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IVU Traffic Technologies AG Interim / Quarterly Report 2024
233_10-q_2024-05-28_71000aea-2dfc-42b8-a74b-ac3c6144fa96.pdf
Interim / Quarterly Report
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QUARTERLY REPORT FIRST QUARTER 2024
Performance
KEY FIGURES
| JAN-MAR 2024 € THOU. |
JAN-MAR 2023 € THOU. |
CHANGE € THOU. |
|
|---|---|---|---|
| Revenue | 26,829 | 22,732 | + 4,097 |
| Gross profit | 22,008 | 19,866 | + 2,142 |
| Personnel expenses | 17,549 | 16,062 | + 1,487 |
| EBIT | -148 | -415 | + 267 |
| Consolidated net result | 8 | -234 | + 242 |
FINANCIAL PERFORMANCE
After a extremely successful previous year 2023, IVU has made a good start to the new financial year. Revenue increased by 18% year-on-year to €26,829 thousand in the first quarter of 2024 (2023: €22,732 thousand). Gross profit increased by 11% to €22,008 thousand (2023: €19,866 thousand).
Personnel costs increased by 9% to €17,549 thousand (2023: €16,062 thousand). The personnel capacity increased during the first three months by an average of 9% to 824 FTE (2023: 754).
At €3.5 million (2023: €3.1 million), other operating expenses were slightly higher than in the same period of the previous year, mainly due to higher distribution costs.
The operating profit (EBIT) is slightly up on the previous year at €-148 thousand (2023: €-415 thousand) and corresponds to IVU's typical seasonal business performance.
IVU's operative cash flow increased to €7,830 thousand (2023: €2,065 thousand) compared to the previous year. The purchase of its own shares with €1,300 thousand in the first three months of 2024 is taken into account in the cash flow from financing activities.
IVU's solutions continue to be in high demand. The current order backlog of € 112 million for 2024 covers more than 85% of the planned annual revenue for the current financial year.
OUTLOOK
IVU is well positioned in terms of its personnel, technology, and financial resources: high liquidity, a good number of commissions and increasing recurring revenues.
For the current financial year 2024, we continue to project a group revenue of over €130 million (current 2023: €122.5 million), a gross profit of around €110 million (current 2023: €101.1 million) and an operating result (EBIT) of around €17million (current 2023: €15.8 million).
Important projects
RECORD NUMBER OF PARTICI-PANTS AT THE 2024 USER FORUM
Inspiring expert lectures, top-class keynotes, lively user groups - the 36th IVU User Forum took place in Berlin on 14th-15th March 2024, welcoming a record number of participants. One thousand visitors from all over the world attended IVU's annual industry get-together at Telekom's Representative Office in the heart of the city. Information on our latest product developments took centre stage, as well as case studies from international customers about their experiences using IVU software. The forum also served as a platform for exchanging experiences with users and to better understand the challenges faced by transport companies - helping us to further develop IVU solutions in a targeted way.
SOLVING THE SKILLED LABOUR SHORTAGE
The shortage of skilled workers is having a widereaching impact across various sectors, with transport operators being some of the hardest hit. Companies often lack enough qualified personnel in order to keep traffic running to schedule. At the same time, HR departments must accommodate the needs of their employees and cater to as many lifestyles as possible. This is precisely where our solutions IVU.crew and IVU.pad come in, as they actively involve employees in duty scheduling. We will be showcasing these solutions in regular webinars, which have already attracted a great deal of interest. Two webinars on the topic of skills shortages alone have already attracted around 100 participants from a wide range of transport companies.
RHEIN-ERFT-VERKEHRSGESELL-SCHAFT RELIES ON IVU.SUITE
Rhein-Erft-Verkehrsgesellschaft (REVG) has completed a successful system changeover, opting for IVU Traffic Technologies' standard solutions for fleet management and ticketing. With around 270 scheduled bus services, REVG transports over 14 million passengers each year in the Rhine-Erft district. With the new IVU.fleet control centre and IVU.ticket.box on-board computers, REVG can now react quickly and appropriately to any operating situation. Meanwhile, IVU's seamlessly integrated ticketing system also simplifies onboard ticket sales. To ensure a smooth and secure operation, data is hosted in the IVU.cloud. The entire migration to the new system took just four months, with the help of the IVU.xpress project approach.
