Interim / Quarterly Report • May 16, 2009
Interim / Quarterly Report
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English 05/2009
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Dear Shareholders,
Despite the global economic crisis , MOBOTIX AG was able to continue its successful business trend. Revenue growth remained strong with an increase of 37% in the fi rst nine months. The export ratio climbed to 67%. With an EBIT margin of 20% and an EBITDA margin of 23%, the Company continues to show profi tability that is signifi cantly above average.
After recording weak performance in January and February, March showed a strong revival in business activity. MOBOTIX AG will continue to counter the comparatively weak economic environment by further strengthening its global sales network and by bringing new and innovative products to market. It will be diffi cult however, to reliably predict how the general economic conditions in the coming months will develop.
The unique, decentralized technological approach that MOBOTIX offers and that makes high-resolution video systems cost-effi cient, is the basis for the continued successful performance of the Company. This is especially noticeable with the recent launch of our Q22 hemispheric 360° panorama camera. There is still no sign of a comparable product from the competition.
In the past quarter, the focus of development activity was on preparations of hardware upgrades on existing product lines with an even more powerful microprocessor technology. In addition, preparations were made for the market launch of an IP-based door station. This product launch will generate positive growth stimuli in the second half of the calendar year.
We are confi dent that we will be able to offer our shareholders solid, above-average results in the months ahead.
Dr. Ralf Hinkel • CEO MOBOTIX AG
| Content | |
|---|---|
| Letter To The Shareholders | 1 |
| MOBOTIX At A Glance | 3 |
| The MOBOTIX Concept | 4 |
| MOBOTIX Cameras In Operation Throughout The Globe | 6 |
| MOBOTIX Shares | 8 |
| Interim Management Report | 12 |
| Business And Market | 12 |
| Results Of Operations, Net Assets And Financial Position | 16 |
| Research And Development | 20 |
| Employees | 21 |
| Opportunities And Risks Of Future Development And Outlook | 22 |
| Significant Events After The Balance Sheet Date | 24 |
| Related Parties Disclosures | 24 |
| Interim Financial Statements | 26 |
| Consolidated Income Statement | 26 |
| Consolidated Balance Sheet | 27 |
| Consolidated Cash Flow Statement | 28 |
| Consolidated Statement Of Changes In Equity | 29 |
| Notes | 30 |
| Responsibility Statement | 38 |
| Glossaries | 40 |
| Disclaimer | 42 |
| Financial Calendar And Contact | 43 |
| 9 months (July 1, 2008 to March 31, 2009) | 2008/09 | 2007/08 | Delta % |
|---|---|---|---|
| Financial performance | EUR ´000s | EUR ´000s | |
| Total Output | 33,869 | 25,318 | + 33.8 |
| Revenue | 32,528 | 23,760 | + 36.9 |
| Thereof outside of Germany (in %) | 66.8 | 59.6 | |
| EBITDA | 7,938 | 4,861 | + 63.3 |
| EBITDA as a percentage of total output | 23.4 | 19.2 | |
| EBIT | 6,947 | 3,974 | + 74.8 |
| EBIT as a percentage of total output | 20.5 | 15.7 | |
| Profit before tax | 6,884 | 4,037 | + 70.5 |
| Return on revenue in % before tax | 21.2 | 17.0 | |
| Net profit for the period | 5,037 | 2,715 | + 85.5 |
| Cash flow from operating activities | 6,138 | 4,524 | + 35.7 |
| Key figures per share (in €)(1) | |||
| Earnings per share (EPS) | 1.14 | 0.65 | + 76.1 |
| Cash flow as per DVFA/SG | 1.38 | 1.01 | + 47.1 |
| Financial position | March 31, 09 | June 30, 08 | |
| Equity | 22,813 | 20,031 | |
| Equity-to-assets ratio in % | 61.7 | 60.0 | |
| Total assets | 36,976 | 33,379 | |
| Non-current assets | 16,321 | 11,221 | |
| Current assets | 20,654 | 22,157 | |
| Thereof cash and cash equivalents | 7,760 | 10,475 | |
| Employees | March 31, 09 | March 31, 08 | |
| Number of employees (reporting date) | 207 | 183 | + 24 |
| Revenue per employee | 163(2) | 150(3) | |
| EBIT per employee | 35(2) | 25(3) |
1) Based on an average of 4,424m shares for the first 9 months 2008/09 and 4,199m shares for the first 9 months 2007/08.
2) Based on an average of 200 employees.
3) Based on an average of 158 employees.
The German company MOBOTIX AG is known as the leading pioneer in network camera technology since its founding in 1999, and its decentralized concept has made high-resolution video systems cost effi cient. Whether in embassies, airports, railway stations, ports, gas stations, hotels or on highways - over hundred thousand MOBOTIX video systems have been in operation on every continent for years.
In a short time, MOBOTIX has gained the second place in Europe and the fourth place worldwide in terms of market share. MOBOTIX has been producing solely megapixel cameras for years and, in this area, ranks as global market leader in high-resolution video systems with a market share of over 60%.
The higher the resolution, the more accurate the detail in the image. With the
old analog technology, a live image has no more than 0.4 megapixels and a recorded image generally 0.1 megapixels (CIF). One MOBOTIX camera with 3.1 megapixels, on the contrary, records around 30 times more detail. As a result, larger image areas with up to 360° allround views are possible, thus reducing the number of cameras needed and therefore the costs. For example, four lanes of a gas station can be recorded with one MOBOTIX camera instead of four conventional cameras.
Usually cameras only supply the images while the processing and recording is done later on a central PC using video management software. This traditional centralised structure has many limitations, since it requires a high network bandwidth and the PC processing power is not enough for several cameras. An HDTV MPEG4 film already puts considerable strain on a PC, how can it be expected to process dozens of high-resolution live cameras? Traditional centralized systems are therefore less suitable and unprofitable than high-resolution systems due to the high number of PCs needed.
MOBOTIX has redefi ned video. Whether on the Internet, in traffi c management, building surveillance or banking environment, the MOBOTIX camera is connected to the network like a printer and live and recorded images can then be retrieved from any PC without installing any software.
Unlike with other systems, with the decentralized MOBOTIX concept a highspeed computer and, if requested, digital memory (SD card) is built into every camera for long-term recording. The PC now serves purely for viewing, not for analysis or recording. As a result, MOBOTIX cameras can record in response to an event even without the PC being switched on and digitally store the videos with sound.
MOBOTIX video solutions therefore require significantly:
therefore do not have to be constantly transported for analysis.
MOBOTIX cameras have no mechanical motors for lenses or for movement. Without any moving parts, they are therefore so robust that maintenance is reduced to a minimum. The unique temperature range from -30°C to +60°C (-22°F to +140°F) is achieved without heating or fan at only 3 watts. Since no PC hard disk is required for recording, there are no parts that wear out in the entire video system.
