Earnings Release • Aug 1, 2013
Earnings Release
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| Q2 2013 | Q2 2012 | Q1+Q2 2013 | Q1+Q2 2012 | |||
|---|---|---|---|---|---|---|
| TEUR | Δ % | TEUR | TEUR | Δ % | TEUR | |
| Revenue and income | ||||||
| Revenue | 9.354 | (1) | 9.425 | 18.833 | 0 | 18.866 |
| Revenue consulting | 6.594 | 3 | 6.401 | 13.214 | 3 | 12.792 |
| Revenue software | 2.760 | (9) | 3.023 | 5.619 | (7) | 6.074 |
| Revenue Germany | 6.519 | 5 | 6.183 | 13.008 | 4 | 12.527 |
| Revenue foreign countries | 2.835 | (13) | 3.242 | 5.825 | (8) | 6.339 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | (1.354) | (638) | (184) | (2.023) | (669) | (263) |
| Earnings before interest and taxes (EBIT) | (1.805) | (288) | (465) | (2.781) | (225) | (855) |
| Earnings before taxes (EBT) | (1.863) | (248) | (535) | (2.891) | (192) | (991) |
| Profi t for the year (attributable to owners of the company) | (1.933) | (124) | (861) | (3.110) | (103) | (1.535) |
| Earnings per share (EUR) | (0,36) | (124) | (0,16) | (0,58) | (103) | (0,29) |
| Investments and depreciation | ||||||
| Investments in intangible and tangible assets | 435 | 117 | 201 | 792 | 83 | 432 |
| Depreciation | 451 | 60 | 281 | 758 | 28 | 592 |
| Key fi gures | ||||||
| Gross margin (%) | 37,3 | (14) | 43,7 | 39,4 | (9) | 43,5 |
| EBITDA margin (%) | (14,5) | (643) | (1,9) | (10,7) | (670) | (1,4) |
| EBIT margin (%) | (19,3) | (291) | (4,9) | (14,8) | (226) | (4,5) |
| Net cash fl ows from operating activities | (446) | (11) | (403) | (698) | (294) | 359 |
| Net cash fl ows from investing activities | (435) | (274) | (116) | (792) | (128) | (348) |
| Net cash fl ows from fi nancing activities | 0 | 100 | (1.615) | 0 | 100 | (1.721) |
| Assets, liabilities and equity (end of quarter) | ||||||
| Cash and cash equivalents | 9.510 | (18) | 11.617 | |||
| Total current assets | 25.601 | (6) | 27.353 | |||
| Total non-current assets | 21.098 | 4 | 20.201 | |||
| Total assets | 46.699 | (2) | 47.554 | |||
| Total current liabilities | 19.184 | 4 | 18.487 | |||
| Total non-current liabilities | 6.298 | 15 | 5.497 | |||
| Equity | 21.217 | (10) | 23.570 | |||
| Equity ratio (%) | 45,4 | (8) | 49,6 | |||
| Return on equity (%) | (7,9) | (36) | (5,8) | |||
| Employees (end of quarter) | 373 | 12 | 332 |
Negative fi gures are shown in paranthesis.
Thomas Mayerbacher (Chief Executive Offi cer)
The past six months have shown us that the task in front of us is to safeguard the future of the REAL-TECH Group in the long term. To achieve this, measures are required to improve our access to customers, safeguard the quality of our software and increase the utilization of our consultants' capacity.
These objectives cannot be achieved on an ad-hoc basis and care and planning will be required for implementation. At the same time, we are convinced that we can structure REALTECH's future in a positive way which makes the company fi t for the future, based on our customer awareness, our innovative product portfolio and our motivated and superbly trained staff.
Let us look at the fi gures behind the development to date:
In the second quarter of 2013, REALTECH recorded revenue of EUR 9,354 thousand, which was slightly less than the fi gure for the same quarter in the previous year (EUR 9,425 thousand). REALTECH achieved almost the same fi gure for the six months: EUR 18,833 thousand following on from EUR 18,866 thousand in the fi rst six months of 2012. Revenue is divided between the Consulting and Software segments.
