Quarterly Report • May 27, 2010
Quarterly Report
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| EUR millions | Q1 2010 | Q1 2009 |
|---|---|---|
| Sales | 206.2 | 177.3 |
| EBITDA | 28.2 | 19.1 |
| EBIT | 18.2 | 9.1 |
| EBT | 11.6 | 0.9 |
| Net result for the period (allocable to INDUS shareholders) | 6.2 | 0.1 |
| Operating cash flow | 6.1 | 7.7 |
| Cash flow from operating activities | –0.7 | 0.1 |
| Cash flow from investing activities | –35.4 | –12.2 |
| Cash flow from financing activities | 2.6 | 5.9 |
| Cash and cash equivalents | 60.3 | 81.7 |
| Earnings per share (in EUR) | 0.34 | –0.07 |
| Cash flow per share (in EUR) | –0.04 | 0.006 |
| Employees (number as of March 31) | 5,946 | 5,540 |
| Investments (number as of March 31) | 41 | 40 |
| EUR millions | March 31, 2010 | Dec. 31, 2009 |
| Total assets | 921.2 | 913.5 |
| Equity | 248.5 | 241.7 |
| Net debt | 444,141 | 408,340 |
| Equity ratio (in %) | 27.0 | 26.5 |
| 2 L | etter to the Shareholders |
|---|---|
| 3 S | hare |
| 4 | 2010 Growth – HAKAMA |
| 6 I | nterim Management Report |
| 12 | Consolidated Interim Financial Statements as of March 31, 2010 |
| Contact and Financial Calendar | |
INDUS is the leading specialist in the field of sustainable investment in German small and medium-sized companies. We mainly acquire owner-managed companies and support their business development entrepreneurially with a long-term orientation. Our subsidiaries are characterized in particular by their strong positions in specific niche markets.
Our goal is to achieve lasting value appreciation for our portfolio that is both healthy and measured. We do this by maintaining a diversified investment structure and a corporate policy geared toward stable yields. The guideline for all of our decisions is the long-term development of each and every company. We give our companies reliable perspectives and allow them entrepreneurial scope for action.
In 2009, our Group's workforce of over 5,400 generated sales of approximately EUR 770 million and EBIT of EUR 54.6 million. This meant that INDUS, thanks to its swift intervention in the economic crisis, still managed to generate 60% of the earnings it posted in the boom year 2008. In 2010, we intend to continue along this successful path by acquiring more companies that are suitable for us.
Now that the low point of the recession is behind us, we are pleased to be able to report good figures for INDUS Holding AG in the first quarter of 2010 in a still difficult economic environment.
In fact, INDUS has grown more rapidly than the German economy. The gross domestic product rose by 1.7% from the previous year's quarter. In the first quarter of 2010, INDUS Group generated sales of EUR 206.2 million (previous year: EUR 177.3 million), or 16% above the previous year's quarter. Even more encouraging is the improvement in earnings: EBIT climbed from the previous year by 100% to EUR 18.2 million. Of course, this earnings comparison should be viewed in the context of the very weak first quarter of 2009. However, first-quarter earnings before interest and taxes of EUR 18.2 million are again close to the pre-crisis level: in 2008 we achieved EBIT of EUR 22.8 million.
All segments have contributed to this achievement. During the crisis, many customers drastically reduced their working capital and cut their inventories in order to preserve liquidity. As early as the fourth quarter of 2009, INDUS showed clear signs of rebounding. This applies particularly to our Automotive Components/Engineering segment, which was already at full capacity at the end of 2009. However, we assume that the catch-up effects will dissipate by mid-2010. Subsequently, it will become evident how stable the recovery is. We view developments in the engineering sector critically. For the time being, our subsidiaries are benefiting from a good order backlog, but only a weak recovery is expected in incoming orders in 2010.
Overall, we are optimistic about the first half of the year because the order situation is signaling a similarly encouraging result for the second quarter. However, our assessment for the entire year of 2010 remains cautious. Rising prices for energy and raw materials could put pressure on earnings. Another factor is the current uncertainty in the capital markets, which could conceal considerable potential harm for the still tentative economic recovery.
While maintaining a cautious investment policy in the operating business, we assume that we will be able to achieve additional earnings growth from the existing portfolio in light of the current economic upturn. Furthermore, INDUS sees good opportunities for new investments in 2010. For the current fiscal year, we plan to purchase additional companies following the acquisitions of HAKAMA and sole ownership of OBUK.
We thank you for your trust and look forward to welcoming you at this year's Annual Shareholders' Meeting on July 1 at the new event site at KoelnMesse in Cologne, Germany.
Sincerely, The Board of Management
Helmut Ruwisch Jürgen Abromeit Dr. Wolfgang Höper Dr. Johannes Schmidt
The performance of the INDUS Holding AG share in the first three months of the year was encouraging. It was able to outperform the relevant SDAX index. The capital markets responded positively to the publication of the initial figures for the 2009 annual financial statements on March 15. As of March 31, 2010, the share price was EUR 13.94 (December 31, 2009: EUR 12.00). That corresponds to a performance of about 15%. The SDAX index, which is the benchmark for INDUS, rose by only 7.5% to 3,895.95 points. On average, 34,705 shares were traded in the first three months on all domestic stock exchanges (previous year: 34,074 shares). The weighting of the INDUS share in the SDAX was 2.8% as of the reporting date on March 31; that corresponds to eighth place among the 50 companies comprising the index (December 31, 2009: ninth place). At the end of March, the market capitalization of INDUS Holding AG amounted to EUR 256.1 million.
Even in economically very challenging times we want to provide our shareholders with an appropriate dividend. Therefore, we propose a dividend distribution of EUR 0.50 per share for the 2009 fiscal year. That amounts to a total distribution of EUR 9.19 million. Based on the closing price for the year, the INDUS share offers a dividend yield of 4.2%. Our goal is to increase the dividend in the 2010 fiscal year.
The current 2009 INDUS annual report was produced in a new layout. The main theme of the report is the Group's strategic orientation: INDUS positions itself as a long-term investor in mediumsized manufacturing companies with sustainably solid prospects.
In the new fiscal year, we have also reorganized our segment structure, bringing it into line with our positioning. On April 26, we presented the business figures for 2009 at our annual earnings press conference in Düsseldorf. A day later, the Board of Management responded to the questions of analysts at the 2010 analysts' conference in Frankfurt. Following the presentation of the annual earnings, INDUS participated in Q&A sessions with interested investors during roadshows in Frankfurt, Cologne, and Düsseldorf.
