CANCOM SE — Interim / Quarterly Report 2016

Aug 10, 2016

INTERIM REPORT AS AT JUNE 30, 2016

Group key figures

2016 33.1

Q2 AT A GLANCE

in € million	Apr. 1 - Jun. 30, 2016	Apr. 1 - Jun. 30, 2015	Changes
Sales revenues	257.5	232.3	10.8%
Gross profit	71.6	66.1	8.3%
EBITDA	17.0	13.0	30.8%
EBITDA margin in %	6.6%	5.6%	1.0%
EBITA	13.6	9.9	37.4%
EBIT	11.6	7.6	52.6%
Earnings per share from continuing operations (basic) in €	0.45 €	0.20 €	125.0%

FIRST HALF

in € million	Jan. 1 - Jun. 30, 2016	Jan. 1 - Jun. 30, 2015	Changes
Sales revenues	492.2	430.5	14.3%
Gross profit	142.9	130.6	9.4%
EBITDA	33.1	23.7	39.7%
EBITDA margin in %	6.7%	5.5%	1.2%
EBITA	26.6	17.6	51.1%
EBIT	22.6	12.9	75.2%
Earnings per share from continuing operations (basic) in €	0.88 €	0.42 €	109.5%
Average number of shares (in 1,000) (basic)	15,852	14,880	6.5%
Employees as at June 30	2,752	2,707	1.7%
in € million	Jun. 30, 2016	Dec. 31, 2015	Changes
Balance sheet	494.2	436.3	13.3%
Equity	275.2	204.3	34.7%
Equity ratio in %	55.7%	46.8%	8.9%

	Revenue CANCOM Group Jan. 1 - Jun. 30, 2015 and Jan. 1 - Jun. 30, 2016 (in € million)		Gross profit CANCOM Group Jan. 1 - Jun. 30, 2015 and Jan. 1 - Jun. 30, 2016 (in € million)
2015	430.5	2015	130.6
2016	492.2	2016	142.9
	EBITDA CANCOM Group		Earnings per share CANCOM Group
	Jan. 1 - Jun. 30, 2015 and Jan. 1 - Jun. 30, 2016 (in € million)		Jan. 1 - Jun. 30, 2015 and Jan. 1 - Jun. 30, 2016 (in Euro)

2016 0.88

2

Table of contents

2	Key figures
3	Table of contents
4	Preface
5 - 10	Consolidated Interim Management Report Q2 1) Fundamental information about the Group 2) Economic report 3) Earnings, financial and assets position of the CANCOM Group 4) Stocks held by members of the Executive and Supervisory Boards as at June 30, 2016 5) Events of particular significance after the end of the reporting period 6) Risks of future development 7) Opportunities for future develpoment 8) Forecast 9) Management responsibility statement	5 6 6 - 8 8 9 9 9 9 - 10 10
12 - 13	Balance Sheet
14 - 15	Consolidated statement of income
16	Consolidated statement of comprehensive income
17	Statement of cash flows
18 - 19	Segment information

20 - 25 Notes to the consolidated accounts

Dear Stockholders:

The CANCOM group performed well in the second quarter of 2016, and the first half of the year has been a success on the whole. Consolidated sales revenues rose by 14.3 percent to € 492.2 million between January and June, and operating income continues to grow at a good rate.

Our strong position in the growth market of cloud computing is attested by Experton Group, which awarded CANCOM the title of Cloud Leader once again in a total of eight market categories in its Cloud Vendor Benchmark for 2016. We also received this major award in 2015 for our outstanding competitiveness and our attractive portfolio. The awards show that IT market experts believe CANCOM is in an excellent position to provide comprehensive, integrated solutions to meet the diverse needs of companies setting up cloud infrastructure. The Cloud Leader award provides a boost to the cloud computing business, but it will also have a positive impact on our IT solutions business, which comprises mobility and security solutions as well as big data and analytics.

In view of the group's positive performance, we remain optimistic about the second half of the year and 2016 as a whole. Our confident forecast is echoed by the vast majority of IT companies in Germany. According to the most recent IT sector barometer from BITKOM, Germany's digital association, 83 percent of the surveyed IT companies expect sales revenues to increase in the second half of the year.

We would like to thank you, our stockholders, for your confidence in CANCOM, and look forward to your continued involvement in the growth of our company.

Sincerely yours,

Klaus Weinmann CEO

Consolidated interim management report

1. Overview of the group

The CANCOM group is one of the leading providers of IT infrastructure and services in Germany and Austria. With its decentralized distribution and services structure, as well as central services in areas such as finance, purchasing, warehousing, logistics, marketing, product management and human resources, the group is well placed for sustainable, profitable growth. The group has locations in Germany, Austria, Switzerland and the U.S.A. in addition to a representative office in Brussels, Belgium.

Structure of the CANCOM group

CANCOM SE (also referred to as CANCOM), based in Munich, Germany, performs the central financial and management role for the equity investments held by the CANCOM group.

Areas of business

The cloud solutions operating segment comprises the CANCOM group's cloud and shared managed services business, including sales revenues from cloud hardware, software and services allocated to the projects. The service offer includes analysis, consulting, delivery, implementation and services, thus offering clients the necessary orientation and support for their conversion from traditional corporate IT systems to cloud computing. As part of its range of services, the CANCOM group can provide scalable cloud and managed services – in particular shared managed services – to run entire IT departments, or parts of them, for its clients. Distribution costs allocated to cloud distribution are included in the segment. The cloud business also benefits from synergies with CANCOM's central sales and marketing department, the costs of which are allocated to the IT solutions reportable segment.

The IT solutions operating segment of the CANCOM group offers comprehensive support for IT infrastructure and applications. The range of services offered includes IT strategy consulting, project planning and implementation, system integration, IT procurement via e-procurement services or as part of a project, in addition to professional IT services and support.

Focus of activities and sales markets

The CANCOM group is one of the largest independent integrated IT systems providers in Germany. It offers IT architecture, systems integration and managed services. As a provider of integrated services, CANCOM mainly focuses on IT services, in addition to distributing hardware and software from well-known manufacturers. The IT services offered by the group include consulting, the design of IT architectures and landscapes, and the design, integration and operation of IT systems – ranging from the performance of individual partial assignments (out-tasking) to taking over the complete operation of a company's IT systems.

