Quarterly Report • Nov 1, 2022
Quarterly Report
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Quarterly report for the first nine months of 2022
1 January to 30 September 2022
www.amadeus-fire.de
| € thousand, Earnings per share in € | 9 months 2016 | 9 months 2017 | 9 months 2018 | 9 months 2019 | 9 months 2020 | 9 months 2021 | 9 months 2022 | Change 2021/2022 |
|---|---|---|---|---|---|---|---|---|
| Consolidated statement of comprehensive income | ||||||||
| Revenue | 128,947 | 136,539 | 152,389 | 173,508 | 202,328 | 274,750 | 305,879 | 11.3% |
| Temporary staffing | 90,873 | 92,825 | 100,004 | 114,715 | 101,774 | 120,187 | 136,857 | 13.9% |
| Permanent placement | 15,952 | 21,538 | 27,944 | 31,079 | 25,580 | 39,830 | 56,389 | 41.6% |
| Interim and project management | 7,317 | 6,788 | 7,408 | 9,564 | 13,641 | 17,932 | 21,783 | 21.5% |
| Training | 14,805 | 15,389 | 17,033 | 18,150 | 61,255 | 97,044 | 90,774 | -6.5% |
| Operating gross profit | 56,389 | 63,711 | 73,551 | 83,445 | 102,711 | 148,739 | 163,342 | 9.8% |
| Operating gross profit margin | 43.7% | 46.7% | 48.3% | 48.1% | 50.8% | 54.1% | 53.4% | -0.7 PP |
| EBITDA | 23,138 | 25,058 | 28,542 | 36,718 | 40,978 | 65,856 | 68,723 | 4.4% |
| Operating EBITA* | 22,510 | 24,313 | 27,519 | 31,627 | 28,188 | 49,387 | 50,240 | 1.7% |
| Operating EBITA margin | 17.5% | 17.8% | 18.1% | 18.2% | 13.9% | 18.0% | 16.4% | -1.6 PP |
| Profit for the period | 14,821 | 16,049 | 18,389 | 20,967 | 11,400 | 27,263 | 29,831 | 9.4% |
| Balance Sheet | ||||||||
| Balance sheet total | 72,746 | 72,135 | 78,761 | 103,651 | 343,602 | 357,662 | 346,851 | -3.0% |
| Equity | 45,391 | 42,415 | 44,929 | 47,710 | 113,560 | 132,187 | 152,787 | 15.6% |
| Equity ratio | 62.4% | 58.8% | 57.0% | 46.0% | 33.0% | 37.0% | 44.0% | 7.1 PP |
| Net financial debt | 40,448 | 38,005 | 40,335 | 38,457 | -152,564 | -120,068 | -93,129 | -22.4% |
| Leverage ratio | N/A | N/A | N/A | N/A | 3.0 | 1.4 | 1.0 | -28.9% |
| Cash flow | ||||||||
| Cash flow from operating activities | 13,925 | 19,558 | 21,539 | 26,014 | 25,962 | 56,457 | 57,708 | 2.2% |
| Free Cash flow | 12,940 | 17,871 | 18,779 | 23,122 | 21,793 | 50,867 | 52,219 | 2.7% |
| Cash flow from investing activities | -979 | -1,657 | -2,740 | -2,887 | -10,189 | -5,532 | -4,843 | -12.5% |
| Cash flow from financing activities | -19,332 | -20,344 | -21,867 | -29,229 | -9,766 | -53,031 | -56,394 | 6.3% |
| Share | ||||||||
| Closing price Xetra in € as of 30.09 | 63.76 | 78.72 | 97.60 | 101.40 | 106.20 | 178.60 | 84.00 | -53.0% |
| Shares issued as of the balance sheet date (units) | 5,198,237 | 5,198,237 | 5,198,237 | 5,198,237 | 5,306,375 | 5,718,060 | 5,718,060 | 0.0% |
| Market capitalization | 331,440 | 409,205 | 507,348 | 527,101 | 563,537 | 1,021,246 | 480,317 | -53.0% |
| Dividend per share | 3.66 | 3.96 | 4.66 | 0.00 | 1.60 | 3.04 | N/A | N/A |
| Earnings per share | 2.84 | 3.08 | 3.50 | 4.00 | 2.12 | 4.73 | 5.18 | 9.6% |
| Employees as of 30.09. | ||||||||
| Total employees | 2,691 | 2,799 | 2,865 | 3,179 | 3,356 | 3,938 | 4,133 | 5.0% |
| Leased employees | 2,264 | 2,321 | 2,328 | 2,579 | 2,113 | 2,633 | 2,662 | 1.1% |
* Profit from operations before goodwill impairment and amortization of intangible assets from the purchase price allocation (operating EBITA)
| General economic and industry conditions . | 4 | |||
|---|---|---|---|---|
| Business performance . | 6 | |||
| Financial position and results of operations | . 9 | |||
| Outlook | 10 |
| Consolidated statement of comprehensive income | 11 |
|---|---|
| Consolidated statement of financial position | 12 |
| Consolidated statement of cash flows | 13 |
| Consolidated statement of changes in equity | . 14 |
| Segment information . | 15 |
| Information on forward-looking statements . | 16 | ||||||
|---|---|---|---|---|---|---|---|
| Contact and financial calendar . | 17 |
Business performance Financial position and results of operations Outlook
Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Segment Information