Besides the traditional SME sector, it is primarily the promising markets of the future where INDUS aims to achieve further growth. Since January 2010 the portfolio has included HAKAMA, a company that is an excellent addition to the range of services offered by the Group.
[ 2010 Growth – HAKAMA Interim Management Report Consolidated Interim Financial Statements
Laser welding
HAKAMA is specialized in the production of premium, customized casings and components made from aluminum, steel, and stainless steel, primarily for medical technology systems such as analytical and diagnostic equipment. The company supports customers from development and design through construction and production all the way to packaging and delivery.
The company supplies customers from diverse industry segments such as communications technology, measuring technology, control engineering, and medical engineering, or equipment manufacturers for laboratories, analysis, doctors' offices, and surgery. Half of the products go directly to clients in other countries. Indirectly, HAKAMA's export share is well over eighty percent.
Extensive engineering services, which are designed for quick response and delivery times, provide the foundations for the company's success. They are based on virtual computer models for digital product development.
Founders Othmar Haberthür and Ernst Kasper paved the way for HAKAMA in 1956 with their metalworking plant in Mariastein, Switzerland. Later the company's headquarters moved to Bättwil near Basel. Having joined the company in 1971, the sons Marius Haberthür and Fritz Kasper managed the business successfully for four decades. In 2010, they sold the majority (60%) of HAKAMA AG to INDUS Holding AG, but remain present as shareholders and managing directors..
| Facts | |
|---|---|
| Sales 2009 | CHF 24 million |
| Employees | 145 |
| Location | Bättwil (Switzerland) |
| Founded | 1956 |
| Core markets | Switzerland, Germany, Austria, and other European countries |
■ Growth through acquisitions: INDUS acquires majority of Swiss HAKAMA AG and sole ownership of OBUK
■ Growth from the portfolio: consolidated sales rise from the first quarter of 2009 by 16 percent to EUR 206.2 million
■ Earnings before interest, taxes, depreciation, and amortization of EUR 18.2 million exceeds the previous year's amount by 100 percent
■ Earnings forecast of more than EUR 800 million confirmed for the entire year of 2010
Letter to the Shareholders Share 2010 Growth – HAKAMA [ Interim Management Report Consolidated Interim Financial Statements
After the recovery of the German economy began to stall at the end of 2009, its performance in the first quarter of 2010 was better than expected. As a result of the severe winter, the construction industry certainly suffered from shortages. In general, though, global trade began to rally. However, the economic revival continues to rely on government stimulus programs. Initial signs of stabilization were also recognizable in the labor market. For the current second quarter of 2010, economic organizations like the Institut der Deutschen Wirtschaft (Cologne Institute for Economic Research) anticipate an even stronger upturn in economic activity. In its view, the upward trend will be driven primarily by the construction industry.
At the same time, there are signs of a substantial improvement in various business climate indicators. For example, the ifo Business Climate Index from the German Institute for Economic Research rose in April by 3.4 to 101.6, reaching the highest level since May 2008. Analysts had expected a much lower value. However, it will be possible to speak about stable growth only if a clear expansion has reached the core areas of industry. The escalation of the Greek crisis since the end of April has rattled the financial markets, but the real economy has remained unaffected so far. Currently, the German federal government anticipates growth of 1.4% in 2010. The German Council of Economic Experts and leading economic institutes are also forecasting similar or the same growth rates.
Retroactive to January 1, 2010, INDUS Holding AG acquired sole ownership of OBUK Haustürfüllungen GmbH & Co. KG, based in Oelde, Germany, with the purchase of the remaining 25% of shares. Likewise retroactive to the beginning of the year, the Group assumed 60% majority control of the Swiss thin sheet metal processor HAKAMA AG in Bättwill, Switzerland. This purchase includes an option for the remaining 40% of the shares. The previous owners, Marius Haberthür and Fritz Kasper, will remain as managing directors of HAKAMA with their 40% shareholding.
Our business developed favorably in the first quarter of 2010. As a result of the economic recovery and the partial restocking of customer inventories, demand rose sharply in nearly all areas. Thanks to this improved market environment, in the annual quarter comparison sales grew by about 16%. Our cost reduction and efficiency improvement measures also fortified this result. The positive trend from the last quarter of 2009 was thus further stabilized.
Consolidated sales of INDUS Holding AG grew in the first three months of 2010 by EUR 28.9 million to EUR 206.2 million (previous year: EUR 177.3 million). The cost of materials increased as a result of the improved business situation to EUR 98.5 million (previous year: EUR 80.5 million). The materials costs rate at 47.8% still remained in the target range in view of rapidly rising raw material prices in the last few months (previous year: 45.4%). Although personnel expenses rose slightly in absolute terms from EUR 55.3 million to EUR 59.3 million driven by the improved order situation, the ratio of personnel expenses to total sales declined notably from the comparable figure in the previous year to 28.8% (previous year: 31.2%). This value reflects the success of the restructuring measures implemented in 2008 and 2009. An additional success of the cost reduction program in 2009 is the increase in other operating expenses that was only moderate despite significant sales growth. It rose from EUR 25.7 million to just EUR 28.3 million.
Earnings before interest, taxes, depreciation, and amortization (EBITDA) indicated a clear change in direction in the operating business of the INDUS Group. EBITDA grew from EUR 19.1 million to EUR 28.2 million. Depreciation and amortization of EUR 10.1 million (previous year: EUR 10.0 million) were almost unchanged due to the reluctance to invest in 2007 and 2008 so that earnings before interest and taxes (EBIT) of EUR 18.2 million as of March 31, 2010 were twice as high as in 2009 (previous year: EUR 9.1 million). As a result, INDUS Holding AG achieved an encouraging EBIT margin of 8.8% (previous year: 5.2%).
Operating interest expenses of EUR 5.7 million were down from the previous year's amount of EUR 6.5 million, while interest income declined again slightly to EUR 0.1 million (previous year: EUR 0.3 million), reflecting low interest rates in the crisis year. Earnings before taxes (EBT) reached EUR 11.6 million (previous year: EUR 0.9 million). Tax expenses for the Group increased in line with improved sales and earnings to EUR 4.9 million (previous year: EUR 2.1 million). Excluding non-controlling interests, the results for the period were EUR 6.2 million (previous year: EUR 72,000). This corresponds to earnings per share of EUR 0.34 (previous year: EUR 0.07).