As a result of improved capacity utilization, the Consulting segment reported revenue of EUR 6,594 thousand in Q2/2013, 3 percent higher than in the previous year (EUR 6,401 thousand). Revenue in the fi rst half of 2013 – at EUR 13,214 thousand – was 3 percent higher than in 2012 (EUR 12,792 thousand). The contribution made by Consulting to total revenue thus increased to 70 percent (previous year: 68 percent).
In the second quarter of 2013, the Software segment achieved revenues of EUR 2,760 thousand, 9 percent down on the previous year (EUR 3,023 thousand). Over the fi rst six months, software revenues were 7 percent lower compared with the fi rst half of 2012 at EUR 5,619 thousand (EUR 6,074 thousand). Software revenue as a proportion of total revenue decreased from 32 percent to 30 percent.
In Germany, revenue increased by 4 percent from EUR 12,527 thousand to EUR 13,008 thousand over the six month period. The share of Group revenue generated in Germany was 69 percent (previous year: 66 percent). REALTECH revenue generated abroad decreased by 8 percent from EUR 6,339 thousand to EUR 5,825 thousand. This was caused by two opposing movements: revenue in the Asia-Pacifi c region increased by 3 percent from EUR 4,454 thousand to EUR 4,589 thousand, particularly as a result of the continued positive development at REALTECH New Zealand. As in the previous year, this region contributed 24 percent to Group revenue. In contrast, revenue in the Rest of Europe region
(Portugal, Nordic) decreased from EUR 354 thousand to EUR 191 thousand. This fi gure as a share of total revenue thus fell from 2 percent to 1 percent. In the USA, revenue fell from EUR 1,532 thousand to EUR 1,045 thousand and the region's share of Group revenue fell accordingly from 8 percent to 6 percent.
In view of the 10 percent rise in cost of sales compared with the second quarter of the previous year but with sales revenue remaining constant, the gross profi t over the three-month period fell 15 percent to EUR 3,492 thousand. The gross margin fell from 44 percent to 37 percent. A similar development occurred in the fi rst half of 2013: revenues were constant but cost of sales increased by 7 percent, resulting in a reduction in the gross profi t on revenue to EUR 7,420 thousand, down 10 percent. The gross margin fell from 44 percent to 39 percent.
This development can, in particular, be attributed to the decline in gross profi t in the Software segment from EUR 5,120 thousand to EUR 4,325 thousand and a gross profi t margin, which fell from 84 percent to 77 percent. Gross profi t in the Consulting segment rose slightly in absolute terms from EUR 3,090 thousand to EUR 3,095 thousand. In contrast to this, the gross profi t margin fell from 24 percent to 23 percent. Consulting therefore contributed 42 percent (previous year: 38 percent) to gross profi t, while Software contributed 58 percent (previous year: 62 percent).
Compared to the second quarter of the previous year, selling and marketing expenses rose by 41 percent to EUR 2,765 thousand (previous year: EUR 1,960 thousand) and corresponded to 30 percent (previous year: 21 percent) of revenue. As a six-month comparison, an increase of 23 percent to EUR 5,257 thousand (previous year: EUR 4,263 thousand) was reported. Expenses rose from 23 percent to 28 percent of revenues. This rise can primarily be attributed to the expansion of the sales team and marketing activities as well as staff restructuring measures.
In contrast, administration expenses fell by 10 percent from EUR 1,406 thousand to EUR 1,263 thousand compared to the same quarter of the previous year. As a percentage, the fall was from 15 percent to 14 percent. Compared to the fi rst six months of the previous year, expenses fell by 6 percent from EUR 2,668 thousand to EUR 2,519 thousand. Based on revenue, the fi gure fell from 14 percent to 13 percent. The main reasons for this were the reduced investment in personnel recruitment compared to the previous year.
In the quarter under review, REALTECH invested EUR 1,231 thousand (previous year: EUR 1,101 thousand) in research and development, equivalent to an increase of 12 percent. As a proportion of revenue, these costs increased from 12 percent to 13 percent. Comparing the two six-month periods, expenses increased by 14 percent from EUR 2,150 thousand to EUR 2,452 thousand, accounting for 13 percent of revenue (previous year: 12 percent). This can be attributed to the Timplify and SAP Infrastructure Management projects.