The CANCOM group's client base therefore mainly includes commercial end-users, from small and medium enterprises to large enterprises and groups, as well as public-sector clients. Geographically, the CANCOM group operates primarily in Germany and Austria as well as in the U.S.A.

Explanation of the control system used within the group

To control and monitor the performance of the individual subsidiaries and the operating segments, CANCOM analyzes their monthly figures for, among other things, sales revenues, gross profit, operating expenditure and operating profit, and compares these key figures with the original plan as well as the quarterly forecast. For the purpose of management control, the company also regularly uses external indicators such as inflation rates, interest rates, the general economic trend and the performance of the IT sector, including forecasts. It also takes into account any data or indicators deriving from the early warning system of the group. Further details can be found in the risks and opportunities report.

Research and development activities

Innovation is very important for economic momentum and growth. As it is a service and trading enterprise, CANCOM does not conduct any research activities. Its development work focuses, for example, on software solutions, applications or architecture in IT growth segments such as cloud computing, virtualization, mobile solutions, IT security and shared managed services. Development work is limited in scope and is mainly used for the group's own purposes. During the period under review, further development work was carried out on the group's own IT architecture platform, CANCOM AHP Enterprise Cloud, in addition to customization of in-house software used by the company.

2. Economic report

The general economic situation and the performance of the IT sector

According to economic experts, the German economy has made a good start to the year 2016. Encouraging signs include the steady growth in production levels and the increase in exports in the industrial sector as well as in private demand. On the other hand, German companies' willingness to invest has been dampened by the slowness of the recovery in the global economy and political issues such Britain's decision to leave the European Union, as well as the economic problems of the euro area. Following the U.K. vote to leave the European Union, uncertainty as to how the situation will develop is likely to continue to dominate corporate investment in Europe.

The mood in the IT sector in Germany remains positive, according to the latest survey by Germany's digital association, BITKOM. The most recent IT sector barometer found that seven out of ten digital companies experienced an increase in revenues in the first half of 2016, and the vast majority of them are also optimistic about the prospects for the second half.

Impact on the CANCOM group's business performance

CANCOM SE's sales revenues continued to increase during the first six months of the year, with profits also up. Both figures exceeded those for the same period of 2015. The growth is driven by the cloud and managed services business as well as related solutions, such as mobility, security and big data and analytics, which contributed to the positive performance of the integrated IT systems business.

Employees

As at June 30, 2016, the CANCOM group employed 2,752 people (2015: 2,707).

The staff expenses for the first six months were as follows (in € '000):

	Jan. 1 - Jun. 30, 2016 €'000	Jan. 1 - Jun. 30, 2015 €'000
Wages and salaries	76,969	75,417
Social security contributions	12,393	12,200
Pension expenses	190	107
Total	89,552	87,724

3. Earnings, financial and assets position of the CANCOM Group

a) Earnings position

The CANCOM Group recorded a growth in its sales revenues and profits in the first six months of 2016 in comparison with the same period of 2015.

Consolidated sales revenues rose 14.3 percent, from € 430.5 million to € 492.2 million. The organic growth was 8.9 percent.

In Germany, sales revenues were up 13.1 percent, from € 385.2 million to € 435.8 million.

In international business, the group's sales revenues were up 24.3 percent, from € 45.3 million to € 56.3 million.

In the IT solutions segment, sales revenues were up by 12.9 percent, from € 367.8 million in the previous year to € 415.4 million in 2016. In the cloud solutions segment, sales revenues also experienced growth of 22.3 percent, from € 62.7 million to € 76.7 million.

The consolidated gross profit of the CANCOM group for the first six months of 2016 was 9.4 percent higher than in the same period of the previous year. It rose from € 130.6 million to € 142.9 million. The gross profit margin was 29.0 percent in comparison to 30.3 percent in 2015.

	CANCOM Group gross profit: year-on-year comparison of figures for the first six months (in € million)
2015	130.6
2016	142.9

Staff expenses increased from € 89.6 million to € 91.2 million. The ratio of staff expenditure fell from 20.4 percent to 18.2 percent, reflecting the change in the staff structure as a result of the group's increased activities in the higher-end consulting and services business.

At € 33.1 million, the consolidated EBITDA for the first six months of the fiscal year 2016 was up 39.7 percent on the figure of € 23.7 million achieved in the same period of 2015. This resulted in an improvement in the EBITDA margin, at 6.7 percent compared with 5.5 percent in the first half of 2015.

	CANCOM Group EBITDA: year-on-year comparison of figures for the first six months (in € million)
2015	23.7
2016	33.1

Consolidated earnings before interest and tax (EBIT) totaled € 22.6 million, up 75.2 percent from € 12.9 million in 2015.

At € 13.9 million, the after-tax profit from continuing operations after deduction of minority interests was higher than in the figure generated in the previous year (€ 6.2 million). Earnings per share from continuing operations for the first six months of 2016 therefore amounted to € 0.88, compared with € 0.42 in the same period of 2015.

Order position

In the cloud solutions segment, and large parts of the IT solutions segment, orders are often placed over long periods. For this reason the reporting date figures do not give a good indication of the order situation, and they are therefore not published. At the time this management report was written, capacity utilization among our consultants was good in both business segments.

Explanations of individual items on the statement of income

Further details on items in the statement of income are given in the notes to the consolidated statement of income.

b) Financial and assets position

Objectives of financial management

The core objective of the financial management of the CANCOM group is to safeguard its liquidity at all times in such a way that day-to-day business activities can be continued. In addition, the group aims to achieve optimum profitability as well as a high credit status to ensure favorable refinancing rates.

Notes on the capital structure

On the assets side of the balance sheet, current assets grew from € 277.4 million to € 335.2 million between December 31, 2015 and June 20, 2016. Cash and cash equivalents also increased from € 85.8 million to € 105.8 million in the same period. Other current financial assets increased from € 7.8 million to € 39.8 million. This amount included, inter alia, time deposits with banks of € 30 million. Trade accounts receivable were up from € 145.8 million to € 153.3 million. Inventories also went up from € 27.9 million to € 28.7 million.

At € 159.0 million as at June 30, 2016, non-current assets were almost unchanged in comparison with € 158.9 million as at December 31, 2015.

On the liabilities side of the balance sheet, there was a reduction in current liabilities from € 159.6 million as at December 31, 2015 to € 149.5 million. Trade accounts payable decreased from € 106.8 million to € 94.7 million as at June 30, 2016.

