Quarterly Report • Aug 2, 2012
Quarterly Report
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| Q2 2012 | Q2 2011 | Q1+Q2 2012 | Q1+Q2 2011 | |||
|---|---|---|---|---|---|---|
| TEUR | Δ % | TEUR | TEUR | Δ % | TEUR | |
| Revenue and income | ||||||
| Revenue | 9.425 | 4 | 9.061 | 18.866 | 3 | 18.389 |
| Revenue consulting | 6.401 | 5 | 6.108 | 12.792 | 4 | 12.311 |
| Revenue software | 3.023 | 2 | 2.953 | 6.074 | 0 | 6.078 |
| Revenue Germany | 6.183 | (9) | 6.768 | 12.527 | (8) | 13.574 |
| Revenue foreign countries | 3.242 | 41 | 2.293 | 6.340 | 32 | 4.815 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | (118) | 70 | (389) | (221) | (57) | (141) |
| Earnings before interest and taxes (EBIT) | (465) | 15 | (547) | (855) | (42) | (604) |
| Earnings before taxes (EBT) | 495 | 182 | (600) | 38 | 105 | (707) |
| Profi t for the year (attributable to owners of the company) | (862) | (245) | 596 | (1.535) | (485) | 398 |
| Earnings per share (EUR) | (0,16) | (245) | 0,11 | (0,29) | (485) | 0,07 |
| Investments and depreciation | ||||||
| Investments in intangible and tangible assets | 253 | 15 | 220 | 475 | (2) | 486 |
| Depreciation | 347 | 72 | 202 | 634 | 37 | 463 |
| Key fi gures | ||||||
| Gross margin (%) | 43,7 | 7 | 40,9 | 43,5 | 4 | 41,7 |
| EBITDA margin (%) | (1,3) | 71 | (4,3) | (1,2) | (51) | (0,8) |
| EBIT margin (%) | (4,9) | 18 | (6,0) | (4,5) | (38) | (3,3) |
| Net cash fl ows from operating activities | (322) | (113) | 2.424 | 293 | (94) | 5.281 |
| Net cash fl ows from investing activities | (250) | (325) | (59) | (391) | (61) | (243) |
| (1.615) | (854) | 214 | (1.615) | (854) | 214 | |
| 30.06.2012 | 30.06.2011 | |||||
| TEUR | Δ % | TEUR | ||||
| Assets, liabilities and equity (end of year) | ||||||
| Cash and cash equivalents | 11.617 | 1 | 11.556 | |||
| Total current assets | 27.353 | (1) | 27.602 | |||
| Total non-current assets | 20.201 | 29 | 15.609 | |||
| Total assets | 47.554 | 10 | 43.211 | |||
| Total current liabilities | 18.487 | 7 | 17.350 | |||
| Total non-current liabilities | 5.497 | 2.311 | 228 | |||
| Equity | 23.570 | (8) | 25.633 | |||
| Equity ratio (%) | 49,6 | (16) | 59,3 | |||
| Return on equity (%) | (0,06) | (467) | 0,02 | |||
| Employees (end of year) | 332 | (1) | 337 |
Negative fi gures are shown in parenthesis.
the optimization and realignment of our portfolio of services in the Consulting segment, which started in 2011, and the intensifi cation of training for our employees in leading-edge innovative technical topics has also strongly infl uenced the second quarter of the current fi scal year. The pooling of know-how between the REALTECH Group's international companies is starting to bear fruit here. The income from operations has been negatively affected by the investments and the fi nancial performance of the Consulting segment in Germany, which is not yet satisfactory.
The net income generated by the Software business segment has also depressed results. Here, too, we have invested in our product development and in boosting our sales performance. Our aim continues to be for SAP to market theGuard! components within the context of solutions for IT infrastructure management. More and more business processes at companies are based on software solutions, whether directly or indirectly, and this demonstrates the overall potential of this market segment. It has not yet been possible to generate revenue at the level originally planned because of the time delays.
The details are as follows:
Sales revenue rose by 4 percent, from EUR 9,061 thousand to EUR 9,425 thousand, in the second quarter of 2012 compared with Q2/2011. In the fi rst half of the current fi scal year, the increase compared with the previous year was 3 percent, from EUR 18,389 thousand to EUR 18,866 thousand. The sales revenues are divided between the consulting and software business segments.
