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technotrans SE
Interim / Quarterly Report • Aug 14, 2024
431_10-q_2024-08-14_7f3b8607-7c4f-4e6a-9dd9-16d41c6726ad.pdf
Interim / Quarterly Report
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technotrans
Interim financial report
January 1 - June 30, 2024
Key figures of the technotrans Group (IFRS)
| $\Delta$ previous year | 01/01 - 30/06/2024 |
01/01 - 30/06/2023 |
2023 | ||
|---|---|---|---|---|---|
| Revenue | $k €$ | $-12.9 \%$ | 115,329 | 132,460 | 262,116 |
| Technology | $k €$ | $-15.1 \%$ | 85,775 | 101,090 | 199,590 |
| Services | $k €$ | $-5.8 \%$ | 29,554 | 31,370 | 62,526 |
| EBIT | $k €$ | $-31.5 \%$ | 4,043 | 5,904 | 14,175 |
| EBIT margin | \% | 3.5 | 4.5 | 5.4 | |
| Net profit for the period ${ }^{1}$ | $k €$ | $-28.8 \%$ | 2,360 | 3,314 | 8,532 |
| as percent of revenue | \% | 2.1 | 2.5 | 3.3 | |
| ROCE | \% | 11.5 | 12.4 | 13.3 | |
| Earnings per share | € | 0.34 | 0.48 | 1.24 | |
| Balance sheet total assets | $k €$ | $-3.9 \%$ | 163,845 | 174,368 | 170,568 |
| Equity ${ }^{2}$ | $k €$ | $-2.1 \%$ | 93,470 | 90,124 | 95,433 |
| Equity ratio | \% | 57.0 | 51.7 | 56.0 | |
| Net debt ${ }^{3}$ | $k €$ | $28.8 \%$ | 26,652 | 33,545 | 20,690 |
| Free cash flow ${ }^{3}$ | $k €$ | $-687$ | $-1,185$ | 12,809 | |
| Employees (balance sheet date)* | $-5.2 \%$ | 1,515 | 1,548 | 1,598 |
*Change compared to December 31, 2022
${ }^{1}$ Result for the period:
${ }^{2}$ Net debt:
${ }^{3}$ Free cash flow:
Profit attributable to shareholders of technotrans SE
Interest-bearing financial liabilities including lease liabilities according to IFRS 16 J . cash and cash equivalents
Net cash from operating activities
+ Net cash used for investments according to cash flow statement
Interim Group Management Report
Development of key figures in the first 6 months 2024
| Q1 | Q2 | 6M | |
|---|---|---|---|
| Revenue | $k €$ | 56,041 | 59,288 |
| EBIT | $k €$ | 392 | 3,651 |
| EBIT margin | $\%$ | 0.7 | 6.2 |
| ROCE* | $\%$ | 10.3 | 11.5 |
| * EBIT rolling |
As expected, the technotrans Group's revenue and earnings performance gained momentum in the second quarter 2024 despite the continued weak global economic development. The Services segment was the main earnings driver in the second quarter. EBIT includes one-off expenses of $€ 0.8$ million for the organizational realignment of the Group as part of the ttSprint efficiency program. The return on capital employed (ROCE) also showed a positive trend over the course of the year, improving by 0.8 percentage points compared to the first quarter.
Economic report
General and industry-specific economic environment
Economic development in Germany has deteriorated further. According to the Federal Statistical Office (Destatis), gross domestic product (GDP) fell by $0.1 \%$ in the second quarter of 2024 (Q1 2024: +0.2 \%). The ifo Business Climate Index fell by 1.6 points compared to the previous month to 87.0 points. Both the assessment of the current situation as well as the future expectations were revised downwards significantly. According to Destatis, price-adjusted real production in the manufacturing industry fell by $2.5 \%$ in May 2024 compared to April 2024, adjusted for seasonal and calendar effects. The mechanical engineering sector reported an even more drastic decline of $5.9 \%$. Price-adjusted order intake in the manufacturing sector also showed a downward trend, falling by additional $1.6 \%$ in May after four consecutive declines before. The eurozone recorded GDP growth of $0.3 \%$ in each of the first 2 quarters of 2024. According to estimates by the US Department of Commerce, the US economy grew by $2.8 \%$ in the second quarter (Q1 2024: + 1.6 \%). This was reportedly driven by private consumption.