There are no software and licensing costs with MOBOTIX, because the software is always supplied with the camera; for an unlimited number of cameras and users. The software package supplied with the camera also includes professional control room software, like that used in football stadiums for example. Updates are supplied free of charge on the website. The system price for a weatherproof camera including lens, query software and day-to-day recording on the SD card is under € 1.000.
The networking of cameras incl. power supply is encoded and occurs via a normal computer network and not via video cable. This has the advantage of connecting from anywhere in the world with glass, copper or even wireless access using affordable standard IT technology components.
The Jackson High School in Cleveland, Ohio, USA, has replaced its outdated analog video surveillance system with a new digital and high-resolution system based on MOBOTIX cameras, the free MxControlCenter and bidirectional VoIP communication. This has achieved substantial savings and offers unprecedented image quality for both live streams and recorded video.
"With our old system, we had great difficulty recognising particular students, or certain events clearly. The new MOBOTIX IP cameras record clips which are extremely detailed and represent an incredible improvement in image quality," comments Doug Winkler, Business Manager of the Jackson High School and continues, "the better we can keep an eye on our school, the better we can protect our students and teaching staff. So far we have had very positive feedback from parents. They welcome the fact that we have been able to improve the security of their children at school."
At the football stadium in Paris, the new IP video surveillance system serves, in particular, to monitor the influx of spectators at the turnstiles of the stadium entrances.
Like at the World Cup stadium in Kaiserslautern, Germany, the MOBOTIX high-resolution D12 and M12 network cameras are being used as cameras for perimeter surveillance during matches and to spot intruders when there are no events at the stadium. A storage system complying with the new French law on video surveillance has been installed in order to store large volumes of video data reliably. In addition, there are plans for a 3D face recognition system to control the admission of annual season ticket holders at the stadium. This project is currently awaiting approval from the French data protection authorities.
Daimler AG, Deutsche Bahn Station & Service AG, EON Wasserkraft, Le Méridien Parkhotel Frankfurt, MAN Logistics, Max Planck Institute for Chemical Ecology, Commerzbank AG, Skoda Auto Deutschland GmbH, Rheinkalk GmbH, Kliniken Maria Hilf GmbH, Zellstoff Stendal GmbH, etc.
The Abu Dhabi International Airport project is an impressive example of how outstanding solutions can be achieved with MOBOTIX IP video technology in the area of security. Crucial factors in favor of MOBOTIX, in addition to the high accuracy of image detail produced by the network cameras, were the low memory requirements and coverage of the areas to be monitored with a relatively small number of cameras.
Highlights of the system include automatic object and face recognition, central control, network-wide redundancy in case of failures as well as secure off-site recording.
Panama Ports Company, Central America Two of the most important ports of the Panama Ports Company (PPC), Balboa and Cristobal, are being secured by over 50 MOBOTIX cameras. Crucial for the decision was particularly the robustness of the devices that even under the attack of the ocean climate operate maintenance free, while also warning employees of hazardous situations. "When we saw the images from the MOBOTIX cameras for the first time, they were as sharp as if we had been watching a DVD. Such quality has become an absolute necessity in our sector," says Michael Hernandez, Chief Investment Officer of the PPC, explaining their reasons for their choice. He adds, "It is not enough for us to just see what is happening at the moment - we have to hear it, too. Our entire security and safety depends on these two features."
Garfield County Airport (USA),German Antarctic Research Station (GARS) - O'Higgins (Antarctic), Republic Polytechnic (Singapore), Manly Beach (Australia), Heineken House (Olympic Games, Beijing), Orange Mobile (Romania), Integra2 (Barcelona, Spain), Bahrain Defense Hospital (Bahrain), etc.
MOBOTIX AG shares have been listed on the stock exchange since October 10, 2007. After first being launched on the Entry Standard segment of the Deutsche Börse AG, MOBOTIX shares have been listed on the Prime Standard segment since March 31, 2008.
Global investor sentiment initially continued to worsen in the quarter under review. Around the world, nearly all the major indexes recorded heavy losses until early March. The DAX, the German benchmark index, closed at a five-year low of 3,666.41 points on March 6, 2009. The Dow Jones index also fell; reaching a twelve-year low of 6,547.05 points.
| MOBOTIX share | +19.0% |
|---|---|
| DAX | -48.9% |
| TecDAX | -52.3% |
| GEX | -55.9% |
Subsequently there was a sudden market rally driven by positive reports from the major banks on their first quarter 2009 earnings and the hope for more economic stimulus packages. From the beginning of March to the end of the quarter, the Dow Jones and the S&P 500 achieved their greatest percentage gains since the great depression of the 1930s.
The downturn that started in August 2007 as a financial crisis has now spread to the real economy and has substantially affected nearly all industry sectors. The automotive industry, for instance, has had to struggle with significant declines in sales and has been forced to markedly curb production. Equally other industries such as the steel industry, machinery construction and even building suppliers are facing severe declines in orders and sales.
Even in this turbulent market phase, the MOBOTIX share proved to be a solid investment. Of course, the MOBOTIX share was not able to entirely escape the downward trend of the global markets in the first nine months of the current fiscal year 2008/09. However, the 27.9% loss in value of the MOBOTIX share was considerably less than in the case of the DAX which lost 36.4% of its value in the same period. The TecDAX (down 37.7%) and the German Entrepreneurial Index (GEX) (down 41.2%), on which the MOBOTIX share has been listed since June 23, 2008, also performed significantly worse than the MOBOTIX share in the period under review. The GEX tracks German companies within the Prime Standard segment of the Frankfurt Stock Exchange that have been listed no longer than ten years and are managed by
their owners. To qualify as owner-operated, members of the management and supervisory boards or their families must hold between 25 and 75 percent of the voting shares.
While the value of the MOBOTIX share was nearly unchanged in the first six months of the current fiscal year (down 2.3%), it heavily lost value in the quarter under review (January 1 – March 31, 2009) with low market turnover (down 26.2%) and closed at €18.45 on March 31. Based on closing prices, the high for the third quarter (€25.75) was reached on January 9 while the low (€18.45) was on March 31.
| High (09/01/09) | € 25.75 |
|---|---|
| Low (09/03/31) | € 18.45 |
| Closing price* | € 18.45 |
| Market capitalization* | € 81.6 Mio. |
*reporting date March 31, 2009
On March 31, the MOBOTIX share completed its first full year of listing in the strictly regulated Prime Standard segment of Deutsche Börse AG. By making the change from the Entry Standard to the Prime Standard, MOBOTIX AG took on the obligation to meet high transparency criteria such as interim reporting in both German and English and the application of IFRS international accounting standards, and in doing so has met the requirements of international investors.
MOBOTIX AG pursues a growth-oriented dividend policy that corresponds to corporate growth and the respective business situation. For fiscal year 2007/08, the Company distributed a dividend of €0.50 per share.
At the end of the third quarter of fiscal year 2008/09, MOBOTIX AG continues to have a very stable shareholder base that supports the long-term and sustained development of the Company. The shareholder structure of MOBOTIX AG is as follows:
The founder and CEO of the Company, Dr. Ralf Hinkel, continues to hold 50.14% of the shares. Andreas Putsch holds 9.91% and Klaus Borchers 6.42%. The free fl oat as defi ned by the Deutsche Börse AG is 33.53%.
