Quarterly Report • Nov 8, 2023
Quarterly Report
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| in € m* | 01/01 – 09/30/2023 |
01/01 – 09/30/2022 |
Changes to previous year |
|---|---|---|---|
| Sales revenues | 157.5 | 205.2 | -23 % |
| Incoming orders | 128.3 | 209.7 | -39 % |
| Gross results | 68.3 | 102.0 | -33 % |
| Gross profit margin | 43.4 % | 49.7 % | -6.3 Pp. |
| Full costs for research and development |
29.4 | 24.6 | 20 % |
| Research and development ratio |
18.7 % | 12.0 % | 6.7 Pp. |
| EBITDA | 3.3 | 36.8 | -91 % |
| EBIT | -15.0 | 24.7 | >-100 % |
| EBT | -16.1 | 24.3 | >-100 % |
| EBT Marge | -10.2 % | 11.8 % | -22.1 Pp. |
| Net income | -17.5 | 19.2 | >-100 % |
| Weighted average number of shares |
30,230,531 | 29,891,809 | < 0 % |
| Result per share (€) | -0.58 | 0.64 | >-100 % |
| Cash flow from operating activities |
-0.1 | 2.5 | >-100 % |
| Cash flow from investing activities |
-11.0 | -41.1 | -73 % |
| Free Cash flow | -11.1 | -38.6 | +71 % |
| in € m* | 09/30/2023 | 12/31/2022 | Changes to previous year |
|---|---|---|---|
| Total assets | 269.2 | 265.5 | 1 % |
| Long-term assets | 140.0 | 130.9 | 7 % |
| Equity | 135.9 | 141.5 | -4 % |
| Liabilities | 133.3 | 124.0 | 8 % |
| Equity ratio | 50.5 % | 53.3 % | -2.8 Pp. |
| Net cash | -29.0 | -27.0 | 7 % |
| Working Capital | 64.6 | 70.6 | -9 % |
| Number of employees for the period (full time equivalents) |
1.097 | 1.054 | 4 % |
| Share price (XETRA) in € | 9.80 | 29.55 | -67 % |
| Number of shares in circulation |
30,727,531 | 29,833,531 | 3 % |
| Market capitalization | 301.1 | 881.6 | -66 % |
*unless otherwise stated
*Adjusted for cancellations of orders placed in prior years
Nine challenging months lie behind us, during which it was necessary to effectively and decisively counteract the unexpectedly sharp decline in sales, initially through temporary cost-cutting programs and subsequently, since the middle of the year, through the implementation of a restructuring program. Although cancellations decreased significantly in the third quarter, incoming orders remained at a very low level. The main reasons for the decline were continued weak demand from the consumer electronics, logistics and laboratory automation industries in Asia and North America, as well as the lack of economic recovery in China. In addition, our customers' excessive inventory levels as a result of over-ordering during the chip crisis are dampening demand in all industries and regions.
During the lockdown periods, the boom in consumer electronics and online ordering, as well as the need for covid testing, led to very large capacity expansions in these industries and thus very high demand for capital goods and vision components. Since mid-2022, we have seen a drastic reversal of this extraordinary trend. Furthermore, our customers' inventory levels, which continued to rise sharply as a result of over-ordering during the chip crisis, largely dampened the already low demand for capital goods. The continued rise in interest rates had an additional negative impact on our customers' willingness to invest. As expected, demand in Europe, which had been very strong until mid-year, cooled off during the third quarter. From January until the end of September 2023, however, sales in EMEA grew by almost ten percent, while the other regions declined by about one third compared to the previous year.
Due to continued weak demand in the Asian and American markets and increasing signs of recession in Europe, we no longer expect demand to recover before the beginning of 2024, as explained in the previous half-year report. In addition, we believe that the recovery will take longer than assumed at the beginning of the year, so that we expect sales in the coming year to remain below the record level of fiscal 2022. In anticipation of further growth, we significantly expanded our organizational structure in fiscal 2021/22, and in July of this year we had to realize that our organization, which was designed for growth, is too large for the expected business volume in 2023 and 2024. Against this background, in July 2023, together with the supervisory board, we decided on a restructuring program, which was then launched immediately. This program provides for the socially responsible reduction of approximately 200 full-time positions in Germany and abroad, as well as continued restrictive management of material costs and investments. As much as we regret that many long-serving and qualified colleagues are leaving our company, we are all the more convinced that we will pursue this path resolutely and rapidly in order to return the company to solid profitability and resilience as early as next year. We are also using this period of change to improve our effectiveness and efficiency. We will continue to pursue our strategy of evolving from a camera manufacturer to a full-line supplier in the field of computer vision.