The geopolitical tensions caused by the wars in Ukraine and the Middle East continue to lead to a high level of uncertainty.
Revenue performance
The technotrans Group generated consolidated revenue of $€ 115.3$ million in the first half of 2024 (previous year: $€ 132.5$ million). $94 \%$ of consolidated revenue was generated in the focus markets,
which contain the Laser market since the beginning of the financial year 2024. Order backlog amounted to € 84 million at the reporting date. The book-to-bill ratio was 1.0. The specific developments in the focus markets were as follows:
Plastics: In May 2024, technotrans debuted at the NPE in Orlando, the world's largest trade show for the plastics processing industry, and presented the latest generation of its temperature control units for the first time. Additional sales potential was triggered by presenting innovative solutions at the KUTENO trade show. Demand for temperature control units picked up. After a positive trend in the first quarter, the willingness to invest in large refrigeration systems weakened again in the second quarter due to the continuing sluggish economy. Revenue in the Plastics market amounted to € 25.5 million in the reporting period and fell short of expectations, down $15 \%$ on the previous year. It accounted for $22 \%$ of consolidated group revenue.
Energy Management: The strong revenue growth continued, in particular due to increased deliveries of cooling systems for rail vehicles and charging infrastructure. Revenue rose by $26 \%$ to $€ 16.6$ million in the reporting period. The share of consolidated revenue amounted to around $14 \%$. In addition, technotrans expanded its product range for liquid-cooled data centers with a market-ready retrofit solution. Significant progress was also made with cooling systems for e-buses. The major order placed in May by a well-known European electric bus manufacturer for the series production of battery thermal management systems (BTMS) represents an important milestone in the company's market positioning in Europe. technotrans has been involved as a technology partner right from the beginning and supplies 3 of the customer's production locations. technotrans tapped further potential in the special vehicles segment with the modular cooling system for mobile vehicle applications presented at the Battery Show in Stuttgart in June 2024.
Healthcare \& Analytics: As expected, revenue in the analytics segment returned to pre-corona levels. Demand for systems for medical applications is showing a positive trend. However, economic impacts continue to have a dampening effect, meaning that revenue of $€ 6.7$ million in the reporting period was down around $4 \%$ compared to the previous year. The share in total group revenue amounted to $6 \%$.
Print: Developments in the period under review were largely characterized by the subdued economic conditions, particularly in Germany. In addition, the expected reluctance to place orders in the runup to the drupa trade fair, which took place in Düsseldorf in June, was confirmed. Accordingly, revenue of $€ 38.8$ million was generated in the first half of 2024, down $14 \%$ versus previous year. The share of group revenue amounted to $34 \%$. Reports from the major printing press manufacturers about significant incoming orders at drupa underline the expectation of an upturn in revenue in the second half of 2024. Due to the continued demand for packaging printing solutions, a slight increase in revenue is expected in the mid- to long term.
Laser: The development of the laser market, which has been classified as a focus market since the beginning of the 2024 financial year, was characterized by the continued weak economic environment. Revenue in the reporting period amounted to $€ 21.0$ million, down $30 \%$ compared to previous year. The share of group revenue amounted to $18 \%$. With the economy picking up, momentum is expected to increase in the second half of the current financial year and in subsequent years.
Results of operations
As a result of the economic challenges in the first half of the year with a decline in revenue of $€ 17.1$ million to $€ 115.3$ million, gross profit fell to $€ 31.0$ million (previous year: $€ 34.5$ million). Gross margin increased from $26.0 \%$ to $26.9 \%$. This was mainly due to a higher share of service revenues in group revenue and an optimization of the product mix in the Technology segment. The changes made to the allocation of personnel costs from development costs to cost of sales as part of the introduction of SAP at a group company led to a reduction in development costs of $€ 1.2$ million to $€$ 1.5 million. The reduction in freight and packaging costs as well as sales commissions led to a decrease in sales \& distribution costs of $€ 0.6$ million to $€ 13.4$ million.
EBITDA amounted to $€ 7.4$ million (previous year: $€ 9.4$ million), while the consolidated operating result (EBIT) fell to $€ 4.0$ million (previous year: $€ 5.9$ million). This resulted in an EBIT margin of $3.5 \%$ (previous year: $4.5 \%$ ). Capital employed as of June 30, 2024 amounted to $€ 106.7$ million (previous year: $€ 113.6$ million), resulting in a ROCE of $11.5 \%$ (previous year: $12.4 \%$ ). Consolidated net income amounted to $€ 2.4$ million (previous year: $€ 3.3$ million).
