Earnings Release • Aug 5, 2010
Earnings Release
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| Q 2 2010 | Q2 2009 | Q1+Q2 10 | Q1+Q2 09 | |||
|---|---|---|---|---|---|---|
| Revenues and income | TEUR | $\Delta$ % | TEUR | TEUR | $\Delta$ % | TEUR |
| Revenues | ||||||
| Revenues consulting | 14.894 | $\circ$ | 14.917 | 29.252 | (4) | 30.612 |
| Revenues software | 12.025 | $\circ$ | 11.991 | 23.715 | (6) | 25.357 |
| Revenues Germany | 2.869 | (2) | 2.927 | 5.537 | 5 | 5.255 |
| Revenues foreign countries | 6.440 | $\bf 8$ | 5.990 | 12.723 | $\overline{7}$ | 11.934 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | 8.454 | (5) | 8.927 | 16.529 | (12) | 18.678 |
| Earnings before interest and taxes (EBIT) | 528 | (40) | 875 | 827 | 1.715 | 46 |
| Earnings before taxes (EBT) | 209 | (73) | 774 | 231 | 214 | (203) |
| Net income | 365 | (48) | 704 | 494 | 294 | (255) |
| Earnings per share (in EUR) | 335 | (64) | 937 | 264 | 147 | (566) |
| Investments and depreciation | 0,06 | (64) | 0,18 | O, O5 | 147 | (0, 11) |
| Investments in intangible and tangible assets | ||||||
| Depreciation | 228 | 138 | 96 | 395 | 21 | 326 |
| Key figures | 319 | 216 | 101 | 596 | 139 | 249 |
| Gross margin (%) | ||||||
| EBITDA margin (%) | 30,2 | (14) | 35,0 | 29,8 | (7) | 31,9 |
| EBIT margin (%) | 3,5 | (40) | 5,9 | 2,8 | 1.800 | O,1 |
| Cash flow from operating activities | 1,4 | (73) | 5,2 | O, 8 | 219 | (0,7) |
| Cash flow from investing activities | (164) | (36) | (120) | 1.809 | (30) | 2.581 |
| Cash flow from financing activities | (244) | (252) | 161 | (414) | 1 | (419) |
| (2.594) | (2) | (2.541) | (2.471) | $\overline{3}$ | (2.541) | |
| 30.06.10 TEUR |
30.06.09 | |||||
| Assets, shareholders' equity and liabilities (end of quarter) | $\Delta$ % | TEUR | ||||
| Total assets | 42.121 | |||||
| Non-current assets | 14.052 | (1) | 42.412 | |||
| Current assests | 28.069 | $\circ$ | 14.047 | |||
| Net cash and cash equivalents | 6.227 | (1) | 28.364 | |||
| Shareholders' equity | 26.817 | $\overline{2}$ | 6.101 | |||
| 63,7 | T | 26.504 | ||||
| $\overline{2}$ | 62,5 | |||||
| 1,2 | (63) | 3,2 | ||||
| 374 | $\circ$ | |||||
| Equity ratio (%) Return on equity (%) Noncurrent liabilities Current liabilities Employees (end of quarter) |
14.930 657 |
(4) (6) |
15.625 699 |
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REALTECH was not able to escape global developments in the second quarter given the fact that the general global economy has not yet stabilized. Business over the course the fiscal year has been a challenge for our organization and, indeed, will remain so for the rest of the year. Our subsidiaries in Spain and Italy are worthy of particular mention: The overall economic developments and the changed economic conditions in their respective countries impacted these companies to a comparatively great extent. REATECH Spain was able to adjust its costs to the changed conditions relatively quickly, however REALTECH Italy was far less able to adapt, which is due in particular to the statutory framework. The activities put in place will thus have their full impact at the earliest at the start of the 2011 fiscal year (see ad-hoc disclosure dated July 8, 2010). In contrast, the German REALTECH companies in the consulting and software segments enjoyed positive growth, and grew year-on-year. However they are currently not able to compensate for the results in Spain and Italy.
The REALTECH Group succeeded in delivering positive operating results in Q2 thanks to the cost-cutting measures implemented earlier despite lower revenues during the second quarter than was the case the previous year.
Revenues in Q2 2010 were in line with the previous year at EUR 14,894 thousand (EUR 14,917 thousand). In terms of the first six months, however, revenues fell by 4 percent from EUR 30,612 thousand to EUR 29,252 thousand.