INDUS Holding AG's investment portfolio is structured in five segments: Construction/Infrastructure, Automotive Components/Engineering, Engineering, Medical Engineering/Life Science, and Metal/ Metal Processing. The investment portfolio encompassed 41 operating units as of March 31, 2010.
First-quarter sales of EUR 38.8 million nearly reached the level of 2009 (EUR 39.0 million), which was a very satisfactory result for the start of the year, particularly in view of the unusually long and hard winter. The construction industry companies within the INDUS Group were able to maintain their sales level and also significantly improve their earnings. Earnings before interest and taxes (EBIT) totaled EUR 2.6 million (previous year: EUR 1.0 million). The EBIT margin improved to 6.7% (previous year: 2.6%).
| EUR millions | Q1 2010 | Q1 2009 |
|---|---|---|
| Sales | 38.8 | 39.0 |
| EBIT | 2.6 | 1.0 |
| EBIT margin (in %) | 6.7 | 2.6 |
| Depreciation/ amortization |
–1.2 | –1.2 |
| Capital expenditure | 1.6 | 2.0 |
The portfolio companies in the Automotive Components/Engineering segment have increasingly experienced a renewal in demand since fall 2009. Rising demand from Europe and the BRIC countries, particularly from Asia, as well as increased orders for new products have nearly offset the periodically dramatic drops in sales at the beginning of last year. Segment sales amounted to EUR 60.0 million, noticeably higher than the previous year's total of
Letter to the Shareholders Share 2010 Growth – HAKAMA [ Interim Management Report Consolidated Interim Financial Statements
EUR 43.7 million. The recovery in EBIT was striking: following a quarterly loss of EUR –0.1 million, the segment again achieved a respectable EBIT margin of 6.7% (previous year: –0.1%) on earnings of EUR 4.0 million.
| EUR millions | Q1 2010 | Q1 2009 |
|---|---|---|
| Sales | 60.0 | 43.7 |
| EBIT | 4.0 | –0.1 |
| EBIT margin (in %) | 6.7 | –0.1 |
| Depreciation/ amortization |
–5.3 | –5.1 |
| Capital expenditure | 4.9 | 1.9 |
The companies in the Engineering segment may well continue to suffer the most in 2010 from the aftermath of the economic crisis. Segment sales of EUR 28.3 million in the first quarter did in fact increase slightly again from the previous year's EUR 27.8 million. However, this high sales level is attributable to a cushion of orders still awaiting processing. Currently, the segment continues to experience weakness in incoming orders. Given the capacity adjustments carried out in 2009, however, the companies in this segment have a solid order situation. Earnings before interest and taxes declined modestly from EUR 2.8 million to EUR 2.5 million, while the EBIT margin was 8.8% (previous year: 10.1%).
| EUR millions | Q1 2010 | Q1 2009 |
|---|---|---|
| Sales | 28.3 | 27.8 |
| EBIT | 2.5 | 2.8 |
| EBIT margin (in %) | 8.8 | 10.1 |
| Depreciation/ amortization |
–0.5 | –0.7 |
| Capital expenditure | 0.3 | 1.0 |
The performance of the Medical Engineering/Life Science segment is stable, in line with expectations. Segment sales grew to EUR 20.2 million (previous year: EUR 19.1 million). At the same time, earnings before interest and taxes (EBIT) increased to EUR 3.5 million (previous year: EUR 3.1 million). The EBIT margin improved to 17.3% (previous year: 16.2%).
| EUR millions | Q1 2010 | Q1 2009 |
|---|---|---|
| Sales | 20.2 | 19.1 |
| EBIT | 3.5 | 3.1 |
| EBIT margin (in %) | 17.3 | 16.2 |
| Depreciation/ amortization |
–0.9 | –0.9 |
| Capital expenditure | 0.3 | 1.1 |
The Metal/Metal Processing segment recovered along with the Automotive Components/Engineering segment. The initial consolidation of HAKAMA was one of several factors that accounted for the improvement in sales, results and capital expenditures. Sales of EUR 58.9 million this quarter clearly surpassed sales of EUR 47.7 million in the weak first quarter of 2009. Even more conclusive evidence of the change in direction is EBIT: At EUR 6.5 million, it nearly doubled from the previous year (EUR 3.3 million). The EBIT margin regained a good doubledigit level of 10.8% (previous year: 6.9%).
| EUR millions | Q1 2010 | Q1 2009 |
|---|---|---|
| Sales | 58.9 | 47.7 |
| EBIT | 6.5 | 3.3 |
| EBIT margin (in %) | 11.0 | 6.9 |
| Depreciation/ amortization |
–2.3 | –2.0 |
| Capital expenditure | 17.0 | 2.7 |
The number of employees rose substantially from the previous year's quarter. This is partially attributable to the initial consolidation of HAKAMA. In addition, periodic surges in orders necessitated hiring in the Automotive Components/Engineering and Metal/Metal Processing segments. The quarterly comparison does not reflect the temporary adjustments in personnel that were necessary during 2009 (June 30, 2009: 5,434 employees).
INDUS endeavors to maintain or expand its flexibility. Our goal is to preserve flexible capacities of 15% to 35% depending on the segment. For this purpose, INDUS has developed the "Kapaflex" program for its portfolio. It ensures the required responsiveness and flexibility for our company by combining various measures such as working time accounts, overtime vouchers, term labor contracts, contracting, insourcing, and outsourcing. Not least by fully exploiting the leeway created by Kapaflex, INDUS was successful in substantially maintaining its core workforce during the 2009 crisis. In the current recovery phase, INDUS will nevertheless pay very close attention to augmenting its Kapaflex quota.
| Q 1 2010 | Q1 2009 | ||
|---|---|---|---|
| Employees | 5,946 | 5,540 |
With earnings after taxes of EUR 6.7 million (previous year: EUR –1.3 million), operating cash flow fell from EUR 7.7 million to EUR 6.1 million, mainly as a result of the sharp increase in working capital from the upturn in business. Despite lower expenses for interest paid of EUR –6.9 million (previous year: EUR 8.0 million), cash flow from operating activities was slightly negative at EUR –0.7 million (previous year: EUR 0.1 million). Cash flow from investing activities rose from EUR –12.2 million to EUR –35.4 million, reflecting capital expenditure in property, plant, and equipment and acquisitions at the beginning of the year. Cash flow from financing activities amounted to EUR 2.6 million (previous year: EUR 5.9 million).