In connection with the reorganization, personnel-related one-off expenses of $€ 0.8$ million were processed in the consolidated result. Without these, EBIT would have amounted to $€ 4.8$ million.
Net assets
The balance sheet total as of June 30, 2024 decreased compared to end of the year 2023 from $€ 170.6$ million to $€ 163.8$ million. The reduced investment activity led to a decrease of $€ 1.4$ million in fixed assets to $€ 66.9$ million. Due to the expected increase in revenue in the second half of the year and the associated build-up of inventories, inventories are at the same level as in the previous year. Strong revenue in June 2024 led to an increase in trade receivables. The dividend payment of $€ 4.3$ million and the repayment of bank liabilities of $€ 3.3$ million led to a decrease in cash and cash equivalents from $€ 22.8$ million to $€ 13.2$ million. The increase in business activity was also accompanied by a rise in trade payables of $€ 1.5$ million to $€ 8.6$ million. As of June 30, equity was at $€ 93.5$ million. The equity ratio increased slightly to $57.0 \%$.
Financial position
The decline in the result for the period, increased tax payments and the increase in receivables led to a decline in net cash flow from operating activities to $€+0.4$ million (previous year: $€+0.8$ million). Scheduled investments in operating equipment led to a cash flow from investing activities of $€-1.1$ million. Free cash flow amounted to $€-0.7$ million (previous year: $€-1.2$ million). The dividend payments of $€ 4.3$ million and loan repayments of $€ 3.3$ million resulted in a cash flow from financing activities of $€-8.9$ million (previous year: $€ 1.5$ million).
In total, cash and cash equivalents decreased by $€ 9.6$ million to $€ 13.2$ million. In addition, the Group had unused credit lines amounting to $€ 17.1$ million as at the reporting date. The liquidity position therefore remained comfortable.
Segment report
The Technology segment generated segment revenue of $€ 85.8$ million in the first half of the 2024 financial year. While the Energy Management focus market continued its growth trend from previous years, the other focus markets Print, Plastics, Healthcare \& Analytics and Lasers suffered from the challenging economic conditions. Segment EBIT decreased to $€-0.1$ million (previous year: $€$ 2.0 million) due to a lack of economies of scale. Short time working at various production sites only compensated for the decline in revenue to a limited extent. The segment's EBIT margin fell to $-0.1 \%$ (previous year: $2.0 \%$ )
The economic slowdown led to a decline in revenue of $€ 1.8$ million to $€ 29.6$ million in the Services segment. Services revenue in the print market in particular declined significantly. Despite this, the EBIT margin improved significantly from $12.4 \%$ to $14.1 \%$. The segment EBIT reached $€ 4.2$ million (previous year: $€ 3.9$ million).
Employees
As of June 30, 2024, the technotrans Group employed 1,515 people worldwide. Compared to December 31, 2023, the number of employees fell by 83 (-5.2 \%).
Strategy
The ttSprint program to increase the efficiency of the technotrans Group is proceeding according to plan. All milestones defined for the first half of 2024 have been achieved. These include in particular the organizational realignment to a market-oriented structure for the Group. The transformation to the new structure will be completed on schedule by the end of the second half of 2024.
Sustainability
technotrans continued its sustainability efforts in the first half of 2024, focusing in particular on resource-saving products. At drupa 2024, the leading trade fair for the printing industry, technotrans presented systems with the natural refrigerant R290 (propane) and with particularly efficient capacity control. Cooling solutions with R290 were also at the center of the Plastics focus market's presentation at the KUTENO trade show. In particular, the funding opportunities presented by the Federal Office of Economics and Export Control (BAFA), which customers can take advantage of due to the low global warming potential of technotrans systems, were highly appreciated. technotrans thus demonstrated concrete possibilities for combining cost-effectiveness, performance and sustainability.
Change in the Board of Management
On March 11, 2024, the company and Mr. Peter Hirsch mutually agreed to terminate his employment contract with effect from April 30, 2024 (original term until December 31, 2025). Peter Hirsch's appointment to the Management Board ended on March 11, 2024.
