Quarterly Report • Nov 22, 2007
Quarterly Report
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Interim Financial Report as of September 30, 2007 InVision Software AG
Facts Table of Contents
| in Euro | 1 Jan - 30 Sep 2007 | 1 Jan - 30 Sep 2006 |
|---|---|---|
| Revenue | 10,508,833.19 | 5,355,934.09 |
| Licenses | 5,809,000.00 | 2,492,000.00 |
| Maintenance | 2,193,000.00 | 1,748,000.00 |
| Services | 2,507,000.00 | 1,116,000.00 |
| EBIT | 1,310,841.27 | -928,847.08 |
| As percentage of revenue | 12.5% | -17% |
| Result after Tax | 1,686,485.07 | -392,971.66 |
| As percentage of revenue | 16% | -7% |
| in Euro | 30 June 2007 | 31 December 2006 |
|---|---|---|
| Earnings per share1 | 0.75 | -0.18 |
| Total assets | 27,672,626.60 | 5,711,391.48 |
| Liquid funds | 17,406,144.20 | 142,066.11 |
| Equity | 22,860,789.94 | 246,833.96 |
| as percentage of total assets | 82% | 4% |
| Number of employees | 155 | 119 |
| Thereof in Germany | 77 | 61 |
| Table of Contents | 3 |
|---|---|
| Management Report | 4 |
| Balance Sheet | 8 |
| Profit and Loss Account | 10 |
| Cash Flow Statement | 11 |
| Change in Consolidated Equity Statement | 12 |
| Explanatory Note | 14 |
| Financial Calendar | 17 |
| Information on shares in Euro | 1 Jan - 30 Sep 2007 | |
|---|---|---|
| Closing price (Xetra) | 23.10 | |
| High | 34.59 | |
| Low | 22.93 | |
| Number of shares | 2,235,000 | |
| Market capitalisation | 51,628,500 |
The economic recovery has continued during the first nine months of 2007, even if the optimistic outlook expressed in the management report as of June 30, 2007, has been somewhat tempered.
In its most recent forecast of October 17 for 2007, the IMF continues to predict that global economic growth will be 5.2 percent in 2007, but has lowered its short and mid-term growth rate projections since its July 17 forecast. Whereas US growth is expected to fall from 3.3 percent last year to 1.9 percent this year, the projected growth in the Euro Area (which is the most important geographic area for the InVision Group) levelled off at 2.5 percent (previous year: 2.8 percent). As the InVision Group's most important individual market, Germany is still enjoying robust health with an estimated growth rate of 2.4 percent for this year. Within the European Union itself, Spain and the United Kingdom must be singled out as exemplary with growth rates projected to be 3.7 percent and 3.1 percent, respectively.
The favourable overall economic trends also generally apply to the IT, telecommunications and new media industry. The industry association – BITKOM – is forecasting in its "20th Industry Barometer" of October 22 a growth rate of 1.3 percent in 2007 for the German market for information technology and telecommunications (including consumer electronics). Here again, however, the forecast had to be adjusted downwards by 0.7 percentage points from the projections made in the "19th Industry Barometer" of July 5.
Since June 18, 2007, InVision Software AG has been listed in the Prime Standard Segment of Deutsche Börse. During the course of the initial public offering (IPO), a total of 1,077,000 shares were successfully placed, of which 714,996 shares resulted from a capital increase. The over-allotment option was exercised in full. The Company received a total of approximately EUR 22.9 million in gross proceeds from the capital increase, and 49 percent of the shares are held in free float.
The proceeds from the IPO will be primarily used to strengthen the Group's international marketing activities by expanding its sales and service capacities at existing locations and to further expand its position as one of the worldwide technology leaders in providing workforce management systems.
During the reporting period, the Company was able to acquire a major international public service sector customer. Since the pilot phase on two major international projects involving trade and the transport and logistics industry was successfully completed, the Company expects to report strong license revenues for the fourth quarter as well.
In May of 2007, Release 4.5 of InVision Enterprise WFM was approved for distribution. This new product release includes a number of product innovations and improvements.