The two segments developed as follows: In Q2 revenues generated by the Software business were 2 percent down from EUR 2,927 thousand to EUR 2,869 thousand. In contrast, software revenues for the first six months were up 5 percent from
● Germany ● Rest of Europe ● Asia Pacific ● USA
Revenues, EBIT and Net Income (millions EUR)
EUR 5,255 thousand to EUR 5,537 thousand. The proportion of Group revenue generated by the software business was up from 17 percent to 19 percent.
Revenues in the Consulting segment were on a par with the previous year quarter-on-quarter at EUR 12,025 thousand (EUR 11,991 thousand). Revenue in the first half of 2010 - at EUR 23,715 thousand - was down 6 percent compared to the previous year (EUR 25,357 thousand).
Compared to the first six months of 2008, the proportion of group revenue generated by foreign business fell from 61 percent to 57 percent. The Rest of Europe region had to accept a 21 percent downturn from EUR 14,535 thousand to EUR 11,493 thousand as a result of the developments in Italy and Spain. This figure as a share of total revenue thus fell from 47 percent to 39 percent. In contrast, revenues in Germany increased again year-on-year: By 7 percent from EUR 11,934 thousand to EUR 12,723 thousand. They accounted for 43 percent of consolidated revenue (previous year: 39 percent). The USA generated revenues of EUR 1,583 thousand, which was 29 percent up on the previous year (EUR 1,229 thousand). This region's contribution towards Group revenue increased from 4 percent to 5 percent. In the Asia-Pacific region, too, revenues were higher than in the previous year. Having stood at EUR 2,915 thousand in the first half of 2009, revenues here increased 18 percent to EUR 3,453 thousand. This region contributed 12 percent of consolidated revenue (previous year: 10 percent).
Revenues in the second quarters of 2009 and 2010 were almost identical, however the costs of revenues in Q2/2010 was up 7 percent. With regard to the first six months, the cost of sales was reduced from EUR 20,845 thousand to EUR 20,529 thousand, or by 2 percent. In terms of revenues, this figure increased quarter-on-quarter from 65 percent to 70 percent and was up from 68 percent to 70 percent in a six-month comparison.
This development is reflected in the gross profit: Comparing the respective second quarters, this figure decreased from EUR 5,217 thousand to EUR 4,498 thousand, reducing the gross margin from 35 percent to 30 percent. The six-month period saw a decline from EUR 9,767 thousand to EUR 8,723 thousand, equivalent to a fall from 32 percent to 30 percent.
Taking a look at the gross profit on revenue in both segments over the first half of the year shows that this figure fell by 26 percent in the Consulting segment from EUR 5,265 thousand to EUR 3,890 thousand. Consequently, the gross margin fell from 20 percent to 16 percent. In the Software segment, the gross profit on revenue increased by 7 percent from EUR 4,503 thousand to EUR 4,823 thousand and the gross margin lifted from 80 percent to 87 percent.
Based on a comparison of quarters, selling and marketing expenses remained on a par with the previous year at EUR 2,094 thousand (EUR 2,082 thousand). Relative to revenue, the figure remained at 14 percent. This figure was also down by 11 percent compared the previous first six months
Contract Contract
of 2009, falling from EUR 4,571 thousand to EUR 4,067 thousand. Expenses fell from 15 percent to 14 percent of revenues.
Compared to Q2 2007, general and administrative expenses by 5 percent from EUR 1,561 thousand to EUR 1,490 thousand. These thus accounted for 10 percent, down slightly from 11 percent. Compared to the first six months of the previous year, expenses fell by 13 percent from EUR 3,453 thousand to EUR 3,011 thousand. Based on revenue, the figure fell from 11 percent to 10 percent.
Research and development expenses fell from EUR 948 thousand to EUR 826 thousand - a drop of 13 percent. Relative to revenue, the figure remained at 6 percent. Comparing the two sixmonth periods, expenses decreased by 15 percent from EUR 2,044 thousand to EUR 1,742 thousand, accounting for 6 percent of revenue in 2010 (2009: 7 percent).
The above facts meant that EBITDA and EBIT fell quarter-on-quarter: EBITDA was down 40 percent to EUR 528 thousand (previous year: EUR 875 thousand) and EBIT fell 73 percent to EUR 209 thousand (previous year: EUR 774 thousand). In contrast, both EBITDA and EBIT for the six-month period improved: EBITDA lifted from EUR 46 thousand to EUR 827 thousand and EBIT from EUR minus 203 thousand to EUR 231 thousand.