The business area Consulting reported revenues of EUR 6,401 thousand in Q2/2012, 5 percent higher than those of the previous year (EUR 6,108 thousand), as a result of improved capacity utilization. Revenue in the fi rst half of 2012 – at EUR 12,792 thousand – was up 4 percent on the fi rst six months of 2011 (EUR 12,311 thousand). The contribution made by Consulting towards total revenue thus increased to 68 percent (previous year: 67 percent).
The Software business area achieved revenues of EUR 3,023 thousand, 2 percent higher than in the previous year (EUR 2,953 thousand). Over the fi rst six months, software revenues remained constant compared with the fi rst half of 2011 at EUR 6,074 thousand (EUR 6,078 thousand). Software revenue as a proportion of total revenue decreased slightly, from 33 percent to 32 percent.
Revenues generated in Germany were down 8 percent on the previous year over the fi rst six months, falling from EUR 13,574 thousand to EUR 12,527 thousand. Germany therefore only contributed 66 percent to Group revenue (previous year: 74 percent). The proportion of group revenue generated by foreign business accordingly climbed from 26 percent to 34 percent.
■ Consulting
The Rest of Europe region (Portugal, Nordic) again had to accept a downturn: 43 percent from EUR 623 thousand to EUR 354 thousand. This fi gure as a share of total revenue thus fell from 3 percent to 2 percent. Revenues increased by 3 percent in the US region to EUR 1,532 thou-sand, although this region's share of Group revenue remained unchanged at 8 percent. The greatest increase in revenues was recorded in the Asia-Pacifi c region – up 65 percent from EUR 2,706 thousand in the fi rst half of 2011 to EUR 4,454 thousand now. This region contributed 24 percent of Group revenue (previous year: 15 percent). Japan achieved the greatest increase. After overcoming the natural disaster, revenues rose by 131 percent from EUR 1,307 thousand to EUR 3,015 thousand.
Revenue by regions (millions EUR)
Due to the 4 percent increase in revenues between the two quarters at a constant cost of sales, the gross profi t increased by 11 percent to EUR 4,115 thousand during the three-month period. The gross margin rose from 41 percent to 44 percent. A similar development occurred in the fi rst half of 2012 – revenues of 3 percent higher combined with a constant cost of sales led to a 7 percent increase in the gross profi t on revenue to EUR 8,209 thousand. The gross margin rose from 42 percent to 44 percent.
At segment level, the gross profi t from revenue developed as follows: in the Consulting business area, the value increased by 27 percent to EUR 3,090 thousand, primarily as a result of higher capacity utilization of our consultants compared with the previous year. The gross margin therefore rose from 20 percent to 24 percent. In the Software business area, the gross profi t on revenue fell by 2 percent to EUR 5,120 thousand. The reason for this were lower license sales. The gross margin fell from 86 percent to 84 percent.
Based on a comparison of quarters, the selling and marketing expenses increased by 18 percent to EUR 1,960 thousand (previous year: EUR 1,660 thousand). The value of this fi gure as a percentage of revenue grew from 18 percent to 21 percent. As a six-month comparison, this fi gure was up 21 percent to EUR 4,261 thousand (previous year: EUR 3,523 thousand). Expenses increased from 19 percent to 23 percent of revenues. This increase was primarily the result of the expansion of our sales team and marketing activities related to the intensifi cation of our collaboration with SAP.
Compared with the same quarter of the previous year, administration expenses rose by 10 percent from EUR 1,276 thousand to EUR 1,406 thousand. As a percentage, the rise was from 14 to 15 percent. Expenses rose 9 percent compared with the same quarter of the previous year, to EUR 2,658 thousand (previous year: EUR 2,430 thousand). Based on revenue, the fi gure increased from 13 percent to 14 percent. The main reasons for this were the investments in personnel recruitment and increased infrastructure costs.
In the quarter under review, REALTECH invested EUR 1,101 thousand in research and development expenses after investing EUR 1,123 thousand in the same quarter of the previous year. The proportion of revenue remained at 12 percent. Comparing the two six-month periods, expenses increased by 1 percent from EUR 2,138 thousand to EUR 2,164 thousand, accounting for 12 percent of revenues in each period.