The restructuring program was already largely implemented in the third quarter and resulted in a substantial quarterly loss due to the extraordinary expenses combined with the weak operating business. The resulting decrease in personnel costs will already be felt in the fourth quarter, as the majority of the termination agreements will take effect at the beginning of the fourth quarter. All major restructuring measures will be completed by the end of the year. As our actions are on track, we can confirm the guidance adjusted in July, but are narrowing the corridor at the lower end due to continued weak markets. Based on current information, we expect to achieve sales of between € 200 million and € 205 million (previously € 200 million to € 215 million) and a pre-tax loss of between € 18 million and € 20 million (previously € 12 million to € 20 million). The loss is largely due to one-time special charges, amounting to € 11 million to € 13 million.
As part of the restructuring, Arndt Bake, our long-time colleague in the management board, has asked the supervisory board not to renew his contract. Instead, he will focus on leading the EMEA sales organization and driving our market position in Europe and our transformation to a full-range supplier. The supervisory board supports this wish and the contract of Arndt Bake as Chief Digital Officer and Chief Innovation Officer will expire at the end of the year. We are delighted to be handing over the responsibility for the EMEA region to such competent and experienced hands and would like to thank our colleague for his many years of commitment and great dedication in his role on the management board. For the time being, the company will not fill the position on the management board and the remaining three management board members will divide the responsibilities among themselves accordingly as of January 1, 2024. After fifteen years of continuous profitable growth, we find ourselves in a period of temporary consolidation for the third time in the company's history. In this challenging and emotionally exhausting time, we would like to express our special thanks for the understanding and active contribution of our employees, the support of the supervisory board and for your trust as shareholders. As a management team, we are determined to quickly return Basler AG to solid profitability. In doing so, we will maintain the company's high level of innovation and remain true to our values. Our transformation to a full-range supplier for computer vision will continue to be our north star.
We will use the remaining weeks of the fiscal year to enter fiscal 2024 in a stronger position.
With this compact nine-month report we give you a deeper insight into the development of the fiscal year so far.
Your management board
The Basler group closed the first nine months with a 23 % decrease in sales and a significant loss. This is mainly due to the low level of gross margins as well as extraordinary restructuring expenses.
The accumulated incoming orders for the first nine months of financial year 2023 amounted to € 128.3 million (previous year: € 209.7 million). During the third quarter, incoming orders decreased to € 34.3 million. Compared to the same period of the previous year, sales decreased by 23 % to € 157.5 million (previous year: € 205.2 million). The main reasons for the decline in incoming orders and sales were the continued weak demand from the equipment industries for consumer electronics, logistics and laboratory automation in Asia and North America, as well as the lack of economic recovery in China. In addition, the sharp increase in our customers' inventories as a result of over-ordering during the chip crisis dampened the already low demand across the board. At € 40.5 million, the global order backlog has reached a normal level. The same applies to customers' order horizons, which are now generally shorter at only a few weeks ahead. Demand in Europe, which was very robust in the first half of the year, showed the first signs of weakening in the third quarter, as expected. Overall, sales in EMEA grew just under 10 % in the first nine months.
The German Mechanical Engineering Industry Association (VDMA) reports that German manufacturers of machine vision components, accumulated end of September 2023, a nominal decline in sales of 11 % compared to the previous year compared to the previous year. Incoming orders in the industry fell by 19 % in the same period. In September, incoming orders fell by 32 % in nominal terms compared to the previous year and sales also fell by 32 %.
Basler thus lags behind the German industry for image processing components. This is mainly due to the fact that Basler's business is very strongly focused on Asia. The business development of the Basler group in the first nine months of 2023 showed very strong regional differences. While sales in Europe and Germany each increased by approximately 10 % compared to the previous year, business in the Americas declined by 30 % and in Asia by 36 %.