Overall statement by the Board of Management on business performance in the first 6 months of 2023
"Due to the economic development, the decisive impetus continued to lack in the second quarter. The sentiment in the manufacturing industry deteriorated accordingly, as indicated by the development of the ifo business climate index. technotrans nevertheless remains on course in this difficult environment. Revenue and earnings momentum increased as expected in the second quarter of 2024.
Revenue in the focus markets largely developed in line with expectations. Energy Management achieved strong growth of $26 \%$ compared to previous year. Revenue performance in the other focus markets was lower than last year. Especially the willingness to invest in the large-scale refrigeration units in Plastics slowed down again due to the weak economic situation. Also, focus market Laser with a decline of $30 \%$ year-over- year suffered from the general economic conditions.
The earnings growth in the second quarter compared to the first quarter of 2024 was generated mainly in the Services segment as there is a lower dependency on economic developments compared to the Technology segment.
The ttSprint project to increase profitability is implemented according to plan. As a key milestone, the new target structure of the technotrans Group was finalized by June 30, 2024. Based on this, the group's organizational structure will be transformed over the coming months.
The market position in the area of energy management was further expanded. Following the orders won in the data center and charging infrastructure areas in the first quarter, technotrans announced a major serial order for battery thermal management systems for electric buses in May.
Due to the persistently weak economic environment, the Board of Management intensified measures to safeguard earnings. In addition to consistent cost management and the postponement of investments, the instrument of short-time work was also used at the Sassenberg, Meinerzhagen and Bad Doberan sites. In the view of the Board of Management, the overall revenue and earnings performance in the first half of 2024 is at the lower end of expectations."
Opportunities and Risks report
The opportunities and risks relevant for the future development of the technotrans Group as well as the implemented risk management system were explained in detail in the 2023 Annual Report.
The current status of the risk profile described in the 2023 report is as follows:
General/industry-specific risks
The success of the technotrans Group depends to a large extent on macroeconomic developments in its direct and indirect sales markets. To assess macroeconomic developments, technotrans uses, among other things, forecasts from generally recognized institutions and economic research institutes. The main factor influencing the risks described in the 2023 Annual Report was the reluctance of customers to invest in some focus markets as a result of the tense economic and geopolitical conditions. The challenging economic and geopolitical conditions continue, but the Board of Management expects the order situation to pick up over the course of the second half of the year. The availability of materials and delivery capacity have improved significantly over the course of the first half of 2024.
The Board of Management continues to classify the macroeconomic/sector-specific risks as high.
Corporate strategy risks
The corporate strategy risks have not changed overall. This also includes the recoverability of goodwill of $€ 23.5$ million from the acquisitions made in recent years. A significant increase in interest rates or a significant weakening of the earnings trend could have a negative impact on the recoverability of goodwill. The impairment test carried out as part of the 2023 consolidated financial statements and the associated sensitivity analyses with regard to a further $1 \%$ increase in interest rates did not result in any need for impairment.
The Board of Management continues to classify the corporate strategy risks as low.
Financial risks
The financial risks include liquidity, interest rate and currency risks, as well as the bad debt risk. The liquidity risk has not changed. technotrans has a comfortable liquidity position consisting of freely available liquidity and credit lines with reputable banks. The financial situation currently remains solid. Loans with a volume of $€ 10.1$ million are subject to interest rate risk. The risk of default and insolvency remains medium due to the tense economic situation. It is effectively monitored and limited by the implemented receivables management systems, the collection of advance payments and the instrument of trade credit insurance. As the majority of the operating business is conducted in euros, the foreign currency risk remains limited.
The financial risks of the technotrans Group have consequently not changed overall. The Board of Management continues to classify these as medium.
Economic performance risks
The performance risks include risks relating to the procurement of raw materials and input materials. Supply bottlenecks, for example, can have a negative impact on production. Performance risks also include the sales risk relating to unfulfilled customer expectations, IT risks and maintaining a qualified and motivated workforce. The risk situation has not changed significantly compared to the situation as at December 31, 2023.
The Board of Management continues to classify the economic performance risks as medium.
Legal risks
The legal risks have not changed overall.
The Board of Management continues to classify these as low.