In the first nine months of 2007, Group revenues totalled TEUR 10,509 (previous year: TEUR 5,356) and were therefore 96 percent higher than in the previous year. The increase was primarily the result of a 133 percent jump in license revenues to TEUR 5,809 (previous year: TEUR 2,492), as well as 125 percent increase in service revenues to TEUR 2,507 (previous year: TEUR 1,117). The maintenance revenues rose by 25 percent to TEUR 2,193 (previous year: TEUR 1,748).
In the first nine months of the year, licence revenues consisted primarily of revenues generated with existing customers, with new small and mid-sized customers, and on large projects. The increase in maintenance revenues is a direct consequence of a higher maintenance base resulting from licence revenue with both new and existing customers in the previous year and of a high and stable level of customer loyalty. The increase in the Professional Services division's revenue is based on the expansion of service capacities in the second half of 2006 and on the high utilisation of capacity in the Professional Services division.
Revenues in the "Germany, Austria and Switzerland" region remained relatively constant at TEUR 3,281 (previous year: TEUR 3,280). This region therefore makes up 31 percent of revenues (previous year: 61 percent). Although the revenues during the first nine months of the previous year in this region included revenues from large projects, the revenues during the same reporting period in 2007 consisted only of revenues from existing customers and small and mid-sized new customers.
Revenues generated in other foreign countries totalled TEUR 7,228 (previous year: TEUR 2,076), thereby representing an increase of 248 percent. Revenues generated in other foreign
countries as a percentage of total revenue thus constitute 69 percent (previous year: 39 percent).
During the reporting period, the operating result (EBIT) improved by TEUR 2,240 to TEUR 1,311 (previous year: TEUR -929). The EBIT margin was 12.5 percent during the reporting period (previous year: -17 percent). For the first nine months of 2007, the after-tax results were TEUR 1,686 (previous year: TEUR -393), while earnings per share came to EUR 0.75 (previous year: EUR -0.18), in each case based on 2,235,000 shares.
The Company's financial condition in the first nine months of 2007 was impacted primarily by the successful capital increase in connection with the initial listing on the Prime Standard Segment of the Frankfurt Stock Exchange.
Cash and cash equivalents have increased from TEUR 142 as of December 31, 2006, to TEUR 17,406, while financial liabilities fell from TEUR 879 to TEUR 64. The equity capital is now TEUR 22,861 (December 31, 2006: TEUR 247), and the equity capital ratio is 82 percent (December 31, 2006: 4 percent). The increased equity capital therefore provides a solid basis upon which to grow the Company further.
The balance sheet totals rose to TEUR 27,673 (previous year: TEUR 5,711) mostly as a result of the equity capital increase. The cash flow from current operating activities was generated primarily in the first nine months of the year and equalled TEUR -2,816 (previous year: TEUR -422). This represents -27 percent of Group revenue (previous year: -8 percent).
The Company expects its liquidity to be secure over a budget period of five years.
For InVision, the ongoing upgrades to its software and the development of new components in order to meet the demands of the market are a key factor in remaining competitive. The InVision Group's research and development work is prioritised accordingly. The Company therefore constantly reinvests in the continued development of the InVision product line for companywide workforce management, InVision Enterprise WFM.
In the first nine months of 2007, Release 4.5 of InVision Enterprise WFM was approved for distribution. Key product improvements included a redesigned user interface, additional language versions (Polish and Russian), a 64-bit version of InVision Enterprise Servers, new components for time management (modules TimeKeeper and TimeManager), enhanced optimisation functions and a number of detail improvements.
On September 30, 2007, there were 155 employees working for InVision Software AG around the world. Thus, the number of employees has risen by 30 percent in the last nine months December 31, 2006: 119 employees). Seventy-seven employees worked in Germany and, consistent with the InVision Group's strong international orientation, 78 employees worked outside Germany.
Risks related to the business development of the InVision Group arise from the often long and protracted sales process preceding the Company's conclusion of contracts and from the high costs incurred in making significant expenditures in terms of time and human resources. The resources tied up in the sales process are not available to pursue other sales and marketing activities. Customers of InVision may, under certain circumstances, derive advantages therefrom and acquire customer orders at the InVision Group's expense.
The InVision Group's annual results typically depend on a small number of projects that may be carried out in any given fiscal year. Annual results may therefore fluctuate considerably. Results may even fluctuate from one reporting period to another, for example as a consequence of delays in implementing projects. In addition to these fluctuations, most of the revenue is generated typically in the last month of a given fiscal year. Given the cyclical nature of the business, the InVision Group's financial figures reported in the annual and interim reports are of limited informative value.