The situation in the procurement markets continued to normalize during the course of the year and inventories were reduced by € 1.2 million. Since the beginning of the year, efforts have been made to reduce the inflow of materials and to further reduce working capital. However, significant improvements will only be seen in the first half of 2024.
In the first three quarters of 2023, development activities were at a high level of intensity. Overall, the full cost of development services was significantly increased to € 29.4 million in 2023 (September 30, 2022: € 24.6 million) in order to drive the transformation to a full-range supplier in terms of technology and products. Due to the relatively low sales and increased development costs, the R&D ratio of 19 % of revenues was significantly higher than the target of approximately 13 %.
With the new pylon 7.4 release, Basler recently added support for the latest Boost V cameras and CXP-12 interface cards. These products are used in demanding machine vision applications requiring high resolutions and frame rates. Application examples include the electronics industry and battery production for electric vehicles. The optimal matching of camera and interface card under the pylon Software Development Kit simplifies and accelerates customer development.
The company also completely redesigned the baslerweb.com website. The goal was to offer users a smooth, visually and technically modern customer experience. A few clicks to products, solutions and relevant information as well as a good overview and navigation support the positioning as a solution-oriented full-range supplier.
Depending on the user's intentions and level of knowledge, the new website has different entry points: Almost 3,000 vision components can now be ordered directly from the product area, application examples show concrete solutions for vision challenges, and Basler's "Vision Campus" learning center provides basic information and background on the topic of image processing. A revised version of helpful tools such as the "Vision System Configurator" is available for independent configuration of vision systems.
As a result of the low sales level in the current fiscal year and the one-time expenses related to the restructuring, the company significantly adjusted its sales and earnings guidance for 2023 in July.
As the restructuring measures are progressing according to plan, the company confirms its full-year guidance, but narrows it to the lower end due to the continued weak markets. Based on current information, management expects revenues of € 200 - 205 million (previously € 200 - 215 million) and a pre-tax loss of € 18 - 20 million (previously € 12 - 20 million). The loss is largely due to one-time charges, amounting to € 11 - 13 million.
It is expected that customers' excess inventories will be reduced to normal levels by the turn of the year and that the dampening effect on demand will then ease. With regard to original demand, there are currently no signs of a turnaround.
As soon as the duration and intensity of the market weakness can be better assessed, the company plans to publish a new medium-term plan in the first quarter, adjusted to market conditions.
In the coming weeks of the fiscal year, the management will focus on the rapid implementation of the remaining restructuring measures in order to return Basler AG to solid profitability already next year and to use the high innovative strength and value orientation of the company.
Nine months sales decreased by 23 % to € 157.5 million compared to € 205.2 million in the same period of the prior year. Incoming orders, adjusted for cancellations, decreased to € 128.3 million (previous year: € 209.7 million), down 39 % compared to the previous year
For the last seven quarters (in € million)
Sales Incoming orders
Cancellations of orders from previous years
As a result of the strong business performance in Europe and the pronounced weakness in the Americas and Asia, the regional distribution of sales shifted in favor of Europe. Europe's share of sales increased to 38 % from 26 % in the prior year. The share of sales in the Americas decreased from 18 % to 16 % and in Asia from 56 % to 46 %.
Development of gross margin
Earnings before taxes decreased due to low sales, low gross margins and high personnel costs in connection with severance agreements. It amounted to € -16.1 million (previous year: € 24.3 million).
While the company was close to break-even in the first half of the year, the continued weakness in sales, the declining gross margin and, in particular, the exceptional restructuring charges of € 10.3 million led to a high pre-tax loss in the third quarter. These restructuring charges consist of € 5.7 million in personnel expenses due to termination agreements, € 3.9 million in write-offs of capitalized development projects that cannot be continued due to staff departures, and € 0.7 million in material write-offs. The cumulative pre-tax result for the first nine months was € -16.1 million (previous year: € 24.3 million).
The gross profit margin for the first nine months of the fiscal year was 43.4 % (previous year: 49.7 %). It was negatively impacted in particular by high material costs due to delivery commitments and material procurement during the chip crisis, exchange rates and price pressure in China. The further decline in the gross profit margin in the third quarter was mainly due to lower fixed cost degression in production and material overheads as a result of the very low sales level. Above-average raw material devaluations also had an impact.