.
As of March 31, 2010, INDUS had total assets of EUR 921.2 million, slightly higher than at the end of the previous year (December 31, 2009: EUR 913.5 million). Cash and cash equivalents fell from EUR 93.5 million to EUR 60.3 million, primarily as a result of the working capital required for growth. Receivables and inventories increased to about EUR 26 million due to the economic recovery. The Group's equity of EUR 248.5 million climbed again from the end of the year (December 31, 2009: EUR 241.7 million). As a result, the equity ratio improved to 27.0% (December 31, 2009: 26.5%). The Group's net debt totaled EUR 444.1 million (December 31, 2009: EUR 408.3 million).
Letter to the Shareholders Share 2010 Growth – HAKAMA [ Interim Management Report Consolidated Interim Financial Statements
INDUS Holding AG and its portfolio companies are exposed to a multiplicity of risks as a result of their international activities. Entrepreneurial action is inextricably linked with risk-taking. At the same time, this enables the company to seize new opportunities and, thereby, defend and strengthen the position on the market occupied by itself and its portfolio companies. The company operates an efficient risk management system for the early detection, comprehensive analysis, and resolute handling of risks.
The structuring of the risk management system and the significance of particular risks are discussed in detail in the 2009 annual report on pages 58 to 63. It is stated there that the company does not view itself as subject to any risks that could endanger its continued existence as a going concern. The annual report for INDUS Holding AG can be downloaded free of charge at www.indus.de.
Since March 31, 2010, no significant events occurred that are expected to have a material impact on INDUS Holding AG's net assets, financial, or earnings position.
The global economic recovery has continued in the first quarter of 2010. The partial restocking of customer inventories intensified demand. Therefore, our business developed favorably in the first quarter of 2010. For the remainder of 2010, we anticipate that the economy will recover more slowly and increasingly unevenly when the catchup effects begin to dissipate. Risks for a selfsupporting and sustainable recovery remain. In particular, price trends for raw materials and energy will be challenging. Since the end of 2009, we have observed significant increases in prices for materials, particularly steel. In general, however, we expect a perceptible rise in sales and a disproportionate improvement in earnings in 2010 following an extraordinarily difficult 2009 fiscal year.
In the operating business, INDUS focusses on portfolio improvements, efficiency increases, and product innovations in the existing portfolio. At the same time, we see good opportunities for external growth through acquisitions. We are maintaining our sales forecast in excess of EUR 800 million. For EBIT we expect a figure in the target range of EUR 60 million to EUR 70 million.
| 12 | EUR '000 | Notes | Q1 2010 | Q1 2009* |
|---|---|---|---|---|
| Sales | 206,164 | 177,316 | ||
| Other operating income | 3,746 | 4,786 | ||
| Own work capitalized | 551 | 685 | ||
| Change in inventories | 3,718 | –2,272 | ||
| Cost of materials | [3] | –98,517 | –80,546 | |
| Personnel expenses | [4] | –59,296 | –55,250 | |
| Depreciation and amortization | [5] | –10,059 | –9,992 | |
| Other operating expenses | [6] | –28,262 | –25,736 | |
| Income from shares accounted for using the equity method | 75 | 100 | ||
| Other financial result | 50 | 57 | ||
| Operating result (EBIT) | 18,170 | 9,148 | ||
| Interest income | 116 | 344 | ||
| Interest expenses | –6,698 | –8,620 | ||
| Net interest | [7] | –6,582 | –8,276 | |
| Earnings before taxes | 11,588 | 872 | ||
| Taxes | [8] | –4,884 | –2,136 | |
| Income from discontinued operations | [1] | 1,354 | ||
| Earnings after taxes | 6,704 | 90 | ||
| of which allocable to non-controlling shareholders | –502 | –18 | ||
| of which allocable to INDUS shareholders | 6,202 | 72 | ||
| Basic earnings per share in EUR | [2] | 0.34 | –0.07 | |
| Earnings for the INDUS shareholders, adjusted for volatility from interest-rate hedging |
6,851 | 1,544 |
* Previous year's figures adjusted
| EUR '000 | Q1 2010 | Q1 2009* |
|---|---|---|
| Earnings after taxes | 6,704 | 90 |
| Currency translation adjustment | –132 | –11 |
| Change in the market values of derivative financial instruments | –1,346 | –1,873 |
| Netting of deferred taxes | 213 | 296 |
| Income and expenses recognized directly in equity | –1,265 | –1,588 |
| Total income and expenses recognized in equity | 5,439 | –1,498 |
| of which non-controlling interests | 502 | 18 |
| of which allocable to INDUS shareholders | 4,937 | –1,516 |
* Previous year's figures adjusted
Letter to the Shareholders Share 2010 Growth – HAKAMA Interim Management Report
[ Consolidated Interim Financial Statements
| EUR '000 | Notes | March 31, 2010 | Dec. 31, 2009 |
|---|---|---|---|
| Assets | |||
| Goodwill | 289,573 | 289,573 | |
| Intangible assets | (9) | 18,976 | 17,116 |
| Property, plant, and equipment | (10) | 251,179 | 238,888 |
| Financial assets | 8,402 | 8,994 | |
| Shares accounted for using the equity method | 4,653 | 4,578 | |
| Other noncurrent assets | 1,833 | 3,010 | |
| Deferred taxes | 2,105 | 1,989 | |
| Noncurrent assets | 576,721 | 564,148 | |
| Cash and cash equivalents | 60,272 | 93,506 | |
| Accounts receivable | (11) | 114,993 | 99,267 |
| Inventories | (12) | 153,476 | 143,102 |
| Other current assets | 11,218 | 8,481 | |
| Current income taxes | 4,480 | 4,975 | |
| Assets held for sale | 0 | 0 | |
| Current assets | 344,439 | 349,331 | |
| Total assets | 921,160 | 913,479 | |
| Equity and Liabilities | |||
| Paid-in capital | 172,930 | 172,930 | |