Other operating expenses rose by 38 percent to EUR 346 thousand compared to the same quarter in 2011. In contrast, over the six month period these expenses decreased by 11 percent to EUR 461 thousand. These 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. Based on a comparison of the two quarters, this income increased from EUR 60 thousand to EUR 233 thousand and from EUR 336 thousand to EUR 480 thousand in the six-month period, which was a consequence of improved occupancy of rental property.
The facts described above resulted in operating profi t (EBIT) improving to minus EUR 465 thousand in the second quarter of 2012 (previous year: minus EUR 547 thousand). On a half-yearly basis, income from operations decreased from minus EUR 604 thousand in the previous year to minus EUR 855 thousand in 2012 or by 42 percent.
The fi nance income was minus EUR 136 thousand after six months, having been minus EUR 103 thousand in the previous year. This is made up of interest income and interest expenses. The interest income of EUR 38 thousand (previous year: EUR 82 thousand) was primarily a result of loans and other fi nancial receivables (cash and cash equivalents). This reduction can essentially be attributed to the further fall in interest rates compared with the previous year. Interest expenses remained largely constant compared with the previous year at EUR 174 thousand (EUR 184 thousand). These primarily comprised fi nancial liabilities relating to fi nance leasing.
Profi t for the year from discontinued operations on a six-month basis is currently EUR 0 thousand. The previous year's value of EUR 1,151 thousand included reversal of the loss allowance on the claim arising from the loan to REALTECH Italy for EUR 1,360 thousand.
The profi t for the year due to parent company shareholders in the second quarter decreased from EUR 495 thousand to minus EUR 821 thousand. Based on the average number of 5,385,652 shares, this amounts to earnings per share of minus EUR 0.16 (previous year: minus EUR 0.11 at 5,367,402 shares) for parent company shareholders. The consolidated net income for the fi rst six months decreased to EUR 1,535 thousand (previous year: EUR 398 thousand) and earnings per share fell to minus EUR 0.29 (previous year: EUR 0.07).
Net cash fl ows from operating activities for the six-month period fell from EUR 5,281 thousand in the same period of last year to EUR 293 thousand. Based on the low annual net income along with other contradictory infl uences, this can essentially be attributed to a increase in trade receivables by EUR 371 thousand following a reduction by EUR 5,412 thousand in the previous year.
The gross profi t increased by 11 percent to EUR 4.115 thousand during the
Employees by regions
The equity capitaliform a sound basis for realizing future growth targets.
240 72% 244 72% 22 7% 22 7% 58 17% 60 18% 12 4% 11 3% 30 | 06 | 2012 332 30 | 06 | 2011 337 ■ Germany ■ Rest of Europe ■ Asia-Pacifi c ■ USA
Net cash fl ows from investing activities in the fi rst half of 2012 gave rise to a cash outfl ow of EUR 391 thousand. In the previous year there was a cash outfl ow of EUR 243 thousand. This change was primarily a consequence of increased investment in property, plant and equipment compared with the previous year. This particularly involved future-oriented procuring replacements.
Net cash fl ows from fi nancing activities in the period under review gave rise to a cash outfl ow of EUR 1,615 thousand from the payment of dividends at EUR 0.30 per share in May 2012. In the previous year there was a cash outfl ow of EUR 214 thousand. This resulted from the issue of convertible bonds.
Compared with the fi gure for December 31, 2011, total assets fell by 5 percent on the key date, from EUR 50.015 thousand to EUR 47.554 thousand. This development was primarily a result of the reduced cash and cash equivalents and latent tax refund claims. Cash and cash equivalents accounted for 24 percent of assets (December 31, 2011: 26 percent). The decrease was essentially due to the dividend paid out in May 2012.
At EUR 3,085 thousand, provisions remained comparable to December 31, 2011 (EUR 3,050 thousand).
At EUR 23.570 thousand, total equity was down by 11 percent compared with December 31, 2011 (EUR 26,549 thousand). The equity ratio on June 30, 2012, at 49.6 percent, was lower than at the end of the previous year (53.1 percent). The equity capitalization continues to form a sound basis for realizing future growth targets.
At the end of the second quarter of 2012, REALTECH had 332 employees worldwide – 2 percent fewer than on the June 30 the year before (337). Of these, 240 (previous year: 244) or 72 percent (previous year: 72 percent) were employed in Germany.