Since MOBOTIX AG's IPO, the Management Board has regularly engaged in dialogue with investors, analysts and fi nancial journalists. Special emphasis is placed on the continuous fl ow of information. The company fulfi lls the follow-up obligations of the Prime Standard segment of the Deutsche Börse AG.
On March 5, 2009, MOBOTIX AG presented itself to interested analysts and investors on the Small and MidCap Day of CeBIT 2009. The response by investors and analysts in the fi nancial community was extremely positive.
| WKN | 521830 |
|---|---|
| ISIN | DE0005218309 |
| Ticker symbol | MBQ |
| Bloomberg | MBQ:GR |
| Reuters Instrument Code | MBQGn.DE |
| Stock exchange segment | Regulated market (Prime Standard) |
| Prime segment | Technology |
| Industry Group | Electronic Components & Hardware |
| Stock exchange | Frankfurt |
| Share capital | 4,423,814 EUR |
| No. of shares outstanding | 4,423,814 Stück |
| Indexes: | GEX, CDAX, Technology All Share, Prime All Share |
MOBOTIX is a European system provider and technology leader of digital, high-resolution, network-based video security systems. At the heart of MOBOTIX technology are proprietary and internally manufactured, fully digital network cameras. The Company was established in 1999 and recorded revenue of €35.3 million in fiscal year 2007/08.
One of the most important innovations of MOBOTIX is the decentralized system architecture, where the intelligence is placed into the camera itself by integrating software for image processing, image analysis, event control and recording management, and not in the central control unit, which is typical in traditional video security systems. MOBOTIX is currently the only manufacturer that offers network camera systems with such
software-based, decentralized system architecture.
The Company's product portfolio includes the product lines M12 (DualNight Camera), M22 (Allround Camera), D12 (DualDome Camera), D22 (MonoDome Camera), V12 (Vandalism Camera), and, since the end of fiscal year 2007/08, the product line Q22 (Hemispheric 360° Camera). In addition to its network cameras, MOBOTIX also offers the MxControlCenter, a complete
video management solution, as a control center software that is able to integrate cameras also from other manufacturers. The MOBOTIX video management software is offered free of charge. In addition, various accessories are available in the Company's product mix.
Thanks to the decentralized system architecture, MOBOTIX cameras have a number of advantages compared to traditional systems.
MOBOTIX Allround M22M
Processing the image within the camera considerably reduces the required computing power of a central PC and saves bandwidth within the network, permitting a significantly larger number of recording cameras per PC to be used in video security systems, particularly when high image rates and resolutions are needed. In addition, the fully digital design of MOBOTIX cameras enables them to transmit images in megapixel quality and also permits event-controlled adjustment of the image rate in response to movement in the image, noises or sound signals. The cameras also have other functions such as dual-camera technology with picture-in-picture and 360° panorama, day/night switching with exposure adjustment, lip-synchronized audio trans-
MOBOTIX Hemispheric Q22M
mission, alarm messages via VoIP telephony and soft pan-tilt-zoom functionality. Through the total elimination of mechanical moving parts, with wide temperature range and low power usage, MOBOTIX cameras offer a very powerful and failure-resistant video monitoring system at comparatively low cost.
www.mobotix.com
The MOBOTIX Group consists of MOBOTIX AG, Kaiserslautern, and MOBOTIX CORP, New York.
Following the successful move in early January, the Company's management and administration headquarters were relocated to Langmeil based on a Management Board decision dated January 13, 2009 and the Company's mailing address was changed accordingly.
New products are manufactured and developed exclusively at the Kaiserslautern and Langmeil location. Langmeil also controls global sales.
The subsidiary MOBOTIX CORP is exclusively a distribution company for the American market. MOBOTIX CORP is managed by Mr. Lutz Coelen (CFO/CSO).
The MOBOTIX Group uses a number of operational key indicators to measure the Group's strategic growth and profitability objectives. These include sales figures for the individual segments as well as profitability indicators for the Company as a whole. The Company's performance is monitored and controlled through regular monitoring of trends in the individual sales regions. Other financial figures are also analyzed and evaluated. EBIT and EBITDA are the primary control parameters for the profitability of the MOBOTIX Group. These financial indicators are presented to the Management Board on a monthly basis as part of the internal reporting process, so that any necessary changes can be initiated promptly.
In Germany, the Company's most important single market with a 33.2% share of total sales, the products are currently sold via MOBOTIX certified Secure Partners, specialized IT retailers or directly, e.g. via the Company's online store, to commercial and private customers. Most of MOBOTIX' international sales are made via distributors and their qualified systems integrators and resellers. The distributors are supported in this process by a number of locally-based
Business Development Managers who are employed directly by MOBOTIX AG.
More than 100,000 MOBOTIX cameras are in use worldwide. In addition to numerous projects in Germany, MOBOTIX AG also has a number of international reference projects, such as railroad crossings in Japan, urban monitoring in Alaska, the campus of Singapore Polytechnic, pipelines in Saudi
Arabia, gold mines in South Africa and post offices in Israel. In the USA, the Company sells its products through its own sales subsidiary, MOBOTIX CORP. Sales in Switzerland are handled by an associated company (MOBOTIX AG Schweiz).
MOBOTIX operates in the market for video security systems. This market is generally referred to as the CCTV market. Today'smarket for video security systems includes both analog video security systems and network camera systems, as well as video management software and accessories. Combinations of analog and network camera systems are known as hybrid systems.
The market research company IMS Research assumes that sales in the market for network cameras will grow globally by an annual average of approximately 34.2% from 2007 to 2012. This assumption is based on its current study which was updated as a forecast in mid-March and adjusted to current global developments. As in the prior year, MOBOTIX continues to be the world's fourth largest network camera manufacturer, with a market share of 7.3 % in 2007 (source: IMS Research, The World Market for CCTV & Video Surveillance Equipment, 2008 Edition) and was able to further increase its market share. According to IMS, MOBOTIX was in second place in the EMEA region in the same year. The study shows that MOBOTIX has a solid global
market share that should further increase in the coming years. Apart from the current worldwide crisis, the sustained favorable market environment and the excellent global market position are a good basis for further successful growth of the Company.
The favorable market environment and the excellent global market position are a good basis for further successful growth of the Company. In addition to its important primary product features and unique selling propositions (USPs), MOBOTIX has a further advantage over most of its global competitors. The company offers not just a camera, but – as one of the very few manufacturers of IP video products – a complete monitoring system, including accessories and its own video management software.
MOBOTIX' technology leadership is reflected distinctively in its receiving the Frost & Sullivan "European CCTV and Video Surveillance Product Innovation Award 2008" for outstanding product innovation. The award recognized MOBOTIX for its sophisticated, innovative megapixel cameras, which provide highly detailed resolution to best meet the demands of the security industry.