The commercial success of InVision is dependent, above all, on the conclusion of new licence agreements or the extension of existing licences with current or new customers. Income from software maintenance or services cannot compensate for an insufficient number of executed licence agreements. InVision is only to a limited extent in a position to adjust its costs on short notice to take into account any declining demand.
InVision relies on an experienced and well-trained sales staff and highly qualified employees in the Professional Services division, who support the sales team in its efforts by providing a substantial support on technical questions. The success of InVision will also depend in the future on finding and retaining on a long-term basis highly qualified employees in these areas. It is precisely during periods of economic growth that the competition for employees with scientific, technical or industry-specific expertise becomes quite intense. It is therefore possible that the Company will be unable to promptly recruit new staff on the open labour market and that this may give rise to additional costs. The loss of qualified staff or long-term difficulties in hiring suitable employees may lead to InVision's inability to successfully implement important decisions and courses of action, which would impair its business operations and could have a material adverse effect on the Company's financial condition and results of operation.
InVision also continues to pursue a committed growth strategy for acquiring new customers, earning additional revenue with existing customers, and promoting further geographic expansion in the mid-term. To this end, existing locations will be expanded and reinforced with additional sales and service capacities. In addition, the Group's strong position as one of the global technology leaders in providing solutions for enterprise-wide workforce management will be improved and preserved through targeted, new development of the tested product range – specifically in the area of staffing optimisation.
While dramatic revenue and earnings volatility may be reported in certain quarters because of the great dependency on income from major projects, the process of budgeting revenues and earnings over an annualised period is seen as a good development in light of the many long-range efforts to generate sales, which can often go on for periods exceeding 12 or more months. Indeed, given the successfully completed pilot projects in the first nine months of the year, the Group expects a significant improvement in earnings for fiscal year 2007.
| Assets (EUR) | 30 September 2007 | 31 December 2006 |
|---|---|---|
| Short-term assets | ||
| Liquid funds | 17,406,144.20 | 142,066.11 |
| Trade receivables | 5,844,396.76 | 3,700,322.71 |
| Deferred expenses, accrued income and other short-term assets |
1,455,919.37 | 325,687.67 |
| Short-term assets in total | 24,706,460.33 | 4,168,076.49 |
| Long-term assets | ||
| Intangible assets | 48,363.30 | 45,209.62 |
| Tangible assets | 145,890.42 | 94,774.62 |
| Deferred taxes | 2,740,669.00 | 1,366,650.66 |
| Other long-term assets | 31,243.55 | 36,680.09 |
| Long-term assets in total | 2,966,166.27 | 1,543,314.99 |
| Assets in total | 27,672,626.60 | 5,711,391.48 |
| Short-term liabilities |
|---|
| Short-term share in deferred income, accrued expenses |
| Long-term liabilities |
| Long-term share in deferred income, accrued expenses |
| Equity |
| Equity and Liabilities (EUR) | 30 September 2007 | 31 December 2006 |
|---|---|---|
| Short-term liabilities | ||
| Short-term liabilities vis-à-vis credit institutions | 63,505.54 | 878,788.75 |
| Trade liabilities | 555,012.44 | 652,966.48 |
| Provisions | 650,173.79 | 441,479.35 |
| Tax provisions | 1,592,888.22 | 823,521.44 |
| Short-term share in deferred income, accrued expenses and other short-term liabilities |
1,380,892.92 | 2,356,571.30 |
