Quarterly Report • Nov 8, 2010
Quarterly Report
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Dear Stockholders,
In the third quarter 2010, we were able to improve the good results of the previous quarter and consequently achieve a strong overall result in the first nine months. Not only the greatly increased business figures are currently convincing, but also and especially the good reception of our products on the market.
We are seeing that the market is honoring our product innovations and that there is strong demand for our complete range of products. This applies especially to our NEXUS / HIS on the German market. Following the order successes of the past months, the decision of the German military to award NEXUS the contract to equip the four military hospitals with NEXUS / HIS is another sign of the outstanding product position of NEXUS / HIS. This decision, which aroused a lot of attention, confirms to us that we have the right product strategy. We are convinced that we have achieved a very essential innovation in our sector with the conceptional approach and contents of NEXUS / HIS. The solution not only sets standards with respect to being state-of-the-art, but is also the most comprehensive product with respect to scope available on the German market in the meantime. NEXUS / HIS covers almost all hospital and administrative processes today, which can be supported digitally in hospitals. In this, we do not limit ourselves to the main processes such as surgical documentation and logistics, but also provide our customers with standardized depiction of special diagnostic processes on the basis of a uniform technology platform. In addition, we have been able to set a clear focal point with the requirement of "simplicity" in designing the system, which is being well received on the market.
More very good news is that we are also successful in our other product areas and markets. This applies especially to the area of quality management in hospitals, a software product, which supports hospital knowledge management and which again more than 40 new customers decided to purchase in this year. We have also been able to record a considerable number of orders received in the pathology area. It is shown here that our new product generation NEXUS / PAS.Net can win substantial market shares thanks to intuitive user prompting. We have achieved good results on the Swiss market with our NEXUS / HIS solution in connection with NEXUS/HOSPIS software. We are especially expanding the cantonal-overlapping projects in St. Gallen, Fribourg, Lucerne and Aarau, which demonstrate the complete range of NEXUS / HIS solutions. We have also been able to win new projects in other foreign countries and consequently confirm our strategy of providing a high-quality international Hospital Information System. While we have been able to achieve encouraging development overall in this segment, we still have payment problems in one case, which we never experienced before in this form in Germanspeaking regions. We have taken preventive measures in this case.
The shortening of our project implementation times was another essential aspect of the third quarter. Our consistent orientation to reduced introduction times lets customers achieve the expected advantages of the software more quickly and at the same time means faster turnover for us. This applies not only to new customers, but is also very important in dealing with our regular customers. The topics of medication, emergency care as well as management and knowledge information systems are currently the focus of our regular customers and result in increased digitalization of customer hospital processes.
For this reason, the further development of our products will concentrate on optimizing the core hospital processes within NEXUS / HIS software. This includes the processes of "drug prescriptions" and "medication administration" as well as intensive care medicine and emergency care. We are especially focusing on the topic of management information systems, in which we have invested over the past months.
This overall very positive development can also been seen in the results of the first nine months 2009: We were again able to continue this positive development uninterrupted. Sales increased in the first nine months by approx. 11% from EUR 29.0 million to EUR 32.2 million, and the result before taxes improved by approx. 50% to EUR 2.48 million.
The result was approx. EUR 2.51 million following EUR 1.37 million and consequently we achieved an increase of 83 %.
There were considerable changes in balance sheet positions compared to 31 December 2009. We adapted risk precautions with increased reserves and reduced our accounts payable at the same time. Our liquid assets (EUR 14.9 million) increased again thanks to the good result. Accounts payable decreased again compared to the first half year, but are slightly higher at 12.2 million than the value at the end of 2009 (EUR 12 million).
In spite of these good figures, the development of stock prices is sobering. After we saw very good results in the stock prices in the half-year result and the price increased to € 4.65 thanks to our business figures, this level declined substantially with fewer sales.
Despite this disappointing development of the stock price, we are pleased to be able to confirm the course of the business year until now and at the same time the long-term trend of our company with the current strong quarter. We have to build on this basis as a company and tackle the future shaping of the company and company strategy with a lot of self-confidence. We have the possibility here at NEXUS to shape a highly attractive company further and continue to grow in a highly attractive market.
Sincerley,
Dr. Ingo Behrendt CEO - NEXUS AG
Simplified and automated documentation obligations according to RiliBÄK are made possible with the software solution from NEXUS. The Vinzenz von Paul Hospitals in Stuttgart are reducing their workload substantially with this software.
