Interim / Quarterly Report • Aug 22, 2011
Interim / Quarterly Report
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Dear Stockholders,
Strong sales growth, a very substantial improvement of operating results and acquisition of strategic corporate participating interests: The NEXUS team was able to deliver a very pleasing result in every respect in the first half-year 2011. With such confirmation of our work, we are starting with an extraordinary amount of motivation into the second half-year 2011. A large amount of orders on hand and further success in new calls for bids give us reason to look optimistically to the end of the year.
With increases of sales of approx. 18% and an operating result improvement of about 69%, we were again able to show in the first halfyear 2011 that a long-term growth and innovation strategy can go hand in hand with considerably improved results. This is important: we can only implement our long-term strategy if we pursue both goals simultaneously. Our market and our customers appreciate this mixture of purposeful innovation and continuity and make it possible for us to win further market shares nationally and internationally thanks to numerous new orders. This is of course a special challenge for our organization.
It is a question of handling new business successfully and at the same time pursuing the goals further of "continually improved profitability" and being a "continual innovation driver on the market". With respect to our willingness to innovate, we have strengthened both our range of products and our regional presence with two acquisitions in the first half of this year. In May, we acquired a majority share of Domis AG, Altishofen (Switzerland) and consequently made it possible for us to enter the market for software solutions for nursing and geriatric institutions. Domis AG is considered the market leader in this segment in Switzerland. We purchased Optim SAS, Grenoble (France) in July and as a result substantially enhanced our competence in the OP and sterilization management areas in hospitals. We want to use the associated presence in France to position ourselves in this attractive market in the long term.
The current year started very well with respect to the number of new orders. We especially received large orders in the area of hospital information systems (NEXUS / HIS). One outstanding order is certainly the recently received one for the Mühlenkreiskliniken, Minden. This association is among the biggest ones in Germany with approx. 2,000 beds and five hospitals. Another six hospitals selected the HIS from NEXUS and consequently demonstrated the current exceptional position of our product in the German market. We were able to acquire a total of 52 new customers in the product area NEXUS and another 15 in the area of quality management. Our business area of "long-term care" also started successfully with nine new customers. The development of our business in Switzerland is certainly to be emphasized. Approx. 48 customers have selected our new SwissDRG tool until today.
The important new customer acquisitions challenge us to make our project handling even more professional and to hire a considerable number of new employees. We have worked consistently on these topics over the past months and were able to go live at 10 new HIS customers just on 1 July of this year. We are going to go live with a lot of other customers by the end of the year and prove that our organization delivers high quality even under project pressure.
We are looking forward to this challenge and also to the possibility to present our latest developments at this year's medical trade fair MEDICA in November. This year topics deal with the simplification of processes and ergonomic application are the focus. We are convinced that we can again fill customers and those interested with enthusiasm with our new developments for NEXUS / HIS.
Dear Stockholders, I want to thank you again for your trust!
Sincerely,
Dr. Ingo Behrendt CEO - NEXUS AG
| 06/30/2011 | 06/30/2010 | ||
|---|---|---|---|
| KEUR | % | KEUR | |
| Sales | 24,544 | 18.4 | 20,731 |
| Sales Healthcare Software | 22,390 | 21.0 | 18,510 |
| Sales Healthcare Service | 2,154 | -3.0 | 2,221 |
| Sales National | 13,574 | 6.6 | 12,737 |
| Sales International | 10,970 | 37.2 | 7,994 |
| Result of the period before tax | 2,659 | 68.7 | 1,576 |
| Result of the period | 2,674 | 73.9 | 1,538 |
| EBITDA | 5,407 | 32.8 | 4,073 |
| Result per Share | 0.19 | 72.7 | 0.11 |
| Investments in intangible and tangible assets | 5,334 | 86.5 | 2,860 |
| Depreciation | 2,964 | 8.5 | 2,733 |
| Net Liquidity | 21,813 | 57.4 | 13,857 |
| Cash Flow from operative activities | 6,228 | 15.1 | 5,412 |
| Employees (as of the reporting date) | 424 | 17.1 | 362 |
Sales in the segment of Healthcare Software increased by about 21.0% from KEUR 18,510 (1st half-year 2010) to KEUR 22,390 in the first half-year. On the other hand, there was a slight reduction in sales in the area of Healthcare Service of 3.0%. The area recorded sales of KEUR 2,154 following KEUR 2,221 (1st half-year 2010) In a quarterly comparison to the previous year, sales of the Group increased from KEUR 10,430 (Q1-2011) to KEUR 12,834 in Q2-2011 (+23.0%). This includes the consolidated results of one month of the Domis AG with a total sales volume of KEUR 923. Without these sales, sales increased by 14.2% in the first half-year.