| Short-term liabilities in total | 4,242,472.91 | 5,153,327.32 |
| Long-term liabilities Deferred taxes |
522,570.00 | 107,490.00 |
| Long-term share in deferred income, accrued expenses and other short-term liabilities |
46,793.75 | 203,740.20 |
| Long-term liabilities in total | 569,363.75 | 311,230.20 |
| Equity | ||
| Subscribed capital | 2,235,000.00 | 380,001.00 |
| Capital reserves | 20,293,369.05 | 0.00 |
| Profit reserves | 1,414,177.33 | 1,332,802.31 |
| Equity difference from currency conversions | -188,063.83 | -107,169.69 |
| Loss carried forward | -2,580,177.68 | -2,742,292.99 |
| Group result | 1,686,485.07 | 1,374,311.95 |
| Minority shares | 0.00 | 9,181.38 |
| Equity in total | 22,860,789.94 | 246,833.96 |
| Liabilities in total | 27,672,626.60 | 5,711.391.48 |
| Cash flow from the operating activity | per 30 September 2007 per 30 September 2006 | |
|---|---|---|
| Consolidated Result | 1,686,485.07 | -392,971.66 |
| Depreciation and amortisation of assets | 67,499.34 | 56,561.45 |
| Increase in provisions | 978,061.22 | -5,471.10 |
| Decrease in deferred taxes | -958,938.34 | -738,331.81 |
| Other payment-ineffective costs/earnings | -89,577.10 | 36,246.94 |
| Decrease/increase in trade receivables | -2,144,074.05 | -409,464.33 |
| Decrease/increase in other assets, accrued income | -1,124,795.16 | -278,365.39 |
| Decrease/increase in trade liabilities | -97,954.04 | 205,669.79 |
| Decrease/increase in other liabilities, accrued liabilities | -1,132,624.83 | 1,103,996.37 |
| Cash flow from the operating activity | -2,815,917.89 | -422,129.74 |
| Cash flow from the investment activity | ||
| Investments into the tangible assets | -93,813.94 | -5,852.72 |
| Investments into the intagible assets | -19,271.92 | -625.00 |
| Cash flow from the investment activity | -113,085.86 | -6,477.72 |
| Cash flow from the financing activity | ||
| Increase in equity capital | 21,008,365.05 | 0.00 |
| Financial credits | 0.00 | 403,926.90 |
| Amortizing financial credits | -815,283.21 | 0.00 |
| Cash flow from the financing activity | 20,193,081.84 | 403,926.90 |
| Payment-effective changes in the financial resources funds | 17,264,078.09 | -24,680.56 |
| Financial funds at the start of the period | 142,066.11 | 74,266.25 |
| Financial funds at the end of the period | 17,406,144.20 | 49,585.69 |
| Cash flow from the investment activity |
|---|
| in Euro | 1 Jan-30 Sep 2007 | 1 Jan-30 Sep 2006 | Q 3 2007 | Q 3 2006 |
|---|---|---|---|---|
| Revenue | 10,508,833.19 | 5,355,934.09 | 5,689,159.45 | 1,931,470.34 |
| Other operational income | 150,775.48 | 67,496.16 | 35,563.28 | 16,903.45 |
| Cost for materials/Cost for services received | -71,633.89 | -43,314.00 | -14,504.26 | -11,000.00 |
| Personnel costs | -5,910,180.40 | -4,068,404.66 | -2,249,724.24 | -1,316,381.30 |
| Depreciation on intangible assets | ||||
| and on tangible assets | -67,499.34 | -56,561.45 | -21,798.74 | -18,093.40 |
| Other operational expenditure | -3,299,453.77 | -2,183,997.22 | -1,138,562.43 | -655,511.55 |
| Operational result (EBIT) | 1,310,841.27 | -928,847.08 | 2,300,133.06 | -52,612.46 |
| Financial result/Interest – earnings and expenditure | 80,696.94 | -46,509.31 | 127,734.56 | -10,673.14 |
| Currency profits/losses | -33,885.61 | -6,303.62 | -18,200.02 | -1,744.96 |
| Result before taxes (EBT) | ||||
| and minority shares | 1,357,652.60 | -981,660.01 | 2,409,667.60 | -65,030.56 |
| Income taxes | 328,832.47 | 588,688.35 | -977,644.91 | 423,512.84 |
| Group result | 1,686,485.07 | -392,971.66 | 1,432,022.69 | 358,482.28 |
| Equity of the shareholders of the parent company | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Equity differences | |||||||||
| Subscribed | Statutory | Other profit | from currency | ||||||
| in Euro | capital | Capital reserves | reserves | reserves | conversion | Group result | Equity | Minority shares | Total |
