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FinLab AG Interim / Quarterly Report 2022
5396_10-q_2022-09-30_d3c22611-8ded-4152-8c4c-fa27235f3d03.pdf
Interim / Quarterly Report
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NEXT GENERATION FINANCE. NOW.
Half-year report as of 30 June 2022
Page 2
CONTENT
HALF-YEAR REPORT
| Interim financial statements (HGB) | 03 |
|---|---|
| Balance Sheet | 04 |
| Income Statement | 06 |
| Development of fixed assets | 07 |
| Notes to the Interim financial statements | 08 |
| Contact | 13 |
Page 3
FinLab AG
as of 30 June 2022
INTERIM FINANCIAL STATEMENTS (HGB) AS OF 30 JUNE 2022
BALANCE SHEET AS OF 30 JUNE 2022
| Assets | in EUR | |
|---|---|---|
| 30/06/2022 | 31/12/2021 | |
| A. Non-current assets | ||
| I. Intangible assets | ||
| Concessions, industrial property rights acquired for a consideration, and similar rights and values as well as licences to such rights and values |
11,112.17 | 11,132.00 |
| II. Property, plant and equipment | ||
| 1. Land, land rights and buildings including buildings on third-party land |
3,014.00 | 4,658.00 |
| 2. Other equipment, furniture, fixtures and fittings | 39,003.56 | 47,982.00 |
| 42,017.56 | 52,640.00 | |
| III. Financial assets 1. Shares in affiliated companies |
898,321.10 | 898,321.10 |
| 2. Investments | 24,185,449.73 | 23,632,565.91 |
| 3. Loans to companies in which a participating interest is held |
7,701,046.25 | 1,462,670.93 |
| 4. Securities held for investment | 22,968,231.95 | 22,968,231.95 |
| 55,753,049.03 | 48,961,789.89 | |
| 55,806,178.76 | 49,025,561.89 | |
| B. Current assets | ||
| I. Receivables and other assets | ||
| 1. Trade receivables | 501.63 | 5,878.33 |
| 2. Receivables from affiliated companies | 683,711.78 | 1,541,295.37 |
| 3. Receivables from companies in which a participating interest is held |
2,328.36 | 2,524.41 |
| 4. Other assets | 1,719,130.59 | 218,178.96 |
| 2,405,672.36 | 1,767,877.07 | |
| II. Securities | ||
| Other securities | 173,178.65 | 166,670.65 |
| III. Cash, bank balances | 2,264,359.04 4,843,210.05 |
8,298,541.14 10,233,088.86 |
| C. Accruals and prepayments | 34,465.50 | 23,029.44 |
| 60,683,854.31 | 59,281,680.19 |
BALANCE SHEET AS OF 30 JUNE 2022
| Equity and liabilities | in EUR | |
|---|---|---|
| 30/06/2022 | 31/12/2021 | |
| A. Equity | ||
| I. Subscribed capital | 5,451,670.00 | 5,451,670.00 |
| II. Capital reserve | 47,621,880.89 | 47,621,880.89 |
| III. Retained earnings | 6,133,823.74 | 3,761,462.01 |
| 59,207,374.63 | 56,835,012.90 | |
| B. Provisions | ||
| I. Provisions for taxation | 402,461.00 | 402,461.00 |
| II. Other provisions | 329,067.78 | 1,252,411.78 |
| 731,528.78 | 1,654,872.78 | |
| C. Liabilities | ||
| I. Trade payables | 33,060.45 | 50,283.18 |
| II. Liabilities to affiliated companies | 5,405.81 | 0.00 |
| III. Other liabilities | 706,484.64 | 741,511.33 |
| 744,950.90 | 791,794.51 | |
| 60,683,854.31 | 59,281,680.19 |
FinLab AG Half-year report as of 30 June 2022
Page 6
INCOME STATEMENT
FOR THE PERIOD FROM 1 JANUARY TO 30 JUNE 2022
| in EUR | ||
|---|---|---|
| 1st Half-year 2022 | 1st Half-year 2021 | |
| 1. Revenue | 971,551.96 | 3,886,073.66 |
| 2. Other operating income | 986,599.43 | 1,125,163.58 |
| 3. Cost of materials | ||
| Expenses for services used | -92,391.90 | -192,301.25 |
| 4. Personnel expenses | ||
| a) Wages and salaries | -388,606.23 | -1,991,729.91 |