For the last seven quarters (in € million)
Earnings after tax amounted to € -17.5 million (previous year: € 19.2 million). Earnings per share amounted to € -0.58 (previous year: € 0.64).
Compared to December 31, 2022, non-current assets increased mainly due to the capitalization of the building extension at the company's headquarters in Ahrensburg, which was occupied at the beginning of the year.
Inventories decreased by only € 1.2 million in the first nine months due to value adjustments and an active inventory management. A more significant reduction in inventories is not expected until the coming fiscal year, when long-term supply commitments will have fully expired and demand will pick up again.
Equity decreased to € 135.9 million in the third quarter (December 31, 2022: € 141.5 million) as a result of the net loss. The equity ratio decreased by 2.8 percentage points to 50.5 % as of September 30, 2023, compared to 53.3 % as of December 31, 2022. The continued high equity ratio provides a solid foundation for financing the ongoing restructuring program.
The cash flow items in the year under review were mainly influenced by the weak result and low working capital effects.
The almost balanced operating cash flow amounted to € -0.1 million (previous year: € 2.5 million). It included significant payments for termination agreements that were already due in the third quarter. The high losses were offset in particular by reduced trade receivables due to the low level of business. The previous year's operating cash flow was impacted by a significant inventory build-up, whose further increase was avoided in the course of the reporting period.
Cash flow from investing activities amounted to € -11.0 million (previous year: € -41.1 million). Compared to the previous year, this figure includes minimal effects from M&A transactions, and investments in fixed assets were very restrictively limited due to the savings and restructuring programs.
The strongly positive cash flow from financing activities amounted to € 16.1 million (previous year: € 7.7 million). The main factors influencing this item in the reporting period were the sale of treasury shares, the drawdown of a KfW loan and the dividend payment in the second quarter.
Overall, the cash flow amounted to € 5.0 million (previous year: € -30.9 million). As a result, cash and cash equivalents increased from € 28.7 million (December 31, 2022) to € 33.7 million. Net debt after deduction of all bank liabilities amounted to € 29.0 million (December 31, 2022: € 27.0 million).
For the last seven quarters (in € million)
FCF in % OCF in € million ICF in € million
* extraordinary payments M&A investments (DATVISION and IOVIS, Korea) ** extraordinary payments M&A investments (Basler France and Basler Italy)
As of September 30, 2023, the Basler group employed 1,035 (December 31, 2022: 1,132) employees on a full-time equivalent basis. Of these, 117 full-time positions had already been cut by 30.9.2023. A further 96 full-time positions will be eliminated by the end of the year, 48 of which had already left the company by October 1. The company will fill a few key positions by the end of the year.
There have been no material related party transactions since the reporting date of December 31, 2022.
With regard to the significant opportunities and risks of the expected development of the Basler group, we refer to the group management report as of December 31, 2022. In the first half of the year, an analysis of the risks that have occurred in the area of incoming orders and business development was carried out. Currently, the regular risk inventory is being conducted throughout the group.
The interim statement of Basler was prepared according to the International Financial Reporting Standards (IFRS) as applicable within the European Union (EU), the interpretations of the International Financial Reporting Interpretations Committee (IFRIC), as well as the Standing Interpretations Committee (SIC). The interim statement was prepared according to the provision of the IAS 34. The interim financial statements as of September 30,2023 are unaudited and have not been reviewed by an auditor. In principle, the same accounting and valuation methods are applied in the interim financial statements as in the consolidated financial statements as of December 31, 2022.
For significant changes in the consolidated balance sheet, the consolidated statement of comprehensive income and the consolidated statement of cash flows, we refer to the report on the profit, finance, and asset situation. The statements on IFRS 9 made in the annual financial statements as of December 31, 2022, have not changed in the first nine months of the current financial year. To date, the Basler group has not identified any changes in the payment behavior of its customers that would have led to a different valuation of trade receivables. As of the balance sheet date, no information was available that would have led to a reassessment of lease accounting in accordance with IFRS 16.
The business development and the restructuring program as well as the currently limited interest in the capital markets with regard to small and mid-caps were clearly reflected in the price of Basler shares during the reporting period and as a result led to a delisting from the SDAX. In addition to the determined management of the restructuring program, the management intensified the active exchange with the capital market already in the third quarter in the form of conferences, road shows and video calls. In the fourth quarter, management will continue to report transparently on the market situation and the progress of the restructuring program.