On the key date at the end of June, the number of employees working at REALTECH companies in other countries had remained almost constant at 92 compared with the same date in the previous year (93). The number of employees in Portugal remained the same at 22, whereas the number of employees in the USA rose slightly from 11 to 12, and fell from 60 to 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 decreased by nine percent, from 170 to 154. The number of product consultants remained at 18, while the number of developers decreased slightly from 48 to 47. Thanks to investments, the Sales segment increased by 23 percent, from 53 to 65. In administration, the number of employees remained constant at 48.
Our long-term planning is based on strategic objectives: this is why in the Consulting business segment we are concentrating on innovative and technical topics worldwide, where we can win market share and new customers through premium expertise. To achieve this, we are focusing on in-memory computing (HANA), mobility, cloud and all associated platform issues in an SAP environment. In the Software segment we are still striving to be one of the leading manufacturers in the IT Service Management (ITSM) market.
The Executive Board is expecting to continue to generate positive income from operations for the current fi scal year but, in view of the reluctance to invest and price pressure, the Board does not expect to meet its earnings targets set for the second half of the year.
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.
Best regards, The Executive Board REALTECH AG
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, 2012 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, 2011. A detailed description of the individual methods is published in the notes of the 2011 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 22, 2012, REALTECH AG held its thirteenth regular General Meeting in 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, opened the General Meeting and, after reading the usual formalities, handed over to the Chief Executive Offi cer, Dr. Rudolf Caspary:
The future REALTECH strategy for both business areas, Consulting and Software, has been aligned to the three key trends that will dominate the IT market. This includes processing and analyzing even the largest data volumes in real time. With SAP HANA, SAP has developed a new technology for this and will position itself on the growing market for in-memory compu-
ting and big data. Further areas are mobile access to this data and the use of applications in the cloud. Dr. Rudolf Caspary also explained that all trends are moving into very technical territory and these are the subject of lively debate within IT organizations. To benefi t from these technical innovations, companies require enhanced options for managing their IT systems. Companies procure the relevant expertise and appropriate software products from experts, such as REALTECH AG.
Furthermore, in the new concept the Executive Board and Supervisory Board also took into account that economic fl uctuations often come and go faster than cost adjustments can be introduced to counteract them. Although information technology has not always proved to be resilient to crises, it is an industry that recovers relatively quickly when the upturn comes. The losers in the event of such an upturn are the companies that did not invest, had to let consultants go or did not have an innovative range of services.
At the end of his remarks, Dr. Rudolf Caspary offered his heartfelt thanks to the employees, partners and customers for their loyalty, the Supervisory Board for its support and, above all, the shareholders for the trust they have placed in REALTECH AG.
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 private investors (DSW) and the German association for the protection of shareholders' rights (SdK).
Chairman of the Supervisory Board, Daniel Di Croce, then announced the proportion of shareholders who were represented at the General Meeting – EUR 2,982,849 out of the company's share capital of EUR 5,385,652 were represented, which is equivalent to 55.39 percent (previous year: 51.22 percent).
This was followed by the votes Individual votes were taken on the use of the net profi t from the 2011 fi scal year and the payment of a dividend of EUR 0.30 per share (Item 2), formal approval of the actions of the Executive Board (Item 3) and Supervisory Board (Item 4), the appointment of Deloitte & Touche GmbH, Mannheim as auditor and Group auditors for the 2012 fi scal year (Item 5) and the revision of the Articles of Association concerning Supervisory Board remuneration. All the Board's resolutions were passed, with only a few votes against and a small number of abstentions. In addition, it was time to reelect the members of the Supervisory Board. Daniele Di Croce, Rainer Schmidt and Peter Stier were reelected to the Supervisory Board of REALTECH AG with a large majority.
With HANA, SAP provides a solution that can be used to quickly and cheaply analyze large data volumes. This product attracts great interest from SAP customers.
In his book "In-Memory Data Management: An Infl ection Point for Enterprise Applications", which was only available in English until recently, Hasso Plattner describes the impact that this new technology has on enterprise applications.
An indication that REALTECH is even now the right contact partner for customers of this new solution is that several initiatives have already been launched. Among other things, REALTECH, together with SAP and the publisher of E3 Magazine, supported the German translation of Hasso Plattner's book on in-memory computing. Dr. Rudolf Caspary was able to personally present the fi rst copy to SAP Managing Director Gerhard Oswald on the occasion of the "In-Memory Computing Conference 2012" in Dusseldorf.