4
As a result, the share of sales outside of Germany increased overall from 38.6% to 44.7%. The increase in international business is especially concentrated in the Swiss and Austrian markets. In these markets, sales totaled KEUR 10,970 following KEUR 7,994 in the previous year. Business increased by approx. 7% in Germany and reached KEUR 13,574 following KEUR 12,737. The different growth rates in the regions are due to the invoicing cycles, but also to the consolidation of Domis AG for six weeks, which operates in the Swiss market. Exchange rate fluctuations compared to 31 December 2011 were not significant, because the average exchange rate of the Swiss franc as of 30 June 2011 (1.27) only differs slightly from the rate at the end of 2010 (1.25). Compared to the average exchange rate on 30 June 2010 (1.44), there were differences amounting to KEUR 833.
The uninterrupted positive development of sales of the NEXUS Group of many years continued in the first half-year 2011.
As a result, NEXUS shows a two-figure return on sales after taxes for the first time (11%). The operating result increased in the same magnitude at approx. 82.3% and achieved KEUR 2,443 in the first half-year compared to KEUR 1,340 in the previous year. The effective tax burdens remain slight as previously due to losses of the individual companies carried forward. Increased write-offs of € 2.96 million compared to € 2.73 million in the previous year (+8.5%) and the slight decrease in the internally produced and capitalized assets had a negative effect on results.
It should be noted here that one-time effects and expenses for company integration of Domis AG, Altishofen (CH) are represented in their complete amount in the operating result. The segment results also developed differently. While the Healthcare Software segment with a result before taxes of KEUR 2,488 following KEUR 1,391 was much higher than in the previous year (+78.9%), the Healthcare Service segment recorded a decrease in its result of approx. 8% to KEUR 171 (previous year: KEUR 185). The reasons for the decline can be especially seen in the accruing of reserves and special expenditures, which resulted from a contract change at a large customer.
The operative cash flow is approx. 15% above the previous year's already very high level of KEUR 6,228.
An operative cash flow of KEUR 6,228 was achieved in the first half-year of 2011 following KEUR 5,412 in the first half-year 2010. This year, we were again able
to surpass the great increase of the previous year. Consequently, investments of KEUR 2.438 and the company acquisitions in the amount of KEUR 2.896 could be financed from the cash flow of the current business year. For this reason, liquid funds increased by KEUR 7,956 to KEUR 21,813 (1st half-year of 2010: KEUR 13,857).
The balance sheet total increased from KEUR 68,336 to KEUR 75,460 compared to 31 December 2010. There are no fundamental bank liabilities. Intangible assets, goodwill and balanced out deferred taxes add up to a total of KEUR 34,934 following KEUR 31,363. This increase is especially due to the initial consolidation of the goodwill and technology of Domis AG, Altishofen (CH). Receivables decreased compared to the first quarter from KEUR 13,148 to KEUR 12,085.
There are no significant changes in the financial situation of the group compared to 12/31/2010.
| Sales by divisions |
01/01/ - 30/06/10 |
01/01/ - 30/06/11 |
∆ IN % |
01/04/ - 30/06/10 |
01/04/ - 30/06/11 |
∆ IN % |
|---|---|---|---|---|---|---|
| KEUR | KEUR | KEUR | KEUR | |||
| Healthcare Software | 18,510 | 22,390 | 21.0 | 9,408 | 11,940 | 26.9 |
| Healthcare Service | 2,221 | 2,154 | -3.0 | 995 | 894 | -10.2 |
| TOTAL | 20,731 | 24,544 | 18.4 | 10,403 | 12,834 | 23.4 |
NEXUS Group employed a total of 424 people as of 30 June 2011 (1st half-year 2010: 362 employees). The majority of the employees (390) work in the Healthcare Software segment (1st half-year 2010: 321). The Healthcare Service segment employs 34 people (1st half-year 2010: 41). The considerable increase is especially due to integration of Domis AG, Altishofen and new hiring in Germany (10).
Long-term care is increasingly becoming a major topic in the healthcare system. Collaboration between hospitals, rehabilitation institutions and senior citizen homes is essential for comprehensive treatment of patients. NEXUS has entered this market with the purchase of Domis AG, Switzerland and consequently is expanding its product range with an essential component.