Information on forward-looking statements Contact and financial calendar
The German economy is facing a challenging winter. A tangible economic slowdown is anticipated. This is currently being seen most clearly in private consumer spending, which has declined as consumers become less willing to spend in response to high inflation. The ifo Institute is forecasting average inflation of 8.1 percent in Germany in 2022, with this figure set to climb again to an average of 9.3 percent in 2023. Inflation, rising interest rates, the vulnerability of energy supply, the ongoing war in Ukraine and supply bottlenecks and commodity shortages are combining to create an environment of considerable uncertainty and risk.
The muted sentiment is also reflected in the performance of the ifo Business Climate Index, which declined substantially by 4.3 percentage points from 88.6 points in August to 84.3 points in September. This represents a significant fall of 14.9 points compared with September 2021.
According to the latest forecasts by the ifo Institute, gross domestic product is expected to increase by 1.6 percent in 2022. The growth forecast for the coming summer was revised considerably to -0.3 percent.
The employment market continues to be stable. Even as the economy shows signs of recession, the risk of becoming unemployed due to loss of employment remains a low level.
The unemployment rate in September was 5.4 percent. The development of long-term unemployment remains below the prior-year level (-13 percent) but is still slightly higher than before the onset of the coronavirus crisis.
According to the German Federal Employment Agency, the temporary staffing market saw a slight decrease in the number of jobs paying social insurance contributions in the temporary employment field of -0.6 percent in July 2022 compared with the previous month. Unadjusted for seasonal effects, the number of jobs increased by 0.4 percent or 3,000 year-on-year. The situation is broadly stable.
The BA-X labour market index published by the German Federal Employment Agency – an indicator of demand for workers – improved significantly compared with the previous year, rising by 8 points to 132 points as at September 2022. The average for the first nine months is still well above the prior-year level at 136 points, with the highest level having been recorded in June.
5
Business performance Financial position and results of operations Outlook
Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Segment Information
Information on forward-looking statements Contact and financial calendar
By contrast, the ifo employment barometer – an indicator of German compa nies' willingness to hire – declined by 1.4 points to 99.5 points in September as companies became slightly more reluctant to make new appointments. The ifo employment barometer was slightly higher in the previous year at 104.3 points. Companies' willingness to hire depends to a large extent on the respective economic sector and future expectations
In the first nine months of 2022, the market for state-subsidised training was well behind 2020 and 2021, which were already impacted by the coronavirus crisis. Spending by the German Federal Employment Agency in the area of SGB III ("unemployment benefit I") was down 13 percent on the previous year.
Corporate customers' willingness to provide training was curbed by the cost pressure resulting from the pandemic. Although the demand situation has improved slightly in the meantime, it is currently being slowed again by the deterioration in business sentiment and fears of a recession.
By contrast, the long-term forecast demand from private individuals for fur ther professional qualifications is largely unaffected by economic cycles, and the current uncertainty has yet to lead to a tangible change in behaviour. The digitisation of teaching has led to better access and thus a general rise in demand for new delivery formats and opportunities.
