Quarterly Report • Nov 9, 2009
Quarterly Report
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Dear Stockholders,
During the third quarter of 2009, we were able to confirm the positive development of the first 6 months and even better it in part. It is not only the greatly increased trading figures that are currently impressive, but also the interesting success we have had in securing orders during the last few months at home and abroad. In the current restrained market environment, we are very proud of this development. It means that we can continue our long-term upwards trend without interruption.
The introduction of our new development NEXUS / HIS to the market is currently the outstanding topic at NEXUS. We are convinced that we have realised a very important innovation in our sector with the approach of the NEXUS / HIS solution in terms of concept and contents. Not only do we set standards with respect to up-to-dateness and technology with our system, it has also become probably one of the most comprehensive products on the market regarding its function scope. NEXUS / HIS now covers virtually all clinical and administrative processes, which can be supported digitally in hospitals. And we don't limit ourselves to the main processes, such as documentation of surgery or logistics, but also offer our customers standardised mapping of special diagnostic processes on the basis of a common technology platform, such as the mapping of the neurological rehabilitation treatments or the planning. The clear and modern structure of our solution also means
that the demands on and possibilities of a clinical information system become considerably more transparent to existing and prospective customers. The picture that all those involved have of clinical information systems is slowly becoming clearer and the diffuse areas are becoming resolved. An important condition for successfully introducing CIS projects, where the customers expectations coincide with the vendor's possibilities. The current market response confirms to us that the NEXUS / HIS approach is the right one.
In addition to these product-related topics we have strongly driven forwards the integration of the recently acquired healthcare group of EDS Schweiz during the last quarter and linked it to NEXUS Switzerland by organisational means. Thanks to the integration project, the Swiss organisation is being strengthened markedly, both in terms of content and technology – a situation that we can use to further expand our market position in Switzerland over the next few months.
During the last few months, we have continued to focus clearly on customer projects, which was a great challenge to our organisation. We have realised the live operation of our overall solution in the Canton St. Gallen, in three regions in Saudi Arabia, in Vaduz and at a further 8 sites in Germany. In addition, we have won numerous new projects in radiology and pathology, on which we have been working intensively over the last few months. The introductions have all gone very smoothly; this was not a matter of course either, considering the size, complexity and regional diversity of the projects.
The all in all very positive development is shown also in the results of the first nine months 2009.
We were able to continue the unbroken positive development of the last 9 years in terms of sales and profits. Sales increased during the first nine months by approx. 21 % from EUR 23.9 million to EUR 29.0 million and the EBITDA improved by around 31 % to EUR 5.4 million.
The Healthcare Software segment was strong once again and achieved an increase of 26.1 % at around EUR 25.8 million during this period (Q3-2008: EUR 20.4 million). The profits developed positively accordingly. The Group profits before tax increased by 39 % from EUR 1.2 million to around EUR 1.7 million. At KEUR 4,540, the cash flow exceeded that of the previous year by approx. 96 %.
In the fourth quarter, the challenge will be to continue this trend and to achieve the set targets regarding incoming orders and project implementation. We shall also need to keep an eye on the long-term development of our company and make preparations for the next few years.
With the introduction of NEXUS / HIS to the market, we have taken an essential step for the future orientation of the company and the first market successes are very promising. There are various indications that we shall be able to use our good market position and our excellent technology to continue our successes. There will be considerable challenges for our company in the coming periods, which we shall have to handle: Building on the current good foundation, we shall do our utmost to continue the excellent development of the last few years.
Sincerely,
Dr. Ingo Behrendt CEO - NEXUS AG
Simple, modular, complete: the new hospital information system by NEXUS AG is designed consistently according to the "one click to information" philosophy. That means doctors, nurses and attendants can access the information they require at a single "jump". Equipped with these "shortcuts" and with new functions, NEXUS / HIS is an ehealth solution designed specifically with users in mind.
Months ago, NEXUS got down to business developing a particularly user-friendly HIS. Experience amassed from more than 76,000 users and from national and international projects went into the new product. A development team flanked and advised by many users, medical practitioners and attendants ultimately got the NEXUS / HIS "on the road".