€ 9.08 CLOSING PRICE ON SEPTEMBER 30, 2023
The share capital of Basler AG amounted to € 31.5 million at the end of the quarter on June 30, 2023, divided into 31.5 million no-par-value bearer shares at € 1.0 each.
| 09/30/2023 Number of shares in pieces |
12/31/2022 Number of shares in pieces |
|
|---|---|---|
| Supervisory Board | ||
| Norbert Basler | - | - |
| Dorothea Brandes (until May 26, 2023) |
- | - |
| Horst W. Garbrecht | - | - |
| Dr. Marco Grimm (until February 28, 2023) |
- | - |
| Alexander Jürn (from May 26, 2023) |
- | - |
| Tanja Schley (from May 26, 2023) |
- | - |
| Lennart Schulenburg | - | - |
| Prof. Dr. Mirja Steinkamp | - | - |
| Management Board | ||
| Arndt Bake | 5,025 | 5,400 |
| Dr. Dietmar Ley | 1,140,930 | 1,140,930 |
| Hardy Mehl | 20,616 | 20,616 |
| Alexander Temme | 1,701 | 1,701 |
The company terminated the current share buyback program on May 3, 2023. This share buyback program was launched in December 2020 with a total volume of up to € 10.0 million and a term until May 25, 2025. The share buyback program was based on the authorization pursuant to Section 71 (1) no. 8 AktG as resolved by the annual general meeting on May 26, 2020 under agenda item 8 of that annual general meeting.
On the basis of the same authorization, the company sold 394,000 treasury shares at a price of € 20.40 on May 11, 2023.
The authorization to acquire and use treasury shares granted by the annual general meeting on May 26, 2020, still related to the share capital of € 10.5 million existing at the time of the resolution. By resolution of the annual general meeting on May 23, 2022, it was resolved to increase the share capital from company funds to € 31.5 million. The volume of the authorization to acquire and use treasury shares is not automatically adjusted accordingly. At this year's annual general meeting, the company therefore resolved a new authorization to acquire and use treasury shares on the basis of the increased share capital.
Against this background, a further block of 500,000 treasury shares was sold on June 9, 2023, at a price of € 19.18 on the basis of the new authorization pursuant to Section 71 (1) no. 8 AktG resolved by the annual general meeting on May 26, 2023, under agenda item 7.
As of September 30, 2023, the company still holds 772,469 treasury shares or 2.45 % of the share capital of 31.5 million shares.
The current declaration of the management board and the supervisory board pursuant to § 161 of the German Stock Corporation Act (AktG) regarding the German Corporate Governance Code was made continually available to the shareholders on the company's website at:
baslerweb.com/investors/corporate-governance
We affirm to the best of our knowledge that the interim consolidated financial statements, in accordance with the accounting principles applicable to interim reporting, provide a true and fair view of the group's asset, financial, and earnings situation and that the group's interim management report represents a true and fair picture of the course of business, including the operating result, and the group's financial situation as well as describing the essential opportunities and risks concomitant with the expected development of the group during the remainder of the fiscal year.