Net interest in the first six months of 2010 amounted to EUR 9 thousand (previous year: EUR 32 thousand). This downturn was due, in particular, to a further reduction in general interest rates.
Net income in the second quarter of this year declined by 64 percent to EUR 342 thousand (previous year: EUR 937 thousand), taking the earnings per share to EUR 0.06 (previous year: EUR 0.18). In contrast, the consolidated net income for the first six months of 2010 increased to EUR 264 thousand (previous year: EURminus 566 thousand) and earnings per share lifted to EUR 0.05 (previous year: EUR minus 0.11).
The cash flow from operating activities after the first six months fell by 30 percent compared to the first half of 2009 (EUR 2,581 thousand) to EUR 1,809 thousand. This was due mostly to the increase in trade receivables by EUR 1,705 thousand despite the improved consolidated net income compared to the previous year.
In the first six months, the cash flow from investing activities was a cash outflow of EUR 414 thousand, compared to a cash outflow of EUR 419 thousand in the first six months of 2009. Investments in intangible assets and property, plant and equipment and financial investments amounted to EUR 405 thousand (previous year: EUR 344 thousand). This particularly involved procuring replacements.
The cash flow from financing activities in the period under review gave rise to a cash outflow of EUR 2,471 thousand, compared to EUR 2,541 thousand in the previous year. In each case, this was the result of the dividend of EUR 0.50 per share that was distributed in May for the previous fiscal year and the issue of convertible bonds.
At EUR 42,121 thousand on June 30, 2010, total assets fell - a reduction of 2 percent when compared to December 31, 2009 (EUR 41,355 thousand).
Trade receivables on the reporting date amounted to EUR 19,695 thousand and were therefore 10 percent higher than the figure on December 31, 2009 (EUR 17,990 thousand). The increase in receivables with a simultaneous reduction in revenues is due, in particular, to longer maturities. As at June 30, 2010 trade receivables accounted for 47 percent of assets (December 31, 2009: 44 percent).
On June 30, 2009, the REALTECH Group had net cash and cash equivalents of EUR 6,101 thousand, compared to EUR 7,304 thousand on December 31, 2009 and EUR 28,016 thousand on June 30, 2009, representing 15 percent of assets (December 31, 2009: 18 percent).
Provisions were reduced in comparison to December 31, 2009 from EUR 5,683 thousand to EUR 4,649 thousand (down 18 percent), primarily due to the utilization of vacation provisions, as well as provisions for outstanding incoming invoices.
Shareholders' equity, which stood at EUR 26,817 thousand on June 30, 2010, was down 16 percent on the figure on 31.12.09 (EUR 28,566 thousand). This was due, in particular, to the dividend disbursed in May 2010 of EUR 2,668 thousand. The company's equity ratio amounted to 63.7 percent on June 30, 2010 and 69.1 percent on December 31, 2009.
At the end of the second quarter of 2010, REAL-TECH had 657 employees worldwide - 6 percent less than on the same date the year before (699). A total of $232 - or 35$ percent – of these employees worked in Germany. Compared to the previous year 251 or 36 percent were employed in Germany. This figure is thus 8 percent lower than in the previous year.
The number of employees working at REALTECH companies in other countries fell 5 percent over the past year from 448 to 425. The figure in the Rest of Europe region fell by 6 percent from 375 to 351, whereas the number of employees on the balance sheet date in the USA increased slightly from 15 to 16. Employee figures remained constant in the Asia-Pacific region at 58.
Changes to employee numbers in the divisions were as follows on June 30: In the Consulting segment, the number of consultants fell by 5 percent from 488 to 464. There was also a reduction in Sales: The figure here fell by 8 percent from 76 to 70. The number of employees in administration was down 7 percent year on year at 68 (73). There were 40 developers, down 13 percent year-on-year (46). The number of product consulting employees remained practically unchanged at 15 (previous year: 16).
We can really be happy with the course of business in the REALTECH Group in 2010 to date. However this picture changes if we look at the year as a whole. The global economic crisis has hit REAL-TECH Spain and REALTECH Italy with a time lag, and is expected to lead to lower revenues and earnings than had been forecast at the start of the year.