| December 31, 2005 | 380,001.00 | 0.00 | 34,351.70 | 1,256,904.72 | -55,190.15 | -2,742,292.99 | -1,126,225.72 | 746.70 | -1,125,479.02 |
| Period result | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,427,383.92 | 1,427,383.92 | 0.00 | 1,427,383.92 |
| Currency conversion | 0.00 | 0.00 | 0.00 | 0.00 | -51,979.54 | 0.00 | -51,979.54 | 0.00 | -51,979.54 |
| Withdrawel from profit reserve | 0.00 | 0.00 | 0.00 | -3,091.40 | 0.00 | 0.00 | -3,091.40 | 0.00 | -3,091.40 |
| Minority shares | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Minority shares in the period result | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | -8,434.68 | -8,434.68 | 8,434.68 | 0.00 |
| Additions to statutory reserves | 0.00 | 0.00 | 44,637.29 | 0.00 | 0.00 | -44,637.29 | 0.00 | 0.00 | 0.00 |
| December 31, 2006 | 380,001.00 | 0.00 | 78,988.99 | 1,253,813.32 | -107,169.69 | -1,367,981.04 | 237,652.58 | 9,181.38 | 246,833.96 |
| Period result | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 1,686,485.07 | 1,686,485.07 | 0.00 | 1,686,485.07 |
| Accounting into profit reserves | 0.00 | 0.00 | 0.00 | 1,220,735.14 | 0.00 | -1,220,735.14 | 0.00 | 0.00 | 0.00 |
| Capital increase | 1,854,999.00 | -714,996.00 | 0.00 | -1,140,003.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Use of the proceeds | 0.00 | 22,879,872.00 | 0.00 | 0.00 | 0.00 | 0.00 | 22,879,872.00 | 0.00 | 22,879,872.00 |
| IPO expenses | 0.00 | -1,871,506.95 | 0.00 | 0.00 | 0.00 | 0.00 | -1,871,506.95 | 0.00 | -1,871,506.95 |
| Transfer Minority shares | 0.00 | 0.00 | 0.00 | 642.88 | 0.00 | 8,538.50 | 9,181.38 | -9,181.38 | 0.00 |
| Currency conversion | 0.00 | 0.00 | 0.00 | 0.00 | -80,894.14 | 0.0 | -80,894.14 | 0.00 | -80,894.14 |
| September 30, 2007 | 2,235,000.00 | 20,293,369.05 | 78,988.99 | 1,335,188.34 | -188,063.83 | -893,692.61 | 22,860,789.94 | 0.00 | 22,860,789.94 |
The business activities of InVision Software Aktiengesellschaft, Ratingen (hereinafter also referred to as "InVision AG" or "Company"), together with its subsidiaries (hereinafter also referred to as the "InVision Group" or the "Group"), include developing, selling and maintaining software products relating to workforce management and providing services in connection with the sale of the software products. The InVision Group does business primarily in Europe and the United States.
The Company's registered offices are located at Halskestrasse 38, 40880 Ratingen, Germany. It is entered in the Commercial Register of the Municipal Court of Duesseldorf under registration number HRB 44338.
The consolidated interim financial report for the period of January 1, 2007, through September 30, 2007, was prepared in accordance with IAS 34 "Interim Financial Reporting".
The consolidated interim financial report does not contain all explanations and information that are required for the annual financial statements of the fiscal year and should be read in conjunction with the voluntary consolidated financial statements for the period ending December 31, 2006.
The interim financial report as of September 30, 2007, includes the financial report of InVision Software AG and its subsidiaries as of September 30 of the fiscal year. The interim financial reports of the subsidiaries are prepared pursuant to standard accounting and valuation methods as of the same balance sheet date as applicable to the interim financial report of the parent company.
The interim financial report as of September 30, 2007, covers InVision Software AG and eleven foreign subsidiaries.
InVision Software AG holds directly 100 percent of the shares in all subsidiaries.
During the reporting period, the shareholding in InVision Software GmbH, Zurich, was increased from 95 percent to 100 percent.
The development of the Group's equity capital is shown in the statement of changes in equity. The IPO expenses totalling TEUR 1,872 were deducted from the capital reserve account.
The Company holds no treasury shares.