IVU PRESENTS AT IT-TRANS
Ensuring optimal charging scenarios, efficient trip planning and self-learning operational scheduling – the new IVU.data platform collates all operational data relevant to transport companies in one place and prepares it for evaluation in analytical tools. This enables IVU.suite products to learn automatically from the data gathered, allowing for automated forecasts and optimisation suggestions for planning, dispatch, and the control centre to be generated in future. Evaluating the operational data collected will help transport companies to improve their operational processes and further optimise their use of resources, partly with the help of artificial intelligence. Among other things, this will help to predict the energy consumption and charging management of electric buses more precisely.
Personnel
PERSONNEL
Personnel capacity increased in the first three months of 2024 in comparison to the time period of the previous year by 9% to 824 FTE. IVU is also investing in additional employees in the current financial year, particularly in product development and project work, in order to further expand the market position.
| 2024 | 2023 | CHANGE | |
|---|---|---|---|
| Number of employees as at 31 March |
1,013 | 912 | +11% |
| Personnel capacity1 1 January - 31 March (av erage) |
824 | 754 | +9% |
1 Personnel capacity refers to the calculated number of full-time employees (full-time equivalent – FTE).
The labour market for IT professionals is increasingly competitive. So far, IVU has succeeded in continuing to grow as planned and finding very good employees. As well as an attractive salary package, IVU is valued for the exciting tasks in a collegial working atmosphere – coupled with IT solutions that help public transport and thus contribute to climate protection and liveable cities.
SHARE BUYBACK
Since 8 January 2024, IVU has been carrying out a share buyback programme, in which a total of 93,379 own shares were acquired for a total price of €1,288 thousand by 31 March 2024. This is equivalent to 0,53% of IVU Traffic Technologies AG´s share capital.
The resolution was based on the authorisation granted by the Annual General Meeting on 29 May 2019 to acquire shares in the company for any purpose permitted by section 71(1) no. 8 of the Aktiengesetz (AktG-German Stock Corporation Act) until 28 May 2024. In particular, this also includes using the shares to serve Executive Board remuneration and employee participation programmes.
The shares were acquired by a credit institution commissioned by the company exclusively via the stock exchange (XETRA trading). Detailed information can be found on the company´s website at https://www.ivu.com/investors/share.
RISKS
The risks are described on pages 55 to 57 of the 2023 annual report. There are no new risks.
Income
CONSOLIDATED INCOME STATEMENT
1 JANUARY TO 31 MARCH 2024
| JAN-MAR 2024 | JAN-MAR 2023 | |
|---|---|---|
| € THOU. | € THOU. | |
| Sales revenues | 26,829 | 22,732 |
| Other operating income | 182 | 651 |
| Cost of materials | -5,003 | -3,517 |
| Gross profit | 22,008 | 19,866 |
| Personnel expenses | -17,549 | -16,062 |
| Depreciation and amortisation on non-current assets | -1,131 | -1,129 |
| Other operating expenses | -3,476 | -3,090 |
| Operating results (EBIT) | -148 | -415 |
| Financial income | 341 | 155 |
| Financial expenses | -181 | -79 |
| Pre-tax profit (EBT) | 12 | -339 |
| Actual Income taxes | -81 | -45 |
| Deferred taxes | 77 | 150 |
| CONSOLIDATED NET RESULT | 8 | -234 |
| Number of potentially diluted ordinary shares (in thousands) | 17,450 | 17,675 |
|---|---|---|
| Earnings per share (diluted) | 0.00 € | -0.01 € |
| Weighted average shares outstanding (in thousands) | 17,407 | 17,552 |
| Earnings per share (basic) | 0.00 € | -0.01 € |