Growth in the order book at REALTECH Spain is also lagging the forecast. The project situation continues to be excellent, however several customers have postponed orders. In spite of this, however, we can see that REALTECH Spain is
faring better than the Spanish economy. However, there are structural difficulties at REALTECH Italy. Fundamental reorganization is required at this company. The number of projects is substantially lower than had been forecast at the end of 2009 or at the start of 2010. In addition, we are being faced with lower daily rates for consulting.
At the same time, the OEM agreement concluded with SAP AG in July 2010 offers excellent perspectives for both the Consulting and Software segments. We believe that there will initially be higher costs in 2010 compared to the original forecast as a result of investments that are required, in particular for development, training and marketing.
We believe that this contract will result in initial revenues for REALTECH towards the end of 2011. We are forecasting the strongest positive impact on revenues and earnings directly from our software product business. In addition, we also believe that there will be positive growth in our consulting business and are forecasting an increasing number of projects for Technical Operations for the SAP Solution Manager.
Responsibility statement by the Executive Board
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 net assets, financial position and earnings of the Group, and the interim management report of the Group 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 for the remaining months of the financial year.
Yours faithfully, REALTECH AG The Executive Board
REALTECH AG has prepared its (non-audited) quarterly and half-yearly financial 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 - formerly SIC) applicable as of June 30, 2010 have been taken into account. The figures for the previous year were also determined based on the same standards.
The consolidation and valuation methods used to prepare the quarterly financial statements and establish the comparative figures for the previous year were basically the same as those used in the consolidated financial statement as of December 31, 2009. A detailed description of the individual methods is published in the notes of the 2009 annual report.
No matters of particular significance that may affect the company's income or circumstances that have affected business development are known other than those listed here.
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On May 21, 2010, REALTECH AG held its eleventh regular General Meeting in Wiesloch. A good 200 shareholders and guests gathered in the Palatin convention center 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 Officer. Nicola Glowinski.
He began by talking about the 2009 fiscal year, which was a very difficult chapter in REALTECH's history following the company's record performance in 2008. As far back as the end of 2008 it was very noticeable that the mood in the economy was becoming increasingly gloomy as a result of the global financial crisis. Although REALTECH generated lower revenues in the first quarter of 2010 than in the same quarter of 2009, Nicola Glowinski stressed that the company had managed to increase its profitability. This showed that structures had been successfully adapted to the changed environment and costs substantially reduced. In his view the market would stabilize in 2010. He also referred to industry surveys which showed investment confidence picking up somewhat in the IT sector. The Chief Executive Office assured the meeting that the company continued to monitor overall economic developments very closely and was ready to respond, if necessary, to any changes on the market.
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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).
Before he moved on to the votes, the Chairman of the Supervisory Board, Daniel Di Crose, announced the proportion of shareholders who were represented at the General Meeting. He confirmed that EUR 2,584,408 out of the company's share capital of EUR 5,335,952 were represented, which is equivalent to 48.43 percent. All the Board's resolutions were passed, with only a few votes against and a small number of abstentions.
Individual votes were taken on the use of the net profit to pay a dividend of EUR 0.50 a share (Item 2), formal approval of the actions of the Executive Board (Item 3) and Supervisory Board (Item 4), endorsement of the system for remunerating members of Executive Board (Item 5), the appointment of PKF Deustchland GmbH as auditor and Group auditors for the 2010 fiscal year (Item 6), generating new authorized capital (Item 7), authorization to procure and use treasury shares (Item 8) and on amendments to the articles association to make the voting procedure at the Annual General Meeting more flexible (Item 9).
In May, REALTECH was nominated for the "Run SAP Partner of the Year" category of the SAP Pinnacle Award for the first time. SAP AG recognizes the extraordinary services of its partners throughout the world with this distinction.
SAP Pinnacle SAP Pinnacle 2010 SAP Pinnacle 2010
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The SAP Pinnacle Awards are awarded for a total of 28 categories and are the highest distinctions that an SAP partner can achieve. This year, the "Run SAP Partner of the Year" award will be presented for the first time
The decisive factor for nomination in this category is a large number of successful projects which are completed with the aid of the Run SAP method and thus using the standard tool Sap Solution Manager. Another important consideration for the assessment is how successful cooperation with SAP Active Global Support has been.