From June 18 – 21, 2012, SAP AG hosted the fi rst "SAP Application Lifecycle Management Info Day, Collocated with Global Run SAP Partner Summit" on the premises of the SAP University in St. Leon-Rot. This event primarily served as an information and training platform for all topics relating to the new release of SAP Solution Manager 7.1.
More than 250 customers from around the world took the opportunity to fi nd out what experiences have already been made with the new release of SAP Solution Manager.
REALTECH also gave its customers a chance to speak up during this event – representatives of NHK Spring came all the way from Japan specially. Together with REALTECH Japan, this company was able to report on experiences from an initial worldwide upgrade project to SAP Solution Manager 7.1.
In a further presentation together with REALTECH AG, Munich Re looked at what has been set in motion to implement change management, which is integrated into SAP Solution Manager, and the reasons for upgrading the SAP product. We also noted great interest in the SAP IT Infrastructure Management product, a joint development by REALTECH and SAP. This was the topic of several presentations, many of which had large numbers of attendees, and prompted discussions between SAP customers and the REALTECH experts at the REALTECH demo point.
All in all, this was a successful SAP event that allowed REALTECH to position itself even more strongly as one of the leading SAP Solution Manager consultant companies.
4 | Shares
At the beginning of the second quarter of 2012, REALTECH shares were listed at a value of EUR 5.80. Until April 20, the share price rose steadily by 11 percent, reaching EUR 6.42 – the highest price of the quarter under review. This was followed by a downward trend, bottoming out at EUR 5.42 on May 8 and then another increase up to EUR 6.13 on May 22. For the rest of the quarter, the value of REALTECH shares fell, hitting a low of EUR 5.05 on June 19 – the lowest price in this three month period. In the second half of June, the share price recovered slightly, and was listed at EUR 5.20 on June 29, 2012. At the end of the quarter, the company's market capitalization stood at EUR 28 million, corresponding to 119 percent of book equity.
The shareholder structure of REALTECH AG remained constant in the second quarter of 2012 compared with the previous quarter. The free fl oat amounted to 50.11 percent.
On average, around 6,084 REALTECH shares were traded every day during the second quarter of 2012 (previous year: 26,587). 71 percent of the shares were traded in Xetra (previous year: 85 percent), while 29 percent were traded on the other stock exchanges (previous year: 15 percent).
| 50,11% Free fl oat | |
|---|---|
| -------------------- | -- |
| Q2 2012 | Q2 2011 | |
|---|---|---|
| Key fi gures | EUR | EUR |
| Earnings per share | (0,16) | 0,11 |
| Net cash fl ows per share | 0,05 | 0,98 |
| Equity per share | 4,38 | 4,93 |
| Highest share price | 6,42 | 10,50 |
| Lowest share price | 5,05 | 6,78 |
| Share price at end of quarter | 5,20 | 7,00 |
| Market capitalization at end of quarter | 28 Mio. | 38 Mio. |
| Number of shares at end of quarter | 5.385.982 | 5.385.652 |
| Shares of the issuer and members of | ||
|---|---|---|
| executive bodies as of 30. 06. 2012 | ||
| Issuer: | REALTECH AG | - Eigene Aktien |
| Executive Board: | Dr. Rudolf Caspary | 39.820 Aktien |
| Thomas Mayerbacher | 1.620 Aktien | |
| Supervisory Board: Daniele Di Croce | 885.500 Aktien | |
| Rainer Schmidt | 765.500 Aktien | |
| Peter Stier | 745.500 Aktien | |
| Basics | |
|---|---|
| Market segment | Prime Standard |
| Date of issue | 26. April 1999 |
