | (14) | 14,084 |
| Intersegment revenues | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total revenues | 8,382 | 2,273 | 0 | 10,655 | 11,135 | 2,963 | (14) | 14,084 |
| Cost of revenues and operating expenses of the operating segments |
(5,404) | (2,435) | 0 | (7,839) | (5,849) | (2,852) | 14 | (8,687) |
| Segment's operating income (loss) for the fiscal period |
2,978 | (162) | 0 | 2,816 | 5,286 | 111 | 0 | 5,397 |
| Reconciliation to Beta Systems' consolidated results | Q2/2010 | Q2/2009 | ||||||
| Total segment operating income for the fiscal period | 2,816 | 5,397 | ||||||
| Unallocated overhead costs | (4,026) | (4,736) | ||||||
| Sundry income | 785 | (7) | ||||||
| Other expenses | (124) | (20) | ||||||
| Operating result | (550) | 634 | ||||||
| Finance result | (89) | (76) | ||||||
| Result before income taxes | (639) | 558 | ||||||
| Income taxes | 191 | (127) | ||||||
| Net income (loss) for the fiscal period | (448) | 431 |
From April 1, 2010, to May 31, 2010, the discontinued ECM operations contributed revenues in total of k€ 3,347 to the Group's revenues. The contribution to the operating result amounts to a total of k€ -1,031.
Discontinued Enterprise Content Management (ECM) operations: sale successfully completed Beta Systems Software AG has sold its Enterprise Content Management (ECM) Line of Business (LoB) to the BancTec Group on June 3, 2010. In its extraordinary meeting which took place on June 2, 2010, the Supervisory Board authorized the Management Board to conclude the negotiations. The purchase agreement pertaining to the takeover of 100% of the shares in Beta Systems ECM Solutions GmbH, Augsburg, was signed on June 3, 2010, with BancTec GmbH, Langen, and BancTec, Inc., Dallas, Texas/USA. At the same time, the assets assigned to this LoB in the USA and Austria was sold to the BancTec Group.
The core business of the ECM solutions segment consists in offering IT solutions and services through to end-to-end systems (including hardware such as scanners and sorters) for the FrontCollect product line. Along with the processing of payment documentation, these solutions address the automation of the general incoming mail and documents of large banking institutions and insurance companies in Central, Eastern Europe and Africa. The ECM Solutions business has a workforce of around 260 employees, the majority of whom work at the Augsburg location and in the ECM subsidiary in Nigeria.
In 2009 the ECM business was reorganized and spun-off in an independent subsidiary at the start of 2010. Therefore, at the extraordinary meeting of the shareholders of Beta Systems Software AG, which took place in Berlin on December 16, 2009, the Company's shareholders approved the draft of the spin-off and takeover agreement between Beta Systems Software AG as the transferring legal entity and Beta Systems ECM Solution GmbH as the absorbing legal entity with a majority of 94.02%. The spin-off of the ECM solution business was carried out upon approval by the Shareholders' Meeting of Beta Systems ECM Solutions GmbH on February 22, 2010, and the entry into the Register of Companies on March 1, 2010.
The divestment of the ECM business in accounting and organizational terms from the Beta Systems Group will take economic effect on May 31, 2010.
In relation to the sale of the ECM business a disposal gain (before taxes) in the amount of k€ 4,886 was incurred, which is shown in the finance result. Impairment losses for any initial or subsequent write-down of the disposal group classified as held for sale to fair value less costs to sell (in accordance with IFRS 5.20-22) were not recognized.