| b) Social security contributions and expenses for pensions and other employee benefits |
-49,399.82 | -74,904.58 |
| 5. Amortisation and depreciation of intangible assets and property, plant and equipment |
-12,048.83 | -12,689.14 |
| 6. Other operating expenses | -472,924.10 | -704,411.91 |
| 7. Income from investments | 1,881,493.47 | 972,904.28 |
| 8. Other interest and similar income | 44,997.86 | 24,694.10 |
| 9. Write-downs of financial assets and securities classified as current assets |
0.00 | -5,983.00 |
| 2,869,271.84 | 3,026,815.83 | |
| 10. Taxes on income | -496,910.11 | -616,157.99 |
| 11. Result after taxes | 2,372,361.73 | 2,410,657.84 |
| 12. Other taxes | 0.00 | -594.00 |
| 13. Period result | 2,372,361.73 | 2,410,063.84 |
DEVELOPMENT OF FIXED ASSETS
FROM 1 JANUARY TO 30 JUNE 2022
| Acquisition costs | Accumulated depreciation | Balance sheet value | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| 01/01/2022 | Additions | Discharges | 30/06/2022 | 01/01/2022 | Additions | Discharges | 30/06/2022 | 31/12/2021 | 30/06/2022 | |
| Intangible assets | 164,644.13 | 1,966.31 | 0.00 | 166,610.44 | 153,512.13 | 1,986.16 | 0.00 | 155,498.29 | 11,132.00 | 11,112.17 |
| Property, plant and equipment | ||||||||||
| 1. Leasehold improvements in rented buildings |
45,757.68 | 0.00 | 0.00 | 45,757.68 | 41,099.68 | 1,644.00 | 0.00 | 42,743.68 | 4,658.00 | 3,014.00 |
| 2. Plant and office equipment | 360,746.12 | 2,632.25 | -37,621.06 | 325,757.31 | 312,764.12 | 8,418.70 | -34,429.06 | 286,753.76 | 47,982.00 | 39,003.56 |
| 406,503.80 | 2,632.25 | -37,621.06 | 371,514.99 | 353,863.80 | 10,062.70 | -34,429.06 | 329,497.44 | 52,640.00 | 42,017.56 | |
| Financial assets | ||||||||||
| 1. Shares in affiliated companies | 898,321.10 | 0.00 | 0.00 | 898,321.10 | 0.00 | 0.00 | 0.00 | 0.00 | 898,321.10 | 898,321.10 |
| 2. Investments | 26,929,428.96 | 552,883.82 | 0.00 | 27,482,312.78 | 3,296,863.05 | 0.00 | 0.00 | 3,296,863.05 | 23,632,565.91 | 24,185,449.73 |
| 3. Loans to companies in which a participating interest is held |
1,509,002.18 | 6,238,375.32 | 0.00 | 7,747,377.50 | 46,331.25 | 0.00 | 0.00 | 46,331.25 | 1,462,670.93 | 7,701,046.25 |
| 4. Securities held for investment |
25,379,693.92 | 0.00 | 0.00 | 25,379,693.92 | 2,411,461.97 | 0.00 | 0.00 | 2,411,461.97 | 22,968,231.95 | 22,968,231.95 |
| 54,716,446.16 | 6,791,259.14 | 0.00 | 61,507,705.30 | 5,754,656.27 | 0.00 | 0.00 | 5,754,656.27 | 48,961,789.89 | 55,753,049.03 | |
| Total fixed assets | 55,287,594.09 | 6,795,857.70 | -37,621.06 | 62,045,830.73 | 6,262,032.20 | 12,048.85 | -34,429.06 | 6,239,651.99 | 49,025,561.89 | 55,806,178.75 |
in EUR
NOTES TO THE INTERIM FINANCIAL STATEMENTS FOR THE PERIOD FROM 1 JANUARY 2022 TO 30 JUNE 2022
General
The half-year financial statements of FinLab AG, Frankfurt am Main, as of 30 June 2022 have been prepared in accordance with Article 242 et seqq. and Article 264 et seqq. of the German Commercial Code (HGB) and in accordance with the relevant provisions of the German Stock Corporation Act (AktG).
FinLab AG is registered in the Commercial Register of the Local Court of Frankfurt am Main under the number HRB 58865. It is a small corporation within the meaning of Article 267 of the German Commercial Code (HGB).
The Income Statement is prepared according to the total cost method. The Company has made use of the simplification provision of Article 286 (4) of the German Commercial Code (HGB).