| Generated capital | 71,985 | 67,048 | |
| Equity held by INDUS shareholders | 244,915 | 239,978 | |
| Non-controlling interests in the equity | 3,586 | 1,736 | |
| Group equity | 248,501 | 241,714 | |
| Noncurrent financial liabilities | 340,017 | 363,501 | |
| Provisions for pensions | 15,983 | 15,994 | |
| Other noncurrent provisions | 2,177 | 2,108 | |
| Other noncurrent liabilities | 14,524 | 14,679 | |
| Deferred taxes | 16,773 | 16,899 | |
| Noncurrent liabilities | 389,474 | 413,181 | |
| Current financial liabilities | 164,396 | 138,345 | |
| Trade accounts payable | 39,266 | 28,019 | |
| Current provisions | 33,592 | 29,892 | |
| Other current liabilities | 41,879 | 58,209 | |
| Current income taxes | 4,052 | 4,119 | |
| Liabilities held for sale | 0 | 0 | |
| Current liabilities | 283,185 | 258,584 | |
| Total equity and liabilities | 921,160 | 913,479 |
13
| 14 EUR '000 |
Q1 2010 | Q1 2009* |
|---|---|---|
| Income after taxes generated by continuing operations | 6,704 | –1,264 |
| Depreciation/Write-ups of noncurrent assets (excluding deferred taxes) due to gains (–)/losses (+) from the disposal of assets |
10,059 0 |
9,992 0 |
| Taxes | 4,884 | 2,136 |
| Net interest | 6,582 | 8,276 |
| Cash earnings of discontinued operations | 0 | 43 |
| Income from companies accounted for using the equity method | –75 | –100 |
| Other non-cash transactions | –386 | –54 |
| Changes in provisions | 3,077 | –1,885 |
| Increase (–)/decrease (+) in inventories, trade accounts receivable and other assets not allocable to investing or financing activities |
–23,913 | 2,709 |
| Increase (+)/decrease (–) in trade accounts payable and other liabilities not allocable to investing or financing activities |
3,057 | –5,298 |
| Income taxes received/paid | –3,936 | –6,839 |
| Dividends received | 0 | 0 |
| Operating cash flow | 6,053 | 7,716 |
| Interest paid | –6,872 | –7,953 |
| Interest received | 116 | 344 |
| Cash flow from operating activities | –703 | 107 |
| Cash outflow from investments in property, plant, and equipment and intangible assets financial assets shares in fully consolidated companies |
–20,711 0 –15,235 |
–12,094 –77 0 |
| Cash inflow from the disposal of shares in fully consolidated companies other assets |
0 592 |
0 0 |
| Cash flow from investing activities | –35,354 | –12,171 |
| Cash inflows from the assumption of debt | 24,316 | 25,000 |
| Cash outflows from the repayment of debt | –21,749 | –19,051 |
| Cash flow from financing activities | 2,567 | 5,949 |
| Net cash change in financial facilities | –33,490 | –6,115 |
| Changes in cash and cash equivalents caused by currency exchange rates | 256 | 44 |
| Cash and cash equivalents at the beginning of the period | 93,506 | 87,791 |
| Cash and cash equivalents at the end of the period | 60,272 | 81,720 |
| Cash transactions related to the sale of investments | –2,022 | 0 |
| plus financial liabilities assumed | –13,213 | 0 |
| minus financial facilities purchased | 0 | 0 |
| Net purchase price | –15,235 | 0 |
* Previous year's figures adjusted
Severance payments for non-controlling shareholders, which came due in the first quarter in connection with the full goodwill method of accounting, are included in payments for capital expenditure for property, plant, and equipment and intangible assets.
[ Consolidated Interim Financial Statements
| Jan. 1 – March 31, 2010 | Opening balance |
Dividend | Recognised income and |
Neutral | Closing balance |
|---|---|---|---|---|---|
| EUR '000 | Jan. 1, 2010 | payment | expenses | changes | March 31, 2010 |
| Q1 2010 | |||||
| Subscribed capital | 47,762 | 0 | 0 | 0 | 47,762 |
| Capital reserve | 125,168 | 0 | 0 | 0 | 125,168 |
| Paid-in capital | 172,930 | 0 | 0 | 0 | 172,930 |
| Accumulated earnings | 69,554 | 0 | 6,202 | 0 | 75,756 |
| Currency translation reserve | 2,080 | 0 | –132 | 0 | 1,948 |
| Reserve for the marked-to-market | |||||
| valuation of financial instruments | –4,586 | 0 | –1,133 | 0 | –5,719 |
| Capital generated | 67,048 | 0 | 4,937 | 0 | 71,985 |
| Equity held by INDUS shareholders | 239,978 | 0 | 4,937 | 0 | 244,915 |
| Interests allocable to non-controlling | |||||
| shareholders | 1,736 | 0 | 502 | 1,348 | 3,586 |
| Group equity | 241,714 | 0 | 5,439 | 1,348 | 248,501 |
| Jan. 1 – March 31, 2009 | Opening balance |
Dividend | Recognised income and |
Neutral | Closing balance |
|---|---|---|---|---|---|
| EUR '000 | Jan. 1, 2009 | payment | expenses | changes | March 31, 2009 |
| Q1 2009 | |||||
| Subscribed capital | 47,762 | 0 | 0 | 0 | 47,762 |
| Capital reserve | 125,168 | 0 | 0 | 0 | 125,168 |
| Paid-in capital | 172,930 | 0 | 0 | 0 | 172,930 |
| Accumulated earnings | 73,464 | 0 | 72 | 0 | 73,536 |
| Currency translation reserve | 2,493 | 0 | –11 | 0 | 2,482 |
| Reserve for the marked-to-market valuation of financial instruments |
–3,648 | 0 | –1,577 | 0 | –5,225 |
| Capital generated | 72,309 | 0 | –1,516 | 0 | 70,793 |
| Equity held by INDUS shareholders | 245,239 | 0 | –1,516 | 0 | 243,723 |
| Interests allocable to non-controlling | |||||
| shareholders | 1,134 | 0 | 18 | 0 | 1,152 |
| Group equity | 246,373 | 0 | –1,498 | 0 | 244,875 |
Reserves for currency translation and the marked-to-market valuation of financial instruments include unrealized gains and losses. The reserve for the marked-to-market valuation of financial instruments includes the effective portions of the interest-rate hedges.
Non-controlling interests in equity relate to external shareholders in limited liability companies and corporations. In accordance with IAS 32, based on the theoretical retirability and redeemability of the shares, non-controlling interests in limited partnerships are reported as debt and stated under other liabilities.
The neutral changes in 2010 result from the initially consolidated non-controlling interests of HAKAMA AG.