Conditions Business performance Financial position and results of operations Outlook
Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Segment Information
Information on forward-looking statements Contact and financial calendar
€ 50 million barrier for the first time. Net profit also developed positively,
increasing by 9.4 percent year-on-year to € 29.8 million.
| Key figures in the segments | |||
|---|---|---|---|
| € thousand | 9 months 2022 | 9 months 2021 | Change in percent |
| Revenue | |||
| Personnel Services segment | 215,212 | 178,049 | 20.9% |
| Training segment | 90,774 | 97,044 | -6.5% |
| Group | 305,879 | 274,750 | 11.3% |
| Operating EBITA | |||
| Personnel Services segment | 43,693 | 31,033 | 40.8% |
| Training segment | 6,541 | 18,354 | -64.4% |
| Group | 50,240 | 49,387 | 1.7% |
| Operating EBITA margin | |||
| Personnel Services segment | 20.3% | 17.4% | 2.9 PP |
| Training segment | 7.2% | 18.9% | -11.7 PP |
| Group | 16.4% | 18.0% | -1.6 PP |
Quarterly report for the first nine months 2022
Conditions Business performance Financial position and results of operations Outlook
Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Segment Information
Information on forward-looking statements Contact and financial calendar
The positive overall performance is attributable in particular to development in the Personnel Services segment, which built on the successes achieved in the first half of 2022 and achieved excellent results once again.
The current negative sentiment among companies had not significantly impacted the performance of the Personnel Services segment by the end of the third quarter of 2022. Segment revenue increased by 20.9 percent, with positive development recorded across all services.
Temporary staffing services have recently seen slightly slower growth compared with the extremely dynamic performance observed in the first nine months of the previous year. The key challenge remains the continuous recruitment of new professional staff. All in all, revenue increased by 13.9 percent to € 136.9 million. The unusually high level of sick leave in Germany in the third quarter had a negative impact on revenue and gross profit. Sick leave in the first nine months was up significantly on the prior-year figure and was also higher than the pre-pandemic level.
Permanent placement services saw outstanding revenue growth of 41.6 percent to € 56.4 million. Customer demand remained high in the third quarter, with revenue reaching record levels. In light of this growth, Amadeus FiRe can be expected to gain additional market share.
Revenue from interim and project management hit a new all-time high of € 21.8 million, an increase of 21.5 percent compared with the previous year. These services are typically characterised by company-specific projects and are less tied to macroeconomic development.
The branch organisation in Personnel Services is continuing to press ahead with a successful and ambitious phase of expansion and growth as planned.
With operating EBITA of € 43.7 million, segment earnings in Personnel Services were up 40.8 percent and thus significantly higher than the record figure achieved in the previous year.
| € thousand | 9 month 2022 | 9 months 2021 | Change in percent |
|---|---|---|---|
| Total revenue | 215,212 | 178,049 | 20.9% |
| Temporary staffing | 136,857 | 120,187 | 13.9% |
| Permanent placement | 56,389 | 39,830 | 41.6% |
| Interim and project management | 21,783 | 17,932 | 21.5% |
| Operating gross profit | 108,883 | 86,405 | 26.0% |
| Operating gross profit margin |
50.6% | 48.5% | 2.1 PP |
| Operating EBITA | 43,693 | 31,033 | 40.8% |
| Operating EBITA margin |
20.3% | 17.4% | 2.9 PP |
Training segment
Quarterly report for the first nine months 2022
Conditions Business performance Financial position and results of operations Outlook
Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Segment Information
Information on forward-looking statements Contact and financial calendar
Segment revenue declined by 6.5 percent to € 90.8 million in the first nine months of 2022 (previous year: € 97.0 million) on the back of weaker revenue in the market for subsidised training. However, monthly training revenue in September was higher than one year previously.
As expected, the market for subsidised training at COMCAVE and GFN bottomed out in July. The demand situation has improved and, contrary to the market trend, the number of participants is increasing again.
In spite of the restrictions on the market due to the pandemic, COMCAVE and GFN have structurally improved their own market position by extending their location network and expanding their product portfolio. In turn, this led to a further increase in the visibility of available courses on public information platforms in the third quarter.