The sales revenue is divided into the following business areas:
The sales revenues are divided among the following sales regions:
Taxes on income and earnings are classified as follows:
| in TEUR | 1 Jan - 30 Sep 2007 1 Jan - 30 Sep 2006 | |
|---|---|---|
| Licence revenues | 5,809 | 2,492 |
| Maintenance revenues | 2,193 | 1,748 |
| Service revenues | 2,507 | 1,116 |
| Total | 10,509 | 5,356 |
| in TEUR | 1 Jan - 30 Sep 2007 1 Jan - 30 Sep 2006 | |
|---|---|---|
| Germany, Austria, Switzerland | 3,281 | 3,280 |
| Other foreign countries | 7,228 | 2,076 |
| Total | 10,509 | 5,356 |
| in TEUR | 1 Jan - 30 Sep 2007 1 Jan - 30 Sep 2006 | |
|---|---|---|
| Income taxes | 630 | 149 |
| Deferred taxes | -959 | -738 |
| Total | -329 | -589 |
As of September 30, 2007, the Executive Board of InVision Software AG consists of the following members:
| Peter Bollenbeck | Executive Board, Chairman |
|---|---|
| Matthias Schroer | Executive Board Member |
As of September 30, 2007, the Supervisory Board of InVision Software AG consists of the following members:
| Dr. Thomas Hermes | Chairman |
|---|---|
| Dr. Christof Nesemeier | Deputy Chairman |
Under § 15 a of the German Securities Trading Act (WpHG), members of the Executive Board, members of the senior management and members of the Supervisory Board of InVision Software AG are obligated to report their trades and transactions involving InVision shares. The reporting obligation applies to all transactions, which exceed a total sum of 5,000 Euro in a given calendar year. In the first nine months of 2007, the following transactions were executed and had to be reported:
As of September 30, 2007, the InVision Group had 155 employees.
Given the uniformity of the services provided by the companies of the InVision Group, no partitioning into separate mandatory reporting segments within the meaning of IAS 14 was undertaken.
Earnings per share were calculated and reported by dividing the earnings for the period as attributable to the InVision Software AG shareholders by the average weighted number of shares issued and outstanding during the reporting period. InVision Software AG has issued only ordinary shares. In the first nine months of 2007, the assumed number of shares equalled 2,235,000. Earnings per share for this period therefore equalled 0,75 Euro compared to -0,18 Euro in the first nine months, based on the same number of shares.
After the reporting period, there have been no transactions of special significance which are of a material significance to the consolidated interim report.
InVision Software AG The Executive Board
Ratingen, November 14, 2007
Publication of the Interim Financial Report for the third quarter of 2007 14 Nov 2007 Analysts' conference (German Equity Forum, 12-14 Nov 2007) 14 Nov 2007 Publication of the Annual Financial Report 2007 28 Mar 2008 Publication of the Interim Financial Report for the first quarter of 2008 15 May 2008 Publication of the Interim Financial Report for the first healf year of 2008 14 Aug 2008 Annual General Meeting May/June 2008
InVision Software AG Investor Relations Halskestrasse 38 D-40880 Ratingen (Germany)
phone.: +49 (2102) 728-444 fax: +49 (2102) 728-111 e-mail: [email protected] www.InVisionWFM.com
| Name | Date | Type of security | Type of transaction Number of units Total value (EUR) | ||
|---|---|---|---|---|---|
| InVision Holding GmbH, | 14 Sep 2007 | Share | Purchase | 9,000 | 214,319.97 |
| Ratingen | 24 Sep 2007 | Share | Purchase | 1,300 | 31,327.00 |
| 25 Sep 2007 | Share | Purchase | 98 | 2,352.00 | |
| 26 Sep 2007 | Share | Purchase | 2,000 | 48,000.00 | |
| 26 Sep 2007 | Share | Purchase | 3,306 | 99,973.44 | |
| (off-exchange) |
To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view of the Group's assets, liabilities, financial position and results of operation, and the Group's interim management report includes a fair review of the development and performance of the business, together with a description of the principal opportunities and risks related to the anticipated development of the Group for the remainder of the fiscal year.
The Executive Board members, Peter Bollenbeck and Matthias Schroer, each own 1/3 of InVision Holding GmbH.
Austria +43 (1) 5999 9174
Estonia +372 6129 11-0
France +33 (1) 55 68 11 35
Germany +49 (2102) 728-0
Italy +39 (02) 64672-535
The Netherlands +31 (30) 2106422
Scandinavia +46 (8) 50 52 61 80
Spain +34 607 64 35 83
Switzerland +41 (43) 488 3 792
United Kingdom +44 (28) 7129 88-60
United States +1 (312) 474-7767
www.invisionwfm.com [email protected]
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