The management board
Dr. Dietmar Ley Arndt Bake Hardy Mehl Alexander Temme CEO CDO/CIO CFO/COO CCO
| in € k | 01/01/ – 09/30/2023 | 01/01/ – 09/30/2022 |
|---|---|---|
| Sales revenues | 157,534 | 205,196 |
| Currency earnings | -946 | -584 |
| Cost of sales | -88,278 | -102,595 |
| Gross profit on sales | 68,309 | 102,017 |
| Other income | 1,378 | 1,650 |
| Sales and marketing costs | -30,886 | -35,518 |
| General administration costs | -21,560 | -19,922 |
| Research and development | ||
| Full costs | -29,412 | -24,594 |
| Capitalisation of intangible assets | 6,549 | 6,745 |
| Depreciations intangible | -9,171 | -5,081 |
| Research and development | -32,034 | -22,930 |
| Other expenses | -176 | -569 |
| Operating result | -14,969 | 24,728 |
| Financial income | 245 | 107 |
| Financial expenses | -1,357 | -544 |
| Financial result | -1,112 | -437 |
| Earnings before tax | -16,081 | 24,291 |
| Income tax | -1,436 | -5,068 |
| Group´s year result | -17,517 | 19,223 |
| Average number of shares | ||
| of which are allocated to | -17,517 | 19,223 |
| shareholders of the parent company | 0 | 0 |
| non-controlling shareholders | 30,230,531 | 29,891,809 |
| Earnings per share diluted = undiluted (€) | -0.58 | 0.64 |
| in € k | 01/01/ – 09/30/2023 | 01/01/ – 09/30/2022 |
|---|---|---|
| Group's year result | -17,517 | 19,223 |
| Result from differences due to currency conversion, directly recorded in equity (to be reclassified to the consolidated income statement in the future under certain |
||
| conditions) | -1,410 | 875 |
| Total result, through profit or loss | -1,410 | 875 |
| Total result | -18,927 | 20,098 |
| of which are allocated to | ||
| shareholders of the parent company | -18,927 | 20,098 |
| non-controlling shareholders | 0 | 0 |
| in € k | 01/01/ – 09/30/2023 | 01/01/ – 09/30/2022 |
|---|---|---|
| Operating activities | ||
| Group's year result | -17,517 | 19,223 |
| Increase (+) / decrease (-) in deferred taxes | -877 | 1,311 |
| Payout/ incoming payments for interest | 1,250 | 837 |
| Depreciation of fixed assets | 18,307 | 12,038 |
| Change in capital resources without affecting payment | -1,410 | 875 |
| Increase (+) / decrease (-) in accruals | -2,355 | 1,400 |
| Profit (-) / loss (+) from asset disposals | -129 | -8 |
| Increase (-) / decrease (+) in reserves | 1,240 | -16,392 |
| Increase (+) / decrease (-) in advances from demand | -171 | -34 |
| Increase (-) / decrease (+) in accounts receivable | 9,885 | -20,445 |
| Increase (-) / decrease (+) in other assets | -2,013 | -4,716 |
| Increase (+) / decrease (-) in accounts payable | -4,887 | 2,148 |
| Increase (+) / decrease (-) in other liabilities | -1,405 | 6,299 |
| Net cash provided by operating activities | -82 | 2,536 |
| Investing activities | ||
| Payout for investments in fixed assets | -1,355 | -4,008 |
| Payout for investments in intangible assets | -10,064 | -17,574 |
| Incoming payments for asset disposals | 657 | 103 |
| Expenses for acquisitions less cash acquired | -240 | -19,619 |
| Net cash provided by investing activities | -11,002 | -41,098 |
| in € k | 01/01/ – 09/30/2023 | 01/01/ – 09/30/2022 |
|---|---|---|
| Financing activities | ||
| Payout for amortisation of bank loans | -1,370 | -3,082 |
| Payout for amortisation of finance lease | -2,635 | -2,871 |
| Incoming payment for borrowings from banks | 8,000 | 23,000 |
| Interest payout | -1,250 | -837 |
| Interest payout | 0 | 0 |
| Incoming payment for sale of own shares | 17,588 | 353 |
| Payout for own shares | 0 | -2,731 |
| Dividends paid | -4,232 | -6,184 |
| Net cash provided by financing activities | 16,101 | 7,648 |
| Change in liquid funds | 5,017 | -30,914 |
| Funds at the beginning of the year | 28,701 | 54,831 |
| Funds at the end of the year | 33,718 | 23,917 |
| Composition of liquid funds at the end of the year | ||