However, the total number of participants in the first nine months was down significantly on the same period of the previous year. Given the existing training infrastructure, it was not possible to compensate the resulting lower revenue in expenses to the same degree.
Courses and seminars for private customers continued to see positive and growing development. A rise in classroom training is helping margin structures to return to normal. Nevertheless, the digitalisation effect is resulting in a sustained improvement in profitability.
As expected, training revenue with corporate clients saw weak development as a result of growing uncertainty and risk.
At € 6.5 million (previous year: € 18.4 million), earnings in the Training segment saw another substantial year-on-year downturn of 64.4 percent. As discussed above, this was primarily due to the weakness of the market and the fact that subsidised training products are now suffering from a lack of visibility. Following an extremely profitable first half of 2021, the deterioration in the prevailing conditions was already evident in the second half of 2021. However, the stabilisation in the current situation meant that, for the first time, segment earnings in September 2022 were higher than in the same month of the previous year.
| € thousand | 9 months 2022 | 9 months 2021 | Change in percent | |
|---|---|---|---|---|
| Total revenue | 90,774 | 97,044 | -6.5% | |
| COMCAVE | 46,467 | 57,160 | -18.7% | |
| GFN | 22,485 | 20,375 | 10.4% | |
| Steuer-Fachschule Dr. Endriss | 21,868 | 19,521 | 12.0% | |
| Operating gross profit | 54,536 | 62,519 | -12.8% | |
| Operating gross profit margin |
60.1% | 64.4% | -4.3 PP |
|
| Operating EBITA | 6,541 | 18,354 | -64.4% | |
| Operating EBITA margin |
7.2% | 18.9% | -11.7 PP |
Please refer to the section on business performance and the comments on the segments for details of the development in the results of operations. PPA effects within EBITA decreased from € 4.5 million in the previous year to € 2.3 million.
Earnings per share, based on the net profit for the period attributable to the ordinary shareholders of the parent company, increased by around 10 percent to € 5.18 in the first nine months of 2022 (previous year: € 4.73).
Equity amounted to € 152.8 million as at 30 September 2022, up from € 140.3 million as at 31 December 2021. The net profit of € 29.8 million for the period ended 30 September 2022 was offset by the dividend distribution of € 17.4 million in May. The equity ratio climbed from 40.8 percent to 44.0 percent.
Debt was also reduced further in the first nine months. An unscheduled repayment of € 8.0 million was made in addition to the regular quarterly repayments of € 5.0 million. Gearing decreased from 1.2 as at 31 December 2021 to 1.0 at the reporting date.
| € thousand | 9 months 2022 | PPA effects | 9 months 2022 operating |
9 months 2021 | PPA effects | 9 months 2021 operating |
Change operational in % |
|---|---|---|---|---|---|---|---|
| Revenue | 305,879 | 0 | 305,879 | 274,750 | 0 | 274,750 | 11.3% |
| Cost of sales | -142,567 | 30 | -142,537 | -127,725 | 1,714 | -126,011 | 13.1% |
| Gross profit | 163,312 | 30 | 163,342 | 147,025 | 1,714 | 148,739 | 9.8% |
| profit Gross margin |
53.4% | N/A | 53.4% | 53.5% | N/A | 54.1% | -0.7 PP |
| Selling and administrative expenses | -115,857 | 2,235 | -113,622 | -102,294 | 2,783 | -99,511 | 14.2% |
| Other income and expenses | 520 | 0 | 520 | 159 | 0 | 159 | 227.0% |
| EBITA | 47,975 | 2,265 | 50,240 | 44,890 | 4,497 | 49,387 | 1.7% |
| EBITA margin | 15.7% | N/A | 16.4% | 16.3% | N/A | 18.0% | -1.6 PP |
| Financial result | -2,480 | 0 | -2,480 | -4,922 | 0 | -4,922 | -49.6% |
| Profit before taxes | 45,495 | 2,265 | 47,760 | 39,968 | 4,497 | 44,465 | 7.4% |
| Income taxes | -13,833 | -386 | -14,219 | -11,007 | -773 | -11,780 | 20.7% |
| Profit after taxes | 31,662 | 1,879 | 33,541 | 28,961 | 3,724 | 32,685 | 2.6% |
Conditions Business performance Financial position and results of operations Outlook
Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Segment Information
Conditions Business performance Financial position and results of operations Outlook
Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Segment Information
Information on forward-looking statements Contact and financial calendar
Germany's economic development and the associated forecasts continue be subject to the considerable uncertainties that have already been described, which makes it harder to issue reliable statements. The development of the coronavirus pandemic also needs to be observed extremely closely. Infection rates have accelerated rapidly again in recent weeks. If this development continues through the autumn and winter, this could lead to additional disruption to economic activity.