Non-current liabilities, consisting of debt with a residual term of at least one year, also decreased. They were down from € 72.4 million as at December 31, 2015 to € 69.6 million as at June 30, 2016.

Nominal equity went up from € 204.3 million as at December 31, 2015 to € 275.2 million, mainly as a result of the capital increase against cash contributions carried out in the first quarter of the fiscal year. Overall, this resulted in a further improvement of the equity ratio from 46.8 percent as at December 31, 2015 to 55.7 percent at the end of the first six months of 2016, with an increase of total assets to € 494.2 million, compared with € 436.3 million as at December 31, 2015.

Further details of the individual balance sheet items can be found in the notes to the consolidated balance sheet.

Notes to the statement of cash flows

The cash flow from ordinary activities stood at € 2.7 million as at June 30, 2016 compared with a negative cash flow of € 15.0 million in the same period of 2015, mainly owing to a change in the working capital.

There was a negative cash flow from investing activities of € 43.1 million, which results from time deposits with banks. The figure recorded for the first half of 2015 was minus € 15.1 million.

As a result of the capital increase, there was a positive cash flow from financing activities of € 60.5 million, compared with minus € 8.3 million in 2015.

In total, this resulted in cash and cash equivalents of € 105.8 million, compared with € 76.3 million in the previous year.

4. Stock ownership of members of the Executive and Supervisory Boards as at June 30, 2016

Total number of shares:	16,367,531	100 percent
Executive Board
Klaus Weinmann	10,000	0.1 percent
Supervisory Board
Dominik Eberle	10,000	0.1 percent

5. Events after the end of the reporting period

CANCOM SE has bought the German business of MISCO, an online retailer of IT and telecommunications products, through its subsidiary CANCOM GmbH. The acquisition of Misco Germany Inc. in an asset deal is subject to the approval of the German antitrust authorities. The purpose of the acquisition was to consolidate CANCOM's direct sales team and obtain access to new clients.

6. Risks of future development

There have been no major changes in the risks of future development at CANCOM since the start of the current fiscal year. Details of the risks can be found in the annual report for 2015, starting on page 30. The annual report can be downloaded from www.cancom.com/corporate/company/investor-relations or obtained in printed form, free of charge, from the company.

7. Opportunities for future development

There have been no major changes in the opportunities for future development at CANCOM since the start of the current fiscal year. Details of the opportunities can be found in the annual report for 2015, starting on page 39. The annual report can be downloaded from www.cancom.com/corporate/company/investor-relations or obtained free of charge from the company.

8. Forecast

There are diverging expectations among experts with regard to the performance of the German economy in 2016. Forecasts for gross domestic product (GDP) growth range from just over 1 percent to more than 2 percent.

The IT market will continue to be shaped by strong growth and innovation. The complexity and variety of solutions, and thus also the demands placed on company IT departments, will continue to increase – driven, among other things, by changed work and usage patterns. The digitization of nearly all sectors and the resulting comprehensive networking – along with the Internet of Things – are increasingly driving the development of business models, production processes and products, across all sizes of organization and in all areas of the economy. Against this background, a rise in the demand for innovative and intelligent IT solutions can be expected.

BITKOM, Germany's digital association, expects revenues from software, IT services and IT hardware to grow by 3 percent to € 83.5 billion in 2016 – significantly faster than the economy as a whole. However, great variations are anticipated in the performances of the individual market segments. The software and IT services businesses are expected to experience the strongest growth (6.2 percent and 2.7 percent respectively), with demand in areas such as big data and cloud computing solutions growing fastest as a result of the digitization of companies in all sectors.

Anticipated performance of the CANCOM group

Thanks to its proven expertise and outstanding market position in the IT growth areas referred to above – cloud computing, mobility, security and shared managed services – CANCOM aims to continue growing its two operating segments, both organically and through acquisitions, at a faster rate than the German IT market, so continuously expanding its market share. To achieve this objective, CANCOM decided at an early stage to gear its business policy to the IT growth areas, designing its sales and services structure around them while focusing on the expansion of the higher-end services and consulting business. With its integrated portfolio of services across all areas of IT, and its flexibility in providing individually tailored packages for its clients, CANCOM has major client advantages to enable it to penetrate the market even further and more comprehensively. In addition, the increasing complexity of IT is stretching smaller integrated systems providers to the limits of their capabilities and as such could result in the CANCOM group gaining new clients and orders – with positive impacts on the IT solutions and cloud solutions business.

In the past year, the Executive Board set the course for further growth and good performance in the future. CANCOM focuses on profitable business in the traditional IT environment and withdraws without hesitation from low-growth or declining areas. The IT solutions and cloud solutions operating segments benefit from each other's business, due to the interactions between the CANCOM units across the group and the fact that the provision of integrated solutions for clients usually requires input from both areas.

CANCOM has significantly expanded its market presence and improved its client proximity in the German-speaking area (i.e. Germany, Austria and Switzerland). The group is represented all over Germany and Austria by its many service and consulting locations. It also has subsidiaries in Switzerland and the U.S.A. as well as a representative office in Brussels, Belgium. CANCOM intends to continue strengthening its market position, partly through selective acquisitions, while taking advantage of marketing and cost synergies. The highly fragmented service provider landscape, particularly in the IT environment in the German-speaking area, continues to offer favorable conditions for CANCOM to act as a market consolidator.

Against the background of the group's successful performance in 2015 and in view of its favorable positioning in the growing market of cloud computing and in the IT market as a whole, the Executive Board expects further growth and an improvement in profits if the demand for IT products remains steady.

Unforeseen events could influence the anticipated performance of both the group as a whole and of the business segments, IT solutions and cloud solutions. The Executive Board currently expects a further increase in the sales revenues and gross profit of the group as a whole in the fiscal year 2016. The growth of the CANCOM group should continue to exceed the growth of the German IT market. In the fiscal year 2016, the Executive Board anticipates a further increase in the CANCOM group's EBITDA, which should grow faster than the organic growth in sales revenues owing to an improved product mix.

CANCOM believes in an increase in the sales revenues, gross profit and EBITDA generated by the IT solutions operating segment. The group aims to achieve growth in these key figures at a higher rate than that of the German IT market, which is the market of particular relevance to the group. For the cloud solutions operating segment, the Executive Board expects significant increases in sales revenue, gross profit and EBITDA.