Overall statement of the Board of Management on the opportunities and risks profile
In the 2023 Annual Report, it was concluded that there are no identifiable risks to the technotrans Group as a going concern and that the Group is well positioned in terms of its risk positions and riskbearing capacity. This assessment and the classifications of the five risk groups remain unchanged.
In the view of the Board of Management, the overall risk for the technotrans Group has not changed significantly.
Outlook
Expected economic environment
Economic conditions in Germany remained weak in the second quarter of 2024. This is reflected in the ifo business expectations, which fell for the second time in a row in July 2024. German industry is facing numerous challenges. Among other things, China is losing momentum as a growth driver. Un-certainty is reducing the willingness to invest. The interest rate cut by the European Central Bank in June has not yet brought about any significant improvement.
According to the World Economic Outlook from April 2024, the International Monetary Fund (IMF) expects GDP growth of $0.2 \%$ in Germany in 2024. The IMF forecasts growth of $0.8 \%$ for the eurozone. In the USA, the IMF expects GDP growth of $2.7 \%$.
Expected business performance of the Group
The assumptions made in the 2023 Annual Report regarding future business development remain valid.
The current economic forecasts indicate a weaker than expected development, particularly in the core market in Germany. Once again, the importance of a clear strategy and the early introduction of measures to transform the technotrans Group into a powerful, market-oriented organization has been demonstrated. The structures created in the first half of the year are currently implemented. This transformation process will be completed by the end of the year.
Although the economic environment remains difficult overall, the sales successes and the order situation underline the expectations for an upturn in business in the second half of 2024. The Board of Management expects the strong growth in the focus market of Energy Management to continue. Reports from major printing press manufacturers about significant incoming orders at the drupa trade fair underline the expectation of an uptake in revenue in the second half of 2024. Due to the continued demand for packaging printing solutions, a slight increase in revenue is also expected midto long term. In the Plastics segment, the Board of Management anticipates a trend towards a revival in the large-scale refrigeration business. Momentum will also increase in Healthcare \& Analytics. The development of the Laser segment will largely be driven by the overall economic situation.
The Board of Management confirms the forecast of achieving group revenue between $€ 245$ million and $€ 270$ million, on EBIT margin in the range of $5.5 \%$ and $7.5 \%$ and a ROCE of $14.0 \%$ to $16.0 \%$ in the 2024 financial year. Expenses from the transformation are included in this figure. The mid-term targets of achieving revenue between $€ 265$ million and $€ 285$ million, on EBIT margin of $9.0 \%$ to 12.0 $\%$ and a ROCE of more than $15 \%$ in the 2025 financial year remain unchanged. This does not include M\&A transactions.
Consolidated Balance Sheet
| Assets | ||
|---|---|---|
| $30 / 06 / 2024$ | $31 / 12 / 2023$ | |
| k€ | k€ | |
| Non-current assets | ||
| Property, plant and equipment | 35,467 | 36,253 |
| Right-of-use assets | 4,210 | 4,479 |
| Goodwill | 23,513 | 23,513 |
| Intangible assets | 3,740 | 4,028 |
| Other financial assets | 213 | 210 |
| Deferred taxes | 632 | 631 |
| 67,775 | 69,114 | |
| Current assets | ||
| Inventories | 45,854 | 44,990 |
| Trade receivables | 31,655 | 30,212 |
| Income tax receivable | 139 | 233 |
| Other financial assets | 2,187 | 859 |
| Other assets | 3,017 | 2,390 |
| Cash and cash equivalents | 13,218 | 22,770 |
| 96,070 | 101,454 | |
| Total assets | 163,845 | 170,568 |
| 30/06/2024 | $31 / 12 / 2023$ | |
|---|---|---|
| $k €$ | $k €$ | |
| Equity | ||
| Issued capital | 6.908 | 6.908 |
| Capital reserve | 19.097 | 19.097 |
| Retained earnings | 70.232 | 65.982 |