Despite the significantly deteriorated economic environment, the MOBOTIX Group has maintained its strong revenue and earnings growth from the previous years. The positive trend has continued uninterrupted since the second quarter of 2002, recording significant net income in each period.
In the first nine months of the fiscal year 2008/09, the MOBOTIX Group's revenue grew by 36.9% to €32.5 million (prior year: €23.8 million), and profit before tax rose by 70.5% to €6.9 million. Total output (sales
Revenue € 32.5m (+36.9%)
revenue, increase in finished goods and work in progress, and other own work capitalized) increased by €8.6 million to €33.9 million. Earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to €7.9 million (prior year: €4.9 million), thus making up 23.4% of total output. Earnings before interest and taxes (EBIT) totaled €6.9 million (prior year: €4.0 million). Net income for the period climbed 85.5% to €5.0 million (prior year: €2.7 million).
A large part of revenue growth continued to be achieved through increased sales of dome cameras, which rose 76.2% from €7.3 million to €12.9 million. Sales revenues for fixed cameras grew by 18.9% from €14.9 million to €17.8 million. The Q22 product line, which was launched in June 2008, made a noticeable impact on revenue growth in the first nine months of fiscal year 2008/09. Once again, our export business was the growth driver. The export ratio increased to 66.8% in the first nine months of 2008/09, compared to 59.6% in the prior-year period. In Germany, revenues increased 12.4% from €9.6 million to €10.8 million, while in the rest of Europe revenues grew by 57.5% to €14.1 million. Revenues in the other countries rose from €5.2 million to €7.7 million, representing a 46.8% increase.
The material usage ratio (cost of materials in relation to total output) fell from 30.2% to 28.2%. The gross profit margin increased due to the positive effects of economies of scale.
Staff costs (in absolute terms) rose in response to restricted new hires, though the increase did not match the rise in total output. The personnel usage ratio (personnel expenses in relation to total output) thus decreased slightly from 28.7% to 27.1%.
Other operating expenses increased by €1,865 thousand due to higher costs for marketing and trade fairs/exhibitions as well as revenuedependent expenses.
The subsidiary MOBOTIX CORP reported a revenue increase of approx. 54.9%, leading to net income for the period of approx. USD 0.75 million for the period. This includes currency translation gains of approx. USD 0.34 million.
Development costs of €523 thousand were capitalized in the first nine months of 2008/09. Property, plant and equipment increased by €4.7 million, or 47.5%, to €14.7 million. Capital expenditure on property, plant and equipment during the reporting period amounted to €7.7 million and related primarily to construction activity at the new Langmeil location. Capital expenditure on
plant and machinery essentially related to investments in injection molding tools and IT equipment. In August, public subsidies were approved in the amount of €2.4 million for construction of the Company's new production site. The subsidies granted were deducted from assets for costs related to the new site in the reporting period.
Inventories grew by €1,832 thousand, or 41.6%, to €6.2 million due to the planned early changeover of the first production lines to a new processor technology, the expansion of the product range to include the Q22 product line and the increase in business activity.
Trade receivables decreased to €4.2 million as of March 31, 2009, down by €0.5 million from the figure as of June 30, 2008.
Other assets in the amount of €2.1 million (prior year: €2.3 million) include the subsidy entitlement in line with the progress of construction amounting to €0.2 million and tax claims amounting to €0.4 million among other items.
The decline in cash and cash equivalents by €2.7 million, or 25.9%, to €7.8 million was due to income tax payments and net cash used in investing activities.
On the liabilities side, equity rose by €2.8 million as a result of the positive net income for the period despite the dividend payment of €2.2 million made in October 2008. The slight increase in the equity-to-assets ratio from 60.0% to 61.7% reflects the positive net income for the period.
Income tax for 2007 was paid in March 2009, resulting in a corresponding decrease in provisions.
The decline in liabilities to banks was largely due to scheduled loan repayments.
Trade payables as of the reporting date rose by €0.4 million to €2.3 million as a consequence of payment obligations related to the construction activity at the new location as well as the increased operational activity.
The increase in other liabilities in comparison to June 30, 2008 resulted primarily from personnel liabilities.
Based upon the developments described above, the MOBOTIX Group's total assets grew by €3.6 million, or 10.8%, to €37.0 million on March 31, 2009, compared to the reporting date of June 30, 2008.
Cash flow from operating activities of the MOBOTIX Group increased to €6.1 million in the first nine months of 2008/09, compared to €4.5 million in the first nine months of the prior year. Cash outflows for investment activities grew by €1.6 million to €5.9 million. Cash paid for capital expenditure on property, plant and equipment amounted to €8.2 million. This was offset by cash received in the form of subsidies for the new site in the amount of €2.1 million. Negative cash flow from financing activities amounted to €3.0 million, largely due to payment of the dividend for fiscal year 2007/08 in the amount of €2.2 million. In the corresponding prior-year period, the cash flow from
financing activities had amounted to €12.0 million due to the cash inflow from the capital increase and cash received from borrowings.
The various cash flows generated during the reporting period resulted in cash and cash equivalents of €7.8 million as of March 31, 2009. The Company's solvency was guaranteed at all times during the first nine months and, given its credit standing, it has a number of financing options available.
Non-current liabilities declined by €0.4 million to €6.4 million based on scheduled repayments. The ratio of non-current liabilities to total assets of the MOBOTIX Group decreased from 20.3% to 17.4%. Current liabilities as of the reporting date corresponded to 20.9% of total assets after 19.7% in the corresponding prior-year period.
The Group's net assets, financial position and results of operations – which are characterized by continued strong growth and high profitability – fully reflect the expectations of the Management Board.
Development activities were also further expanded during the period under review. As of March 31, 2009, the MOBOTIX Group had 53 employees in its Development department. As in previous years, the primary development focus was on the creation of new hardware and software products as well as further optimization of product functionality.
Development activities are essentially done only in-house. Outsourcing of development activities occurs only on a very small scale, and only in the area of tool design and PC board layout.
During the current fiscal year, the Company introduced the newly developed 360° camera product line Q22. In addition, the new
Q22M 180° panorama function
version of the extensively revised MxCC 2.0 video management software and the fi rst version of the video management software for the MxEasy semi-professional segment were introduced to the market. Currently, considerable development resources are tied up with the conversion of the existing camera lines to a more effi cient processor technology and the development of an IP based door station. Furthermore, other product innovations are currently in development and should be introduced to the market in the current fi scal year 2008/09.
196 employees at the beginning of the fi scal year. There will be personnel increases in the current fi scal year 2008/09 as well, primarily in national and international sales. The Company will also focus on strengthening its development activities.
As in the past years, the number of employees grew in almost every area of the Company. As of March 31, 2009, the MOBOTIX Group had 207 employees, compared to
Orginal image from the Q22M
The MOBOTIX Group has implemented an adequate risk management system to ensure that risks are detected and addressed early. The Group's risk management system is intended to identify, monitor, and control any risks that may occur. In addition to risks posing a threat to the Company's continued existence, the system also records activities, events, and developments that could significantly influence the Company's future performance.