9. Management responsibility statement

We confirm that, to the best of our knowledge, the consolidated interim financial statements, prepared in accordance with the applicable principles of financial reporting for interim statements, give a true and fair view of the assets, liabilities, financial position and income of the group, and that the consolidated interim management report gives a true and fair view of the development and performance of the business and the position of the group, together with a description of the principal opportunities and risks of the anticipated development of the group for the remaining six months of the fiscal year.

Munich, Germany, August 2016

CANCOM SE

The Executive Board

Disclaimer regarding forward-looking statements

This document has not been audited. It contains statements relating to our future business and financial performance and to future events or developments affecting CANCOM that may constitute forward-looking statements. These statements are based on the current expectations, assumptions and estimates of the Executive Board and other information currently available to the management, of which many are beyond CANCOM's control. These statements can be identified by phrases and words such as 'expect', 'want', 'assume', 'believe', 'endeavor', 'estimate', 'presume', 'calculate', 'intend', 'could', 'plan', 'should', 'will', 'forecast' or similar words.

All statements with the exception of facts regarding the past are forwardlooking statements. Such statements include expectations regarding the availability of products and services, the financial and earnings position, the business strategy and the Executive Board's plans for future operating activities, economic performance and all statements regarding assumptions. Although we take the greatest of care when making these statements, we cannot guarantee their correctness, especially in our forecast. Various known and unknown risks, uncertainties and other factors may lead to the actual events deviating significantly from those contained in the forward-looking statements. The following influencing factors are, among others, relevant in this respect: external political influences, changes in the general economic and business situation; changes in the competitive position and situation, for instance by the emergence of new competitors, new products and services or new technologies; changes in the investment behavior of target client groups etc. and changes to the business strategy.

If one or more of these risks or uncertainties should materialize, or if the underlying expectations are not fulfilled or assumptions prove incorrect, the actual results, performance or achievements of CANCOM may (either negatively or positively) deviate substantially from those described either explicitly or implicitly in the relevant forward-looking statement. CANCOM cannot guarantee the pertinence, accuracy, completeness or correctness of the information or opinions in this document.

CANCOM does not make any commitment to update its forwardlooking statements, nor does it intend to update them or correct them if developments differ from those anticipated. Due to rounding, some of the numbers presented in this document may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures they refer to.

Consolidated balance sheet (IFRS)

ASSETS

(in € 000)	Notes	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Current assets
Cash and cash equivalents		105,757	85,802	76,254
Trade accounts receivable		153,278	145,760	132,586
Other current financial assets	B.1.	39,780	7,844	10,590
Inventories		28,732	27,948	20,520
Orders in process		856	565	608
Prepaid expenses and other current assets	B.2.	6,817	9,477	6,881
Total current assets		335,220	277,396	247,439
Non-current assets
Property, plant and equipment		42,461	40,326	38,840
Intangible assets		27,818	28,682	30,412
Goodwill		72,514	72,780	68,115
Long-term financial assets		65	65	66
Financial assets accounted for using the equity method		530	452	509
Loans		2,304	2,401	2,401
Other financial assets		6,906	7,431	6,608
Deferred taxes arising from temporary differences	B.3.	2,474	2,398	3,088
Deferred taxes arising from tax loss carryover	B.3.	2,265	2,983	3,730
Other assets		1,689	1,407	936
Total non-current assets		159,026	158,925	154,705
Total assets		494,246	436,321	402,144

EQUITY AND LIABILITIES

(in € 000)	Notes	Jun. 30, 2016	Dec. 31, 2015	Jun. 30, 2015
Current liabilities
Short-term loans and current component of long-term loans		6,619	1,386	2,178
Profit-participation capital and subordinated loans short-term portion		411	12	1,989
Trade accounts payable		94,713	106,781	90,702
Prepayments received		4,846	7,724	4,512
Other current financial liabilities	B.4.	6,103	6,205	3,556
Other provisions	B.5.	3,695	3,782	4,870
Deferred income		3,533	2,917	2,695
Income tax liabilities		5,981	4,258	2,985
Other current liabilities	B.6.	23,571	26,528	23,368
Total current liabilities		149,472	159,593	136,855
Non-current liabilities
Long-term debt		2,475	2,865	3,250
Convertible bonds	B.7.	41,099	40,434	39,782
Profit-participation capital and long-term loans		4,610	4,761	4,548
Deferred income		3,764	3,867	3,390
Deferred taxes arising from temporary differences	B.8.	7,512	8,891	9,659
Pension provisions		1,787	1,744	1,789
Other non-current financial liabilities	B.9.	1,591	1,757	2,733
Other long-term liabilites	B.5.	6,762	8,122	8,522
Total non-current liabilities		69,600	72,441	73,673
Equity
Capital stock	B.10.	16,368	14,880	14,880
Capital reserves	B.10.	173,936	110,197	110,197
Net income (incl. retained income)		78,233	72,534	57,388
Currency translation difference and exchange rate price difference		934	1,092	902
Minority interest		5,703	5,584	8,249
Total equity		275,174	204,287	191,616
Total equity and liabilities		494,246	436,321	402,144