Other operating expenses fell by 53 percent from EUR 346 thousand to EUR 164 thousand compared to the same quarter in 2012. The reason for this lower fi gure can primarily be attributed to the fact that the expenses for the previous year included the expenditure for a legal dispute in the USA. Over the sixmonth period these expenses fell 29 percent from EUR 474 thousand to EUR 337 thousand. Other operating expenses are made up for the most part of expenses from rental, tenancy and operating lease agreements as well as exchange rate losses.
Other operating income essentially comprises rental income from the use of the offi ce building in Walldorf by third parties and currency gains. Based on a comparison of the two quarters, this income decreased by 46 percent from EUR 233 thousand to EUR 125 thousand and by 26 percent from EUR 490 thousand to EUR 364 thousand in the six-month period. This can be attributed, in particular, to the fall in currency gains compared with the previous year.
The result of the effects described was operating profi t (EBIT) for the second quarter of 2013 of minus EUR 1,805 thousand (previous year: minus EUR 465 thousand). On a half-yearly basis, income from operations decreased from minus EUR 855 thousand in 2012 to minus EUR 2,781 thousand). The main reason for this development was that the investments made did not generate the corresponding revenues.
The fi nancial result was minus EUR 110 thousand after six months, having been minus EUR 136 thousand in the previous year. This is made up of interest income and interest expenses. The interest income of EUR 45 thousand (previous year: EUR 38 thousand) was primarily a result of loans and other fi nancial receivables (cash and cash equivalents). The interest expenses primarily comprised fi nancial liabilities relating to fi nance leasing. Compared to the previous year, they fell from EUR 174 thousand to EUR 155 thousand, which can be attributed to improved conditions in relation to leasing.
The profi t for the year due to parent company shareholders in the second quarter decreased from minus EUR 861 thousand to minus EUR 1,933 thousand. Based on the average number of 5,385,652 shares, this amounts to earnings per share of minus EUR 0.36 (previous year: minus EUR 0.16, also at 5,385,653 shares) for parent company shareholders. The consolidated net income for the fi rst six months decreased to minus EUR 3,110 thousand (previous year: minus EUR 1,535 thousand) and earnings per share fell to minus EUR 0.58 (previous year: minus EUR 0.29).
The net cash fl ow from operating activities for the six-month period reversed from a cash infl ow in the previous year of EUR 359 thousand to a cash outfl ow of EUR 698 thousand. Based on the considerably reduced net income for the year, apart from a series of smaller effects this development primarily resulted in a considerable reduction in trade receivables, on the one hand, and the lower decrease in the fi gure for deferred income on the other.
Net cash fl ow from investments in the fi rst half of 2013 produced a cash outfl ow of EUR 792 thousand. In the previous year there was a cash outfl ow of EUR 348 thousand. This change was primarily a consequence of increased investment in property, plant and equipment. This particularly involved procuring replacements geared to the future of the company as well as the projects mentioned.
Net cash fl ow from fi nancing activities was EUR 0 thousand for the fi rst six months of 2013, compared to a cash outfl ow of EUR 1,615 thousand in the previous year. This fi gure was greatly infl uenced by a dividend per share of EUR 0.30 that was distributed in May 2012. The full amount of the retained profi t was carried forward to the new account in the year under review.
Compared with the fi gure for December 31, 2012, the total assets fell by 6 percent on the key date, from EUR 49.676 thousand to EUR 46.699 thousand. The primary reason for this was the reduction in cash and cash equivalents (reduction of 16 percent or EUR 1,747 thousand), trade receivables (reduction of 7 percent or EUR 846 thousand) and deferred tax assets (reduction of 12 percent or EUR 357 thousand). Cash and cash equivalents accounted for 20 percent of assets (December 31, 2012: 23 percent). The reduction caused the deterioration in earnings.
At EUR 21,217 thousand, equity was down 14 percent compared to December 31, 2012 (EUR 24,586 thousand). The equity ratio on June 30, 2013, at 45.4 percent, was lower than at the end of the previous year (49.5 percent). Equity capitalization continues to form a sound basis for realizing future growth targets.