| ISIN | 700 890 |
| Exchange ID | RTC |
| Issue price | 54,00 EUR |
| Q2 2012 | Q2 2011 | Q1+Q2 2012 | Q1+Q2 2011 | ||
|---|---|---|---|---|---|
| EUR | EUR | EUR | EUR | ||
| Continuing operations | |||||
| Revenue | 9.424.654 | 9.060.982 | 18.866.352 | 18.389.461 | |
| Cost of sales | (5.309.618) | (5.357.487) | (10.657.121) | (10.720.810) | |
| Gross profi t | 4.115.036 | 3.703.495 | 8.209.231 | 7.668.650 | |
| Selling and marketing expenses | (1.959.846) | (1.660.162) | (4.261.390) | (3.523.248) | |
| Administration expenses | (1.406.350) | (1.276.223) | (2.657.987) | (2.430.347) | |
| Research and development expenses | (1.100.697) | (1.123.005) | (2.163.940) | (2.138.270) | |
| Other operating expenses | (345.667) | (250.602) | (460.594) | (515.989) | |
| Other operating income | 232.595 | 59.537 | 479.743 | 335.448 | |
| Operating profi t | (464.930) | (546.959) | (854.938) | (603.755) | |
| Interest income | 16.300 | 39.072 | 38.273 | 81.543 | |
| Interest expenses | (85.920) | (92.026) | (174.294) | (184.410) | |
| Finance income | (69.620) | (52.954) | (136.022) | (102.867) | |
| Profi t before tax | (534.550) | (599.913) | (990.960) | (706.623) | |
| Income tax expenses | (286.884) | (133.790) | (483.672) | (237.563) | |
| Profi t for the year from continuing operations | (821.434) | (733.703) | (1.474.631) | (944.186) | |
| Discontinued operations | |||||
| Profi t for the year from discontinued operations | 0 | 1.228.906 | 0 | 1.150.581 | |
| Profi t for the year | (821.434) | 495.202 | (1.474.631) | 206.395 | |
| Profi t attributable to | - Owners to the company | (861.561) | 596.121 | (1.535.387) | 398.342 |
| - Non-controlling interests | 40.127 | (100.918) | 60.756 | (191.947) | |
| Other comprehensive income | |||||
| Exchange differences on translating foreign operations | 180.150 | (85.402) | 109.694 | (56.949) | |
| Total comprehensive income for the year | (641.284) | 409.800 | (1.364.937) | 149.449 | |
| Profi t attributable to | - Owners to the company | (770.188) | 521.604 | (1.459.192) | 386.116 |
| - Non-controlling interests | 128.905 | (111.804) | 94.256 | (236.670) | |
| Earnings per share | |||||
| From continuing and discontinued operations | |||||
| - Basic | (0,16) | 0,11 | (0,29) | 0,07 | |
| - Diluted | (0,16) | 0,11 | (0,29) | 0,07 | |
| From continuing operations | |||||
| - Basic | (0,16) | (0,12) | (0,29) | (0,14) | |
| - Diluted | (0,16) | (0,12) | (0,29) | (0,14) | |
| Average number of shares | |||||
| - Basic | 5.385.652 | 5.367.402 | 5.385.652 | 5.367.402 | |
| - Diluted | 5.385.652 | 5.495.402 | 5.385.652 | 5.495.402 |
| Q1+Q2 2012 | Q1+Q2 2011 | |
|---|---|---|
| EUR | EUR | |
| Profi t for the year | (1.474.631) | 206.395 |
| Depreciation and amortization of non-current assets | 633.901 | 462.993 |
| Income tax expense | 376.565 | 239.871 |
| Finance income, net | 136.022 | (79.326) |
| Gains/losses on disposals of non-current assets | (3.603) | (348) |
| Other adjustments for non-cash items | (363.991) | 459.221 |
| Decrease/(increase) in trade receivables | (370.857) | 5.412.284 |
| Decrease/(increase) in other fi nancial assets | 25.100 | (1.454.159) |
| Decrease/(increase) in other non-fi nancial assets | (452.277) | (493.500) |
| Increase/(decrease) in trade payables | (50.761) | (257.229) |
| Increase/(decrease) in fi nancial liabilities | (896.589) | (2.824.069) |
| Increase/(decrease) in provisions | 35.319 | (240.221) |
| Increase/(decrease) in deferred revenue | 3.198.897 | 3.982.210 |
| Interest paid | (174.294) | (1.901) |
| Interest received | 38.273 | 81.227 |
| Income taxes paid, net of refunds | (364.565) | (212.157) |