Precautions are taken against typical business risks that could have a material influence on the Group's financial performance or financial position.
Based upon the information currently available, at present the MOBOTIX Group is not faced with any significant specific risks that, in and of themselves, would be likely to jeopardize the continued existence of the MOBOTIX Group.
The Company is continuing to refine its internal structures commensurate with its growth and to adapt these structures to the scale of its business. Additional measures are planned to strengthen and improve quality management, the internal control system, and risk management.
Please refer to the 2007/08 Annual Report for details of any significant specific risks.
The initial impact of the current financial crisis and the ensuing consequences for the real economy have led to the postponement of a few isolated projects, particularly in the last quarter. Furthermore, it became apparent that distributors have reduced their inventories and accordingly their capital tied up in inventories. It is impossible to estimate the extent and magnitude of the crisis and its short- and mid-term effects on the business development. MOBOTIX will confront the negative effects by developing an even stronger sales structure.
During the period under review, our risk situation and risk management system did
not deviate notably from that described in the Annual Report for fiscal year 2007/08. No risks that could jeopardize the continued existence of the Company are anticipated.
The positive market environment with its continued forecasts of high growth rates will form the basis for the Company's successful development. Market growth will be driven by the switch from analog to digital technology. If this switch should happen sooner than expected, additional opportunities could arise for MOBOTIX.
Factors that could lead to an acceleration include political initiatives such as the French video law that would improve the quality of security systems in the public sector.
The Management Board assumes that technological market drivers such as increasing image resolution in video systems and more complex security installations will favor the advantages of the decentralized technology approach. This would strengthen the MOBOTIX Group's competitive position and put pressure on the competition.
The Management Board also believes that increased publicity will provide new opportunities, e.g. to acquire new employees, sales partners, and customers.
MOBOTIX is already currently represented throughout the world by distributors and partners. A key factor for unlocking future growth potential involves continuing to pursue targeted expansion of our partner network in order to broaden our sales structures.
The Company's outstanding global market position – particularly in the subsegment of high-resolution network cameras – puts MOBOTIX in a very good position to take advantage of the opportunities at hand.
In terms of regions, the Management Board sees key growth areas for the coming months in North America, South America, Asia, and Russia.
The market launch of the Q22 is continuing to show promising results. Feedback from distributors has been especially encouraging. The fact that the Company's chief competitors cannot offer any comparable products is an indication of MOBOTIX AG's innovative strength and will also enable the Company to occupy a unique position in this product segment over the medium term. In addition, MOBOTIX plans to take advantage of additional product innovations in the coming months to reinforce its competitive position and create a foundation for developing new market segments.
Our goal for fi scal year 2008/09 continues to be growth in line with the market for network cameras. Key market research institutions estimate this growth rate for calendar year 2009 to be approx. 28.5% per year. As in recent years, we plan to achieve at least the targeted growth while maintaining profi tability.
No events of any signifi cance occurred after the end of the fi rst nine months of fi scal year 2008/09.
During the period under review, no changes of any signifi cance occurred with regard to transactions with related parties in comparison with fi scal year 2007/08.
Langmeil, April 23, 2009 The Management Board
Dr. Ralf Hinkel • CEO MOBOTIX AG
Lutz Coelen • CFO/CSO MOBOTIX AG
Horst Pfi ffi • CTO MOBOTIX AG
| 9 Months | 3rd Quarter | ||||
|---|---|---|---|---|---|
| EUR ´000s | See Note | July 1, 08- Mar. 31, 09 |
July 1, 07- Mar. 31, 08 |
Jan. 1, 09 - Mar. 31, 09 |
Jan. 1, 08- Mar. 31, 08 |
| Revenue | (1) | 32,528 | 23,760 | 10,531 | 8,442 |
| Increase in finished goods and work in progress |
781 | 953 | 473 | 284 | |
| Other own work capitalized | (2) | 560 | 606 | 196 | 268 |
| Total output | 33,869 | 25,318 | 11,199 | 8,994 | |
| Cost of materials | (3) | -9,547 | -7,245 | -3,345 | -2,404 |
| Gross profit | 24,322 | 17,673 | 7,854 | 6,590 | |
| Staff costs | (4) | -9,178 | -7,264 | -3,117 | -2,641 |
| Depreciation and amortization | -990 | -887 | -411 | -267 | |
| Other operating income | (5) | 448 | 241 | 139 | 59 |
| Other operating expenses | (6) | -7,654 | -5,789 | -2,712 | -2,451 |
| Operating profit | 6,949 | 3,974 | 1,753 | 1,317 | |
| Profit or loss from investments accounted for using the equity method |
-1 | 18 | -2 | -7 | |
| Other interest and similar income | (7) | 247 | 195 | 45 | 94 |
| Interest expense and similar charges | (8) | -310 | -150 | -100 | -59 |
| Profit before tax | 6,884 | 4,037 | 1,696 | 1,346 | |
| Income taxes | (9) | -1,847 | -1,322 | -419 | -449 |
| Profit for the period | 5,037 | 2,715 | 1,277 | 897 | |
| Earnings per share (diluted / basic) | (10) | 1.14 | 0.65 | 0.29 | 0.20 |
26
Profit for the period € 5.0m (+85.5%)
| EUR ´000s | See Note | Mar. 31, 2009 |
June 30, 2008 |
|---|---|---|---|
| Intangible assets | (11) | 1,327 | 993 |
| Property, plant and equipment | (12) | 14,726 | 9,983 |
| Investments accounted for using the equity method | 33 | 32 | |
| Prepaid expenses | 120 | 133 | |
| Deferred tax assets | 115 | 80 | |
| Non-current assets | 16,321 | 11,221 | |
| Inventories | (13) | 6,234 | 4,402 |
| Trade receivables | 4,194 | 4,677 | |
| Other assets | (14) | 2,084 | 2,301 |
| Cash and cash equivalents | 7,760 | 10,475 | |
| Prepaid expenses | 381 | 303 | |
| Current assets | 20,654 | 22,157 | |
| ASSETS | 36,976 | 33,379 | |
| Subscribed capital | 4,424 | 4,424 | |
| Capital reserves | 9,665 | 9,665 | |
| Accumulated other comprehensive income | 45 | 88 | |
| Profit or loss carried forward | (15) | 3,642 | 930 |
| Profit for the period | (15) | 5,037 | 4,924 |
| Equity | 22,813 | 20,031 | |
| Liabilities to banks | (18) | 6,025 | 6,478 |
| Deferred tax liabilities | 395 | 294 | |