"The nomination for this SAP Pinnacle Award is an honor for us. Since its founding in 1994, REAL-TECH has had a close partnership with SAP. This year's nomination illustrates the increasing importance of this partnership and recognizes REALTECH as one of the key players when it comes to SAP technology, SAP Netweaver and SAP operations," said Nicola Glowinski, CEO of REALTECH AG.
REALTECH were able to create a link between Run SAP and the ASAP method and to present the concept behind Run SAP to customers in an understandable manner. According to REALTECH, there are two perspectives. ASAP represents the business viewpoint while Run SAP is dedicated to operation.
The Run SAP method involves a standardized procedure for introducing and operating SAP applications and focuses on efficient application lifestyle management. Core components include efficient application management and smooth implementation of business processes. The main support tool is SAP Solution Manager, which contains a selection of software tools, predefined processes and best practices put together by SAP.
FINALIST
SAP Pinnacle SAP Pinnacle 2010
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On May 17, SAPPHIRE NOW 2010, the largest SAP inhouse show, kicked off at the Frankfurt trade fair. The software company from Walldorf, Germany, anticipated around 16,000 participants at this year's conference.
On the three days of the event, from May 17 to 19. SAP provided information on current SAP developments at more than 200 demo stands with more than 1,200 presentations and top-class guest speakers.
At Sapphire Now 2010, which simultaneously took place in Orlando, USA and Frankfurt am Main, Germany, the two new SAP CEOs Bill MacDermott and Jim Hagemann Snabe presented Europe's largest software manufacturer's revised strategy. SAP used the most up-to-date communication technology and social-media platforms to allow visitors to exchange information with SAP customers, partners and experts at both sites.
SAP's agenda covered the topics "Processes in real time", "Mobility" and "Sustainability". Even though the new strategies are based on the three pillars; "on premises" (classic in-house applications), "on demand" (business by design, cloud) and "on device" (mobile), SAP's focus is still on business applications.
REALTECH had its own stand at this year's event with the motto Simplify business processes and simplify your business technology. The product launch of theGuard! ChangePilot, a software for controlled steering of change processes in SAP applications, generated increased interest.
SAP SAPPHIRENOW EXT SAPPHIRENOW
SAP SAPPHIRE
At the beginning of the second quarter of 2010, REALTECH shares were listed at a value of EUR 8.25 and, shortly afterwards, achieved the highest value of the quarter under review at EUR 8.59 on April 7. Over the following two weeks, the listed value fell slightly and had slid to EUR 8.20 on the day of the shareholder meeting (May 21). Primarily as a result of the agreed dividend of EUR 0.50, the share price was listed as EUR 7.26 on the following day. In the last five weeks of the second quarter of 2010, the value of REAL-TECH shares fluctuated between EUR 7.72 and EUR 7.02. The lowest price in this three month period was EUR 6.80 on June 30, 2010. On June 30, 2010, the company's market capitalization stood at EUR 36 million, corresponding to 135 percent of book equity.
The shareholder structure of REALTECH AG did not change from the first to the second quarter of 2010. As the number of REALTECH shares increased by 17,500 from Q1 to Q2, the respective holding levels changed slightly. The main shareholders continued to hold the same number of shares. On June 30, 2010, the free float amounted to 38.62 percent.
On average, around 5,349 REALTECH shares were traded every day during the second quarter of $2010 - 41$ percent less than during the same quarter in the previous year (9,110). 67 percent of the shares were traded in Xetra (previous year: 78 percent), while 33 percent were traded on the other stock exchanges (previous year: 22 percent).