The new guidelines of the German Medical Association concerning quality assurance of medical laboratory analyses - abbreviated as "RiliBÄK" - has resulted in an enormous increase of administrative work in Germany laboratories over the past months. Laboratories have to document all procedure instructions - also called SOPs (Standard Operating Procedures) - and have them readily at hand. The work of updating these SOPs continually is hardly possible using conventional documentation procedures. Many hundreds of different SOPs, which have to be updated continually, represent a practically unsolvable challenge for the laboratories.
NEXUS has developed a solution within the context of its software-supported quality management systems and launched it on the market successfully, which provides substantial relief for the affected laboratories. The basis for the new solution is the established QM knowledge data-
Vinzenz von Paul Kliniken, Stuttgart
base NEXUS / CURATOR, which considerably simplifies creating a QM system in clinics and hospitable and "incidentally" creates a bridgehead to the QM certification requirements. In the newly developed solution for laboratories, NEXUS / CURATOR generates all SOPs used for the analysis procedure at the push of a button without the user having to do anything else. To achieve this, data from the laboratory information system (LIS), the QM manual and the data specifications of the manufacturer are completely and automatically combined into an SOP and updated daily. If the data specifications change, a user or administrator does not need to intervene either; all new versions are created automatically and provided with corresponding version numbers. In addition, NEXUS / CURATOR ensures appropriate ISO routing of documents, an essential requirement for certification.
The automatically created SOPs can be retrieved from any workstation in a laboratory. Thanks to the possibility of decentralized updating with centralized provision of information, i.e., the decentralized updates are stored directly into a centralized knowledge database, the system fulfills all requirements of quality management and RiliBÄK.
"NEXUS / CURATOR provided us with the solution to this urgent problem within a few days. As a result, the expected total workload was reduced by 90%. We comply with RiliBÄK and the requirements for certification with that and in addition now have access to the QM documents at all times and a good overview of revised QM documents."
Dr. Matthias Orth Medical Director – Institute for Laboratory Medicine
The course of the NEXUS share rose in the first 3 quarter 2010 quite continuously from 2,07 € to up-to-date approx. 3.90 €. In the meantime the course reached 4.65 € could not hold this level in the last weeks. The general upward tendency was however not broken thereby.
| FINANCE SCHEDULE | |
|---|---|
| German equity forum, Frankfurt (D | 22 - 24 November |
| Annual Report 2010 | March 29th, 2011 |
| EVENT AND TRADE FAIR SCHEDULE | |
| MEDICA, Düsseldorf (D) | 17 - 20 November |
| DGPPN, Berlin (D) | 24 - 27 November |
| KTQ-Forum, Berlin (D) | 26 - 27 November |
During the first three quarters of 2010 , the group sales of the NEXUS-Group were increased by 10.8 % from KEUR 29,030 to KEUR 32,160.
Once more, the strong sales increase was down to segment "Healthcare Software". Here, sales rose year on year from KEUR 25,765 to KEUR 28,782 (+ 11.7 %). The good development was due to the introduction of numerous new software products and increased sales to existing customers.
6
At KEUR 3,378 (previous year KEUR 3,265), the sales of the "Healthcare Service" segment were higher than last year's figure (+ 3.5 %). Here, the targets were achieved.
During the third quarter, total sales of KEUR 11,429 were achieved, therefore approx. 12.0 % more than in the previous year. This means that the Healthcare Software segment achieved an increase of 12.9 % from 9,098 (Q3-2009) to KEUR 10,272 (Q3-2010), while the Healthcare Service segment achieved 4.9 % higher sales of KEUR 1,157 (Q3-2009: KERU 1.103).
The proportion of sales abroad was 37.8 % for the key date and was therefore at the level of the previous year (35.5 %). The continuing high proportion of sales in the international market is due mainly to projects in America, Northern Europe and Switzerland.