NEXUS AG expanded its product competence in the healthcare system with the purchase contract for 62% of the shares of Domis AG, Altishofen, Switzerland on 10 May 2011. The purchase price was paid mainly in cash. A part was paid with the issue of 134,000 shares. With approximately 63 employees, Domis primarily develops software solutions for nursing and geriatric institutions and is considered the market leader in this segment in Switzerland. The Swiss company had sales of somewhat more than € 5.0 million in this area in 2010. Entry into the market of long-term care is a logical step for NEXUS. On one hand, an increasing number of German hospitals are requiring integration of their affiliated senior citizen and rehabilitation institutions into NEXUS / HIS, and on the other hand medical and nursing software is being used increasingly in senior citizen and rehabilitation institutions to fulfill requirements of quality. Both objectives have been achieved
NEXUS combines the strengths of both companies and offers very attractive solutions for clinics as well as for rehab hospitals and retirement homes.
with the acquisition of Domis and technological integration of the products. NEXUS is integrating the Domis software into NEXUS / HIS and enhancing the Domis application with medical and nursing aspects at the same time. As a result, we are creating a very attractive combination, which helps hospitals as well as rehabilitation institutions and senior citizen homes. For this reason, we see considerable growth potential for Domis and will actively advance expansion of this business field into the European market.
NEXUS signed a purchase contract for Optim SAS, Grenoble (F) on 8 July 2011. With approximately 26 employees, Optim primarily develops software solutions for the OP and sterilization management areas in hospitals. Optim is considered the market leader in this segment in
France. The company had sales of approx. € 2.2 million in this area in 2010. The purchase price was paid in cash.
NEXUS is strengthening its product position in the OP and sterilization management areas with
this acquisition. These topics are gaining increasingly in importance, because improving infection management and optimizing OP capacity utilization have become core topics of hospital management.
| Sales by regions |
01/01/ - 06/30/10 |
01/01/ - 06/30/11 |
∆ IN % |
01/04/ - 30/06/10 |
01/04/ - 30/06/11 |
∆ IN % |
|---|---|---|---|---|---|---|
| KEUR | KEUR | KEUR | KEUR | |||
| Germany | 12,737 | 13,574 | 6.6 | 6,340 | 6,457 | 1.8 |
| Switzerland | 5,654 | 9,479 | 67.7 | 2,884 | 5,793 | 100.8 |
| Austria | 591 | 834 | 41.1 | 146 | 287 | 96.6 |
| Italy | 12 | 5 | -58.3 | 12 | 3 | -75.0 |
| Rest of World | 1,737 | 652 | -62.5 | 1,021 | 295 | -71.1 |
| TOTAL | 20,731 | 24,544 | 18.4 | 10,403 | 12,834 | 23.4 |
Please refer to the explanations in the annual report of 31 December 2010 for information about the essential chances and risks in the development of NEXUS Group. There have been no essential changes in the meantime.
We were able to finish the first half-year 2011 very successfully to continue our unabated positive development of the last year. Sales increases of 18.4% and an increase in the result before taxes of 68.7% are very pleasing results. Although we already had outstanding increase rates in the previous years, we are still able to improve our figures continually. The possibility to finance company acquisitions from our cash flow documents the current strength of NEXUS AG.
We are starting the second half-year with confidence. The long-term strategy of our business, our strong product portfolio and the high number of orders on hand will help us to keep growing even in difficult economic times. Development of revenue was hindered by company acquisitions, but we do not expect this to be a major burden. Achievement of our ambitious goals over the coming months will depend more on the quality of our development projects and challenging customer projects. However, we also have reason to look to the future with a lot of optimism here.
The fact that the securities market is rewarding our positive development with increasing stock prices is very pleasing news. With respect to our business, we are determined to support the positive development on the securities market with continually increasing business figures.