| Non-current liabilities | 6,421 | 6,772 | |
| Tax provisions | (16) | 2,068 | 2,453 |
| Other provisions | 169 | 123 | |
| Liabilities to banks | (17) | 595 | 589 |
| Trade payables | (18) | 2,317 | 1,905 |
| Other liabilities | 2,593 | 1,506 | |
| Current liabilities | 7,742 | 6,576 | |
| EQUITY AND LIABILITIES | 36,976 | 33,379 |
Total Assets € 37.0m (+10.8%)
| EUR ´000s | July 1, 08- Mar. 31, 09 |
July 1, 07- Mar. 31, 08 |
|
|---|---|---|---|
| Profit before tax for the period | 6,884 | 4,037 | |
| +/- Net interest income or expense | 63 | -45 | |
| +/- Profit or loss from investments accounted for using the equity method | 1 | -18 | |
| + | Depreciation and amortization of property, plant and equipment, and intangible assets |
990 | 887 |
| + | Interest received | 238 | 172 |
| + | Increase/Decrease in other provisions | 46 | 59 |
| -/+ Profit/Loss on disposal of non-current assets | -2 | 3 | |
| + | Other non-cash expenses | 14 | 14 |
| Operating profit before changes in working capital | 8,235 | 5,109 | |
| - | Decrease/Increase in inventories, trade receivables and other assets not attributable to investing or financing activities |
-1,677 | -2,062 |
| + | Increase trade payables and other liabilities not attributable to investing or financing activities |
-1.745 | 1,817 |
| Cash flow from operating activities before tax | 8,303 | 4,864 | |
| - | Income tax paid | -2,165 | -340 |
| Cash flow from operating activities | 6,138 | 4,524 | |
| - | Cash paid for purchases of property, plant and equipment | -8,154 | -3,210 |
| - | Cash paid for purchases of intangible assets | -526 | -655 |
| + | Cash received from subsidies | 2,113 | 0 |
| - | Purchases of current available-for-sale financial assets | -1,043 | -430 |
| + | Proceeds from sales of current available-for-sale financial assets | 1,699 | 0 |
| + | Cash received from disposals of property, plant and equipment | 20 | 20 |
| Cash flow from investing activities | -5,891 | -4,276 | |
| + | Cash received from additions to equity | 0 | 9,455 |
| - | Cost of capital increase | 0 | -631 |
| - | Dividends paid | -2,212 | -839 |
| - | Cash paid for the redemption of loans | -512 | -155 |
| + | Cash received from borrowings | 0 | 4,320 |
| - | Interest paid | -236 | -146 |
| Cash flow from financing activities | -2,960 | 12,004 | |
| Net change in cash and cash equivalents | -2,712 | 12,252 | |
| Effect of exchange rate and other changes on cash and cash equivalents | -2 | -1 | |
| Cash and cash equivalents at the beginning of the reporting period | 10,475 | 1,352 | |
| Cash and cash equivalents at the end of the reporting period | 7,760 | 13,602 |
www.mobotix.com
Cash And Cash Equiv. € 7.8m
| EUR ´000s | Subscribed | Capital reserves |
Accumulated other comprehensive income |
Profit or loss carried forward |
Profit for the period |
Total |
|---|---|---|---|---|---|---|
| Balance as at July 1, 07 | 3,814 | 1,249 | 44 | 1,769 | 0 | 6,876 |
| Dividend payment | -839 | -839 | ||||
| Issuance of shares | 610 | 8,845 | 9,455 | |||
| Cost of capital increase | -429 | -429 | ||||
| Currency translation | 61 | 61 | ||||
| Profit for the period | 2,715 | 2,715 | ||||
| Balance as at Mar. 31, 08 | 4,424 | 9,665 | 105 | 930 | 2,715 | 17,839 |
| Currency translation | -17 | -17 | ||||
| Profit for the period | 2,209 | 2,209 | ||||
| Balance as at June 30,08 | 4,424 | 9,665 | 88 | 930 | 4,924 | 20,031 |
| Balance as at July 1, 08 | 4,424 | 9,665 | 88 | 5,854 | 0 | 20,031 |
| Dividend payment | -2,212 | -2,212 | ||||
| Currency translation | -43 | -43 | ||||
| Profit for the period | 5,037 | 5,037 | ||||
| Balance as at Mar. 31, 09 | 4,424 | 9,665 | 45 | 3,642 | 5,037 | 22,813 |
Equity € 22.8m
MOBOTIX AG was established on June 21, 1999. Since June 16, 2001 the company's registred office has been in Kaiserslautern. Following the successful move in early January, the Company's management and administration headquarters were relocated to Langmeil based on a Management Board decision dated January 13, 2009 and the Company's mailing address was changed accordingly.
MOBOTIX AG is a European technology leader and system provider of digital, high-resolution, network-based video security systems, video management software, and systems accessories. At the heart of MOBOTIX technology are proprietary, internally manufactured, fully digital network cameras.
Most of MOBOTIX' products are sold worldwide primarily via distributors, qualified systems integrators, and specialist retailers.
The Company's fiscal year begins on July 1 and ends on June 30 of the following year.
The consolidated interim financial statements of MOBOTIX AG as of March 31, 2009 have been prepared in accordance with all International Financial Reporting Standards (IFRSs), International Accounting Standards (IASs), and interpretations of the International Financial Reporting Inter-pretations Committee and the Standing Interpretations Committee (IFRIC / SIC) that have been adopted by the European Union and are applicable to the 2008/09 fiscal year.
The accounting policies applied in the consolidated interim financial statements as of March 31, 2009, which have been prepared on the basis of IAS 34 "Interim Financial Reporting," are essentially the same as those used in the consolidated financial statements for the 2007/08 fiscal year. The condensed consolidated interim financial statements for the period under review have been reviewed by KPMG AG, Wirtschaftsprüfungsgesellschaft. This interim report is also consistent with German accounting standard No. 16 on interim financial reporting (GAS 16) issued by the German Accounting Standards Committee (GASC).
For further information on the accounting policies applied, please refer to the consolidated financial statements for the year ended June 30, 2008.
Unless stated otherwise, all figures in the condensed consolidated financial statements. are stated in thousands of euro (€ thousand). The translation of euro into thousands of euro may give rise to rounding differences of plus or minus one unit (euro or percent).
The basis of consolidation used by MOBOTIX AG for the nine-month period from March 31, 2009 is the same as that used in the consolidated financial statements for the year ended June 30, 2008 and in the period of the prior year. MOBOTIX CORP has been retroactively included in the consolidated financial statements of MOBOTIX AG from the date in 2003 when MOBOTIX CORP was established. In addition, MOBOTIX AG Schweiz has been consolidated using the equity method because it is an associate.
A presentation of the breakdown of revenue by region and product group is provided in the section on segment reporting.
Other own work capitalized in the first nine months of fiscal year 2008/09 refers primarily to capitalized development costs of €560 thousand.