At the end of the second quarter of 2013, REALTECH had 373 employees worldwide, 12 percent more than on June 30 of the previous year (332). Of these, 280 and thus 17 percent more than in the
previous year were employed in Germany (240). This corresponds to 75 percent of all employees (previous year: 72 percent). On the key date at the end of June, the number of employees working at REAL-TECH companies in other countries had remained almost constant at 93 (previous year: 92). The number of employees in Portugal fell from 22 to 17, the fi gure rose from 12 to 16 in the USA and it remained constant at 58 in the Asia-Pacifi c region.
In the business areas, the following development could be seen on the key date of June 30 compared with the same date in the previous year: in Consulting, the number of consultants rose by ten percent, from 154 to 169. The number of product consultants was 19 (previous year: 18). The Development area saw an increase from 47 to 60 employees or a rise of 28 percent, as a result of projects such as Timplify and SAP Infrastructure Management. The number of employees in Sales rose accordingly by 12 percent from 65 to 73. There was also an increase in Administration from 48 to 52 employees.
As we published in the ad hoc disclosure of June 26, 2013, we are presuming that, due to unfi lled expectations of sales in the Software business segment, investments in the new Timplify product and the economic situation of individual REALTECH subsidiaries, that it will not be possible to achieve the set income target of income from operations (EBIT) amounting to EUR 2.1 million for the current year. Based on the forecast currently available, we have therefore decided to adjust the revenue and earnings forecast for the 2013 fi scal year: REALTECH expects a negative operating profi t for 2013 for a low singledigit million fi gure.
To the best of our knowledge, and in accordance with the applicable reporting principles, the interim consolidated fi nancial statements give a true and fair view of the net assets, fi nancial position and earnings of the Group, and the interim Group 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 in the remaining year.
Sincerely, Thomas Mayerbacher
REALTECH AG has prepared its (non-audited) quarterly fi nancial statements in accordance with the accounting standards of the International Accounting Standards Board (IASB), i.e. the International Financial Reporting Standards (IFRS) as applicable in the EU. The IAS, IFRS, and corresponding interpretations of the International Financial Reporting Interpretations Committee (IFRIC) applicable as of June 30, 2013 have been taken into account. The fi gures for the previous year were also determined based on the same standards.
The consolidation and valuation methods used to prepare the quarterly fi nancial statements and establish the comparative fi gures for the previous year were basically the same as those used in the consolidated fi nancial statement as of December 31, 2012. A detailed description of the individual methods is published in the notes of the 2012 annual report.
No matters of particular signifi cance that may affect the company's income or circumstances that have affected business development are known other than those listed here.
On May 16, 2013, REALTECH AG held its fourteenth regular General Meeting at the Palatin convention and culture center in Wiesloch. A good 200 shareholders and guests gathered to hear about the future prospects for the company. Daniele Di Croce, Chairman of the Supervisory Board of REALTECH AG, opened the General Meeting and, after reading the usual formalities, handed over to the Chief Executive Offi cer, Dr. Rudolf Caspary:
With its existing and future products and services, REALTECH is well positioned on the market, but in some areas this is not yet good enough. This is demonstrated by the unsatisfactory business fi gures in 2012. There continue to be signifi cant challenges that need to be mastered together, and REALTECH is focusing on these. Overall, REALTECH has many opportunities, but also a few risks.
This was followed by a session in which the Executive and Supervisory Boards provided detailed answers to the questions posed by shareholders and their representatives from the German association for the protection of shareholders' rights (Schutzgemeinschaft der Kapitalanleger SdK).
Chairman of the Supervisory Board, Daniel Di Croce, then announced the proportion of shareholders who were represented at the General Meeting – EUR 2,441,055 out of the company's share capital of EUR 5,385,652 were represented, which is equivalent to 45.33 percent (previous year: 55.39 percent).
This was followed by the votes. Individual votes were taken on the use of the net profi t from the 2012 fi scal year (Item 2), formal approval of the actions of the Executive Board (Item 3) and Supervisory Board (Item 4) and the appointment of Deloitte & Touche GmbH, Mannheim as auditor and Group auditors for the 2013 fi scal year (Item 5). All the Board's resolutions were passed, with only a few votes against and a small number of abstentions.
memory databases.