| Beta Systems Software AG - ECM Business | ||
|---|---|---|
| Consolidated Statement of Income | 01.01.-31.05.2010 * | Q1-Q2/2009 * |
| (Thousand €, unless otherw ise noted ) | (unaudited) | (unaudited) |
| Revenues | 11,773 | 15,661 |
| Expenses | 12,664 | 16,311 |
| Finance result | 4,886 | 27 |
| Result before income taxes | 3,995 | (623) |
| Income taxes | (367) | 187 |
| Net income (loss) of discontinued operations for the fiscal period including result recognized on the disposal of the discontinued operations (post-tax) |
3,628 | (436) |
| Earnings per ordinary share of the discontinued operation | ||
| Basic and diluted | 0.28 € | (0.03) € |
| Weighted average shares outstanding to calculate earnings per ordinary share Earnings per ordinary share ** |
||
| Basic and diluted | ||
| 13,168,304 pcs. | 13,168,304 pcs. | |
| Income and expenses recognized in equity | 40 | (26) |
| Exchange differences arising on translation of foreign operations of the discontinued operations |
40 | (26) |
The Consolidated Statement of Income of the discontinued ECM operations is stated as follows:
* The income (loss) of the operating activities of the discontinued operations for the fiscal year 2010 contains the period January 1 to Mai 31, 2010. The prior period contains the period January 1 to Juni 30, 2009.
** The number of ordinary shares references to the number of shares that are assigned directly to the parent company.
| Beta Systems Software AG - ECM Business | ||
|---|---|---|
| Consolidated Statement of Income | 01/04 - 05/31/10 * | Q2/2009 * |
| (Thousand €, unless otherw ise noted ) | (unaudited) | (unaudited) |
| Revenues | 3,347 | 6,371 |
| Expenses | 6,059 | 7,899 |
| Finance result | 4,886 | 7 |
| Result before income taxes | 2,174 | (1,521) |
| Income taxes | 180 | 456 |
| Net income (loss) of discontinued operations for the fiscal period including result recognized on the disposal of the discontinued operations (post-tax) |
2,354 | (1,065) |
| Earnings per ordinary share of the discontinued operation Basic and diluted |
0.18 € | (0.08) € |
| Weighted average shares outstanding to calculate earnings per ordinary share |
||
| Earnings per ordinary share ** | ||
| Basic and diluted | 13,168,304 pcs. | 13,168,304 pcs. |
| Included in the overall result of the fiscal period | (1) | 14 |
| Exchange differences arising on translation of foreign operations of the discontinued operations |
(1) | 14 |
* The income (loss) of the operating activities of the discontinued operations for the fiscal year 2010 contains the period April 1 to Mai 31, 2010. The prior period contains the period April 1 to Juni 30, 2009.
** The number of ordinary shares references to the number of shares that are assigned directly to the parent company.
| Assets and liabilities of the discontinued ECM operations compose as follows: | |||
|---|---|---|---|
| -- | ------------------------------------------------------------------------------- | -- | -- |
| Beta Systems Software AG - ECM Business | ||
|---|---|---|
| Assets and liabilities | 05/31/2010 | 12/31/2009 |
| (Thousand €) | (unaudited) | (audited) |
| Current assets | 18,477 | 13,304 |
| Cash | 1,078 | 98 |
| Trade receivables | 7,538 | 3,749 |
| Construction contracts | 4,937 | 5,305 |
| Inventories | 3,065 | 2,679 |
| Other current assets | 1,859 | 1,465 |
| Income tax assets | 0 | 8 |
| Non-current assets | 2,460 | 2,732 |
| Property, plant & equipment | 374 | 480 |
| Goodw ill | 2,031 | 2,031 |
| Deferred tax assets | 0 | 168 |
| Other non-current assets | 55 | 53 |
| Assets of disposal groups classified as held for sale | 20,937 | 16,036 |
| Current liabilities | 8,206 | 3,374 |
| Short-term debt | 0 | 1 |
| Trade payables | 1,551 | 1,160 |
| Deferred income | 3,531 | 1,007 |
| Income tax liabilities | 208 | 0 |
| Other current liabilities | 2,915 | 1,206 |
| Non-current liabilities | 1,848 | 1,937 |
| Employee benefits | 1,232 | 1,206 |
| Deferred tax liabilities | 616 | 731 |
| Liabilities of disposal groups classified as held for sale | 10,054 | 5,311 |
The Statement of Cash Flows of the discontinued operations is included and separately shown in the Consolidated Statements of Cash Flows of the Group.