Accounting and valuation principles
In preparing the half-year financial statements and determining the comparative figures for the previous year, the same accounting policies were applied as in the annual financial statements as of 31 December 2021. A detailed description of these methods is published in the notes to the financial statements of the Annual Report 2021.
Explanations to the balance sheet
The notes to the balance sheet relate to changes as of the balance sheet date 31 December 2021.
Fixed assets
The breakdown and development of the fixed assets shown in the balance sheet is presented in the statement of changes in fixed assets attached as an annex. Reversals of impairment losses are presented in the statement of changes in non-current assets as negative additions to depreciation and amortisation.
Receivables and other assets
Receivables and other assets are due within one year.
Equity capital
The company's subscribed capital amounts to EUR 5,451,670.00 and is fully paid up. It is divided into 5,451,670 registered ordinary shares. The shares are no-par value shares with a notional value of EUR 1.00 each.
The Annual General Meeting on 22 June 2022 resolved to increase the subscribed capital by 21 June 2027, with the consent of the Supervisory Board, by issuing new shares against cash or property, plant and equipment on one or more occasions up to a value of EUR 2,725,835.00 (Authorised Capital 2022), whereby the subscription rights of shareholders can be excluded. The corresponding amendment to Article 5 (2) of the Articles of Association was recorded in the Commercial Register on 27 July 2022.
The subscribed capital of the Company was contingently increased by EUR 1,815,000.00 by the Annual General Meeting of 10 December 2014 (Contingent Capital 2014/I). The company has not yet made use of the option to use the conditional capital (2014/I).
Based on the conditional capital (2014/II) resolved at the Annual General Meeting on 10 December 2014, 28,500 subscription shares were issued in 2020 and 100,000 subscription shares in 2021. The two capital increases were entered in the Commercial register in the financial year 2021. The conditional capital 2014/II still amounts to EUR 240,867.00 after the issue of subscription shares. With regard to the conditional capital increases, the Company has made partial use of the authorisation to issue bonds with warrants and/or convertible bonds, profit participation bonds and/or profit participation rights with option and/or conversion rights or obligations.
Provisions
Other provisions mainly include accruals for outstanding invoices, year-end closing costs and incidental rental expenses.
Liabilities
All liabilities have a remaining term of up to one year.
Other liabilities mainly include liabilities from the sub-participation of IBB Capital GmbH, Berlin, in Kapilendo AG amounting to TEUR 640 (31/12/2021: TEUR 640). In addition, the item includes liabilities from an office rental agreement of TEUR 19 (31/12/2021: TEUR 39) and liabilities from taxes in the amount of TEUR 25 (31/12/2021: TEUR 62).
Explanations to the Income Statement
The revenues generated are mainly attributable to allocations for personnel and other services for investments and companies of the FinLab Group in the amount of TEUR 872 (previous year: TEUR 564) as well as from income from subleases. The performance fees were not received (previous year: TEUR 3,162).
Other operating income mainly includes income from the reversal of accruals in the amount of TEUR 850. In the previous year, gains on the disposal of non-current securities in the amount of TEUR 939 were generated.
Personnel expenses include the remuneration of the Board of Management and the employees.
FinLab AG Half-year report as of 30 June 2022
Page 10
Other disclosures
Contingent liabilities
There were no contingent liabilities as of the reporting date.
Other financial liabilities
As of the reporting date, rental obligations totalling TEUR 171 result from a lease agreement concluded in April 2017 with a term until December 2022. A bank guarantee of TEUR 56 was provided as security for rent.
In the financial year 2022, a new lease agreement was concluded with a term until August 2029. The resulting rental obligations amount to TEUR 1,393 as of the reporting date. A bank guarantee of TEUR 50 was provided as security for rent.
The remaining payment obligations for uncalled capital calls of C3 EOS VC I GmbH & Co. KG (formerly FinLab EOS VC Europe I GmbH & Co. KG) amount to TEUR 1,549 as of the reporting date (31/12/2021: TEUR 2,042).
Beyond this, there are no other financial liabilities.
Investments list
FinLab AG has made use of the simplification provision of Article 293 (1) of the German Commercial Code (HGB) and waived the preparation of consolidated financial statements.