15
INDUS Holding AG, based in Bergisch Gladbach, Germany, entered in the Cologne commercial register (HRB 46360), prepared its consolidated financial statements for the first quarter of 2010 in accordance with International Financial Reporting Standards (IFRS) and the interpretation of such by the International Financial Reporting Interpretations Committee (IFRIC) as endorsed by the European Union. The consolidated financial statements are prepared in euros (EUR). Unless otherwise indicated, all amounts are stated in thousands of euros (EUR '000).
New obligatory standards are reported on separately in the section "Changes in Accounting Guidelines." Otherwise, the same accounting methods are applied as in the consolidated financial statements for the 2009 fiscal year. They are described there in detail. Since this quarterly report does not provide the comprehensive information of the annual financial statements, these financial statements should be considered within the context of the last annual financial statements.
In the Board of Management's view, this unaudited quarterly report includes all of the usual ongoing adjustments that are necessary for an appropriate presentation of the Group's net assets, financial, and earnings position. The results achieved in the first quarter of the 2010 fiscal year do not necessarily predict future business performance.
The preparation of consolidated financial statements is influenced by accounting and valuation principles and requires assumptions and estimates to be made which have an impact on the recognized value of the assets, liabilities, and contingent liabilities, as well as on income and expenses. When estimates are made regarding the future, actual values may deviate from the estimates. If the original basis for the estimates changes, the statement of the relevant items is adjusted through profit and loss.
All obligatory accounting standards in effect as of the 2010 fiscal year have been implemented in these interim financial statements.
The changes to IFRS 3 and IAS 27 lead to a revised presentation of future business combinations. For further details, reference is made to the section "Change in Accounting Methods Following Adoption of IFRS 3 by the EU" in the published 2009 annual report.
The other guidelines to be applied for the first time in the 2010 fiscal year have no material impact on the presentation of the net assets, financial, and earnings position.
Letter to the Shareholders Share 2010 Growth – HAKAMA Interim Management Report [ Consolidated Interim Financial Statements
In the consolidated financial statements, all subsidiary companies are fully consolidated if the INDUS Holding AG has the direct or indirect possibility of influencing the companies' financial and business policy for the benefit of the INDUS Group. Associated companies of which the financial and business policy can be significantly influenced are consolidated using the equity method. Companies purchased during the course of the fiscal year are consolidated as of the date on which control over their finance and business policy is transferred. Companies which are sold are no longer included in the scope of consolidation as from the date on which the business is transferred. After the date on which the decision is made to divest the company in question, they are classified as "held for sale."
Effective January 1, 2010, HAKAMA AG, Bättwil, Switzerland, in which INDUS Holding AG has a 60% stake, was included in the consolidated financial statements.
The previous owners will remain as managing directors of HAKAMA with their 40% shareholding. INDUS Holding AG has secured an option to purchase the non-controlling interest. The non-controlling interests in the consolidated financial statements are measured at the fair value of the proportional share of the identifiable net assets.
The acquisition of HAKAMA AG's business was handled as an asset deal. In the process, the finance lease contracts for real estate and machinery were assumed, so that they are accounted for as financial liabilities in the IFRS financial statements. The purchase price, including assumed financial liabilities of EUR 13,213,000, amounts to EUR 15,235,000.
According to a preliminary purchase price allocation, the acquired assets and liabilities were determined at the time of initial consolidation as follows:
| Acquisitions 2010 EUR '000 |
Carrying amounts at time of addition |
Assets added due to first-time consolidation |
Additions consoli dated statement of financial position |
|---|---|---|---|
| Noncurrent assets | 11,945 | 1,948 | 13,893 |
| Current assets | 1,835 | 1,535 | 3,370 |
| Total assets | 13,780 | 3,483 | 17,263 |
| Noncurrent liabilities | 10,058 | 0 | 10,058 |
| Current liabilities | 3,674 | 161 | 3,835 |
| Total liabilities | 13,732 | 161 | 13,893 |
The company contributed sales of EUR 4.9 million and EBIT of EUR 0.7 million to the 2010 consolidated net income. The company is assigned to the Metal/Metal Processing segment.
In the 2009 fiscal year, WFV Werkzeug-, Formen- und Vorrichtungsbau GmbH & Co. KG was sold to a holding company effective December 31, 2009. WFV complements the purchaser's investment portfolio, with strategic effects and synergies generated by the purchase therefore playing a crucial role.
In addition, the sub-subsidiary Volker WITZEL GmbH Klima- und Wärmetechnik, which is of subordinate importance for the portfolio, was sold to the managing non-controlling shareholder in a management buyout effective from July 1, 2009.
The previous year's statement of income was adjusted. Additional details are included in the section "Adjustment of Previous Year's Figures."
| EUR '000 | Q1 2010 | Q1 2009 |
|---|---|---|
| Sales | – | 1,114 |
| Expenses and other income | – | –1,363 |
| Operating result | – | –249 |
| Net interest | – | –2 |
| Earnings before taxes | – | –251 |
| Taxes | – | 40 |
| Earnings after taxes from current operations | – | –211 |
| Income from deconsolidations | – | 1,565 |
| Income from discontinued operations | – | 1,354 |
| Tax expense/revenue from divestments | – | 294 |
| EUR '000 | Q1 2010 | Q1 2009* |
|---|---|---|
| Earnings attributable to INDUS shareholders | 6,202 | 72 |
| Earnings attributable to discontinued operations | – | –1,354 |
| Earnings attributable to continuing operations | 6,202 | –1,282 |
| Shares in circulation (thousands) | 18,370 | 18,370 |
| Earnings per share, continuing operations (in EUR) | 0.34 | –0.07 |
| Earnings per share, discontinued operations (in EUR) | – | 0.07 |
* Previous year's figures adjusted
According to IAS 33, earnings per share are based on earnings after taxes from continuing operations. Earnings per share are calculated by dividing earnings from continuing operations by the average annual number of outstanding shares.