Sundry income of continued operations in the amount of k€ 600 was achieved for further supply of administrative services for the sold Beta Systems ECM Solutions GmbH (accounting, reporting, personnel administration, IT-services etc.). A service agreement was concluded simultaneously to the sale of the ECM-operation to the BancTec-Group.
During the interim fiscal period under review there were no changes compared with December 31, 2009.
During the financial interim period under review, Deutsche Balaton AG, Heidelberger Beteiligungsholding AG and ABC Beteiligungen AG, all companies located in Heidelberg, had a significant influence on the Group because of their direct or indirect investments or assignment of voting rights. Due to the relations of dependence of Deutsche Balaton AG also VV Beteiligungen AG and die Delphi Unternehmensberatung AG, both companies located in Heidelberg, are related companies in respect of Beta Systems Software AG.
Related-party individuals include members of the Directors' Boards.
There were no business relations with the aforementioned companies and individuals in the first six months of the fiscal year 2010.
| As per June 30, 2010 Management Board |
Shares |
|---|---|
| Gernot Sagl | 0 |
| Supervisory Board | |
| Sebastian Leser Dr. Arun Nagwaney Jürgen Dickemann Volker Wöhrle Stefan Hillenbach Wilhelm Terhaag1 |
0 0 0 0 6,432 0 |
| Beta Systems Software AG | |
| Treasury shares | 120,610 |
1 Upon the sale of ECM Solutions GmbH to the BancTec Group on June 3, 2010, Wilhelm Terhaag retired as employee representative from the Supervisory Board.
None of the members of the Supervisory Board or the Management Board currently hold stock option rights or conversion rights to the shares of Beta Systems Software AG.
July 29, 2010 Press Release – Six Month's Statement 2010
August 3, 2010 Publication – Six Month's Statement 2010
August 17, 2010 Regular Annual General Meeting, Berlin October 28, 2010 Press Release – Nine Month's Statement 2010
November 2, 2010 Publication – Nine Month's Statement 2010
November 22, 2010 Analysts' Conference at the German Equity Forum in Frankfurt am Main
Beta Systems Software AG (Prime Standard: BSS, ISIN DE0005224406) offers large corporations high-end infrastructure software which spans sectors. This software enhances the performance of a company's IT in terms of its availability, scaleability and flexibility. Data centers optimize their job and output management. Moreover, especially companies with high numbers of users are supported in the automation of their IT user administration. Improved security also serves to fulfill the requirements placed on business operations in respect of governance, risk management and compliance (GRC).
Beta Systems was founded in 1983, has been a listed company since 1997, and has a workforce of around 350 employees. The company's principal place of business is Berlin. Beta Systems operates through Centers of Competence in Cologne and Calgary, as well as 18 subsidiaries worldwide and cooperations with numerous partner companies. Throughout the world more than 1,300 customers use the products and solutions of Beta Systems to improve their processes and security in more than 3,200 running installations. At present, Beta Systems generates 50 percent of its sales from international business. Around 200 of its customers are based in the USA and Canada.
More information on the company and its products can be found under www.betasystems.com.
Our Investor Relations Team is at your disposal for any questions on the results as per June 30, 2010, under the telephone number +49 (0)30 – 72 61 18 -171 or email at [email protected].
Beta Systems Software AG Stefanie Frey Senior Manager Investor Relations Tel.: +49 (0)30 726 118-171 Fax: +49 (0)30 726 118-800 e-mail: [email protected]
Published by: Beta Systems Software AG Alt-Moabit 90d D-10559 Berlin
HBI PR&MarCom GmbH Alexandra Osmani, Alexandra Janetzko Tel.: +49 (0)89 99 38 87-37/-32 Fax: +49 (0)89 930 24 45 e-mail: [email protected] e-mail: [email protected]
Image copyrights: Beta Systems Software AG
Half-yearly Financial Report as at June 30, 2010
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