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Shareholder Structure as of 30.06.2010
REALTECH Basics Prime Standard Market segment 26. April 1999 Date of Issue 700 890 Security Identification no. RTC Exchange ID 54,00 EUR Issue price • Shares and share options held by the issuer and the company's executive bodies as of June 30, 2010 Issuer - shares REALTECH AG Executive Board 34.000 shares, Dr. Rudolf Caspary 35.000 stock options 24.000 shares, Nicola Glowinski 70.000 stock options Supervisory board 885.500 shares Daniele Di Croce 765.500 shares Rainer Schmidt 745.500 shares Peter Stier Key figures Q222010 Q22009 EUR EUR $O, 18$ $0,06$ Earnings per share $(0, 01)$ Cash flow per share $(0, 03)$ $5,01$ Shareholders' equity per share $5,03$ $7,44$ 8,59
Wednesday, June 30, 2010
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Highest share price $6,80$ $5,50$ Lowest share price 6.80 $6,30$ Share price at the end of quarter Market capitalization at the end of quarter 36 Mio. 33 Mio. Number of shares at the end of quarter 5.335.952 5.289.452
| Non-current assets Intangible assets Concessions, industrial rights and similar rights and assets 607.520 4.335.679 Goodwill 4.335.679 4.943.199 4.977.997 Tangible assets 7.462.665 Property, plant and equipment 7.333.186 Technical equipment and machines 47.267 1.460.409 Other equipment and office equipment 1.332.597 8.975.492 8.713.050 Financial assets Other financial assets 162.145 Deferred tax assets 233.861 14.316.392 14.052.255 Current assets |
642.318 52.418 |
|---|---|
| 145.256 | |
| 217.647 | |
| Receivables and other assets | |
| 17.989.512 19.694.633 Trade receivables |
|
| 330.760 Income tax receivables |
511.149 |
| 828.151 Other financial assets |
541.160 |
| 988.246 Other assets |
692.556 |
| 21.841.790 19.734.377 |
|
| 6.227.121 Cash and cash equivalents 7.303.952 |
|
| 28.068.911 27.038.329 |
|
| Total assets 42.121.166 41.354.721 |
| SHAREHOLDERS' EQUITY AND LIABILITIES | 30.06.2010 EUR |
31.12.2009 EUR |
|---|---|---|
| Shareholders' equity | ||
| Subscribed capital | 5.335.952 | 5.295.952 |
| Additional paid-in capital | 13.652.709 | 13.455.889 |
| Other comprehensive income | 424.896 | 126.354 |
| Retained earnings | 6.504.633 | 8.908.687 |
| 25.918.190 | 27.786.882 | |
| Non-controlling interests | 898.717 | 778.776 |
| 26.816.907 | 28.565.658 | |
| Non-current liabilities | ||
| Deferred tax liabilities | 374.251 | 383.687 |
| Current liabilities | ||
| Trade accounts payable | 1.990.482 | 1.925.525 |
| Income tax payable | 294.487 | 445.330 |
| Provisions | 4.649.040 | 5.682.514 |
| Other financial liabilities | 2.348.195 | 50.567 |
| Other liabilities | 5.647.804 | 4.301.440 |
| 14.930.008 | 12.405.376 | |
| Total shareholders' equity and liabilities | 42.121.166 | 41.354.721 |
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| Q 2 2010 | Q2 2009 | Q1+Q2 10 | Q1+Q2 09 | |
|---|---|---|---|---|
| EUR | EUR | EUR | EUR | |
| Revenues | 14.893.517 | 14.917.425 | 29.251.814 | 30.612.048 |
| Costs of revenues | 10.396.072 | 9.700.142 | 20.528.949 | 20.844.782 |
| Gross profit | 4.497.445 | 5.217.283 | 8.722.865 | 9.767.266 |
| Selling and marketing expenses | 2.093.991 | 2.082.204 | 4.067.065 | 4.571.086 |
| General and administrative expenses | 1.489.641 | 1.561.413 | 3.010.550 | 3.452.594 |
| Research and development expenses | 826.344 | 947.931 | 1.741.506 | 2.044.009 |
| Other operating expenses | 272.643 | 310.375 | 576.702 | 838.353 |
| Other operating income | 394.439 | 458.514 | 904.257 | 935.292 |
| Operating income | 209.265 | 773.874 | 231.299 | (203.484) |
| Net interest | 5.602 | 14.151 | 9.071 | 31.665 |
| Income from financial assets and securities | $\circ$ | (81.770) | $\circ$ | (81.770) |
| Foreign currency exchange gains/(loss) | 150.593 | (2.178) | 253.766 | (1.393) |
| Income before taxes and minority interests | 365.460 | 704.077 | 494.136 | (254.982) |
| Income taxes | 50.843 | 238.988 | 250.253 | 288.648 |
| Income before minority interests | 314.617 | 943.065 | 243.883 | (543.630) |