In the first nine months, the Amadeus FiRe Group achieved results that were in line with the respective forecast ranges. For the year as a whole, the Management Board expects the Amadeus FiRe Group to achieve operating EBITA in excess of € 70 million compared with € 66.5 million in the previous year. This means the Management Board is reiterating its forecast of growth in operating EBITA at the lower end of the current forecast range of 7 to 9 percent.
All in all, results in the Personnel Services segment in the first nine months of the year were well in excess of the original forecasts. This development is generally expected to continue in the fourth quarter, including the further expansion of the branch organisation.
In the Training segment, subsidised training stabilised in the third quarter following weak development previously.
Participant numbers are expected to improve gradually during the fourth quarter. Business with corporate customers is expected to increasingly come under pressure, whereas the market for privately financed professional training is likely to remain stable and positive. All in all, the full-year performance of the Training segment in 2022 will be substantially lower than originally anticipated.
It is quite possible that macroeconomic disruption will lead to falling demand in isolated cases. This risk to Amadeus FiRe is significantly reduced by its broad customer base across multiple sectors and the opportunities this entails for substitution. Current economic developments are highly dynamic, difficult to predict and entail risks.
For further information, please refer to the forecast in Part B (combined management report) of the 2021 annual report.
The quarterly report as at 30 September 2022 has been neither reviewed nor audited in accordance with section 317 HGB.
Frankfurt/Main, 25 October 2022
Robert von Wülfing Dennis Gerlitzki Thomas Surwald Chairman of the Management Board Member of the Management Board Member of the Management Board
Conditions Business performance Financial position and results of operations Outlook
Financial information
Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Segment Information
Other information
Information on forward-looking statements Contact and financial calendar
Consolidated income statement
| € thousand, Earnings per share in € | 9 months 2022 | 9 months 2021 | Q3 2022 | Q3 2021 |
|---|---|---|---|---|
| Revenue | 305,879 | 274,750 | 104,792 | 96,398 |
| Cost of sales | -142,567 | -127,725 | -47,439 | -43,731 |
| Gross profit | 163,312 | 147,025 | 57,353 | 52,667 |
| Selling expenses | -94,300 | -80,562 | -30,867 | -27,124 |
| thereof impairment of financial assets | -395 | -36 | -215 | -9 |
| General and administrative expenses | -21,557 | -21,732 | -6,993 | -6,803 |
| Other operating income | 607 | 199 | 208 | 42 |
| Other operating expenses | -87 | -40 | -11 | -12 |
| Profit from operations | 47,975 | 44,890 | 19,690 | 18,770 |
| Finance income | 49 | 6 | 46 | 2 |
| Finance costs | -2,529 | -4,928 | -949 | -1,121 |
| Profit before taxes | 45,495 | 39,968 | 18,787 | 17,651 |
| Income taxes | -13,833 | -11,007 | -5,382 | -5,107 |
| Profit after taxes | 31,662 | 28,961 | 13,405 | 12,544 |
| Profit attributable to non-controlling interests recognized under liabilities | -1,831 | -1,698 | -998 | -773 |
| Profit for the period | 29,831 | 27,263 | 12,407 | 11,771 |
| Other comprehensive income | 0 | 0 | 0 | 0 |
| Total comprehensive income | 29,831 | 27,263 | 12,407 | 11,771 |
| Profit for the period attributable to: | ||||
| Non-controlling interests | 216 | 233 | 62 | 51 |
| Equity holders of Amadeus FiRe AG | 29,615 | 27,030 | 12,345 | 11,720 |