| Other reserves | $-5.126$ | $-5.086$ |
| Net profit for the period | 2.359 | 8.532 |
| Total equity attributable to technotrans SE shareholders | 93.470 | 95.433 |
| Non-controlling interests in equity | 0 | 0 |
| 93.470 | 95.433 | |
| Non-current liabilities | ||
| Borrowings | 25.192 | 29.668 |
| Employee benefits | 1.118 | 1.092 |
| Other financial liabilities | 2.287 | 2.504 |
| Deferred taxes | 676 | 726 |
| 29.273 | 33.990 | |
| Current liabilities | ||
| Borrowings | 10.376 | 9.240 |
| Trade payables | 8.647 | 7.165 |
| Prepayments received | 5.540 | 6.066 |
| Employee benefits | 5.262 | 5.607 |
| Provisions | 3.167 | 3.200 |
| Income tax payable | 2.086 | 3.259 |
| Other financial liabilities | 2.916 | 3.004 |
| Other liabilities | 3.108 | 3.604 |
| 41.102 | 41.145 | |
| Total equity and liabilities | 163.845 | 170.568 |
Consolidated Income Statement
| $01 / 01 /-$ $30 / 06 / 2024$ |
$01 / 01 /-$ $30 / 06 / 2023$ |
|
|---|---|---|
| k€ | k€ | |
| Revenue | 115,329 | 132,460 |
| of which Technology | 85,775 | 101,090 |
| of which Services | 29,554 | 31,370 |
| Cost of Sales | $-84,344$ | $-97,991$ |
| Gross profit | 30,985 | 34,469 |
| Distribution costs | $-13,405$ | $-14,020$ |
| Administrative expenses | $-11,580$ | $-11,369$ |
| Development costs | $-1,546$ | $-2,731$ |
| Income/expenses from impairment losses on financial assets and contract assets | $-30$ | $-170$ |
| Other operating income | 658 | 678 |
| Other operating expenses | $-1,039$ | $-953$ |
| Earnings before interest and taxes (EBIT) | 4,043 | 5,904 |
| Financial income | 148 | 16 |
| Financial expenses | $-746$ | $-795$ |
| Financial result | $-598$ | $-779$ |
| Profit before tax | 3,445 | 5,125 |
| Income tax expense | $-1,085$ | $-1,811$ |
| Net profit for the period | 2,360 | 3,314 |
| of which: | ||
| Profit attributable to technotrans SE shareholders | 2,359 | 3,314 |
| Profit attributable to non-controlling interests | 1 | 0 |
| Earnings per share (€) | ||
| basic / diluted | 0.34 | 0.48 |
Consolidated Statement of Other Comprehensive Income
| $01 / 01 /-$ $30 / 06 / 2024$ |
$01 / 01 /-$ $30 / 06 / 2023$ |
|
|---|---|---|
| k€ | k€ | |
| Net profit for the period | 2,360 | 3,314 |
| Other results | ||
| Items that were or must be reclassified to | ||
| Income Statement | ||
| Exchange differences from the translation | ||
| of foreign group companies | 342 | $-89$ |
| Change in the amount recognised within equity | ||
| (net investments in a foreign operation) | $-140$ | 440 |
| Change in the market values of cash flow hedges | $-4$ | $-1$ |
| Other profit after tax | 198 | 350 |
| Overall result for the financial year | 2,558 | 3,664 |
| of which: | ||
| Profit attributable to technotrans SE shareholders | 2,557 | 3,665 |
| Profit attributable to non-controlling interests | 1 | $-1$ |
Condensed Consolidated Cash Flow Statement
| $01 / 01 /-$ $30 / 06 / 2024$ |
$01 / 01 /-$ $30 / 06 / 2023$ |
|
|---|---|---|
| k€ | k€ | |
| Cash flow from operating activities | ||
| Net profit for the period | 2,360 | 3,314 |
| Adjustments for: | ||
| Depreciation and amortisation | 3,350 | 3,476 |
| Other | 1,555 | 2,430 |
| Cash flow from operating activities before working capital changes | 7,265 | 9,220 |
| Change in: | ||
| Inventories | $-864$ | $-4,683$ |
| Receivables and other current assets | $-3,401$ | $-6,393$ |
| Liabilities and prepayments | 405 | 4,758 |
| Provisions and employee benefits | $-350$ | 563 |
| Cash from operating activities | 3,055 | 3,465 |
| Other | $-2,678$ | $-2,703$ |
| Net cash from operating activities | 377 | 762 |
| Cash flow from investing activities | ||
| Cash payments for investments in property, plant and equipment and in intangible assets | $-1,069$ | $-2,067$ |
| Proceeds from the sale of property, plant and equipment | 5 | 120 |
| Net cash used for investing activities | $-1,064$ | $-1,947$ |
| $01 / 01 /-$ $30 / 06 / 2024$ |
$01 / 01 /-$ $30 / 06 / 2023$ |
|
|---|---|---|
| $\mathrm{k} €$ | $\mathrm{k} €$ | |
| Cash flow from financing activities | ||
| Cash receipts from the raising of short-term and long-term loans | 0 | 18,500 |
| Cash payments from the repayment of loans | $-3,340$ | $-11,461$ |