| DIRECTORS HOLDINGS |
Number of stock owned |
Number of options |
|---|---|---|
| SUPERVISORY BOARD |
||
| Dr. jur. Hans-Joachim König | 101,239 Prev. year (99,239) |
0 Prev. year (0) |
| Prof. Dr. Alexander Pocsay | 121,500 Prev. year (121,500) |
0 Prev. year (0) |
| Erwin Hauser | 15,000 Prev. year (15,000) |
0 Prev. year (0) |
| Prof. Dr. Ulrich Krystek | 0 Prev. year (0) |
0 Prev. year (0) |
| Dipl.-Betriebswirt (FH) Wolfgang Dörflinger |
0 Prev. year (0) |
0 Prev. year (0) |
| Matthias Gaebler | 0 Prev. year (0) |
0 Prev. year (0) |
| EXECUTIVE BOARD |
||
| Dr. Ingo Behrendt (MBA) |
169,000 Prev. year (112,000) |
0 Prev. year (57,000) |
| Ralf Heilig (MBA) | 135,350 Prev. year (129,350) |
0 Prev. year (6,000) |
| Edgar Kuner (Dipl. Engineer) |
253,051 Prev. year (264,051) |
0 Prev. year (6,000) |
| Quarterly Report - third quarter | November 07 |
|---|---|
| German equity forum, Frankfurt (D) | November 21 - 23 |
| eHealthCare Kongress, Nottwil (CH) | September 21 - 22 |
| MEDICA & BeraterDialog, Düsseldorf | November 16- 19 |
NEXUS stocks started the year 2011 at a price of € 4.50, increased in value above the € 5 mark in the middle of January and stayed above that price. From toward the end of the first quarter until the beginning of April, the price was quoted € 5 and € 6. The price rose sharply from € 5.49 to € 6.79 € (+23.7%) from 12 to 26 April. The share price increased to more than € 7 at the turn of the month to May. The price hovered between € 6.39 and € 7.30 until the middle of August. Prices of NEXUS stocks remained stable near the € 7 mark, especially during the turbulent stock market days at the beginning of August. Compared to TecDax, which is currently below the value at the start of the year, NEXUS stocks have increased in value by approximately 50%. It must be pointed out that NEXUS stocks were able to achieve this positive development with increased sales in securities trade, which documents sustainable performance.
Klinikum Ansbach
| CONSOLIDATED PROFIT AND LOSS ACCOUNT |
04/01/ - 06/30/11 |
04/01/ - 06/30/10 |
01/01/ - 06/30/11 |
01/01/ - 06/30/10 |
|---|---|---|---|---|
| KEUR | KEUR | KEUR | KEUR | |
| Revenue | 12,834 | 10,430 | 24,544 | 20,731 |
| Increase / decrease in finished goods and work in progress | 0 | -67 | 0 | -67 |
| Other capitalized company work | 1,220 | 1,221 | 2,212 | 2,234 |
| Other operating income | 569 | 1,424 | 904 | 1,736 |
| Cost of materials | 1,952 | 3.198 | 3,883 | 4,931 |
| Personnel expenses | 7,141 | 5.832 | 13,536 | 11,442 |
| Depreciation and amortization of fixed intangible and tangible assets | 1,545 | 1.399 | 2,964 | 2,733 |
| Other operating expenses | 2,523 | 1.940 | 4,834 | 4,188 |
| OPERATING INCOME | 1,462 | 639 | 2,443 | 1,340 |
| Expenses from associated companies | 2 | 0 | 2 | 0 |
| Interest and similar income | 78 | 160 | 233 | 263 |
| Interest payable and other similar charges | 9 | 23 | 19 | 27 |
| PROFIT BEFORE TAX | 1,533 | 776 | 2,659 | 1,576 |
| Income taxes | -67 | -122 | -15 | 38 |
| PERIOD RESULT | 1,600 | 898 | 2,674 | 1,538 |
| Actuarial profits and losses (after taxes on profit) | -104 | -9 | -98 | -19 |
| Differences from the conversion of foreign currency | -191 | 137 | -483 | 143 |
| Market value changes from assets available for sale (after taxes on profit) |
-1 | -28 | -1 | 52 |
| OTHER OVERALL RESULT | -296 | 100 | -582 | 176 |
| OVERALL RESULT OF THE PERIOD | 1,304 | 989 | 2,092 | 1,714 |
| Of the period result, attributed to: - Stockholders of NEXUS AG - Minority interests |
1,584 16 |