| Total comprehensive income attributable to: | ||||
| Non-controlling interests | 216 | 233 | 62 | 51 |
| Equity holders of Amadeus FiRe AG | 29,615 | 27,030 | 12,345 | 11,720 |
| Basic/diluted earnings per share | 5.18 | 4.73 | 2.16 | 2.05 |
| for the first nine months 2022 | |
|---|---|
| Quarterly report |
| Conditions |
|---|
| Business performance |
| Financial position and results of |
| operations |
| Outlook |
Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity
| € thousand | 30.09.2022 | 31.12.2021 |
|---|---|---|
| ASSETS | ||
| Goodwill | 172,093 | 172,093 |
| Other intangible assets | 27,990 | 30,076 |
| Property, plant and equipment | 9,109 | 9,280 |
| Right-of-use assets | 67,543 | 64,464 |
| Deferred tax assets | 2,539 | 1,734 |
| Total non-current assets | 279,274 | 277,647 |
| Trade receivables | 55,665 | 49,101 |
| Other assets | 3,643 | 5,366 |
| Income tax assets | 211 | 193 |
| Cash and cash equivalents | 8,058 | 11,587 |
| Total current assets | 67,577 | 66,247 |
| Total ASSETS | 346,851 | 343,894 |
| € thousand | 30.09.2022 | 31.12.2021 |
|---|---|---|
| EQUITY AND LIABILITIES | ||
| Subscribed capital | 5,718 | 5,718 |
| Capital reserves | 61,944 | 61,944 |
| Gewinnrücklagen | 83,068 | 70,836 |
| Total equity attributable to equity holders of Amadeus FiRe AG |
150,730 | 138,498 |
| Non-controlling interests | 2,057 | 1,841 |
| Total equity | 152,787 | 140,339 |
| Lease liabilities | 51,254 | 50,100 |
| Other financial liabilities | 11,865 | 34,689 |
| Liabilities to shareholders/partners | 20,420 | 18,849 |
| Other liabilities | 5,091 | 4,096 |
| Deferred tax liabilities | 3,998 | 3,783 |
| Total non-current liabilities | 92,628 | 111,517 |
| Lease liabilities | 17,905 | 16,604 |
| Other financial liabilities | 20,163 | 19,963 |
| Liabilities to shareholders/partners | 2,068 | 2,339 |
| Trade payables | 9,167 | 9,220 |
| Contract liabilities | 6,104 | 5,658 |
| Income tax liabilities | 14,904 | 7,421 |
| Other liabilities | 31,125 | 30,833 |
| Total current liabilities | 101,436 | 92,038 |
| Total EQUITY AND LIABILITIES | 346,851 | 343,894 |
Conditions Business performance Financial position and results of operations Outlook
Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Segment Information
Other information
| Consolidated cash flow statement | ||||
|---|---|---|---|---|
| € thousand | 9 months 2022 | 9 months 2021 | Q3 2022 | Q3 2021 |
| Profit for the period | 29,831 | 27,263 | 12,407 | 11,771 |
| Plus profit attributable to non-controlling interests recognized under liabilities | 1,831 | 1,698 | 998 | 773 |
| Income taxes | 13,833 | 11,007 | 5,382 | 5,107 |
| Finance income | -49 | -6 | -46 | -2 |
| Finance costs | 2,529 | 4,928 | 949 | 1,121 |
| Depreciation of intangible assets, property, plant and equipment and right-of-use assets | 20,748 | 20,966 | 7,194 | 6,748 |
| Earnings before interest, taxes and depreciation | 68,723 | 65,856 | 26,884 | 25,518 |
| Non-cash transactions | 597 | -123 | 183 | -111 |
| Changes in operating working capital | ||||
| -Trade receivables and other assets | -6,959 | -13,155 | -1,032 | -3,990 |
| -Other assets | 1,133 | 482 | 968 | 1,013 |
| -Trade payables | 96 | 742 | 450 | 74 |
| -Contract liabilities | 445 | 2,901 | -437 | 223 |
| -Other liabilities | 1,288 | 10,507 | 1,806 | 4,523 |
| Interest paid | -658 | -2,375 | -123 | -543 |
| Commissions paid | 0 | 0 | 0 | 0 |
| Income taxes paid | -6,957 | -8,378 | -1,040 | -3,678 |
| Net cash from operating activities | 57,708 | 56,457 | 27,659 | 23,029 |
| Interest received | 49 | 5 | 46 | 0 |
| Cash received from disposals of intangible assets and property, plant and equipment | 8 | 15 | 1 | 0 |