| Distribution to investors | $-4,283$ | $-4,421$ |
| Other | $-1,284$ | $-1,162$ |
| Net cash used in financing activities | $-8,907$ | 1,456 |
| Change in cash and cash equivalents | $-9,594$ | 271 |
| Cash and cash equivalents at start of period | 22,770 | 12,445 |
| Net effect of currency translation in cash and cash equivalents | 42 | $-34$ |
| Cash and cash equivalents at end of period | 13,218 | 12,682 |
Condensed Consolidated Statement of Changes in Equity
| $30 / 06 / 2024$ | $30 / 06 / 2023$ | |
|---|---|---|
| $\mathbf{k} \in$ | $\mathbf{k} \in$ | |
| Equity at January 1st | ||
| Net profit for the period | 2,360 | 3,314 |
| Other result | 198 | 350 |
| Overall result for the period | 2,558 | 3,664 |
| Distribution of profit | -4,283 | -4,421 |
| Share-based payments | -238 | -189 |
| Transactions with owners | -4,521 | -4,610 |
| Equity at the end of the period | 93,470 | 90,124 |
Condensed Group Segment Reporting
| Technology | Services | technotrans Group | |||||
|---|---|---|---|---|---|---|---|
| HYI 2024 | HYI 2023 | HYI 2024 | HYI 2023 | HYI 2024 | HYI 2023 | ||
| Revenue | € m | 85775.0 | 101090.0 | 29554.0 | 31370.0 | 115329.0 | 132460.0 |
| EBIT | € m | $-124.0$ | 2024.0 | 4167.0 | 3880.0 | 4043.0 | 5904.0 |
| EBIT margin | $\%$ | $-0.1$ | 2.0 | 14.1 | 12.4 | 3.5 | 4.5 |
Notes to the Consolidated Financial Statements
Explanatory notes
The Notes to the Consolidated Financial Statements of technotrans SE at June 30, 2024, like the Consolidated Financial Statements at December 31, 2023, have been prepared in accordance with the International Financial Reporting Standards (IFRS) and their interpretations applicable at the reporting date, as adopted by the European Union (EU). These condensed interim consolidated financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" and should be read in conjunction with the Consolidated Financial Statements published by the company for the 2023 financial year. technotrans prepares and publishes the Consolidated Financial Statements in euros.
The consolidated balance sheet, the consolidated income statement, the consolidated statement of comprehensive income, the condensed consolidated statement of changes in equity and the condensed consolidated cash flow statement for the reporting periods ending June 30, 2024 and June 30, 2023 and the notes to the consolidated financial statements have not been audited or reviewed.
The accounting, valuation and consolidation methods applied in the interim consolidated financial statements as at June 30, 2024 essentially correspond to those applied in the consolidated financial statements at the end of the previous financial year.
In the 2023 financial year, all 6 cash-generating units or groups of units were subjected to a regular impairment test in accordance with IAS 36.10, which did not result in any impairment losses. There were no triggering events in accordance with IAS 36.12 in the first 6 months of the 2024 financial year.
The income tax expense is calculated and recognized on the basis of the effective tax rate currently expected for the Group for the entire year. For reasons of materiality, a detailed measurement of deferred tax assets and liabilities, pension provisions and balance sheet items relating to share-based payment has been omitted. As the extent of the measurement of financial assets and liabilities at fair value plays a subordinate role in the technotrans Group, no further reporting is provided in the Interim Financial Report.
For further explanations, please refer to the notes to the consolidated financial statements as at December 31, 2023.
Key events after the reporting date
No further events of particular significance with an impact on the net assets, financial position and results of operations occurred after the reporting date of June 30, 2024.
Scope of consolidation
technotrans SE and its 15 subsidiaries are fully consolidated in the Interim Consolidated Financial Statements. technotrans SE has the possibility of exercising a controlling influence over these subsidiaries within the meaning of IFRS 10. The scope of consolidation has not changed since December 31, 2023.