898 0 |
2,727 -53 |
1,498 40 |
| Of the overall result, attributed to: - Stockholders of NEXUS AG - Minority interests |
1,289 15 |
998 0 |
2,145 -53 |
1,674 40 |
| PERIOD RESULT PER SHARE IN KEUR | ||||
| Weighted Average of Issued Shares in Circulation (in Thousands) - simple - diluted |
14,171 0.11 0.11 |
13,797 0.07 0.07 |
14,171 0.19 0.19 |
13,797 0.11 0.11 |
| ASSETS | 06/30/2011 | 12/31/2010 |
|---|---|---|
| KEUR | KEUR | |
| LONG-TERM CAPITAL | ||
| Goodwill | 15,315 | 12,793 |
| Other intangible assets | 18,240 | 17,044 |
| Fixed Assets | 1,336 | 1,129 |
| Shares in affiliated companies | 98 | 98 |
| Credited deferred taxes | 2,298 | 2,232 |
| Other financial assets | 57 | 125 |
| TOTAL LONG-TERM CAPITAL | 37,344 | 33,421 |
| SHORT-TERM CAPITAL | ||
| Inventories | 618 | 151 |
| Trade receivables and other receivables | 12,085 | 11,870 |
| Receivables from tax on profits | 79 | 137 |
| Other non-financial assets | 2,031 | 683 |
| Other financial assets | 3,628 | 3,499 |
| Cash and balance in bank | 19,675 | 18,575 |
| TOTAL SHORT-TERM CAPITAL | 38,116 | 34,915 |
| TOTAL ASSETS | 75,460 | 68,336 |
| TOTAL LIABILITIES | 06/30/2011 | 12/31/2010 |
|---|---|---|
| KEUR | KEUR | |
| EQUITY CAPITAL ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT COMPANY |
||
| Subscribed capital | 14,171 | 14,171 |
| Capital reserve | 18,778 | 18,778 |
| Net profit for the year | 19,263 | 15,816 |
| Consolidated net income | 2,727 | 3,447 |
| Other cumulated Group result | -305 | 276 |
| Own shares | -27 | -26 |
| EQUITY CAPITAL ATTRIBUTABLE TO STOCKHOLDERS OF THE PARENT COMPANY |
54,609 | 52,462 |
| Minority interest | 292 | 334 |
| TOTAL EQUITY | 54,901 | 52,796 |
| LONG-TERM LIABILITIES | ||
| Pension provisions | 1,424 | 1,219 |
| Deferred taxes | 919 | 706 |
| Other financial liabilities | 0 | 256 |
| TOTAL LONG-TERM LIABILITIES | 2,343 | 2,181 |
| SHORT-TERM LIABILITIES | ||
| Deferments | 1,699 | 1,344 |
| Financial liabilities | 206 | 0 |
| Trade accounts payable | 2,573 | 2,536 |
| Liabilities from tax on profit | 1,175 | 114 |
| Deferred revenue liability | 3,760 | 19 |
| Other non-financial debts | 6,508 | 7,054 |
| Other financial debts | 2,295 | 2,292 |
| TOTAL SHORT-TERM LIABILITIES | 18,216 | 13,359 |
| TOTAL EQUITY AND LIABILITIES | 75,460 | 68,336 |
| KEUR KEUR 1. CASH FLOW FROM OPERATING ACTIVITIES Profit before tax 2,659 1,576 Depreciation and amortization of intangible assets and plant, 2,964 2,733 equipment and other fixed assets Other expenses / income with no impact on cash -17 -106 Depreciation of financial assets -467 -18 Profit / loss from disposal of long term capital 0 0 Profit / loss from disposal of securities 0 0 Increase / decrease in trade receivables and other assets that cannot be -1,057 23 allocated to investing or financing activities Changes in provision 154 823 Increase / decrease in trade accounts payable and other liabilities that cannot be 548 1,052 allocated to investing or financing activities Interest paid -7 -27 Interest payments received 321 279 Income taxes paid -40 -37 Income taxes received 90 194 5,412 6,228 2. CASH FLOW FROM INVESTMENT ACTIVITIES Cash paid for investments in property, plant and equipment / intangible assets -2,860 -2,438 Cash receipt for investments in financal assets 0 0 Cash paid from purchase price adjustments at subsidiaries 0 0 Cash receipts from disposal of securities 0 -2,896 -2,860 -5,334 3. CASH FLOW FROM FINANCING ACTIVITIES Payments for taking loans within the context of short-term payment disposal 0 0 Payments for repayments of loans 0 -286 -286 0 4. CASH AND CASH EQUIVALENTS AT END OF FISCAL YEAR Cash-relevant changes in cash and cash equivalents (sum of 1 + 2 + 3) 2,266 894 Change in currency translation adjustment 0 2 Cash and cash equivalents at beginning of fiscal year 18,575 9,538 11,806 19,469 5. COMP OSITION OF CASH AND CASH EQUIVA LENTS Cash on hand 19,675 11,802 Bank liabilities due on demand 4 -206 11,806 19,496 |