| Cash in bank and cash in hand | 33,718 | 23,917 |
| Payout for taxes | -2,172 | -5,316 |
| in € k | 09/30/2023 | 12/31/2022 |
|---|---|---|
| Assets | ||
| A. Long-term assets | ||
| I. Intangible assets | 45,891 | 48,477 |
| II. Goodwill | 45,816 | 46,069 |
| III. Fixed assets | 16,479 | 16,790 |
| IV. Buildings and land in finance lease | 23,499 | 12,575 |
| V. Other financial assets | 1,658 | 1,418 |
| VI. Other long term assets | 5,073 | 3,803 |
| VII. Deferred tax assets | 1,549 | 1,815 |
| 139,965 | 130,947 | |
| B. Short-term assets | ||
| I. Inventories | 49,097 | 50,337 |
| II. Receivables from deliveries and services | 31,297 | 41,181 |
| III. Other short-term financial assets | 7,466 | 4,397 |
| IV. Other short-term assets | 6,143 | 7,429 |
| V. Claim for tax refunds | 1,499 | 2,535 |
| VI. Cash in bank and cash in hand | 33,718 | 28,701 |
| 129,220 | 134,580 | |
| 269,185 | 265,527 |
| in € k | 09/30/2023 | 12/31/2022 |
|---|---|---|
| Liabilities | ||
| A. Equity | ||
| I. Subscribed capital | 30,728 | 29,834 |
| II. Capital reserves | 10,669 | 7,223 |
| III. Retained earnings | 98,690 | 107,192 |
| IV. Other components of equity | -4,173 | -2,763 |
| 135,914 | 141,486 | |
| B. Long-term debt | ||
| I. Long-term liabilities | ||
| 1. Long-term liabilities to banks | 53,316 | 51,655 |
| 2. Other financial liabilities | 3,165 | 3,517 |
| 3. Liabilities from finance lease | 21,156 | 10,076 |
| II. Non-current provisions | 2,027 | 1,956 |
| III. Deferred tax liabilities | 9,758 | 10,901 |
| 89,422 | 78,105 | |
| C. Short-term debt | ||
| I. Other financial liabilities | 9,847 | 4,025 |
| II. Short-term accrual liabilities | 8,950 | 10,700 |
| III. Short-term other liabilities | ||
| 1. Liabilities from deliveries and services | 14,528 | 19,416 |
| 2. Other short-term financial liabilities | 5,298 | 7,371 |
| 3. Liabilities from finance lease | 3,948 | 2,470 |
| IV. Current tax liabilities | 1,278 | 1,954 |
| 43,849 | 45,936 | |
| 269,185 | 265,527 |
Group´s annual balance sheet according to IFRS for the fiscal year from January 1, 2023 to September 30, 2023
| Other components of equity | |||||||
|---|---|---|---|---|---|---|---|
| in € k | Subscribed capital |
Capital reserve |
Retained earnings incl. group's earnings |
Differences due to currency conversion |
Adjustment recognized directly in equity Finance lease / IFRS15 |
Sum of other components of equity |
Total |
| Shareholders´ equity as of 01/01/2022 |
9,971 | 26,818 | 94,237 | 2,187 | -4,557 | -2,370 | 128,656 |
| Total result | 19,234 | 875 | 875 | 20,109 | |||
| Share salesback / Share buyback | -1,137 | -1,489 | 248 | -2,378 | |||
| Capital increase from company funds |
21,000 | -21,000 | 0 | ||||
| Dividend outpayment* | -6,184 | -6,184 | |||||
| Shareholders´ equity as of 30/09/2022 |
29,834 | 4,329 | 107,535 | 3,062 | -4,557 | -1,495 | 140,203 |
| Total result | 2,905 | -1,013 | -255 | -1,268 | 1,637 | ||
| Share salesback / Share buyback | 2,894 | -3,248 | -354 | ||||
| Capital increase from company funds |
0 | ||||||
| Dividend outpayment* | 0 | 0 | |||||
| Shareholders´equity as of 12/31/2022 |
29,834 | 7,223 | 107,192 | 2,049 | -4,812 | -2,763 | 141,486 |
| Total result | -17,518 | -1,410 | -1,410 | -18,928 | |||
| Share salesback / Share buyback | 894 | 3,446 | 13,248 | 17,588 | |||
| Dividend outpayment** | -4,232 | -4,232 | |||||
| Shareholders´equity as of 09/30/2023 |
30,728 | 10,669 | 98,690 | 639 | -4,812 | -4,173 | 135,914 |
* 0.62 € per share
** 0.14 € per share
| Date | Event | Venue |
|---|---|---|
| 11/28 – 11/29/2023 | German Equity Forum, Frankfurt | Frankfurt/Main, Germany |
| 12/04/2023 | Berenberg European Conference 2023 | Pennyhill, UK |
| Date | Event | Venue |
|---|---|---|
| 11/30/2023 | Healthcare+ Expo Taiwan | Taipei, Taiwan |
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