| Cash received from the acquisition of subsidiaries, net of cash acquired | 589 | 38 | 589 | 38 |
| Cash paid for the acquisition of intangible assets and property, plant and equipment | -5,489 | -5,590 | -1,865 | -2,238 |
| Net cash used in investing activities | -4,843 | -5,532 | -1,229 | -2,200 |
| Cash received from the raising of financial loans | 4,000 | 0 | 0 | 0 |
| Cash repayments of loans | -27,000 | -30,000 | -17,000 | -20,000 |
| Cash repayments of lease liabilities | -14,068 | -12,312 | -4,490 | -4,040 |
| Interest payments on lease liabilities | -481 | -419 | -166 | -140 |
| Cash paid to non-controlling interests | -1,462 | -1,437 | 0 | -793 |
| Dividends paid to equity holders of Amadeus FiRe AG | -17,383 | -8,863 | 0 | 0 |
| Net cash used in/from financing activities | -56,394 | -53,031 | -21,656 | -24,973 |
| Change in cash and cash equivalents | -3,529 | -2,106 | 4,774 | -4,144 |
| Cash and cash equivalents at the beginning of the reporting period | 11,587 | 29,990 | 3,284 | 32,028 |
| Cash and cash equivalents at the end of the reporting period (consolidated balance sheet) | 8,058 | 27,884 | 8,058 | 27,884 |
| Quarterly report for the first nine months 2022 |
€ thousand | Subscribed capital |
Capital reserves |
Retained earnings |
Total equity attributable |
Non-controlling interests |
Total equity |
|---|---|---|---|---|---|---|---|
| Conditions Business performance Financial position and results of operations Outlook |
to equity holders of Amadeus FiRe AG |
||||||
| As of 01.01.2021 | 5,718 | 61,944 | 44,873 | 112,535 | 1,419 | 113,954 | |
| Total comprehensive income | 0 | 0 | 27,031 | 27,031 | 233 | 27,264 | |
| Distributions to non-controlling interests | 0 | 0 | 0 | 0 | -168 | -168 | |
| Financial information Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Segment Information |
Dividends | 0 | 0 | -8,863 | -8,863 | 0 | -8,863 |
| As of 30.09.2021 | 5,718 | 61,944 | 63,041 | 130,703 | 1,484 | 132,187 | |
| As of 01.01.2022 | 5,718 | 61,944 | 70,836 | 138,498 | 1,841 | 140,339 | |
| Total comprehensive income | 0 | 0 | 29,615 | 29,615 | 216 | 29,831 | |
| Dividends | 0 | 0 | -17,383 | -17,383 | 0 | -17,383 | |
| As of 30.09.2022 | 5,718 | 61,944 | 83,068 | 150,730 | 2,057 | 152,787 |
| Quarterly report for the first nine months 2022 |
€ thousand | Personnel services | Training | Reconciliation | Amadeus FiRe Group | ||||
|---|---|---|---|---|---|---|---|---|---|
| Conditions Business performance Financial position and results of operations Outlook |
9 months 2022 | 9 months 2021 | 9 months 2022 | 9 months 2021 | 9 months 2022 | 9 months 2021 | 9 months 2022 | 9 months 2021 | |
| External revenue | 215,118 | 177,722 | 90,761 | 97,028 | 0 | 0 | 305,879 | 274,750 | |
| Internal revenue | 94 | 327 | 13 | 16 | -107 | -343 | 0 | 0 | |
| Total revenue | 215,212 | 178,049 | 90,774 | 97,044 | -107 | -343 | 305,879 | 274,750 | |
| Gross profit | 108,883 | 86,405 | 54,506 | 60,805 | -77 | -185 | 163,312 | 147,025 | |
| Gross operating profit | 108,883 | 86,405 | 54,536 | 62,519 | -77 | -185 | 163,342 | 148,739 | |
| Financial information | operating profit margin Gross |
50.6% | 48.5% | 60.1% | 64.4% | - | - | 53.4% | 54.1% |
| Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Segment Information |
EBITDA | 49,224 | 36,447 | 19,493 | 29,409 | 6 | 0 | 68,723 | 65,856 |
| Amortization and depreciation | -5,531 | -5,414 | -15,207 | -15,478 | 0 | 0 | -20,738 | -20,892 | |
| Impairment | 0 | 0 | -10 | -74 | 0 | 0 | -10 | -74 | |
| EBITA | 43,693 | 31,033 | 4,276 | 13,857 | 6 | 0 | 47,975 | 44,890 | |
| PPA effects | 0 | 0 | -2,265 | -4,497 | 0 | 0 | -2,265 | -4,497 | |