| Sales by regions |
01/01/ - | 01/01/ - | ∆ in | 01/07/ - | 01/07/ - | ∆ in |
|---|---|---|---|---|---|---|
| 30/09/09 | 30/09/10 | % | 30/09/09 | 30/09/10 | % | |
| KEUR | KEUR | KEUR | KEUR | |||
| Germany | 18,724 | 19,978 | 6.7 | 6,625 | 7,241 | 9.3 |
| Switzerland | 6,946 | 9,629 | 38.6 | 2,716 | 3,975 | 46.4 |
| Austria | 651 | 894 | 37.3 | 222 | 303 | 36.5 |
| Italy | 141 | 17 | -87.9 | 66 | 5 | -92.4 |
| Rest on Europe / USA | 1,160 | 1,642 | 41.6 | 24 | -95 | -495.8 |
| Arabian region | 1,408 | 548 | ||||
| Total | 29,030 | 32,160 | 10.8 | 10,201 | 11,429 | 12.0 |
| Sales by | 01/01/ - | 01/01/ - | ∆ in | 01/07/ - | 01/07/ - | ∆ in | |
|---|---|---|---|---|---|---|---|
| divisions | 30/09/09 | 30/09/10 | % 30/09/09 |
30/09/10 | % | ||
| KEUR | KEUR | KEUR | KEUR | ||||
| Healthcare Software | 25,765 | 28,782 | 11.7 | 9,098 | 10,272 | 12.9 | |
| Healthcare Service | 3,265 | 3,378 | 3.5 | 1,103 | 1,157 | 4.9 | |
| Total | 29,030 | 32,160 | 10.8 | 10,201 | 11,429 | 12.0 |
10.8 % increase in sales to EUR 32.2 million
The profit key figures developed positively throughout the first three quarters. The group results before tax increased by around 49.7 % to KEUR 2,476 during this period (Q3 2009 KEUR 1,655).
The EBITDA reached KEUR 6,468 (+ 20.1 %) compared to 5,381 (Q3 2009). By tax receipts within the latent taxes of KEUR 86 the tax result with KEUR 34 became positive. The result after taxes still rise from there around 83,2% to KEUR 2,510 (Q3-2009: KEUR 1,370).
The segment "Healthcare service "lay with one total result after taxes of KEUR 358 (Q3 2009: KEUR 552) clearly under the previous year's value, while the segment "Healthcare software" with KEUR 2,152 (Q3 2009: KEUR 1,103) very clearly over that Prior year level lies. The result before taxes in third quarter amounted to KEUR 899 and lay thereby approximately 33 % over the previous year's value (Q3 2009: KEUR 673). In relation to the previous year the operational cash flow increased by KEUR by 2.823 from KEUR 4,540 to KEUR 7,363 (+ 62.2 %).
The cash flow from investment activity amounts to of KEUR -5,052 after KEUR -1,961 (Q3-2009). The acquisition of a technology section by capital increase represents here apart from the disbursements for developments the substantial investment. The cash flow from financing activity amounted to KEUR 805 contained in it is the capital increase of 280.000 pieces, those to the acquisition that as well as technology section was used a repayment of commitments at values of KEUR 259.
The number of employees increased by 9 compared to the first half year 2010 to the current numer of 373 (Q3 2009: 359). The increase in was mainly in the Healtcare Software area.
The Director's Holdings of the supervisory board and the executive board were as follows on September 30, 2010 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 CIS 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.
NEXUS has an unqualified positive position with a remarkable number of new orders, a high stock of orders on hand and again an improved quarterly result. Sales increases of 11% and an increase of the result before taxes of 50% are very pleasing results. We can also see in our cash flow and our increasing cash reserves that we do not have any deficits in other operational figures either.
We are going to continue this development in the current year and possibly even improve it. Maintaining these increase rates is a challenge, which we have to face. Our goal is to grow continuously and to present substantially increasing business figures.
| Dire ctors Holdin gs |
Number of |
nu mber of |
|---|---|---|
| stocks owned |
options | |
| Dr. jur. Hans-Joachim König | 81,099 | 0 |
|---|---|---|
| Prev. year: (81,099) | Prev. year: (0) | |
| Prof. Dr. Alexander Pocsay | 121,500 | 0 |
| Prev. year: (121,500) | Prev. year: (0) | |
| Erwin Hauser | 15,000 | 0 |
| Prev. year: (15,000) | Prev. year: (0) | |
| Prof. Dr. Ulrich Krystek | 0 | 0 |
| Prev. year: (0) | Prev. year: (0) | |
| Dipl.-Betriebswirt (FH) | 0 | 0 |
| Wolfgang Dörflinger | Prev. year: (0) | Prev. year: (0) |
| Matthias Gaebler | 0 | 0 |
| Prev. year: (0) | Prev. year: (0) |
| Dr. Ingo Behrendt | 112,000 | 325,000 |
|---|---|---|
| (MBA) | Prev. year: (112,000) | Prev. year: (325,000) |
| Ralf Heilig | 129,350 | 60,000 |
| (MBA) | Prev. year: (129,350) | Prev. year: (60,000) |
| Edgar Kuner | 264,051 | 37,000 |
| (Dipl. Ingenieur) | Prev. year: (264,051) | Prev. year: (37,000) |
This was our goal in past periods and remains the same today. We have worked intensively over the past years to set the foundation for long-term success. Today, we are very successful in the market with a lot of orders on hand and an excellent range of products.