CASH FLOW | 2011 | 2010 |
|---|---|---|---|
| DEVELOPMENT OF GROUP EQUITY |
SUBSCRIBED CAPITAL | CAPITAL RESERVES | OTHER PROVISIONS | EQUITY DIFERENCE FROM CURENCY CONVERSION |
RESERVE FOR FINANCIAL INSTRUMENTS |
RESERVE FOR PENSIONS | ONSOLIDATED LOSS CARRY FORWARD |
DEFICIT / PROFIT CONSOLIDATED |
TREASURY STOCK | EQUITY CAP , ATTRIBUTABLE TO STOCKH, OF PARENT COMPANY |
MINORITY INTEREST | TOTAL EQUITY | AUTHORIZED CAPITAL | 13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | ||
| CONSOLIDATED EQUITY AS OF 12/31/2009 |
13,805 | 39,523 | 0 | 59 | -558 | -109 | -8,016 | 2,119 | -26 | 46,799 | 243 | 47,042 | 6,860 | |
| Transfer of 2009 consolida ted loss to consolidated loss carry-forward |
2,119 | -2,119 | 0 | 0 | ||||||||||
| Total income entered directly in equity capital |
6 | 81 | -9 | 78 | 78 | |||||||||
| Profit before tax 03/31/2010 |
1,498 | 1,498 | 40 | 1,538 | ||||||||||
| OVERAL RESULT OF THE PERIOD |
0 | 0 | 0 | 143 | 51 | -18 | 0 | 1,498 | 1,673 | 40 | 1,713 | |||
| Stock-based payment | 0 | 0 | ||||||||||||
| CONSOLIDATED EQUITY ON 06/30/2009 |
13,805 | 39,523 | 0 | 202 | -507 | -127 | -5,897 | 1,498 | -26 | 48,472 | 283 | 48,755 | 6,860 | |
| CONSOLIDATED EQUITY ON 12/31/2009 |
14,171 | 18,778 | 0 | 916 | -10 | -630 | 15,816 | 3,447 | -26 | 52,462 | 334 | 52,796 | 6,622 | |
| Profit before tax 2010 entered directly in accumu lated deficit |
3,447 | -3,447 | 0 | 0 | ||||||||||
| Total income entered direct ly in equity capital |
-483 | -1 | -98 | -1 | -583 | -583 | ||||||||
| Profit before tax 03/31/2011 |
2,727 | 2,727 | -53 | 2,674 | ||||||||||
| OVERAL RESULT OF THE PERIOD |
0 | 0 | 0 | -483 | -1 | -98 | 0 | 2,727 | -1 | 2,144 | -53 | 2,091 | ||
| Minority interests due to acqusitions |
15 | |||||||||||||
| CONSOLIDATED EQUITY ON 03/31/2011 |
14,171 | 18,778 | 0 | 433 | -11 | -728 | 19,263 | 2,727 | -27 | 54,609 | 292 | 54,901 | 6,622 |
This interim report from the NEXUS Group of 30 June 2011 has been prepared in keeping with the International Financial Reporting Standards (IFRS) as they are applied in the EU. The interpretation of the International Financial Reporting Interpretation Committee (IFRIC) has been taken into account.
The regulations of IAS 34 have been observed in the interim report of 30 June 2011. This refers to a summarized report, which does not contain all information of an IFRS Group Financial Statement, and consequently this report should be read in connection with the Appendix of the Group Financial Statement 2010. The same accounting and valuation methods were used in the Group Financial Statement for the business year 2010.
The Group Financial Statement 2010 and the interim report of 30 June 2010 can be seen on the homepage in the Internet at: http://www.nexus-ag.de .
In addition to the NEXUS AG as parent company, all operatively active domestic and foreign subsidiaries are included in the Group Financial Statement, for which NEXUS AG has the majority of voting rights directly or indirectly.
Four affiliated companies were included in the balance sheets according to the equity method.
The report has not been audited.