REALTECH AG and the FZI Research Center for Information Technology at the Karlsruhe Institute of Technology today announced their research and development collaboration concerning the applications of in-memory databases. The partners will work together to develop practical applications of in-memory databases. In doing so, they will place particular focus on SAP HANA.
Getting the most out of in-memory databases will require a paradigm shift in many areas of IT. New programming languages and design models will become equally important as new approaches and techniques associated with using SAP HANA as the underlying infrastructure for SaaS solutions or carrying out performance analyses for applications that were optimized for in-memory computing.
Prof. Dr. rer. nat. Ralf Reussner, member of the executive board and supervisor in the software engineering research division, will be in charge of the collaboration on the side of the FZI Research Center for Information Technology. He will contribute his many years of experience in researching modern software architectures and in analyzing and predicting the performance of IT applications to move the research project forward.
Prof. Reussner: "REALTECH and the FZI will cooperate closely to deliver innovative software applications on the basis of in-memory technologies. Our research fi ndings will promote the creation of software architectures and data organization models for the effi cient use of in-memory calculations. Our focus will be on innovative and high-performing software architectures."
The collaboration will center on in-memory database design, multi-tenant data models, and the use of in-memory databases for the intelligent analysis of information from multiple data sources to support decision-making processes.
REALTECH has specialized in SAP HANA consulting and training and relies on this technology for its new SaaS application Timplify.
Generali employees are assisted by an extensive SAP infrastructure in the course of their day-to-day work. Workfl ows in accounting, controlling, asset management, payments and fi nancial accounting are absolutely dependent on effi cient and fail-safe SAP applications. Generali is an international group and SAP systems are of high strategic signifi cance for them.
The remit given to REALTECH's IT experts was to undertake a feasibility study and a proof-of-concept to evaluate what advantages could be obtained by migrating the SAP systems in Germany and Austria to x86/Linux.
REALTECH'S IT experts supported GDIS through the entire project – from the feasibility study to migration. This comprised around a hundred servers and databases in the SAP area, 24 system lines for Germany, Austria and twelve Eastern European countries plus one hundred terabytes of data.
"Detailed planning is crucial for such projects. The more complex the project, the greater the care required to prepare the individual work steps," explained Roland Hanewinkel, SAP Basis Group Leader at GDIS. He continued: "REALTECH provided excellent project management during both the preparation and performance of the work, and we were impressed by their implementation expertise."
The result is very pleasing: after the successful completion of the project in 2013, the cost of running Generali's SAP systems has been reduced by up to 30 percent.
Roland Hanewinkel continued: "REALTECH's consultants were extremely fl exible when it came to accommodating the special aspects of our organization. Thanks to the quality standards, discipline and excellent technical knowledge of its consultants, we have absolutely no hesitation whatsoever in recommending REALTECH as a project partner."
About Generali: Accounting for around 17.2 billion euros in premiums and with more than 13.5 million customers in Germany, the Generali Deutschland Group is the second largest primary insurer on the German market. Generali Versicherungen, AachenMünchener, CosmosDirekt, Central Krankenversicherung, Advocard Rechtsschutzversicherung, Deutsche Bausparkasse Badenia, Dialog and the company's own service companies are just some of the businesses that belong to the Generali Deutschland Group.
At the beginning of the second quarter of 2013, REALTECH shares were listed at a value of EUR 5.45, increasing to EUR 5.50 the following day, which also represents the highest value for the second quarter. The share value remained at this level until April 23. After the provisional fi gures for the fi rst quarter of 2013 were published on April 24, the price successively fell, reaching a value of EUR 4.72 on May 23, 2013. This was followed by an upward trend until the share price reached a value of EUR 5.18 on June 12. Following the publication of the profi t warning on June 26, 2013, the REALTECH share price fell 25 percent to EUR 3.90, marking the lowest price of the second quarter of 2013. REALTECH shares closed Q2/2013 at a price of EUR 4.04. At the end of the quarter, the company's market capitalization stood at EUR 22 million, corresponding to 103 percent of book equity.