CONSOLIDATED STATEMENT OF INCOME

			Q2	6 months
(in € 000)	Notes	Apr. 1 - Jun. 30, 2016	Apr. 1 - Jun. 30, 2015	Jan. 1 - Jun. 30, 2016	Jan. 1 - Jun. 30, 2015
Sales revenues		257,487	232,280	492,185	430.460
Other operating income	D.1.	571	284	1,043	500
Other own work capitalized		648	431	1,037	891
Gross revenue		258,706	232,995	494,265	431.851
Cost of purchased materials and services		-187,123	-166,891	-351,398	-301.204
Gross profit		71,583	66,104	142,867	130.647
Human resources expenses	D.2.	-44,499	-43,245	-89,552	-87.724
Amortization and write-downs of intangible fixed assets, and depreciation and write-downs of tangible fixed assets		-5,357	-5,418	-10,533	-10.740
Other operating expenses	D.3.	-10,113	-9,872	-20,227	-19.245
Operating result		11,614	7,569	22,555	12.938
Interest and similar income		161	253	315	403
Interest and other expenses		-822	-838	-1,632	-1.667
Other financial result: expenses		-2	0	-231	0
Write-downs of long-term financial assets		0	-1,401	0	-1.401
Profit/loss from associated companies accounted for using the equity method		19	25	77	116
Currency translation gains/losses		15	-113	-154	81
Profit before taxes		10,985	5,495	20,930	10.470
Income tax expense	D.4.	-3,555	-2,288	-6,838	-3.912
After-tax profit/loss from continuing operations		7,430	3,207	14,092	6.558
Profit/loss from discontinued operations	D.5.	0	-1,209	0	-1.332
Net income for the period		7,430	1,998	14,092	5.226
thereof attributable to the stockholders of the parent		7,321	1,775	13,883	4.860
thereof attributable to minority interests		109	223	209	366
Average number of shares outstanding (basic)		16,367,531	14,879,574	15,852,469	14.879.574
Average number of shares outstanding (diluted)		17,423,041	15,935,094	16,907,979	15.935.094
Earnings per share from continuing operations (basic) in €		0.45	0.20	0.88	0,42
Earnings per share from continuing operations (diluted) in €		0.42	0.19	0.82	0,39
Earnings per share from discontinued operations (basic) in €		0.00	-0.08	0.00	-0,09
Earnings per share from discontinued operations (diluted) in €		0.00	-0.08	0.00	-0,08
Earnings per share from net income for the period attributable
to the stockholders of the parent (basic) in €		0.45	0.12	0.88	0,33
Earnings per share from net income for the period attributable to the stockholders of the parent (diluted) in €		0.42	0.11	0.82	0,31

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

		6 months
Apr. 1 - Jun. 30, 2016	Apr. 1 - Jun. 30, 2015	Jan. 1 - Jun. 30, 2016	Jan. 1 - Jun. 30, 2015 5,226
7,430	1,998	14,092
333	-278	-229	555
-103	85		-171
230	-193	-158	384
7,660	1,805	13,934	5,610
7,551	1,582	13,725	5,244
109	223	209	366
		Q2	71

STATEMENT OF CASH FLOWS

(in € 000)	Jan. 1 - Jun. 30, 2016	Jan. 1 - Jun. 30, 2015
Cash flow from ordinary activities
Profit for the year before tax and minority interest	20,930	10,470
Adjustments
+ Amortization and write-downs of intangible fixed assets, and depreciation and write-downs of tangible fixed assets	10,533	10,740
+ Interest result and other financial result	1,548	1,264
+/- Changes in long-term provisions	274	-46
+/- Changes in short-term provisions	-454	-706
+/- Gains/losses on the sale of intangible assets, property, plant and equipment and financial assets	-333	652
+/- Changes in inventories	-796	2,138
+/- Changes in trade accounts receivable and other accounts receivable	-7,887	-4,636
+/- Changes in trade accounts payable and other accounts payable	-16,767	-28,022
- Interest paid	-91	-140
+/- Income tax paid and refunded	-4,208	-11,343
+/- Non-cash expenses and income	-78	1,941
+/- Cash inflow/outflow from discontinued operations	0	2,728
Net cash from operating activities	2,671	-14,960
Cash flow from investing activities
+/- Acquisition of subsidiaries and equity instruments of other companies	-1,620	-2,695
+/- Cash inflow/outflow from sale of former consolidated subsidiaries	0	-983
- Purchase of financial assets	-1	-2,301
- Purchase of available-for-sale current financial assets	-30,000	0
- Payments for additions to intangible assets and property, plant and equipment	-12,348	-7,780
+ Income from disposal of intangible assets, property, plant and equipment and financial assets	877	347
- Cash transferred on the sale of financial assets	0	-2,076
+ Interest received	33	403
Net cash used in investing activities Cash flow from financing activities	-43,059	-15,085
+/- Proceeds from the issuance of share capital	66,214	0
+/- Capital increase expenses	-1.429	0
- Repayment of long-term financial liabilities (incl. short-term portion)	-420	-437
+/- Changes in short-term financial liabilities	5,228	476
- Interest paid	-617	-678
- Dividends paid	-8,274	-7,439
+/- Cash inflow from/outflow for finance lease Net cash used in financing activities	-204 60,498	-221 -8,299
Net change in cash and cash equivalents +/- Changes in value resulting from foreign currency exchange	20,110 -155	-38,344 303
+/- Cash as at beginning of period	85,802	114,295
Cash and cash equivalents at end of period	105,757	76,254
Structure: Cash	105,757	76,254
Cash from discontinued operations	0	0
	105,757	76,254

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

	Shares	Capital stock	Capital reserves	Revenue reserves	Currency translation reserves	Exchange rate price difference reserves	Reserves for changes in actuarial gains/ losses from pensions	Revaluation reserve	Net retained profits	Total investors of parent company	Minority interests	Total equity
	units'000	in €'000	in €'000	in €'000	in €'000	in €'000	in €'000	in €'000	in €'000	in €'000	in €'000	in €'000
Dezember 31, 2014	14,880	14,880	110,197	34,620	516	3	-268	-153	25,768	185,563	8,228	193,791
Appropriation net retained profits/capital reserves				5,856					-5,856	0		0
Payout in fiscal year									-7,440	-7,440	-124	-7,564
Comprehensive income for the period					574	-1	51		22,365	22,989	-266	22,723
Changes due to acquisition of non-controlling interests				-2,409						-2,409	-2,150	-4,559
Effect from disposal of minority interests										0	-104	-104
Dezember 31, 2015	14,880	14,880	110,197	38,067	1,090	2	-217	-153	34,837	198,703	5,584	204,287
Capital increase	1,488	1,488	64,726							66,214		66,214
Changes in reserves: Costs of capital increase			-987							-987		-987
Appropriation net retained profits/capital reserves				22,455					-22,455	0		0
Payout in fiscal year									-8,184	-8,184	-90	-8,274
Comprehensive income for the period					-158	0	0		13,883	13,725	209	13,934
June 30, 2016	16,368	16,368	173,936	60,522	932	2	-217	-153	18,081	269,471	5,703	275,174