The result is a modern, open hospital information system that has consolidated the existing product lines into the new NEXUS / HIS. NEXUS has guaranteed the future fitness of the existing systems and simultaneously created new possibilities.
The main focus during development was on user friendliness. Having set the condition that "it must be easy to use", the application was designed so that users can
access the information they are looking for at a single click from as many areas of the software as possible. Also, the navigation was designed using file-flow technology, which allows users to "browse through the files" in much the same way as browsing through real files. That means users will never have to "claw their way" through menu trees again. These "short cuts" are what make the system so user friendly.
NEXUS has complemented the system with many new, innovative functions. For example, NEXUS / HIS features improved image management for easy integration of diagnostic solutions, fully integrated finance management, the multidisciplinary vital curve and a referral portal for intersectoral communication, to name only the most salient features. Given the easy release change, many existing customers are already using the new HIS, which has now proved successful in practice.
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NEXUS / HIS: Centersolution for the tumor conference
«We are confident that our new NEXUS / HIS meets users' requirements exactly and offers hospitals an innovative and costeffective product with its enormous range of functions.»
Dr. Ingo Behrendt, CEO - NEXUS AG
NEXUS shares have risen quite steadily over the first 3 quarters, from € 2.07 to their present value of approx. € 3.50. The rises were repeatedly made less significant, yet not interrupted, by consolidations that took place during this time. Most likely driven on by the good results
| FINANCE SCHEDULE | |
|---|---|
| German equity forum, Frankfurt (D) | November 10th |
| Annual Report 2009 | March 29th, 2010 |
| EVENT AND TRADE FAIR SCHEDULE | |
| MEDICA, Düsseldorf (D) | 18 - 21 November |
| DGPPN, Berlin (D) | 25 - 28 November |
| Arab Health 2010, Dubai (UAE) | 25 - 28 January 2010 |
and reports during the fiscal period, the NEXUS shares reached their highest so far, at € 3.59, during a phase from the end of September to the end of October, a level that could not quite be sustained. The current rate hovers between €3.40 and € 3.60.
During the first three quarters of 2009, the group sales of the NEXUS Group were increased by 21.0 % from KEUR 23,988 to KEUR 29,030.
Once more, the strong sales increase was down to segment "Healthcare Software". Here, sales rose year on year from KEUR 20,425 to KEUR 25,765 (+26.1 %). The good development was due to the introduction of numerous new software products and increased sales to existing customers.
At KEUR 3,265 (previous year KEUR 3,563), the sales of the "Healthcare Service" segment were lower than last year's figure (-8.4 %). Here, the targets were not achieved.
During the third quarter, total sales of KEUR 10,201 were achieved, therefore approx. 18.3 % more than in the previous year. This means that the Healthcare Software segment achieved an increase of 24,4 % from 7,313 (Q3-2008) to KEUR 9,098 (Q3-2009), while the Healthcare Service segment achieved 16 % lower sales of KEUR1,103.
The proportion of sales abroad was 35.5 % for the key date and was therefore at the level of the previous year (35.8 %). The continuing high proportion of sales in the international market is due mainly to projects in the USA, in the Middle Eastern region and in Switzerland. In 2009 MEDOS AG was consolidated the first time for the whole fiscal year.