| Contract Contract Contract | ||
|---|---|---|
| Q2 2013 | Q2 2012 | |
|---|---|---|
| Key fi gures | EUR | EUR |
| Earnings per share | (0,36) | (0,16) |
| Net cash fl ows per share | (0,08) | 0,05 |
| Equity per share | 3,94 | 4,38 |
| Highest share price | 5,50 | 6,42 |
| Lowest share price | 3,90 | 5,05 |
| Share price at year end | 4,04 | 5,20 |
| Market capitalization at end of quarter | 22 Mio. | 28 Mio. |
| Number of shares at end of quarter | 5.385.982 | 5.385.982 |
| Basics | |
|---|---|
| Market segment | Prime Standard |
| Date of issue | 26. April 1999 |
| ISIN | 700 890 |
| Exchange ID | RTC |
| Issue price | 54,00 EUR |
| Shares of the issuer and members of executive bodies as of June 30, 2013 | ||
|---|---|---|
| Issuer: | REALTECH AG | - treasury stock |
| Exacutive Board: | Dr. Rudolf Caspary | 43.620 shares |
| Thomas Mayerbacher | 1.620 shares | |
| Supervisory Board: Daniele Di Croce | 885.500 shares | |
| Rainer Schmidt | 765.500 shares | |
| Peter Stier | 745.500 shares |
The shareholder structure of REALTECH AG remained constant in the second quarter of 2013 compared with the previous quarter. The diversifi ed holding amounted to 50.11 percent.
On average, around 7,798 REALTECH shares were traded every day during the second quarter of 2013 – 51 percent more than during the same quarter in the previous year (5,155). Of the shares, 84 percent were traded in Xetra (previous year: 78 percent), while 16 percent were traded on the other stock exchanges (previous year: 22 percent).
| Q2 2013 | Q2 2012 | Q1+Q2 2013 | Q1+Q2 2012 | ||
|---|---|---|---|---|---|
| EUR | EUR | EUR | EUR | ||
| Revenue | 9.354.085 | 9.424.654 | 18.833.083 | 18.866.352 | |
| Cost of sales | (5.861.661) | (5.309.618) | (11.413.395) | (10.657.121) | |
| Gross profi t | 3.492.424 | 4.115.036 | 7.419.688 | 8.209.231 | |
| Selling and marketing expenses | (2.764.518) | (1.959.846) | (5.256.532) | (4.262.707) | |
| Administration expenses | (1.262.986) | (1.406.350) | (2.519.163) | (2.668.186) | |
| Research and development expenses | (1.231.419) | (1.100.697) | (2.452.266) | (2.149.833) | |
| Other operating expenses | (163.720) | (345.667) | (336.829) | (473.821) | |
| Other operating income | 125.430 | 232.594 | 363.875 | 490.377 | |
| Operating profi t | (1.804.789) | (464.930) | (2.781.228) | (854.939) | |
| Interest income | 19.222 | 16.300 | 44.853 | 38.273 | |
| Interest expenses | (77.006) | (85.920) | (154.948) | (174.294) | |
| Finance income | (57.784) | (69.620) | (110.095) | (136.021) | |
| Profi t before tax | (1.862.573) | (534.550) | (2.891.323) | (990.960) | |
| Income tax expenses | (62.568) | (286.884) | (219.938) | (483.672) | |
| Profi t for the year | (1.925.141) | (821.434) | (3.111261) | (1.474.632) | |
| Profi t attributable to : | - Owners to the company | (1.933.187) | (861.436) | (3.110.039) | (1.535.263) |
| - Non-controlling interests | 8.046 | 40.002 | (1.222) | 60.631 | |
| Other comprehensive income | |||||
| Exchange differences on translating foreign operations | (71.111) | 180.151 | (257.006) | 109.696 | |
| Total comprehensive income for the year | (1.996.252) | (641.284) | (3.368.267) | (1.364.936) | |
| Profi t attributable to: | - Owners to the company | (1.939.014) | (762.167) | (3.200.503) | (1.458.910) |
| - Non-controlling interests | (57.238) | 120.883 | (167.764) | 93.974 | |