Segment information – IFRS

Segment information		Cloud Solutions		IT Solutions
	Jun. 30, 2016 €'000	Jun. 30, 2015 €'000	Jun. 30, 2016 €'000	Jun. 30, 2015 €'000
Sales revenues
- External sales	76,735	62,679	415,424	367,762
- Intersegment sales	537	748	2,320	2,819
- Total sales revenues	77,272	63,427	417,744	370,581
- Cost of purchased materials and services	-42,861	-31,131	-311,021	-273,096
- Human resources expenses	-16,291	-15,786	-68,721	-67,993
- Other operative income and expenses	-3,323	-3,346	-13,487	-13,454
EBITDA	14,797	13,164	24,515	16,038
- Depreciation, amortization and write-downs	-3,117	-3,215	-7,177	-7,350
Operating income (EBIT)	11,680	9,949	17,338	8,688
- Interest income	137	86	165	317
- Interest expenditure	-2	-1	-989	-822
- Other financial result: expenses	0	0	-227	0
- Write-downs of long-term financial assets	0	0	0	-642
- Profit/loss from associated companies accounted for using the equity method	77	116	0	0
Result from ordinary activities	11,892	10,150	16,287	7,541
- Currency exchange gains/losses
Profit before taxes	11,892	10,150	16,287	7,541
- Income taxes
- Discontinued operations	0	-772	0	-560
Consolidated net income for the year
thereof attributable to the stockholders of the parent
thereof attributable to minority interests

Totals		Other companies		Reconciliation		Consolidated
Jun. 30, 2016 €'000 €'000	Jun. 30, 2015	Jun. 30, 2016 €'000	Jun. 30, 2015 €'000	Jun. 30, 2016 €'000	Jun. 30, 2015 €'000	Jun. 30, 2016 €'000	Jun. 30, 2015 €'000
492,159 430,441		26	19
2,857 3,567		1	0	-2,858	-3,567
495,016 434,008		27	19	-2,858	-3,567	492,185	430,460
-353,882 -304,227		0	0	2,484	3,023	-351,398	-301,204
-85,012 -83,779		-4,540	-3,945	0	0	-89,552	-87,724
-16,810 -16,800		-1,711	-712	374	544	-18,147	-17,854
39,312 29,202		-6,224	-5,524	0	0	33,088	23,678
-10,294 -10,565		-239	-175	0	0	-10,533	-10,740
29,018 18,637		-6,463	-5,699	0	0	22,555	12,938
302 403		475	563	-462	-563	315
-991 -823		-1,103	-1,407	462	563	-1,632	-1,667
-227 0		-4	0	0	0	-231
0 -642		0	-759	0	0	0
77 116		0	0	0	0	77
28,179 17,691		-7,095	-7,302	0	0	21.084	10,389
				-154	81	-154
28,179 17,691		-7,095	-7,302	-154	81	20,930	10,470
				-6,838	-3,912	-6,838
0 -1.332		0	0	0	0	0	-1,332
						14,092
						13,883	4,860
						209

A. The principles adopted for the consolidated financial statements

1. General information

The consolidated financial statements of CANCOM SE and its subsidiaries ('the CANCOM group' or 'the group') for the fiscal year 2016 were drawn up according to the International Financial Reporting Standards (IFRS) or the International Accounting Standards (IAS).

The consolidated interim financial statements were drawn up in euro. All amounts are shown in thousand euro (€ thousand) unless otherwise stated. In individual cases rounding of figures may result in inconsistencies between totals and sums of constituent parts. For the same reason, percentage may not exactly match the aggregate values shown.

This consolidated interim financial report is condensed and was drawn up in compliance with IAS 34 Interim Financial Reporting. It should be read in conjunction with the IFRS-compliant consolidated financial statements for the fiscal year 2015, which can be downloaded from www.cancom.de.

2. Reporting entity

The consolidated financial statements include CANCOM SE and all subsidiaries in which CANCOM SE has either a direct or an indirect majority stockholding, or in which it holds the majority of the voting rights. These subsidiaries are fully consolidated.

Xerabit GmbH was merged into CANCOM GmbH. The merger is documented in a merger contract dated April 21, 2016 and was entered in the commercial register of CANCOM GmbH on April 29, 2016.

3. Accounting and valuation policies

The consolidated interim financial report is compiled using basically the same accounting and valuation methods as those used for the consolidated financial statements for the fiscal year 2015.

B. Notes to the consolidated balance sheet

1. Other current financial assets

This item comprises receivables from banks (€ 30,000 thousand), claims to the payment of a purchase price (€ 4,167 thousand), bonuses due from suppliers (€ 3,550 thousand), marketing revenue (€ 1,077), creditors with a debit balance (€ 870 thousand) and receivables from staff (€ 116 thousand).

2. Prepaid expenses and other current assets

This item mainly consists of other current assets such as tax refunds (€ 3,182 thousand), commission income (€ 344 thousand), insurance refunds (€ 154 thousand), and receivables from social insurance institutions (€ 26 thousand).

The prepaid expenses (€ 2,919 thousand) include deferred insurance premiums and expenses paid in advance.

3. Deferred tax assets

The deferred tax assets are as follows:

Deferred tax from	temporary differences €'000	tax loss carry forwards €'000
As at January 1, 2016	2,398	2,983
Tax income/expense from profit and loss calculation	75	-718
Currency exchange gains/losses *	1	0
As at June 30, 2016	2,474	2,265

* directly recognized in equity

As at June 30, 2016, the CANCOM group had corporate tax loss carryovers of € 6.5 million and trade tax loss carryovers of € 7.3 million. The unused corporate tax losses for which no deferred tax claim was recognized in the balance sheet amounted to € 0.0 million. The trade tax loss carryovers for which no deferred tax claim was recognized also amounted to € 0.0 million. On the basis of the planned tax results, it is expected that the capitalized deferred tax advantages from loss carryovers will be realized.

The deferred taxes from temporary differences are mainly the result of differences in intangible assets (€ 704 thousand), property, plant and equipment/tangible assets (€ 530 thousand), other financial liabilities (€ 395 thousand), pension provisions (€ 382 thousand), other liabilities (€ 245 thousand) and provisions (€ 115 thousand).

4. Other current financial liabilities

This item refers to liabilities to former affiliated entities (€ 2,778 thousand), debtors with a credit balance (€ 2,014 thousand), outstanding bills of charges (€ 699 thousand), purchase price liabilities (€ 363 thousand), Supervisory Board remuneration (€ 160 thousand) and rent (€ 90 thousand).

5. Other provisions

The provisions mainly include the variable component of the purchase price for shares in affiliated entities (€ 5,889 thousand), guarantees and warranties (€ 1,421 thousand), copyright fees (€ 1,174 thousand), salaries (€ 595 thousand), provisions for anniversaries (€ 266 thousand), archiving costs (€ 170 thousand), financial statement costs (€ 121 thousand), provisions for additional leasing costs (€ 70 thousand), provisions for termination and severance payments (€ 68 thousand) as well as for contingent risks (€ 55 thousand).