| Operating EBITA | 43,693 | 31,033 | 6,541 | 18,354 | 6 | 0 | 50,240 | 49,387 | |
| Other information | Operating EBITA margin |
20.3% | 17.4% | 7.2% | 18.9% | - | - | 16.4% | 18.0% |
| Information on forward-looking statements Contact and financial calendar |
Segment assets* | 116,304 | 109,911 | 229,633 | 247,140 | 914 | 611 | 346,851 | 357,662 |
| thereof goodwill | 30,364 | 30,364 | 141,729 | 141,729 | 0 | 0 | 172,093 | 172,093 | |
| Investments | 1,807 | 780 | 3,532 | 4,751 | 0 | 0 | 5,339 | 5,531 | |
*Excluding carrying amounts of equity investments and receivables from affiliates
Conditions Business performance Financial position and results of operations Outlook
Consolidated income statement Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes in equity Segment Information
Information on forward-looking statements Contact and financial calendar
This document contains certain forward-looking statements. Forward-looking statements are all statements not relating to historical facts and events. These statements are indicated by expressions such as "expect", "believe", "estimate", "assume", "predict", "presume", "forecast", "will", and similar expressions. Such forward-looking statements are subject to risks and uncer tainties because they relate to future events and current assumptions by the company that may not occur in the future, or that may not occur as expected. The company notes that such forward-looking statements do not represent a guarantee for the future; the actual results, including the financial position and profitability of Amadeus FiRe AG and the development of the econo mic and regulatory conditions, may differ materially from (and, in particular, be more negative than) the estimations expressly or implicitly assumed or described in these statements. Even if the actual results of Amadeus FiRe AG, including the financial position and profitability and the economic and regulatory conditions, prove to be consistent with the forward-looking state ments in this interim report, the company cannot guarantee that this will also be the case in future.
There may be slight differences in the amounts or percentage changes shown at different points in this report; this is due to rounding differences.
This document is also available in German. In the event of variances, the German version of the document shall take precedence over the English translation.
| Quarterly report | ||
|---|---|---|
| for the first nine months 2022 Conditions |
October 2022 | International Roadshow |
| Business performance Financial position and results of operations |
November 2022 | Equity Forum 2022 |
| Outlook | 21 March 2023 | Publication of 2022 Annual Report Publication of Sustainability Report – 2022 |
| Financial information | ||
| Consolidated income statement | 25 April 2023 | Report on the first quarter of the 2023 financial year |
| Consolidated balance sheet Consolidated cash flow statement Consolidated statement of changes |
April/May | International Roadshow |
| in equity Segment Information |
17 May 2023 | Annual General Meeting |
| Other information | 25 July 2023 | Publication of half-year financial report for 2023 |
| Information on forward-looking statements Contact and financial calendar |
24 October 2023 | Report on the first nine months of the 2023 financial year |
| October/November | International Roadshow |
Amadeus FiRe AG Investor Relations
Hanauer Landstraße 160, 60314 Frankfurt am Main Tel.: +49 (0) 69 96876-180 E-Mail: [email protected] Internet: www.amadeus-fire.de
www.amadeus-fire.de www.comcave.de www.endriss.de www.gfn.de www.ifrs-akademie.de www.taxmaster.de
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