| FULL CONSOLIDATION NEXUS / CCC GmbH, Villingen-Schwenningen NEXUS / CIS GmbH, Singen NEXUS / CSO GmbH, Villingen-Schwenningen NEXUS Digitale Dokumentationssysteme Projektentwicklungsges.mbH, Vienna (A) NEXUS / DIS GmbH, Frankfurt am Main NEXUS / HOLL GmbH, Ismaning NEXUS / INOVIT GmbH, Ismaning NEXUS / IT GmbH NORD, Villingen-Schwenningen |
||
|---|---|---|
| Shares of Capital in % | ||
| 100.00 | 100.00 | |
| 100.00 | 100.00 | |
| 100.00 | 100.00 | |
| 100.00 | 100.00 | |
| 100.00 | 100.00 | |
| 100.00 | 100.00 | |
| 91.49 | 91.49 | |
| 100.00 | 100.00 | |
| NEXUS / IT GmbH SÜDOST, Singen | 50.20 | 50.20 |
| NEXUS Italia S.r.l., Bologna (I) | 100.00 | 80.00 |
| NEXUS Medizinsoftware und Systeme AG, Kreuzlingen (CH) | 99.98 | 99.98 |
| NEXUS Schweiz GmbH, Schwerzenbach (CH) | 100.00 | 100.00 |
| Domis AG, Altishofen (CH) | 62.00 | 0.00 |
| Flexreport AG, Baar (CH) | 100.00 | 0.00 |
| EQUITY-CONSOLIDATION | ||
| G.I.T.S Gesundheitswesen IT-Service GmbH, Fürstenfeldbruck |
49.00 | 49.00 |
| Medidata GmbH, Berlin | 25.00 | 25.00 |
| NEXUS Arabia Ltd., Riyadh | 50.00 | 50.00 |
| Paladium-med GmbH, Berlin | 20.00 | 20.00 |
| VEGA Software GmbH, Aachen | 30.00 | 30.00 |
| IN KEUR | 06/30/2010 | 12/31/2010 | 06/03/2011 | ||||
|---|---|---|---|---|---|---|---|
| short termed (< 1 year) |
long termed (> 1 year) |
short termed (< 1 year) |
long termed (> 1 year) |
short termed (< 1 year) |
long termed (> 1 year) |
||
| Trade accounts receivable | 12,590 | - | 11,044 | - | 11,928 | - | |
| Receivables from affiliated companies |
0 | - | 1 | - | 2 | - | |
| Gross amount due to customers for projects as an asset |
137 | - | 825 | - | 150 | - | |
| OTHER ASSETS | 2,820 | 92 | 2,060 | 92 | 2,674 | 51 | |
| from interests of not payable stocks | 0 | - | 39 | - | 68 | - | |
| from accounts receivable in the range of value added tax |
43 | - | 89 | - | 385 | - | |
| from loans to employee and third party |
959 | - | 893 | - | 903 | 0 | |
| from loans to parent company | 11 | 92 | 267 | 52 | 50 | 51 | |
| from other | 1,807 | - | 772 | 40 | 1,268 | - | |
| TAGS REFUND CLAIMS | 181 | - | 126 | - | 79 | - |
The other assets are not interest-bearing and normally are due between 30 and 360 days. Loans to third parties have interest rates of 3.5% and 5% and are normally safeguarded. Receivables from deliveries and services are not interestbearing and normally are due between 30 and 90 days.
There were receivables from deliveries and services in the amount of KEUR 1,931 June 30, 2011 (June 30, 2010: KEUR 1,067) diminished in value. The development of the value adjustment account is as follows:
| ADJUSTMENT ACCOUNT | 06/30/10 | 12/31/10 | 06/30/11 |
|---|---|---|---|
| KEUR | KEUR | KEUR | |
| Status January, 1st | 1,067 | 1,067 | 1,931 |
| Allowed expenses allocation | 385 | 1,519 | 113 |
| Consumption | -323 | -570 | -105 |
| Dissolution | -15 | -85 | -133 |
| STATUS - END OF PERIOD | 1,114 | 1,931 | 1,806 |
| SECURITIES IN KEUR | 06/30/2010 | 12/31/2010 | 06/30/2011 | |||
|---|---|---|---|---|---|---|
| purchase costs |
market value |
purchase costs |
market value |
purchase costs |
market value |
|
| Corporate bond | 0 | 0 | 0 | 0 | 0 | 0 |
| Money market bond | 2,014 | 1,747 | 2,014 | 1,787 | 2,014 | 1,775 |
| Shares in funds | 719 | 308 | 719 | 335 | 719 | 364 |
| TOTAL | 2,733 | 2,055 | 2,733 | 2,122 | 2,733 | 2,139 |
There were no impairments of value to enter in the reporting year in opposition to the previous year.