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
1 JANUARY TO 31 MARCH 2024
| JAN-MAR 2024 | JAN-MAR 2023 | |
|---|---|---|
| € THOU. | € THOU. | |
| Consolidated net result | 8 | -234 |
| Currency translation | -36 | -7 |
| Items that may be reclassified subsequently to profit or loss | -36 | -7 |
| Other comprehensive income after taxes | -36 | -7 |
| CONSOLIDATED TOTAL COMPREHENSIVE INCOME AFTER TAXES | -28 | -241 |
Balance sheet
CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024
| 31 MAR 2024 | 31 DEC 2023 | |
|---|---|---|
| ASSETS | € THOU. | € THOU. |
| A. Current assets |
||
| 1. Cash and cash equivalents | 31,038 | 25,397 |
| 2. Current trade receivables | 23,237 | 30,042 |
| 3. Contract assets | 19,542 | 16,011 |
| 4. Inventories | 5,836 | 4,820 |
| 5. Income tax assets | 631 | 380 |
| 6. Other current assets | 30,583 | 30,074 |
| Total current assets | 110,867 | 106,724 |
| B. Non-current assets |
||
| 1. Tangible fixed assets | 1,903 | 1,915 |
| 2. Intangible assets | 26,095 | 26,496 |
| 3. Financial assets | 1,242 | 837 |
| 4. Rights of use | 16,010 | 16,465 |
| 5. Deferred taxes | 93 | 93 |
| Total non-current assets | 45,343 | 45,806 |
| TOTAL ASSETS | 156,210 | 152,530 |
| 31 MAR 2024 | 31 DEC 2023 | |
|---|---|---|
| LIABILITIES | € THOU. | € THOU. |
| A. Current liabilities |
||
| 1. Current trade payables | 1,920 | 2,786 |
| 2. Contract liabilities | 23,237 | 13,423 |
| 3. Leasing liabilities | 1,308 | 1,517 |
| 4. Provisions | 6,663 | 6,704 |
| 5. Tax liabilities | 5,017 | 5,651 |
| 6. Other current liabilities | 14,411 | 17,598 |
| Total current liabilities | 52,556 | 47,679 |
| B. Non-current liabilities |
||
| 1. Leasing liabilities | 15,431 | 15,607 |
| 2. Deferred taxes | 4,505 | 4,583 |
| 3. Provisions for pensions | 3,554 | 3,581 |
| 4. Provisions | 2,052 | 2,052 |
| Total non-current liabilities | 25,542 | 25,823 |
| C. Equity |
||
| 1. Share capital | 17,719 | 17,719 |
| 2. Additional paid-in capital | 931 | 889 |
| 3. Revenue reserve | 64,865 | 64,857 |
| 4. Other components of equity | -112 | -76 |
| 5. Own shares | -5,291 | -4,361 |
| Total equity | 78,112 | 79,028 |
| TOTAL LIABILITIES | 156,210 | 152,530 |
Equity
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
1 JANUARY TO 31 MARCH 2024
| SHARE CAPITAL € THOU. |
CAPITAL RESERVE € THOU. |
REVENUE RESERVE € THOU. |
OTHER RE SERVES € THOU. |
FOREIGN EXCHANGE RECONCIL ING ITEM € THOU. |
OWN SHARE AT ACQUISI TION COST € THOU. |
TOTAL € THOU. |
|
|---|---|---|---|---|---|---|---|
| As at 1 January 2023 | 17,719 | 1,792 | 59,450 | -202 | 156 | -4,251 | 74,664 |
| Consolidated net result 1 Jan - 31 Mar 2023 |
0 | 0 | -234 | 0 | 0 | 0 | -234 |
| Other comprehensive in come, net of tax |
0 | 0 | 0 | 0 | -7 | 0 | -7 |
| Consolidated recognised results after tax |
0 | 0 | -234 | 0 | -7 | 0 | -241 |
| Use of own shares | 0 | -1,091 | -1,742 | 0 | 0 | 1,719 | -1,114 |
| AS AT 31 MARCH 2023 | 17,719 | 701 | 57,474 | -202 | 149 | -2,532 | 73,309 |
| As at 1 January 2024 | 17,719 | 889 | 64,857 | -311 | 235 | -4,361 | 79,028 |
| Consolidated net result 1 Jan - 31 Mar 2024 |
0 | 0 | 8 | 0 | 0 | 0 | 8 |
| Other comprehensive in come, net of tax |
0 | 0 | 0 | 0 | -36 | 0 | -36 |
| Consolidated recognised results after tax |
0 | 0 | 8 | 0 | -36 | 0 | -28 |
| Acquisition of own shares | 0 | 0 | 0 | 0 | 0 | -1,300 | -1,300 |
| Use of own shares | 0 | 0 | 0 | 0 | 0 | 370 | 370 |
| Share-based Executive Board remuneration |
0 | 42 | 0 | 0 | 0 | 0 | 42 |
| AS AT 31 MARCH 2024 | 17,719 | 931 | 64,865 | -311 | 199 | -5,291 | 78,112 |
Cash flows
CONSOLIDATED STATEMENT OF CASH FLOWS 1 JAN TO 31 MAR 2024
| JAN-MAR 2024 | JAN-MAR 2023 | |
|---|---|---|
| 1. Operating activities | € THOU. | € THOU. |
| Group earnings before income tax of the period | 12 | -339 |