| Sales by regions |
01/01/ - 09/30/08 |
01/01/ - 09/30/09 |
∆ in % |
07/01/ - 09/30/08 |
07/01/ - 09/30/09 |
∆ in % |
|---|---|---|---|---|---|---|
| KEUR | KEUR | KEUR | KEUR | |||
| Germany | 15,409 | 18,724 | 21.5 | 5,612 | 6,625 | 18.1 |
| Switzerland | 5,777 | 6,946 | 20.2 | 1,495 | 2,716 | 81.7 |
| Austria | 569 | 651 | 14.4 | 176 | 222 | 26.1 |
| Italy | 85 | 141 | 65.9 | 28 | 66 | 135.7 |
| Rest od Europe / USA | 1,302 | 1,160 | -10.9 | 922 | 24 | -97.4 |
| Arabian region | 846 | 1,408 | 66.4 | 393 | 548 | 39.4 |
| Total | 23,988 | 29,030 | 21.0 | 8,626 | 10,201 | 18.3 |
| Sales by | 01/01/ - | 01/01/ - | ∆ in | 07/01/ - | 07/01/ - | ∆ in |
|---|---|---|---|---|---|---|
| divisions | 09/30/08 | 09/30/09 | % | 09/30/08 | 09/30/09 | % |
| KEUR | KEUR | KEUR | KEUR | |||
| Healthcare Software | 20,425 | 25,765 | 26.1 | 7,313 | 9,098 | 24.4 |
| Healthcare Service | 3,563 | 3,256 | -8.4 | 1,313 | 1,103 | -16.0 |
| Total | 23,988 | 29,030 | 21.0 | 8,626 | 10,201 | 18.3 |
The profit key figures developed positively throughout the first three quarters. The group results before tax increased by around 39 % to KEUR 1,655 during this period (Q3-2009 KEUR 1,190).
The EBITDA reached KEUR 5,381 (+ 30.5 %) compared to KEUR 4,124 (Q3 2008). The result after tax suffered from a higher reduction of deferred taxes (KEUR 267) than in the previous year, but increased all the same by 17.3 % to KEUR 1,370 (Q3-2008 KEUR 1,168).
With an overall result of KEUR 552 (Q3-2008 KEUR 728), segment "Healthcare Service" was markedly below the previous year's level, while segment "Healthcare Software" was higher at KEUR 1,103 (Q3-2008 KEUR 440).
Compared to the previous year, the operative cash flow increased by KEUR 2,226 from KEUR 2,314 to KEUR 4,540 (+96.2 %).
The cash flow from investment activities was KEUR -1,961 compared to KEUR -978 (Q3-2008). The acquisition of the healthcare division of EDS Information Business GmbH, which was partly financed by selling securities, represented the main investment here.
Number of employees increased from 351 (Q3-2008) to currently 359 within the reporting period. Thereof 321 were employed in Healthcare Software Division and 38 in Healthcare Service Division.
Result after tax in KEUR
The Director's Holdings of the supervisory board and the executive board were as follows on September 30, 2009 in comparison to the previous year:
The positive development during the current year is underpinned by a stable inflow of orders and an improved market position. Due to increasing demand and good acceptance of our system, we are foreseeing clear potential in the German HIS market, but also in the international markets. These potentials might materialise during the coming months. At the same time, there are considerable challenges from existing projects and development projects, which might jeopardise this trend. The same applies to new or existing competitors. We consider the integration of the acquired companies a particular continuing challenge. Here, we need to drive the technological and organisational integration forwards
The position of NEXUS is currently distinctly stable and the development of the company very positive. However, in the turbulent eco-
| Directors Holdings | Number of stocks owned |
Numbers of options |
|---|---|---|
| SUPERVISORY BOARD | ||
| Dr. jur. Hans-Joachim König | 81,099 | 0 |
| Prev. year: 81,099 | Previous year: 0 | |
| Prof. Dr. Ulrich Krystek | 0 | 0 |
| Previous year: 0 | Previous year: 0 | |
| Dipl.-Betriebsw. (FH) | 0 | 0 |
| Wolfgang Dörflinger | Previous year: 0 | Previous year: 0 |
| Matthias Gaebler | 0 | 0 |
| Previous year: 0 | Previous year: 0 | |
| Erwin Hauser | 15,000 | 0 |
| Previous year: 15,000 |
Previous year: 0 | |
| Prof. Dr. Alexander Pocsay | 0 | 0 |
| Previous year: 0 | Previous year: 0 | |
| EXECUTIVE BOARD | ||
| Dr. Ingo Behrendt (MBA) | 112,000 | 325,000 |
| Prev. year: 82,000 | Prev. year: 325,000 | |
| Dipl.-Betriebsw. (FH) Ralf Heilig (MBA) | 129,350 Prev. year: 129,350 |
60,000 Prev. year: 60,000 |
| Dipl.-Ing. (FH) Edgar Kuner | 264,051 Prev. year: 264,051 |
37,000 Prev. year: 37,000 |
nomic arena, we are looking at a quickly changing environment, which is currently difficult to assess. More than ever we must make efforts to organise a steady and speedy adaptation process in our own company to ensure long-term success. It is therefore essential that we offer a modern system to win further projects in the market. That is the only way to continue the growth of the last few years. With this in mind, we have introduced our new product "NEXUS / HIS" into the market and advertised it strongly with a marketing offensive. The first successful orders are already coming in, providing us with a positive look to the future.