A valuation reserve for financial instruments was established in equity capital, which shows the profits or losses from the sale of available financial assets minus the deferred taxes applicable to them.
| IN KEUR | 06/30/2010 | 12/31/2010 | 06/30/2011 | |||
|---|---|---|---|---|---|---|
| short termed (< 1 year) |
long termed (> 1 year) |
short termed (< 1 year) |
long termed (> 1 year) |
short termed (< 1 year) |
long termed (> 1 year) |
|
| Bank loans | 4 | - | 0 | - | 206 | - |
| Received order deposits | 501 | - | 4,392 | - | 5,132 | - |
| Liabilities from deliveries and services | 2,194 | - | 2,536 | - | 2,573 | - |
| Liabilities with associated companies | - | - | - | - | - | - |
| Tax liabilities | 391 | - | 1,776 | - | 1,099 | - |
| Other liabilities | 3,448 | - | 2,292 | 256 | 2,295 | - |
| for obligations for salary payments | 1,907 | - | 1,889 | - | 1,188 | - |
| for liabilities of social securities | 338 | - | 150 | - | 202 | - |
| Others | 1,203 | - | 253 | 256 | 905 | - |
Conditions of the financial liabilities listed above:
| BUSINESS SEGMENTS REPORTING AS OF JUNE 30 |
HEALTHCARE SOFTWARE |
HEALTHCARE SERVICE |
CONSOLIDA TION |
GROUP | |||||
|---|---|---|---|---|---|---|---|---|---|
| 2011 KEUR |
2010 KEUR |
2011 KEUR |
2010 KEUR |
2011 KEUR |
2010 KEUR |
2011 KEUR |
2010 KEUR |
||
| Sales with third parties | 22,390 | 18,510 | 2,154 | 2,221 | 0 | 0 | 24,544 | 20,731 | |
| -Deliveries | 802 | 619 | 598 | 528 | 1,400 | 1,147 | |||
| -Services | 6,442 | 4,828 | 1,265 | 1,224 | 7,707 | 6,052 | |||
| -Software updating and hardware maintenance |
10,086 | 8,521 | 75 | 224 | 10,161 | 8,745 | |||
| -Licenses | 5,060 | 4,542 | 216 | 245 | 5,276 | 4,787 | |||
| Sales between segments | 4,318 | 2,854 | 1,898 | 250 | -6,216 | -3,104 | |||
| Segment sales | 26,708 | 21,364 | 4,052 | 2,471 | -6,216 | -3,104 | 24,544 | 20,731 | |
| Operating segment result | 2,488 | 1,391 | 171 | 185 | 2,659 | 1,576 | |||
| Segment assets | 52,273 | 44,777 | 802 | 817 | 53,075 | 45,594 |
The Group is split into business units according to products and services for the purpose of company management and has the following business segments required to file reports:
In the areas NEXUS / CIS, NEXUS / CSO, NEXUS / DIS as well as NEXUS / HOSPIS and Domis (both Switzerland), software solutions for the healthcare system are developed and marketed in administrative and medical areas. NEXUS provides a hospital information system (HIS) with its core product NEXUS / HIS for the medical sector. The counterpart product NEXUS / PSYCHIATRY is offered for psychosomatic institutions. We provide all administration applications for the Swiss market with the product line NEXUS / HOSPIS.
Highly specialized solutions are available for radiology, gynecology including obstetrics, pathology and cytology. The leading system for QM assessment of all customary processes (NEXUS / HOLL) has also been assigned to this area. NEXUS also expanded its portfolio for quality management software with the product NEXUS / CURATOR.
The Healthcare Service Division covers the services, which are provided by NEXUS / IT companies. These including consulting for hospital IT departments, configuration of network, Intranet and Internet solutions, security concepts and the management of IT services with the context of the service company G.I.T.S. Gesundheitswesen IT-Service GmbH, Fürstenfeldbruck.
The Group is mainly controlled according to business divisions due to the chance and risk structure. Consequently, the division according to business divisions is the primary segmentation level.
Transactions between the segments are mainly debited as procurement or manufacturing costs.
Seasonal effects resulted in the NEXUS Group operations with regards to the receipt of maintenance revenues in the first quarter of the financial year (deferment of the influences on the result of corresponding incoming payments throughout the year) and significantly greater demand and project accounting in the fourth quarter of the financial year.
To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting, the interim consolidated financial statements give a true and fair view ot the assets, liabilities, financial position and profit or loss of the group, and the interim management report of the group includes a fair review of the development and performance of the business and the position of the group, together with a description ot the principal opportunities and risks associated with the expected development of the group for the remaining months of the financial year.
Villingen-Schwenningen, August 22, 2011
NEXUS AG Executive Board
NEXUS AG, Auf der Steig 6, D-78052 Villingen-Schwenningen Telefon +49 (0)7721 8482 -0, Fax +49 (0)7721 8482-888 www.nexus-ag.de, [email protected]
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