The total provisions include long-term provisions of € 8,098 thousand, which are disclosed under other non-current liabilities. These provisions are principally for variable components of purchase prices for corporate acquisitions (€ 3,986 thousand), copyright fees (€ 1,174 thousand), guarantees and warranties (€ 672 thousand), provisions for anniversaries (€ 266 thousand), archiving costs (€ 135 thousand), decommissioning and restoration liabilities (€ 128 thousand), termination payments (€ 68 thousand) for which a provision is legally mandatory in Austria, and provisions for additional leasing costs (€ 12 thousand).

6. Other current liabilities

Other current liabilities mainly comprise sales tax (€ 6,950 thousand), bonuses to board members, officers and staff (€ 6,185 thousand), vacation and overtime entitlements (€ 5,791 thousand), tax on salaries and church tax (€ 3,172 thousand), payments to employers' liability insurance association (€ 561 thousand), wages and salaries (€ 318 thousand), social security contributions (€ 231 thousand) compensation levy for non-employment of the severely handicapped (€ 123 thousand), and convertible bond interest liabilities (€ 102 thousand).

7. Convertible bond

In March 2014, CANCOM SE issued a convertible bond for a total nominal amount of € 45,000 thousand. The bond matures in March 2019. The denomination per unit is € 100,000, and holders are entitled to convert the bond into up to 1,055,510 new no-par value bearer shares in CANCOM SE. The initial conversion price was € 42.6334 per share. The conversion ratio is therefore 2,345.5788 shares per bond at a nominal amount of € 100,000. The conversion right for the convertible bond can be exercised throughout its term to maturity. The bond has a coupon of 0.875 percent. Interest will be paid annually on March 27, starting on March 27, 2015.

On the balance sheet, the convertible bond will be split into an equity component and a debt component. The resulting value of the equity component is € 5,942 thousand, which is recognized under capital reserves. An interest expense of € 788 thousand was recognized for the bond in the first six months of 2016.

8. Deferred tax liabilities

The deferred tax liabilities are as follows:

	€'000
As at January 1, 2016	8,891
Tax income from profit and loss calculation	-1,283
Currency exchange gains/losses *	-96
As at June 30, 2016	7,512

* directly recognized in equity

The deferred tax liabilities arise from deviations from the tax balance sheets. They are the result of the recognition and revaluation of intangible assets (€ 5,406 thousand), other financial assets (€ 532 thousand), loans to affiliated entities (€ 439 thousand), software development costs (€ 437 thousand), property, plant and equipment/tangible assets (€ 259 thousand), goodwill (€ 226 thousand), convertible bonds (€ 142 thousand), prepaid expenses (€ 31 thousand), other liabilities (€ 18 thousand), provisions (€ 8 thousand), contracts in progress (€ 7 thousand), equity-accounted investments (€ 6 thousand), and financial assets (€ 1 thousand).

The deferred tax liabilities are recognized at an individual tax rate of between 25 percent (for the Austrian subsidiary) and 39.83 percent (for the U.S. subsidiary).

9. Other non-current financial liabilities

Other non-current financial liabilities include purchase price liabilities of € 1,134 thousand and rent obligations of € 457 thousand.

10. Equity

CANCOM SE carried out a capital increase against cash contributions, which was recorded in the commercial register on March 4, 2016. Part of the authorized capital (2015/I) was used to increase the capital stock from € 14,879,574 to € 16,367,531 by issuing 1,487,957 new no-par value bearer shares. The existing stockholders' subscription rights were excluded. The new shares carry dividend rights from January 1, 2015. The total issuing value of the new shares is € 66.2 million, which will be used to strengthen the equity base for the further organic and inorganic growth of the group.

C. Segment information

Description of segments subject to mandatory reporting

The cloud solutions operating segment comprises PIRONET NDH Datacenter AG & Co. KG, PIRONET Enterprise Solutions GmbH, Pironet AG (formerly Pironet NDH Aktiengesellschaft), in addition to the divisions of CANCOM GmbH and CANCOM DIDAS GmbH allocated to the cloud solutions segment. This operating segment comprises the CANCOM group's cloud and shared managed services business, including sales revenues from cloud hardware allocated to the projects. The segment's activities range from analysis and consulting to delivery, implementation and services. This means it offers clients the necessary orientation and support for their transformation from traditional corporate IT systems to cloud computing. As part of its range of services, the CANCOM group is able to run parts of, or entire, IT departments for its clients, using scalable cloud and managed services – especially shared managed services. Distribution costs allocated to cloud distribution are included in the segment. The cloud business also benefits from synergies with CANCOM's general sales and marketing service, the costs of which are allocated to the IT solutions reportable segment.

The IT solutions operating segment comprises CANCOM GmbH, CANCOM Computersysteme GmbH, CANCOM a + d IT solutions GmbH, CANCOM (Switzerland) AG, NSG ICT Service GmbH (formerly CANCOM NSG GmbH), NSG GIS GmbH (formerly CANCOM NSG GIS GmbH), CANCOM SCS GmbH (formerly CANCOM NSG SCS GmbH), CANCOM ICP GmbH (formerly CANCOM NSG ICP GmbH), CANCOM on line GmbH, Cancom on line B.V.B.A, CANCOM physical infrastructure GmbH, CANCOM, Inc., HPM Incorporated and Verioplan GmbH, with the exception of the division of CANCOM GmbH allocated to the cloud solutions segment, in addition to the division of CANCOM DIDAS GmbH allocated to the IT solutions segment. This operating segment of the CANCOM group offers comprehensive support for IT infrastructure and applications. The range of services offered includes IT strategy consulting, project planning and implementation, system integration, IT procurement via e-procurement services or as part of a project, in addition to professional IT services and support.

The 'other entities' are CANCOM SE, CANCOM VVM GmbH, CANCOM Financial Services GmbH in addition to the division of CANCOM DIDAS GmbH allocated to the 'other entities' segment. CANCOM SE and the division of CANCOM DIDAS GmbH allocated to this segment perform the staff and/or management function for the group. As such, they provide a range of services for the subsidiaries. The costs of central management of the group and its investments in internal group projects also fall within this segment.

Reconciliation

Reconciliation shows items not directly connected with the operating segments and the other entities. They include sales within the segments and the income tax expense.