DThis interim report from the NEXUS Group of 30 September 2009 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 September 2009. 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 2008. The same accounting and valuation methods were used in the Group Financial Statement for the business year 2008.
The report has not been audited.
The Group Financial Statement 2008 and the interim report of 30 September 2009 can be seen on the homepage in the Internet at: www.nexus-ag.de.
| Cons olidated Profit and Loss Acc ount |
07/01/ - 09/30/08 |
07/01/ - 09/30/09 |
01/01/ - 09/30/08 |
01/01/ - 09/30/09 |
|---|---|---|---|---|
| KEUR | KEUR | KEUR | KEUR | |
| 1, Revenue | 8,626 | 10,202 | 23,988 | 29,030 |
| 2. Increase / decrease in finished goods and work in progress | 115 | -3 | 79 | -34 |
| 3. Other capitalized company work | 873 | 1,109 | 2,724 | 3,062 |
| 4. Other operating income | 422 | 207 | 1,012 | 1,647 |
| 5. Cost of materials | 1,920 | 1,944 | 4,716 | 6,184 |
| a) Cost of raw materials and supplies | 1,475 | 1,404 | 3,471 | 4,419 |
| b) Cost for purchased services | 445 | 540 | 1,245 | 1,765 |
| 6. Personnel expenses | 4,924 | 5,209 | 14,242 | 15,793 |
| a) Wages and salaries | 4,187 | 4,441 | 12,280 | 13,473 |
| b) Social costs | 737 | 768 | 1,962 | 2,320 |
| 7. Depreciation and amortization of fixed intangible and tangible assets |
1,220 | 1,414 | 3,508 | 3,978 |
| 8. Other operating expenses | 1,636 | 2,333 | 4,548 | 6,335 |
| a) Cost of operation | 455 | 579 | 1,301 | 1,671 |
| b) Cost of distribution | 485 | 623 | 1,291 | 1,504 |
| c) Cost of administration | 533 | 503 | 1,587 | 1,671 |
| d) Other expenses | 163 | 628 | 369 | 1,489 |
| 9. Other taxes | 2 | 8 | 7 | 12 |
| 10. Expenses from associated companies | - | - | - | - |
| 11. Other interest and similar income | 67 | 70 | 434 | 269 |
| 12. Revenue from associated companies | 0 | 0 | 1 | 0 |
| 13. Profit resulting from sale of other stocks | - | - | - | - |
| 14. Depreciation of financial assets and losses resulting from the sale of assets |
- | - | - | - |
| 15. Interest payable and other similar charges | -39 | -4 | 27 | 17 |
| Profit before tax |
441 | 673 | 1,190 | 1,655 |
| 16. Income taxes | 24 | 152 | -22 | -285 |
| Annual net profit |
465 | 521 | 1,168 | 1,370 |
| Are attributable to: | ||||
| Minority interest | 7 | 34 | -81 | -80 |
| Stockholders of parent company | 458 | 487 | 1,088 | 1,290 |
| Weighted average of issued shares (in thousands) | 13,805 | 13,805 | 13,805 | 13,805 |
| EResult per share in EUR (diluted and undiluted ) |
0.03 | 0.04 | 0.08 | 0.09 |
| Balance she Et as of 09/30/2009 (IFRS) asse ts |
12/31/2008 | 09/30/2009 |
|---|---|---|
| KEUR | KEUR | |
| Long -term capital |
||
| I. Intangible assets | ||
| 1. Concessions, industrial property rights, and rights and assets as well as licenses for such rights and assets |
252 | 1,836 |
| 2. Goodwill | 11,636 | 11,636 |
| 3. Development costs | 9,532 | 8,558 |
| 4. Customer Base / Technology | 5,203 | 5,503 |
| II. Property, plant and equipment | ||
| 1. Tenant installations | 60 | 53 |
| 2. Other equipment, factory and office equipment | 1,136 | 1,022 |
| III. Financial assets | ||
| 1. Investments in associates | ||