| Depreciation on non-current assets | 1,131 | 1,129 |
| Change in provisions | -68 | -71 |
| Net interest income | -160 | -76 |
| Equity-settled share-based payment | 412 | -1,114 |
| Change of items of working capital and borrowings | ||
| Inventories | -1,016 | -786 |
| Receivables and other assets | 2,587 | 3,495 |
| Liabilities (without provisions) | 5,761 | 382 |
| Interest paid / Guarantee commissions | -37 | -37 |
| Income taxes paid | -792 | -518 |
| Cash flow from operating activities | 7,830 | 2,065 |
| 2. Investing activities | ||
| Outflows for investments in non-current assets | -274 | -411 |
| Income from disposals of fixed assets | 0 | 4 |
| Payments for the acquisition of shares in joint ventures | -405 | 0 |
| Interest received | 334 | 155 |
| Cash flow from investing activities | -345 | -252 |
| 3. Financing activities | ||
| Acquisition of own shares | -1,300 | 0 |
| Payments for the repayment of leasing liabilities | -544 | -467 |
| Cash flow from financing activities | -1,844 | -467 |
| 4. Cash and cash equivalents | ||
| Net change in cash and cash equivalents | 5,641 | 1,346 |
| Cash and cash equivalents at beginning of period | 25,397 | 23,051 |
| CASH AND CASH EQUIVALENTS AT END OF PERIOD | 31,038 | 24,397 |
Remarks
ACCOUNTING AND VALUATION PRINCIPLES
This quarterly report is not an interim report as defined by IAS 34. The accounting and valuation principles applied for the quarterly report as of 31 March 2024 correspond to the methods applied in the preparation of the consolidated financial statements for the financial year 2023.
SEASONALITY OF BUSINESS OPERATIONS
The business activities of the IVU Group are subject to seasonal effects. These relate to maintenance invoicing in the first quarter and higher project invoices in the fourth quarter of the financial year.
DECLARATION PURSUANT TO §115 PARA. 5 SENTENCE 6 WPHG
This quarterly report was not subjected to an auditor's inspection.
TRANSACTIONS WITH RELATED INDIVIDUALS AND COMPANIES
Martin Müller-Elschner, Chaiman of the Executive Board, received 9,477 IVU shares as part of his variable remuneration in the reporting period and holds 301,590 IVU shares as at 31 March 2024.
Leon Struijk, Vice Chaiman of the Executive Board, received 8,422 IVU shares as part of his variable remuneration in the reporting period and holds 71,422 IVU shares as at 31 Match 2024.
Matthias Rust, member of the Executive Board, received 7,143 IVU shares as part of his variable remuneration in the reporting period and holds 65,467 IVU shares as at 31 March 2024.
RESPONSIBILITY STATEMENT OF THE LEGAL REPRESENTATIVES
We affirm to the best of our knowledge that the quarterly report, per the accounting principles to be used, conveys an illustration of the assets, finances and profits of the company that reflects the actual circumstances. The course of business, including business results and the position of the company, are represented in such a way that they convey an accurate illustration of the situation and describes the essential opportunities and risks for the projected development of the company.
Berlin, 28 May 2024
THE EXECUTIVE BOARD
Martin Müller-Elschner
Leon Struijk
Matthias Rust
Financial calendar
FINANCIAL CALENDAR
TUESDAY, 28 MAY 2024
Quarterly Report Q1-2024
WEDNESDAY, 29 MAY 2024
Annual General Meeting
THURSDAY, 29 AUGUST 2024
Half-year financial report 2024
THURSDAY, 21 NOVEMBER 2024
Quarterly Report Q3-2024
IMPRINT
Publisher IVU Traffic Technologies AG
This report can be downloaded as PDF file at www.ivu.com.
Contact
Investor Relations T + 49.30.859 06 -0 F + 49.30.859 06 -111 [email protected]
Editorial IVU Corporate Communications
IVU Traffic Technologies AG
Bundesallee 88 12161 Berlin Gemany T +49.30.859 06 -01 F+49.30.859 06 -111
[email protected] www.ivu.com