The income tax expense is not a component of the profits of the operating segments. Since the tax expense is allocated to the parent company where the parent company is the taxable entity, the allocation of the income tax does not exactly correspond to the structure of the segments.

Information on geographical regions

		Sales revenue according to client location		to entity location
	Jan. 1 - Jun. 30, 2016 €'000	Jan. 1 - Jun. 30, 2015 €'000	Jan. 1 - Jun. 30, 2016 €'000	Jan. 1 - Jun. 30, 2015 €'000
Germany	406,939	358,373	435,845	385.164
Outside Germany	85,246	72,087	56,340	45.296
Group	492,185	430,460	492,185	430,460

		Non-current assets
	Jun. 30, 2016 €'000	Jun. 30, 2015 €'000
Germany	121,419	127,657
Outside Germany	32,705	20,064
Group	154,124	147,721

Non-current assets include property, plant and equipment (tangible assets), intangible assets, goodwill, long-term equity investments in associated entities and other non-current assets. Financial instruments and deferred tax claims are not included.

D. Notes to the consolidated statement of income

1. Other operating income

The other operating income is made up of the following:

	Jan. 1 - Jun. 30, 2016	Jan. 1 - Jun. 30, 2015
Rent	€'000 1	€'000 0
Income not relating to the period	688	226
Government grants	287	258
Compensation for damages	12	0
Other operating income	55	16
Total	1,043	500

2. Staff expenses

The staff expenses consist of the following:

	Jan. 1 - Jun. 30, 2016 €'000	Jan. 1 - Jun. 30, 2015 €'000
Wages and salaries	76,969	75,417
Social security contributions	12,393	12,200
Pension expenses	190	107
Total	89,552	87,724

3. Other operating expenses

The other operating expenses consist of the following items:

Premises costs	Jan. 1 - Jun. 30, 2016 €'000 5,169	Jan. 1 - Jun. 30, 2015 €'000 4,462
Insurance and other charges	645	499
Motor vehicle costs Advertising costs	2,218 1,210	2,598 1,205
Stock exchange and entertainment costs	257	163
Hospitality and traveling expenses	2,383	2,687
Delivery costs	1,619	1,436
Third-party services	1,101	1,214
Repairs, maintenance, leasing	1,288	893
Communications and office costs	1,214	1,185
Professional development and training costs	845	754
Legal and consultancy costs	892	706
Fees and charges; costs of money transactions	477	406
Value adjustments on receivables	0	42
Other operating expenses	909	995
Total	20,227	19,245

4. Income tax

The rate of income tax for the German companies was 30.95 percent (2015: 31.06 percent). This is made up of corporate tax, trade tax and solidarity surcharge.

The divergence between the tax expenses reported and those at the tax rate of CANCOM SE is shown below:

	Jan. 1 - Jun. 30, 2016 €'000	Jan. 1 - Jun. 30, 2015 €'000
Earnings before tax	20,930	10,470
Expected tax expense at rate for German companies (30.95 percent; 2015: 31.06 percent)	6,478	3,252
- Difference from tax paid outside Germany	19	-121
- Change in value adjustment on deferred tax assets on loss carryforwards	0	76
- Tax-exempt income/non tax-relevant losses on disposals	8	200
- Actual income tax not relating to the period	32	87
- Permanent differences	75	0
- Non-deductible operating expenses as well as additions and reductions in relation to trade tax	166	401
- Effects of tax rate changes	37	10
- Miscellaneous	23	7
Total group income tax expenses	6,838	3,912

The actual tax rate is calculated as follows:

	Jan. 1 - Jun. 30, 2016 €'000	Jan. 1 - Jun. 30, 2015 €'000
Income before tax	20,930	10,470
Income tax	6,838	3,912
Actual tax expense rate	32.67%	37.36%

Income tax comprises the income tax paid or owed in the individual countries, and the deferred taxes:

	Jan. 1 - Jun. 30, 2016 €'000	Jan. 1 - Jun. 30, 2015 €'000
Actual income tax expense	7,036	4,481
Deferred taxes:
Assets	643	715
Liabilities	-1,283	-1,284
	-640	-569
Deferred taxes recognized directly in equity	442	0
Group income tax	6,838	3,912

5. Discontinued operations

In fiscal 2015, the impact of discontinued operations on the preliminary consolidated statement of income was a loss of € 1,332 thousand.

This amount consists of income (including other own work capitalized and other operating income) of € 4,625 thousand and expenditure of € 6,177 thousand, resulting in a pre-tax loss of € 1,552 thousand. The respective income tax receivable amounts to € 220 thousand.

Only the disposal of Pirobase Imperia GmbH has been recognized in discontinued operations.

E. Other disclosures

1. Related party disclosures

For the purposes of IAS 24, Klaus Weinmann can be considered a related party who can exercise a significant influence on the CANCOM group as an Executive Board member of CANCOM SE. Rudolf Hotter, the other Executive Board member, is also a related party for the purposes of IAS 24, as are the members of the Supervisory Board.

Other related parties under IAS 24.9 b are:

• Kober Beteiligungs GmbH and its subsidiaries;
• ABCON Holding GmbH and its subsidiaries;
• WFO Vermögensverwaltung GmbH and its subsidiaries;
• AURIGA Corporate Finance GmbH;
• Aurawida GmbH,
• DV Immobilien Management GmbH; and
• Elber GmbH.

Transactions with related parties were settled in the same way as arm's length transactions, and the payment terms were net 10 to 30 days.

The transaction volume of goods sold and services provided to related parties under IAS 24 in the first six months of 2016 was as follows: € 1,877 thousand (gross) in relation to goods/services purchased by Kober Beteiligungs GmbH and its subsidiaries, of which € 150 thousand was outstanding as at the balance sheet date.

No goods or services were purchased from related parties under IAS 24.

2. Shares held by members of the Executive and Supervisory Boards (at the balance sheet date)

A list of shareholdings can be found on page 8 of this interim report.

3. Stockholdings in the company as defined in Section 20 IV of the German Stock Corporation Act (Aktiengesetz, AktG)

CANCOM SE did not receive written notice from any stockholder disclosing a majority stockholding as defined in Section 20 of the above Act in the first six months of 2016.

CANCOM SE

Investor Relations Erika-Mann-Straße 69 80636 München Germany Phone +49 89 54054–5193 Fax +49 8225 996–45193 ir@cancom.de www.cancom.de