The cost of materials includes all materials used to produce the cameras. To a small extent it also includes the cost of services rendered, such as the cost of outsourced production and development activities.
| EUR ´000s | July 1, 08- Mar. 31, 09 |
July 1, 07- Mar. 31, 09 |
|---|---|---|
| Cost of raw materials, supply and merchandise |
9,430 | 7,625 |
| Cost of purchased services |
117 | 20 |
| Total | 9,547 | 7,645 |
The rise in staff costs reflects the increase in the workforce. The MOBOTIX Group employed 207 people (183 in the prior year) as of the reporting date.
| EUR ´000s | July 1, 08- Mar. 31, 09 |
July 1, 07- Mar. 31, 09 |
|---|---|---|
| Wages and salaries |
8,067 | 6,335 |
| Social security | 1,110 | 929 |
| Total | 9,178 | 7,264 |
Other operating income primarily comprises gains from exchange differences and amounts reimbursed by employees for private use of company cars.
Other operating expenses comprise all expenses not allocated to other items. They include the cost of marketing, office supplies, communications, legal and other advice, premises, maintenance, and trade fairs and exhibitions.
The increase of €1,865 thousand, or 32.2%, to €7.654 thousand compared with the corresponding period of the prior year was largely attributable to the rise in marketing and trade fair/exhibition costs and to higher operating costs as a result of the growth in business volume.
Other interest and similar income essentially comprises interest income from short-term and demand deposits held with banks.
Interest expense and similar charges mainly comprise the interest paid on bank loans.
The table below gives a breakdown of income taxes:
| EUR ´000s | July 1, 08- Mar. 31, 09 |
July 1, 07- Mar. 31, 08 |
|---|---|---|
| Current taxes | 1,780 | 1,327 |
| Deferred taxes | 67 | -5 |
| Total | 1,847 | 1,322 |
The tax rate applicable as of March 31, 2009 was 26.8% (in the prior year 32.8%).
In the first nine months of the current fiscal year 2008/2009, earnings per share amounted to €1.14 based on a weighted average number of shares outstanding of 4,423,814. In the first nine months of the previous fiscal year, earnings per share amounted to €0.65 (weighted average number of shares outstanding of 4,198,960). Based on the current number of shares of 4,423,814, earnings per share in the previous year would have amounted to €0.61. There was no dilutive effect on MOBOTIX AG's profit for the period.
The cost of developing camera housings, electronics, and software projects was capitalized at cost in the amount of €523 thousand in the first nine months of 2008/09. The capitalized development costs of €1,183 thousand as of March 31, 2009 cover all costs directly attributable to the development process. The accumulated amortization and impairment amounted to €187 thousand as of March 31, 2009. The development projects are amortized on a uniform, straightline basis over a period of three years following completion.
The additions to property, plant and equipment essentially relate to the construction of the new production building. This project entails total capital expenditure of roughly €14,000 thousand and was completed with the exception of the extension building in December 2008. The Ministry of Economics, Transport, Agriculture and Viticulture of Rhineland-Palatinate has approved an investment grant in the amount of €2,443 thousand for MOBOTIX AG pursuant to the notice of subsidy allocation dated September 8, 2008. MOBOTIX AG has received as of March 31, 2009 a subsidy allocation in the amount of €2,113 thousand. On March 31, 2009, a subsidy entitlement of €238 thousand was for outstanding subsidy allocation. The capitalized subsidy was deducted from non-current assets pursuant to IAS 20.27.
The table below gives a breakdown of inventories:
| EUR ´000s | Mar. 31, 09 June 30, 08 | |
|---|---|---|
| Raw materials and supplies |
2,669 | 1,785 |
| Work in progress | 2,130 | 1,139 |
| Finished goods | 1,271 | 1,453 |
| Advanced payments | 163 | 26 |
| Total | 6,234 | 4,402 |
The increase in inventories resulted from the introduction of new products and the rise in business volume.
The table below gives a breakdown of other assets:
| EUR ´000s | Mar. 31, 09 June 30, 08 | |
|---|---|---|
| VAT receivables | 342 | 125 |
| Loans granted | 230 | 430 |
| Investment grant | 238 | 0 |
| Other securities (money market investments) |
0 | 1,499 |
| Receivables from employees |
4 | 6 |
| Accounts payable with a debit balance |
132 | 10 |
| Rent deposits | 34 | 49 |
| Other items | 1,104 | 181 |
| Total | 2,084 | 2,301 |
Please refer to the statement of changes in equity for an overview of the development of equity.
The dividends for fiscal year 2007/08 were paid out in October 2008 in the amount of €2,212 thousand pursuant to the shareholders' resolution of October 6, 2008.
The tax provisions of €2,068 thousand (June 30, 2008: €2,453 thousand) include provisions for municipal trade tax, corporation tax, and the solidarity surcharge for 2008 and 2009.
Other provisions primarily relate to provisions for warranties and customer rebates.
Loans in the amount of €472 thousand were repaid as scheduled in the first nine months of fiscal year 2008/09.
During the period under review, no changes of any significance occurred with regard to transactions with related parties in comparison with fiscal year 2007/08.
Revenue by product line is broken down as follows:
| EUR ´000s | July 1, 08- Mar. 31, 09 |
July 1, 07- Mar. 31, 08 |
|---|---|---|
| Fixed Cams | 17,767 | 14,941 |
| Dome Cams | 12,896 | 7,320 |
| Other | 1,865 | 1,499 |
| Total | 32,528 | 23,760 |
Revenue by region is broken down as follows:
| EUR ´000s | July 1, 08- Mar. 31, 09 |
July 1, 07- Mar. 31, 08 |
|---|---|---|
| Germany | 10,804 | 9,608 |
| Rest Of Europe | 14,051 | 8,923 |
| Rest Of World | 7,673 | 5,229 |
| Total | 32,528 | 23,760 |
In accordance with IFRS 8 "Operating Segments," the definition of the segments is based on the Company's internal reporting structure. At MOBOTIX AG, these segments are primarily defined by region, but also by product category. The regions represent the basis for corporate planning and allocation of resources.
The control of the MOBOTIX Group is based on revenue in view of the individual segments due to the internal structures and the size
of the Company. Profitability ratios and performance-based statements are only made on the level of the entire company.
The Company's product categories are broken down as detailed below:
The fixed cams include the M12, M22 and V12 camera lines.
The M12 is usually equipped with two image sensors and a passive infrared sensor. This camera series also comes with a microphone and a speaker for audio communication. If there is no DSL connection, the M12 can be easily hooked up to the internet via its integrated ISDN connection that can be used to transmit data over the internet and to forward voice messages and alarm alerts, for example to telephones. IP telephony based on the VoIP SIP standard is also available directly from the camera. Various camera
modules can be used so that a wide-angle lens can be combined with a telephoto lens. The M12 Day/Night model is equipped with a light-sensitive black and white sensor for use at night and a color sensor that provides sharp color images in daylight. The automatic switching between the two sensors is purely electronic with no mechanical moving parts. The M22 is the mono version of the M12 and, with the exception of the passive infrared sensor and ISDN connection, features all the functionality of the M12. Audio communication is also available via the integrated microphone and speaker. All telephony functionality is based on the VoIP SIP standard.