In the event of the authorized capital being utilized, dilutions will arise in the future.
| EUR '000 | Q1 2010 | Q1 2009 |
|---|---|---|
| Raw materials and goods for resale | –87,310 | –71,792 |
| Purchased services | –11,207 | –8,754 |
| Total | –98,517 | –80,546 |
| EUR '000 | Q1 2010 | Q1 2009 |
|---|---|---|
| Wages and salaries | –50,010 | –46,144 |
| Social security and pensions | –9,286 | –9,106 |
| Total | –59,296 | –55,250 |
| EUR '000 | Q1 2010 | Q1 2009 |
|---|---|---|
| Depreciation of property, plant, and equipment and intangible assets |
–8,731 | –8,396 |
| Scheduled amortization of value-added within the Group |
–1,328 | –1,596 |
| Total | –10,059 | –9,992 |
| EUR '000 | Q1 2010 | Q1 2009 |
|---|---|---|
| Operating expenses | –9,874 | –9,261 |
| Selling expenses | –10,163 | –9,113 |
| Administrative expenses | –5,784 | –4,693 |
| Other expenses | –2,441 | –2,669 |
| Total | –28,262 | –25,736 |
| EUR '000 | Q1 2010 | Q1 2009 |
|---|---|---|
| Interest and similar income | 116 | 344 |
| Interest and similar expenses | –5,857 | –6,865 |
| Interest from operations | –5,741 | –6,521 |
| IFRS interest: market value of interest-rate swaps | –771 | –1,749 |
| IFRS interest: non-controlling interests | –70 | –6 |
| IFRS interest | –841 | –1,755 |
| Total | –6,582 | –8,276 |
Income tax expense is calculated for the interim financial statements based on the assumptions of current tax planning.
| EUR '000 | March 31, 2010 | Dec. 31, 2009 |
|---|---|---|
| Capitalized development costs | 9,952 | 9,823 |
| Property rights, concessions, | ||
| and other intangible assets | 9,024 | 7,293 |
| Total | 18,976 | 17,116 |
| EUR '000 | March 31, 2010 | Dec. 31, 2009 |
|---|---|---|
| Land and buildings | 130.370 | 118.465 |
| Plant and machinery | 87.099 | 88.242 |
| Other equipment, factory and office equipment | 28.305 | 27.708 |
| Advance payments and plant under construction | 5.405 | 4.473 |
| Summe | 251.179 | 238.888 |
| EUR '000 | March 31, 2010 | Dec. 31, 2009 |
|---|---|---|
| Accounts receivable from customers | 104,630 | 88,133 |
| Future accounts receivable from customer-specific construction contracts |
9,536 | 10,386 |
| Accounts receivable from associated companies | 827 | 748 |
| Total | 114,993 | 99,267 |
[ Consolidated Interim Financial Statements
| EUR '000 | March 31, 2010 | Dec. 31, 2009 |
|---|---|---|
| Raw materials and supplies | 55,315 | 51,798 |
| Unfinished goods | 47,111 | 40,355 |
| Finished goods and goods for resale | 49,679 | 50,148 |
| Prepayments to third parties for inventories | 1,371 | 801 |
| Total | 153,476 | 143,102 |
The classification of the segments corresponds to the current status of internal reporting. The information relates to the continuing activities.
The companies are allocated to the segments on the basis of their selling markets insofar as the bulk of their product range is sold in that market environment (Automotive Components/ Engineering, Medical Engineering/Life Science). Otherwise they are classified by common features in their production structure (Construction/Infrastructure, Engineering, Metal/Metal Processing). The reconciliations contain the figures of the holding company, non-operational units not allocated to any segment, and consolidations.
The central control variable for the segments remains operating earnings (EBIT) as defined in the consolidated financial statements. Segment assets are comprised of total assets adjusted for income tax claims. The segment information has been ascertained in compliance with the reporting and valuation methods that were applied during the preparation of the consolidated financial statements.
Intersegment prices are based on arm's length prices to the extent that they can be established in a reliable manner and are determined using the cost-plus pricing method.
The segment information represents the continuing segments. The previous year's figures are adjusted accordingly.
| Segment reporting in accordance with IFRS 8 March 31, 2010 EUR '000 |
Construc tion/Infra structure |
Automotive Compo nents/Engi |
neering Engineering | Medical Enginee ring/Life Science |
Metal/Metal Processing |
Total segments |
Recon ciliation |
Consoli dated financial statements |
|---|---|---|---|---|---|---|---|---|
| External sales | 38,767 | 60,041 | 28,299 | 20,175 | 58,859 | 206,141 | 23 | 206,164 |
| Internal sales | 1,311 | 3,766 | 1,700 | 388 | 4,409 | 11,574 | -11,574 | 0 |
| Sales | 40,078 | 63,807 | 29,999 | 20,563 | 63,268 | 217,715 | -11,551 | 206,164 |
| Segment earnings (EBIT) | 2,630 | 3,953 | 2,544 | 3,480 | 6,474 | 19,081 | -911 | 18,170 |
| Earnings from equity valuation | 0 | 0 | 0 | 75 | 0 | 75 | 0 | 75 |
| Depreciation/Amortization of which scheduled deprecia tion for wear and tear from |
–1,225 | –5,309 | –533 | –856 | –2,287 | –10,210 | 151 | –10,059 |
| first-time consolidation | –220 | –1,116 | –13 | –12 | –217 | –1,578 | 250 | –1,328 |
| Capital expenditure | 1,646 | 4,949 | 291 | 338 | 16,969 | 24,193 | 16 | 24,209 |
| of which company acquisitions | 0 | 0 | 0 | 0 | 13,893 | 13,893 | 0 | 13,893 |
| shares accounted for using | ||||||||
| the equity method | 1,169 | 0 | 0 | 3,484 | 0 | 4,653 | 0 | 4,653 |
| Segment assets | 200,029 | 284,787 | 108,620 | 94,406 | 226,103 | 913,945 | 2,735 | 916,680 |
| Additional information: EBITDA | 3,855 | 9,262 | 3,077 | 4,336 | 8,761 | 29,291 | –1,062 | 28,229 |
| Segment reporting in accordance with IFRS 8 March 31, 2009 EUR '000 |
Construc tion/Infra structure |
Automotive Compo nents/Engi |
neering Engineering | Medical Enginee ring/Life Science |
Metal/Metal Processing |
Total segments |
Recon ciliation |
Consoli dated financial statements |
|---|---|---|---|---|---|---|---|---|
| External sales | 39,041 | 43,749 | 27,814 | 19,105 | 47,731 | 177,440 | –124 | 177,316 |
| Internal sales | 1,348 | 2,357 | 1,330 | 448 | 3,760 | 9,243 | –9,243 | 0 |
| Sales | 40,389 | 46,106 | 29,144 | 19,553 | 51,491 | 186,683 | –9,367 | 177,316 |
| Segment earnings (EBIT) | 1,021 | –52 | 2,841 | 3,058 | 3,269 | 10,137 | –989 | 9,148 |
| Earnings from equity valuation | 0 | 0 | 0 | 100 | 0 | 100 | 0 | 100 |
| Depreciation/Amortization of which scheduled deprecia tion for wear and tear from |
–1,231 | –5,146 | –680 | –868 | –1,967 | –9,892 | –100 | –9,992 |
| first-time consolidation | –305 | –997 | –52 | –12 | –230 | –1,596 | 0 | –1,596 |
| Capital expenditure | 2,029 | 1,899 | 1,003 | 1,080 | 2,731 | 8,742 | 0 | 8,742 |
| of which company acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| shares accounted for using the equity method |
1,216 | 0 | 0 | 3,547 | 0 | 4,763 | 0 | 4,763 |
| Segment assets | 200,305 | 298,736 | 107,876 | 97,866 | 212,251 | 917,034 | 31,285 | 948,319 |
| Additional information: EBITDA | 2,252 | 5,094 | 3,521 | 3,926 | 5,236 | 20,029 | –889 | 19,140 |
The following table reconciles the total operating results of segment reporting with the calculation of consolidated earnings before taxes.