FinLab AG holds a direct interest of 20% or more in the following companies within the meaning of Article 285 No. 11 of the German Commercial Code (HGB):
| Investments | Headquarters | Percentage holding |
Equity 31/12/2021 in TEUR |
Annual result 2021 in TEUR |
|---|---|---|---|---|
| Heliad Management GmbH | Frankfurt am Main | 100% | 2,352 | 1,881 |
| Patriarch MultiManager GmbH 1) | Frankfurt am Main | 100% | 367 | 0 |
| Heliad Equity Partners GmbH & Co. KGaA | Frankfurt am Main | 43.52 % | 51,785 | -10,021 |
| AUTHADA GmbH 2) | Darmstadt | 25.62% | 2,531 | -7,700 |
| Vaultoro Limited 2) | London | 23.25 % | 658 | -62 |
| Iconic Holding GmbH 3) | Frankfurt am Main | 22.35% | 2,098 | -277 |
1) Since 01/01/2016 profit and loss transfer agreement with FinLab AG, therefore net result amounts to TEUR 0.
2) Shareholders' equity and the annual result refer to 2020.
3) Shareholders' equity and the annual result refer to 2019.
Information on the existence of a shareholding in the company
GfBk Gesellschaft für Börsenkommunikation mbH, Kulmbach, notified us in accordance with Article 20 (1) and (3) of the German Stock Corporation Act (AktG) that it directly holds more than one fourth of the shares in FinLab AG. Furthermore, GfBk Gesellschaft für Börsenkommunikation mbH, Kulmbach, notified us in accordance with Article 20 (4) of the German Stock Corporation Act (AktG) that it directly holds a majority stake in FinLab AG.
BFF Holding GmbH, Kulmbach, notified us in accordance with Article 20 (1) and (3) of the German Stock Corporation Act (AktG) that it indirectly holds more than one fourth of the shares in FinLab AG, as the shares held by GfBk Gesellschaft für Börsenkommunikation mbH, Kulmbach, in our company are attributable to it as sole shareholder in accordance with Article 16 (4) of the German Stock Corporation Act (AktG).
Furthermore, BFF Holding GmbH, Kulmbach, notified us in accordance with Article 20 (4) of the German Stock Corporation Act (AktG) that it indirectly holds a majority stake in FinLab AG, as the shares held by GfBk Gesellschaft für Börsenkommunikation mbH, Kulmbach, in our company are attributable to it as sole shareholder in accordance with Article 16 (4) of the German Stock Corporation Act (AktG).
Mr Bernd Förtsch, Kulmbach, notified us in accordance with Article 20 (1) and (3) of the German Stock Corporation Act (AktG) that he indirectly holds more than one fourth of the shares in FinLab AG, as the shareholdings held by BFF Holding GmbH, Kulmbach, and the shareholdings held by GfBk Gesellschaft für Börsenkommunikation mbH, Kulmbach, are attributable to him as sole shareholder in accordance with Article 16 (4) of the German Stock Corporation Act (AktG).
Mr Bernd Förtsch, Kulmbach, also notified us in accordance with Article 20 (4) of the German Stock Corporation Act (AktG) that he indirectly holds a majority stake in FinLab AG, as the shareholdings held by BFF Holding GmbH, Kulmbach, and by GfBk Gesellschaft für Börsenkommunikation GmbH, Kulmbach, are attributable to him as sole shareholder in accordance with Article 16 (4) of the German Stock Corporation Act (AktG).
The above notifications were published in the Bundesanzeiger (German Federal Gazette) on 8 February 2021.
Executive Board
The following are appointed as members of the Board of Management:
- Falk Schäfers, Frankfurt am Main Member of the Management Board of FinLab AG
- Julian Kappus, Frankfurt am Main Member of the Management Board of FinLab AG (since 01/06/2022)
Supervisory Board
The following are appointed as members of the Supervisory Board:
- Stefan Müller, Küps Chairman of the Supervisory Board General Representative of Börsenmedien Aktiengesellschaft, Kulmbach
- Herbert Seuling, Kulmbach Member of the Supervisory Board Managing Director of M & S Monitoring GmbH, Kulmbach
- Volker Rofalski, Munich Member of the Supervisory Board
Managing Director of only natural munich GmbH, Munich
Events after the balance sheet date
There were no significant events after the reporting date of 30 June 2022.
Frankfurt am Main, September 2022
The Board of Management
Falk Schäfers Julian Kappus
FinLab AG Ulmenstraße 37-39 60325 Frankfurt am Main [email protected] Phone +49 (0) 69 719 1280-0