MOBOTIX Allround M22M
The V12 vandalism-proof camera has been especially designed for use in locations with a high risk of vandalism, such as prisons. The camera housing is made of 3mm-thick stainless steel. It is also protected by a 6mm thick cover and is triangular in shape so that it can be mounted in the corner of a room and fixed in place using heavy-duty dowels. To illuminate the room when it is dark the V12 is equipped with integrated, remote-controlled IR lighting with 20 infrared LEDs.
The dome cams currently include the D12, D22 and Q22 camera models.
MOBOTIX MonoDome D22M
The D12 is a dome camera that features two manually adjustable modules. It is based on the same hardware as the M12 although, unlike the M12, its camera modules can be individually positioned in any direction when mounted. This makes it possible, for example, to position a wide-angle lens in one direction and a telephoto lens in another direction. With two super-wide-angle lenses each covering a 90-degree horizontal viewing angle, the
camera can monitor an area of 180 degrees in panorama view. The software integrated into the camera enables the two generated images either to be shown separately or to be combined into a single image.
The D22 is a dome camera that features a manually adjustable module and offers all the software functionality of the other camera series. Although it is not equipped with an infrared sensor, microphone or speaker, these can be externally retrofitted. In locations with a high risk of vandalism, the already robust D22 models can be given extra protection with the optional Vandalism Set, which includes a 3mm-thick polycarbonate dome and an additional stainless steel cover.
The Q22 model is an ultra-compact IP-Dome camera that features a 360° allround view. The camera line allows a hemispherical allround view for complete room coverage, digital, continuous zooming and panning as well as event-driven complete room recording directly in the camera. In addition, the camera features all the software functionality of the other camera series. The speaker and microphone are integrated into the camera. The range of accessories includes, for example, a vandalism housing and an in-ceiling set.
MOBOTIX offers the appropriate accessories for all camera series to enable the cameras to be properly mounted and to protect their cables and leads. Various installation kits for mounting cameras on surfaces and walls or integrating them into suspended ceilings are supplied for each model. MOBOTIX AG also generates a small amount of revenue
from training seminars.
Internal reports are submitted to the Management Board. Only revenue is reported for each product category and region.
Intersegment revenue is not netted.
No single customer generates more than 10% of the MOBOTIX Group's revenue.
To the best of our knowledge, we hereby affi rm that, pursuant to the generally accepted accounting principles for interim reporting, the consolidated fi nancial statements give a true and fair view of the net assets, fi nancial position and the results of operations of the Group, that the Interim Report presents the development of the Group's business, including its performance and situation, in such a way that it is a true and fair refl ection, and that it describes the major risks and opportunities inherent in the development of the Group during the remaining fi nancial year.
Langmeil, April 23, 2009
The Management Board
Dr. Ralf Hinkel • CEO MOBOTIX AG
Lutz Coelen • CFO/CSO MOBOTIX AG
Horst Pfi ffi • CTO MOBOTIX AG
| CCD | Image sensor Charged Coupled Device; a light sensitive hardware component |
|---|---|
| CIF | Common Intermediate Format, an image compression format |
| CMOS image sensor | Complementary Metal Oxide Semiconductor - a light sensitive hardware component |
| CPU | Central Processing Unit |
| DVR | Digital Video Recorder |
| Fixdome | Camera without any mechanical moving parts, inside a dome housing |
| HDTV | High Definition TV |
| HiRes | High Resolution |
| IP network | Data network based on Internet protocols |
| IP standard | Standardized network protocol |
| JPEG format | A lossy image data format which reduces the file size by compressing the same or similar image content. |
| LAN | Local Area Network; local network |
| Control center computer The computer at a central control center that enables the information supplied by the camera to be handled |
|
| Megapixel | Image size of more than 1 million pixels |
| MPEG format | Video format for creating data steams for streaming images, defined by the Motion Picture Experts Group |
| SD Card | SD Memory Card (short for Secure Digital Memory Card) is a digital memory device that works according to the principle of flash memory, such as a USB card |
| TCP/IP protocol | Transmission Control Protocol/Internet Protocol |
| Video server | Central storage unit for video images or video streams |
| VoIP | Voice over IP; standard for voice transmission via IP networks |
| EBITDA | Earnings before interest, taxes, depreciation and amortization |
|---|---|
| EBITDA margin | EBITDA divided by total output multiplied by 100 (the higher the percentage, the higher the financial performance) |
| EBIT | Earnings before interest and taxes |
| EBIT margin | EBIT divided by total output multiplied by 100 (the higher the percentage, the higher the financial performance) |
| Total output | Revenue plus/minus changes in inventories plus other own work capitalized |
| Gross profit | Total output less cost of materials |
| Dividend yield | Dividend divided by share price multiplied by 100 |
| Equity-to-assets ratio | Equity as reported on the balance sheet divided by total assets multiplied by 100 (the higher the figure, the lower the debt-to-equity ratio) |
| Free float | Shares of a public listed company that are freely available to the investing public |
| Market capitalization | Number of shares multiplied by share price |
This financial report contains MOBOTIX AG statements and information which relate to future periods. Such future-oriented statements may be recognised from wording such as plan, expect, intend, endeavour, will, estimate, assume, aim at or similar such terms. Statements of this kind have been made on the basis of current circumstances and current expectations and may differ considerably from the actual development both to positive and negative effect. The following factors, amongst others, may give rise to uncertainties: changes to the overall economic situation both nationally and internationally, changes to the underlying political situation, the introduction of new products or technologies by other companies, changes to investment activities in the customer markets important to MOBOTIX AG, changes to exchange rates and interest rates, integration of acquired companies along with other factors. MOBOTIX AG does not accept any obligation over and above existing legal obligations to correct or update future-oriented statements.
This is an English translation of the German original. Only the German version is binding. The financial reports from MOBOTIX AG are available as pdf files on the homepage (www.mobotix.com).
Annual Report for fiscal year 2008/09 September 23, 2009 Annual press conference September 23, 2009 Annual General Meeting 2008/09 October 2009 Eigenkapitalforum der Deutschen Börse November 9 - 11, 2009
CFO and CSO Phone: +49 (0) 6302 9816-111 Fax: +49 (0) 6302 9816-190 E-mail: [email protected]
Investor Relations Manager Phone: +41 (0) 79 521 69 59 Fax: +49 (0) 6302 9816-190 E-mail: [email protected]
Investor Relations Kaiserstrasse 67722 Langmeil Germany E-mail: [email protected]
www.mobotix.com 0
TEXT TEXT TEXT TEXT war etwas ungewöhnlich ...
MOBOTIX AG Security-Vision-Systems Kaiserstrasse D-67722 Langmeil, Germany Phone: +49 (6302) 9816-111 Fax: +49 (6302) 9816-190 E-mail: [email protected] www.mobotix.com
... the HiRes Video Company
MOBOTIX AG Security-Vision-Systems Kaiserstrasse D-67722 Langmeil, Germany Phone: +49 (6302) 98 16-0 Fax: +49 (6302) 98 16-190 E-mail: [email protected] www.mobotix.com
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