| Earnings per share | |||||
| From continuing operations | |||||
| - Basic | (0,36) | (0,16) | (0,58) | (0,29) | |
| - Diluted | (0,36) | (0,16) | (0,58) | (0,29) | |
| Average number of shares | |||||
| - Basic | 5.385.652 | 5.385.652 | 5.385.652 | 5.385.652 | |
| - Diluted | 5.385.652 | 5.385.652 | 5.385.652 | 5.385.652 |
| 30.06.2013 | 31.12.2012 | |
|---|---|---|
| ASSETS | EUR | EUR |
| Current assets | ||
| Cash and cash equivalents | 9.510.070 | 11.256.846 |
| Other fi nancial assets | 384.164 | 738.317 |
| Trade receivables | 10.596.987 | 11.442.969 |
| Other non-fi nancial assets | 972.442 | 450.701 |
| Tax assets | 4.137.507 | 4.284.312 |
| Total current assets | 25.601.170 | 28.173.145 |
| Non-current assets | ||
| Goodwill | 4.331.514 | 4.331.514 |
| Other intangible assets | 425.080 | 473.797 |
| Property, plant and equipment | 13.339.134 | 13.291.794 |
| Other fi nancial assets | 257.524 | 304.621 |
| Deferred tax assets | 2.744.737 | 3.101.571 |
| Total non-current assets | 21.097.989 | 21.503.297 |
| Total assets | 46.699.159 | 49.676.442 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Trade payables | 1.254.445 | 1.948.238 |
| Financial liabilities | 1.660.177 | 2.047.743 |
| Tax liabilities | 6.537.650 | 6.952.753 |
| Provisions | 2.415.845 | 2.580.435 |
| Deferred revenue | 7.315.790 | 4.991.501 |
| Total current liabilities | 19.183.907 | 18.520.670 |
| Non-current liabilities | ||
| Financial liabilities | 4.556.070 | 4.691.638 |
| Deferred tax liabilities | 1.741.700 | 1.878.385 |
| Total non-current liabilities | 6.297.770 | 6.570.023 |
| Total liabilities | 25.481.677 | 25.090.693 |
| Equity | ||
| Issued capital | 5.385.652 | 5.385.652 |
| Reserves | 11.139.952 | 11.139.952 |
| Retained Earnings | 3.312.670 | 6.600.439 |
| Other components of equity | 490.826 | 586.251 |
| Equity attributable to owners of the company | 20.329.100 | 23.712.294 |
| Non-controlling interests | 888.382 | 873.455 |
| Total equity | 21.217.482 | 24.585.749 |
| Total liabilities and equity | 46.699.159 | 49.676.442 |
| Q1+Q2 2013 | Q1+Q2 2013 | |
|---|---|---|
| EUR | EUR | |
| Consulting | ||
| Revenue | 13.213.895 | 12.792.298 |
| Cost of sales | (10.119.340) | (9.702.763) |
| Gross profi t | 3.094.555 | 3.089.535 |
| Software | ||
| Revenue | 5.619.188 | 6.074.054 |
| Cost of sales | (1.294.055) | (954.358) |
| Gross profi t | 4.325.133 | 5.119.696 |
| Q1+Q2 2013 | Q1+Q2 2012 | |
|---|---|---|
| EUR | EUR | |
| Balance at January 1 | 24.585.749 | 26.549.155 |
| Profi t for the year | (3.111.261) | (1.474.632) |
| Exchange rate changes on the balance | ||
| of cash held in foreign currencies | (257.006) | 109.696 |
| Total comprehensive income for the year | (3.368.267) | (1.364.936) |
| Payment of dividends | 0 | (1.614.696) |
| Balance at June 30 | 21.217.482 | 23.569.523 |
| ❚ Quarterly Report 3 2013 |
November 07, 2013 | ||
|---|---|---|---|
| ❚ Deutsches Eigenkapitalforum, Frankfurt/Main |
November 11, 2013 | ||
| ❚ Annual Report 2013 |
March 27, 2014 | ||
| Quarterly Report 1 2014 ❚ |
May 08, 2014 | ||
| ❚ General Meeting, Palatin, Wiesloch, 10.00 a.m. |
May 27, 2014 | ||
| ❚ Quarterly Report 2 2014 |
August 07, 2014 | ||
| Quarterly Report 3 2014 ❚ |
November 06, 2014 |
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