| 2. Other tangible assets | ||
| 3. Long-term securities | ||
| IV. Deferred taxes | 3,965 | 3,749 |
| Total long -term capital |
32,270 | 32,570 |
| Short -term capital |
||
| I. Inventories | ||
| 1. Raw materials and supplies | 48 | 20 |
| 2. Work in progress | 103 | 69 |
| 3. Finished goods | 128 | 297 |
| 4. Down payment made | ||
| II. Receivables and other assets | ||
| 1. Trade receivables | 9,489 | 12,846 |
| 2. Receivables from associated companies | 6 | 0 |
| 3. Other assets | 875 | 400 |
| 4. Tax refund claims | 450 | 292 |
| 5. Other assets | 2,414 | 2,651 |
| III. Derivative Financial Instruments | 129 | 216 |
| IV. Securities | 5,319 | 2,895 |
| V. Cash and cash equivalents | 4,141 | 6,730 |
| Total Short -term capital |
23,102 | 26,416 |
| Total Assets |
55,372 | 58,986 |
| Balance shee t as of 09/30/2009 (IFRS) Equity and liabilities |
12/31/2008 | 09/30/2009 |
|---|---|---|
| KEUR | KEUR | |
| equit Y |
||
| I. Subscribed capital | 13,805 | 13,805 |
| II. Capital reserve | 39,483 | 39,523 |
| III. Other reserves | - | -3 |
| IV. Equity capital difference from currency translation | 59 | 58 |
| V. Valuation reserve for financial instruments | -999 | -679 |
| VI. Reserve for pensions | -72 | -60 |
| VII. Loss carry-forward | -9,503 | -8,014 |
| VIII. Annual net profit | 1,488 | 1,290 |
| IX. Treasury stock | -26 | -27 |
| Equity capital attributable to stockholders of the parent company |
44,235 | 45,893 |
| Minority interest | 259 | 351 |
| Total Equity |
44,494 | 46,244 |
| Long -term liabilities |
||
| I. Pension provisions | 534 | 525 |
| II. Other provisions | 2,112 | 1,977 |
| Total long -term liabilities |
2,646 | 2,502 |
| Short -term liabilities |
||
| I. Other provisions | 653 | 1,428 |
| II. Bank loans | 111 | 59 |
| III. Received payments or orders | 947 | 659 |
| IV. Trade accounts payable | 2,431 | 2,539 |
| V. Liabilities with associated companies | - | 1 |
| VI. Tax provisions | 1,016 | 783 |
| VII. Other liabilities | 2,477 | 2,962 |
| VIII. Deferred income | 597 | 1,812 |
| Total Short -term liabilities |
8,232 | 10,240 |
| Total equity and liabilities |
55,372 | 58,986 |
| Cash Flow each with 30 sep tembe r |
2008 | 2009 |
|---|---|---|
| KEUR | KEUR | |
| 1. Cash Flow from operating activities |
||
| Profit before tax | 1,190 | 1,655 |
| Depreciation and amortization of intangible assets and plant, equipment and other fixed assets |
3,508 | 3,978 |
| Other expenses / income with no impact on cash | -61 | -276 |
| Profit / loss from disposal of securities | 13 | 136 |
| Increase / decrease in inventories | -906 | -107 |
| Increase / decrease in trade receivables and other assets that cannot be allocated to investing or financing activities |
1,428 | -2,965 |
| Changes in provision | -415 | 569 |
| Increase / decrease in trade accounts payable and other liabilities that cannot be allocated to investing or financing activities |
-2,830 | 1,185 |
| Interest paid | -27 | -17 |
| Interest payments received | 371 | 265 |
| Income taxes paid | -149 | -118 |
| Income taxes received | 192 | 235 |
| 2,314 | 4,540 | |
| 2. Cash Flow from INvestment activities |
||
| Cash paid for investments in property, plant and equipment / intangible assets | -3,436 | -4,238 |