| EUR '000 | Q1 2010 | Q1 2009 |
|---|---|---|
| Segment earnings (EBIT) | 19,081 | 10,137 |
| Areas not allocated, incl. holding company | –941 | –814 |
| Consolidations | 30 | –175 |
| Net interest | –6,582 | –8,276 |
| Earnings before taxes | 11,588 | 872 |
| Q1 2010 EUR '000 |
Germany | Abroad | Reconciliation | Group |
|---|---|---|---|---|
| Sales | 120,662 | 97,053 | –11,551 | 206,164 |
| Segment assets | 805,387 | 108,558 | 2,735 | 916,680 |
| Q1 2009 EUR '000 |
Germany | Abroad | Reconciliation | Group |
|---|---|---|---|---|
| Sales | 102,522 | 84,161 | –9,367 | 177,316 |
| Segment assets | 803,249 | 113,785 | 31,285 | 948,319 |
The regionalization of sales is based on the selling markets. The further classification of the diverse foreign activities by country is not expedient as no country outside of Germany accounts for 10% of Group sales.
The segment assets are based on the domiciles of the respective companies. Further differentiation is not expedient as the majority of the companies are domiciled in Germany.
Due to INDUS's diversification policy there were no individual product or services groups and no individual customers that accounted for more than 10% of sales.
Related party disclosures primarily involve the ongoing remuneration of members of management in key positions, the Board of Management, and the Supervisory Board. Furthermore, there are consulting contracts and rental or leasing contracts with non-controlling shareholders or members of their families, and business relations with associated companies.
In the quarterly financial statements, there is nothing to report about changes in conditions that materially depart from those in the 2009 annual financial statements.
The recording of discontinued operations in accordance with IFRS 5.34 necessitates an adjustment of the previous year's figures as shown below:
| 24 | Adjustment to the previous year's statement of income EUR '000 |
Q1 2009 published |
IFRS 5 | Q1 2009 comparable |
|---|---|---|---|---|
| Sales | 178,430 | –1,114 | 177,316 | |
| Other operating income | 4,793 | –7 | 4,786 | |
| Own work capitalized | 685 | 0 | 685 | |
| Change in inventories | –2,401 | 129 | –2,272 | |
| Cost of materials | –80,795 | 249 | –80,546 | |
| Personnel expenses | –55,908 | 658 | –55,250 | |
| Depreciation | –10,099 | 107 | –9,992 | |
| Other operating expenses | –25,963 | 227 | –25,736 | |
| Income from shares accounted for using the equity method |
100 | 0 | 100 | |
| Other financial result | 57 | 0 | 57 | |
| Operating result (EBIT) | 8,899 | 249 | 9,148 | |
| Interest income | 347 | –3 | 344 | |
| Interest expenses | –8,625 | 5 | –8,620 | |
| Net interest | –8,278 | 2 | –8,276 | |
| Earnings before taxes | 621 | 251 | 872 | |
| Taxes | –2,096 | –40 | –2,136 | |
| Income from discontinued operations | 1,565 | –211 | 1,354 | |
| Earnings after taxes | 90 | 90 | ||
| of which non-controlling interests | –18 | –18 | ||
| of which allocable to INDUS shareholders | 72 | 72 | ||
| Basic earnings per share in EUR | –0.08 | 0.01 | –0.07 |
Once again, as a result of adjustments in accordance with IAS 8, there have been changes compared to 2009 with respect to the statement of financial position items of goodwill, liabilities, and equity. Details are included in the section "Change in Accounting and Valuation Methods" in the 2009 annual report.
After the end of first quarter of 2010 there were no significant events.
Neither the quarterly financial statements as of March 31, 2010 nor the financial statements as of March 31, 2009 were subject to a perusal or review by an auditor.
Bergisch Gladbach, Germany, May 2010
The Board of Management
Kölner Strasse 32 D-51429 Bergisch Gladbach Postfach 10 03 53 51403 Bergisch Gladbach Phone: +49 (0)2204/40 00-0 Fax: +49 (0)2204/40 00-20 Internet: www.indus.de Email: [email protected]
Regina Wolter Phone: +49 (0)2204/40 00-70 Fax: +49 (0)2204/40 00-20 Email: [email protected]
INDUS-Group
| May 27, 2010 | Interim report on the first quarter 2010 |
|---|---|
| July 1, 2010 | Annual shareholders' meeting 2010, Cologne/Trade Fair |
| August 26, 2010 | Interim report H1 2010 |
| November 22–24, 2010 |
German Equity Forum, Frankfurt/Main |
| November 25, 2010 | Interim report on the first three quarters |
This interim report is also available in German. Both the English and the German versions of the annual report can be downloaded from the Internet at www.indus.de under Investor Relations/Annual and Interim Reports. Only the German version of the annual report is legally binding.
This annual report contains forward-looking statements based on assumptions and estimates made by the Board of Management of INDUS Holding AG. Although the Board of Management is of the opinion that these assumptions and estimates are accurate, they are subject to certain risks and uncertainty. Actual future results may deviate substantially from these assumptions and estimates due to a variety of factors. INDUS Holding AG shall not be held liable for the future development and actual future results being in line with the assumptions and estimates included in this annual report.
www.indus.de
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