| Net cash fl ows from operating activities | 292.507 | 5.281.292 |
| Purchase of intangible assets and property, plant and equipment | (475.312) | (485.765) |
| Proceeds on disposal of intangible assets and property, plant and equipment | 3.842 | 126 |
| Net cash infl ow from refund of loans by disposed subsidiaries | 80.812 | 242.436 |
| Net cash fl ows from investing activities | (390.658) | (242.203) |
| Dividends paid to owners of the company | (1.614.696) | 0 |
| Proceeds from issuing shares | 0 | 214.255 |
| Net cash fl ows from fi nancing activities | (1.614.696) | 214.255 |
| Effects of exchange rate changes on the balance of cash | ||
| held in foreign currencies | 109.695 | (56.949) |
| Net increase/(decrease) in cash and cash equivalents | (1.603.152) | 5.195.395 |
| Cash and cash equivalents at the beginning of the year | 13.220.235 | 6.360.881 |
| Cash and cash equivalents at the end of the year | 11.617.083 | 11.556.276 |
| 30.06.2012 | 31.12.2011 | |
|---|---|---|
| ASSETS | EUR | EUR |
| Current assets | ||
| Cash and cash equivalents | 11.617.083 | 13.220.235 |
| Other fi nancial assets | 704.156 | 626.399 |
| Trade receivables | 10.253.419 | 9.882.561 |
| Other non-fi nancial assets | 781.680 | 329.403 |
| Tax assets | 3.996.451 | 3.977.945 |
| Total current assets | 27.352.789 | 28.036.543 |
| Non-current assets | ||
| Goodwill | 4.331.514 | 4.331.514 |
| Other intangible assets | 362.472 | 443.280 |
| Property, plant and equipment | 13.543.026 | 13.635.076 |
| Other fi nancial assets | 556.751 | 659.609 |
| Deferred tax assets | 1.407.099 | 2.909.060 |
| Total non-current assets | 20.200.862 | 21.978.539 |
| Total assets | 47.553.651 | 50.015.082 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Trade payables | 1.309.559 | 1.360.320 |
| Tax liabilities | 6.518.584 | 6.883.371 |
| Financial liabilities | 1.011.612 | 1.824.392 |
| Provisions | 3.084.851 | 3.049.532 |
| Deferred revenue | 6.562.121 | 3.363.223 |
| Total current liabilities | 18.486.727 | 16.480.838 |
| Non-current liabilities | ||
| Financial liabilities | 5.058.672 | 5.142.482 |
| Deferred tax liabilities | 438.730 | 1.842.607 |
| Total non-current liabilities | 5.497.402 | 6.985.089 |
| Total liabilities | 23.984.129 | 23.465.927 |
| Equity | ||
| Issued capital | 5.385.652 | 5.385.652 |
| Reserves | 11.139.952 | 11.139.952 |
| Other comprehensive income | 743.603 | 667.408 |
| Retained earnings | 5.271.190 | 8.421.275 |
| Equity attributable to owners of the company | 22.540.397 | 25.614.287 |
| Non-controlling interests | 1.029.125 | 934.868 |
| Total equity | 23.569.522 | 26.549.155 |
| Total liabilities and equity | 47.553.651 | 50.015.082 |
| Q1+Q2 2012 | Q1+Q2 2011 | |
|---|---|---|
| EUR | EUR | |
| Consulting | ||
| Revenue | 12.792.299 | 12.311.655 |
| Cost of sales | (9.702.763) | (9.880.775) |
| Gross profi t | 3.089.537 | 2.430.880 |
| Software | ||
| Revenue | 6.074.052 | 6.077.806 |
| Cost of sales | (954.358) | (840.035) |
| Gross profi t | 5.119.694 | 5.237.771 |
| Q1+Q2 2012 | Q1+Q2 2011 | |
|---|---|---|
| EUR | EUR | |
| Equity as of January 1 | 26.549.155 | 25.403.020 |
| Profi t of the year | (1.474.631) | 206.395 |
| Exchange rate changes on the balance of cash held in foreign currencies | 109.695 | (56.949) |
| Total comprehensive income | (1.364.937) | 149.446 |
| Payment of dividends | (1.614.696) | 0 |
| Issue of shares under employee convertible bond program | 0 | 214.255 |
| Equity as of June 30 | 25.569.522 | 25.766.721 |
REALTECH AG Investor Relations Volker Hensel Industriestraße 39c 69190 Walldorf
Tel.: 06227.837.500 Fax: 06227.837.9134 [email protected] www.realtech.com
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