| Acqusition of consolidated companies, net of purchased cash | -963 | -252 |
| Cash receipts from disposal of securities | 3,421 | 2,529 |
| Cash paid for investments in scurities | 0 | 0 |
| -978 | -1,961 | |
| 3. Cash Flow from financing activities |
||
| Increase in share capital by edition of equity options | 0 | 0 |
| Allocation to capital reserve by edition of equity options | 0 | 0 |
| Amount paid for financial assets | 0 | 0 |
| Amount paid/receipt out for redeeming/clearing loans | -32 | -52 |
| -32 | -52 | |
| 4. Cash and cash equivalents at end of fiscal year |
||
| Cash-relevant changes in cash and cash equivalents (sum of 1 + 2 + 3) | 1,304 | 2,527 |
| Change in currency translation adjustment | 0 | 3 |
| Cash and cash equivalents at beginning of fiscal year | 2,390 | 4,141 |
| 3,694 | 6,671 | |
| 5. Composition of cash and cash equivalents |
||
| Cash on hand | 3,847 | 6,730 |
| Bank liabilities due on demand | -153 | -59 |
| 3,694 | 6,671 |
| de velop men t of group equity |
capital ubscribed S |
reserves apital C |
provisions ther O |
from conversion diference curency quity E |
financial nstruments for eserve R I |
pensions for eserve R |
loss forward onsolidated carry C |
profit onsolidated deficit / C |
tock reasury S T |
to company attributable parent cap , of stockh, quity E |
interest inority M |
equity otal T |
capital uthorized 13 A |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | |
| Consolidated equity as of 12/31/2007 |
13,805 | 39,372 | 0 | 10 | -383 | -89 | -10,666 | 1,163 | -26 | 43,186 | 320 | 43,506 | 6,860 |
| Transfer of 2007 consolidated loss to consolidated loss carry-forward |
1,163 | -1,163 | 0 | 0 | |||||||||
| Total income entered directly in equity capital |
42 | -183 | 41 | -100 | -100 | ||||||||
| Profit before tax 09/30/2008 | 1,088 | 1,088 | -13 | 1,075 | |||||||||
| Transfer to other Provisions | |||||||||||||
| Overal result of the period |
0 | 0 | 0 | 42 | -183 | 41 | 0 | 1,088 | -26 | 988 | -13 | 975 | |
| Edition of equity options to employees |
0 | 0 | |||||||||||
| Stock-based payment | 88 | 88 | 88 | ||||||||||
| Consolidated equity on 09/30/2008 |
13,805 | 39,460 | 0 | 52 | -566 | -48 | -9,503 | 1,088 | -26 | 44,262 | 307 | 44,569 | 6,860 |
| Consolidated equity on 12/31/2008 |
13,805 | 39,483 | 0 | 59 | -999 | -72 | -9,503 | 1,488 | -26 | 44,235 | 259 | 44,494 | 6,860 |
| Profit before tax 2008 entered directly in accumulated deficit |
1,488 | -1,488 | 0 | 0 | |||||||||
| Total income entered directly in equity capital |
-4 | 320 | 12 | 328 | 328 | ||||||||
| Profit before tax 06/30/2009 | 1,290 | 1,290 | 92 | 1,382 | |||||||||
| Overal result of the period |
0 | 0 | 0 | -4 | 320 | 12 | 0 | 1,290 | 0 | 1,618 | 92 | 1,710 | |
| Stock-based payment | 40 | 40 | 40 | ||||||||||
| Consolidated equity on 09/30/2009 |
13,805 | 39,523 | 0 | 55 | -679 | -60 | -8,015 | 1,290 | -26 | 45,893 | 351 | 46,244 | 6,860 |
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, November 09th, 2009
NEXUS AG Executive Board
NEXUS AG, Auf der Steig 6, D-78052 Villingen-Schwenningen Phone +49 (0)7721 8482 -0, Fax +49 (0)7721 8482-888 www.nexus-ag.de, [email protected]
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