Related party disclosures
In the first half of 2024, no transactions were concluded between companies of the technotrans Group and related parties or their close family members.
The shareholdings of related parties as of June 30, 2024 are as follows
| Total Shares | |
|---|---|
| Board of Management | |
| Michael Finger | 11,500 |
| Peter Hirsch ${ }^{1)}$ | 7,500 |
| Robin Schaede | 2,925 |
| Supervisory Board | |
| Andrea Bauer | 0 |
| Peter Baumgartner | 100 |
| Dr-Ing Gottfried H. Dutiné | 0 |
| Florian Herger | 0 |
| Andre Peckruhn | 76 |
| Thorbjørn Ringkamp | 385 |
| Family members | |
| Relatives of the Supervisory Board | 1,050 |
| Relatives of the Board of Management | 0 |
${ }^{1)}$ Member of the Board of Management until March 11, 2024
Annual General Meeting
The Annual General Meeting of technotrans SE took place on May 17, 2024 in presence. Including the postal votes received, around $64 \%$ of the registered share capital was represented. All agenda items to be resolved met with broad approval. These included the distribution of a dividend of $€ 0.62$ per share (previous year; $€ 0.64$ ) and the resolution to create new authorized capital of $20 \%$ for the next 5 years. In addition, the Annual General Meeting elected Florian Herger, Luxempart S.A., as a shareholder representative on the Supervisory Board and confirmed the election of employee representatives Andre Peckruhn and Thorbjørn Ringkamp.
Responsibility statement by management
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 assets, liabilities, financial position and profit or loss 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 material opportunities and risks associated with the expected development of the Group for the remaining months of the financial year.
Sassenberg, August 14, 2024
technotrans SE
The Board of Management
Michael Finger
Robin Schaede
Information for shareholders
Performance of technotrans shares (XETRA)
Directors' Dealings
Michael Finger (CEO) acquired 2,500 technotrans shares in the period under review. Robin Schaede (CFO) purchased 2,425 shares.
Composition of shareholders
Based on voting rights notifications pursuant to Sections 33 and 34 of the German Securities Trading Act (WpHG), the shareholder structure as of June 30, 2024 was as follows:
20.1\% Luxemport S.A. (LUX)
14.8\% Teslin Capital Management B.V.
(NL - Gerlin Participaties Coöperatief U.A., Midlin N.V)
$5.3 \%$ Objectif Small Cop (F)
4.97 \% Allianz Vie S.A. (F)
54.8 \% Other shareholders
Financial Calendar/Notes
| Publication | Date |
|---|---|
| Quarterly communication 1-9/2024 | November 19, 2024 |
| Events | |
| HIT - Hamburg Investors Day | August 22, 2024 |
| Berenberg \& Goldman Sachs Conference - Munich | September 24, 2024 |
| CIC Market Forum - virtual | November 21, 2024 |
| German Equity Forum - Frankfurt | November 25 - 27, 2024 |
Current information on events can be found on our website at the following address:
https://www.technotrans.com/investor-relations/financial-calendar
Notes
The Interim Financial Report of technotrans SE at June 30, 2024 has been prepared in accordance with the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). It is in accordance with Section 52 of the stock exchange rules for the Frankfurt Stock Exchange (FSE).
This Interim Financial Report is published in German and English. The German version is always definitive.
This Interim Group Management Report contains statements on the future development of the technotrans Group. These reflect the present views of the management of technotrans SE and are based on the corresponding plans, estimates and expectations. We point out that the statements are subject to certain risks and uncertainties which could mean that the actual results differ considerably from the results expected.
Rounding differences may occur.
Contact
Frank Dernesch
Manager Investor Relations \& Corporate Finance
Phone: $\quad+49(0) 2583-301-1868$
Fax: +49 (0)2583-301-1054
E-Mail: [email protected]
General enquiries
technotrans SE
Robert-Linnemann-Straße 17
48336 Sassenberg
Phone: +49 (0)2583-301-1000
Fax: +49 (0)2583-301-1054
E-Mail: [email protected]
technotrans
technotrans SE
Robert-Linnemann-Straße 17 - 48336 Sassenberg $\cdot$ Germany
T +49 (0)2583 301-1000 $\cdot$ F +49 (0)2583 301-1030
[email protected] $\cdot$ www.technotrans.com