| Minority interests | 27.410 | (6.181) | 20.039 | (22.417) |
| Net income | 342.027 | 936.884 | 263.922 | (566.047) |
| Income from financial instruments available for sale | $\circ$ | 231.471 | $\circ$ | 479.130 |
| Cumulative translation adjustments | 202.042 | (65.289) | 298.542 | (77.402) |
| Comprehensive Income | 544.069 | 1.103.066 | 562.464 | (164.319) |
| Accumulated profit/loss carried forward | 8.908.687 | 10.349.783 | ||
| Dividend payment | 2.667.976 | 2.630.226 | ||
| Retained earnings | 6.504.633 | 7.153.510 | ||
| Average number of shares outstanding - basic | 0,06 | 0,18 | O, O5 | (0, 11) |
| Average number of shares outstanding - diluted | 0,06 | O,17 | O, O5 | (0, 10) |
| Earnings per share - basic | 5.315.952 | 5.274.952 | 5.315.952 | 5.274.952 |
| Earnings per share - diluted | 5.538.902 | 5.540.052 | 5.538.902 | 5.540.052 |
| POITO EUR |
TV1+Q2T09 EUR |
||
|---|---|---|---|
| Consulting | |||
| Revenues | 23.714.547 | 25.356.793 | |
| Costs of revenues | 19.814.919 | 20.092.304 | |
| Gross profit | 3.899.628 | 5.264.489 | |
| Software | |||
| Revenues | 5.537.266 | 5.255.255 | |
| Costs of revenues | 714.030 | 752.478 | |
| Gross profit | 4.823.237 | 4.502.777 | |
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| Q1+Q2 10 EUR |
$Q1+Q2$ 09 EUR |
|
|---|---|---|
| Net income | 263.922 | (566.047) |
| Depreciation of fixed assets | 596.065 | 249.056 |
| Change in asset disposals | 89.392 | 75.078 |
| Change in convertible bonds (personnel expenses) | 40.000 | 29.000 |
| Other change in shareholders' equity and in minority interests | 418.485 | 353.831 |
| Change in income tax payable | (52.003) | (31.648) |
| Payment for income taxes | (98.840) | (492.841) |
| Change in provisions | (1.033.475) | (2.395.672) |
| Change in trade receivables | (1.705.121) | 4.633.907 |
| Change in other assets | (418.509) | (881.343) |
| Change in trade accounts payable and in other current liabilities | 3.699.513 | 1.576.471 |
| Proceeds from interests | 17.593 | 53.218 |
| Payment for interests | (8.521) | (21.554) |
| Cash flow from operating activities | 1.808.500 | 2.581.457 |
| Purchase of intangible assets | (90.038) | (297.711) |
| Purchase of tangible assets | (304.698) | (27.901) |
| Investment in financial assets | (10.369) | (18.164) |
| Change in current securities | (9.071) | (75.577) |
| Cash flow from investing activities | (414.176) | (419.353) |
| Change in dividends | (2.667.976) | (2.630.226) |
| Change in convertibles bonds | 196.820 | 89.660 |
| Cash flow from financing activities | (2.471.156) | (2.540.566) |
| Change in cash and cash equivalents | (1.076.832) | (378.462) |
| Cash and cash equivalents at beginnig of the period | 7.303.952 | 5.317.207 |
| Cash and cash equivalents at end of the period | 6.227.121 | 4.938.745 |
| PI+Q2 10 EUR |
TVI+V2T09 EUR |
|
|---|---|---|
| Shareholders' equity as of January 1 | 28.565.658 | 29.225.666 |
| Change in subscribed capital | 40.000 | 29.000 |
| Net income | 263.922 | (566.047) |
| Unrealized profit/loss from securities translations | $\circ$ | 479.130 |
| Translation adjustments | 298.542 | 14.144 |
| Dividend payment | (2.667.976) | (2.630.226) |
| Execution of stock options and convertible bonds | 196.820 | $\Omega$ |
| Non-controlling interests | 119.941 | (47.897) |
| Shareholders' equity as of June 30 | 26.816.907 | 26.503.770 |
| November 04, 2010 | Quarterly Report 3 2010 |
|---|---|
| • November 23, 2010 | Deutsches Eigenkapitalforum, Frankfurt |
| O March 31, 2011 | Annual Report 2010 |
| C May 05, 2011 | Quarterly Report 1 2011 |
| C May 24, 2011 | Annual General Meeting, Palatin, Wiesloch, 10.00 a |
| August 04, 2011 | Quarterly Report 2 2011 |
| • November 03, 2011 | Quarterly Report 3 2011 |
REALTECH AG Industriestraße 39c D - 69190 Walldorf
Tel.: +49.6227.837.500 Fax.: +49.6227.837.292
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[email protected] www.realtech.com
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