However, we cannot sit back and be satisfied with our accomplishments at this point. It is a question of introducing additional innovations quickly into the market and to open up new markets for our products, especially in foreign countries. We still need to work on how fast we do this. This is critical for the success of our future development, and it will be a matter of working on this with all our might. The NEXUS staff has the will to success and commitment to invest the energy required to make these goals into a reality.
This interim report from the NEXUS Group of 30 September 2010 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 2010. 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 2009. The same accounting and valuation methods were used in the Group Financial Statement for the business year 2009.
The Group Financial Statement 2009 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/ - 09/30/10 |
07/01/ - 09/30/09 |
01/01/ - 09/30/10 |
01/01/ - 09/30/09 |
|---|---|---|---|---|
| KEUR | KEUR | KEUR | KEUR | |
| Revenue | 11,429 | 10,202 | 29,030 | |
| Increase / decrease in finished goods and work in progress | -2 | -3 | -31 | -34 |
| Other capitalized company work | 466 | 1,109 | 1,953 | 3,062 |
| Other operating income | -703 | 207 | 1,440 | 1,647 |
| Cost of materials | 743 | 1,944 | 4,239 | 6,184 |
| Personnel expenses | 5,741 | 5,209 | 10,585 | 15,793 |
| Depreciation and amortization of fixed intangible and tangible assets |
1,404 | 1,220 | 2,563 | 3,978 |
| Other operating expenses | 2,311 | 2,333 | 4,008 | 6,335 |
| operatin g income |
991 | 607 | 2,331 | 1,403 |
| Expenses from accoiated companies | 0 | 0 | 0 | 0 |
| Interest and similar income | -106 | 70 | 158 | 269 |
| Interest payable and other similar charges | -14 | 4 | 13 | 17 |
| Profit before tax |
899 | 673 | 2,476 | 1,655 |
| Income taxes | -73 | 152 | -34 | 285 |
| annua l net profit |
972 | 521 | 2,510 | 1,370 |
| Actuarial profits and losses (after taxes on profit) | -9 | -4 | -28 | 12 |
| Differences from the conversion of foreign currency (after taxes on profit) | 12 | 77 | 155 | -1 |
| Market value changes from assets available for sale (after taxes on profit) |
37 | 173 | 89 | 320 |
| other overa ll resu lt |
40 | 246 | 216 | 331 |
| Overa ll resu lt of the peri od |
1.012 | 767 | 2.726 | 1.701 |
| Of the period result, attributed to: - Stockhlders of NEXUS AG - Minority interests |
961 11 |
487 34 |
2.459 51 |
1.290 80 |
| Of the overall result, attributed to: - Stockhlders of NEXUS AG - Minority interests |
1.001 11 |
733 34 |
2.675 51 |
1.621 80 |
| Peri od resu lt per share in Eur |
||||
| Weighted average of issued shares in circulation (in thousand) - simple - diluted |
13.797 0,07 0,07 |
13.797 0,04 0,04 |
13.797 0,18 0,18 |
13.797 0,10 0,10 |
| Balance sheEt as of 09/30/2010 (IFRS) |
09/30/2010 | 12/31/2009 |
|---|---|---|
| KEUR | KEUR | |
| LONG-TERM CAPITAL | ||
| Goodwill | 12,304 | 11,642 |
| Other Intangible assets | 16,954 | 16,629 |
| Fixed Assets | 1,027 | 1,079 |
| Investments in associates | 98 | 98 |
| Deferred taxes | 2,657 | 2,496 |
| Other financial assets | 69 | 98 |
| TOTAL LONG-TERM CAPITAL | 33,109 | 32,032 |
| SHORT-TERM CAPITAL | ||
| Inventories | 351 | 169 |
| Raw materials and supplies and other arrears |
12,208 | 12,588 |
| Tax refund claims | 155 | 350 |
| Other non-financial debts | 1,143 | 552 |
| Other financial debts | 1,787 | 1,577 |
| Securities | 2,107 | 1,981 |
| Cash and cash equivalents | 12,650 | 9,538 |
| TOTAL SHORT-TERM CAPITAL | 30,401 | 26,755 |
| TOTAL ASSETS | 63,510 | 58,787 |
| Balance shee t as of 09/30/2010 (IFRS) Equity and liabilities |
09/30/2010 | 12/31/2009 |
|---|---|---|
| KEUR | KEUR | |
| CAPITAL AND RESERVE | ||
| Subscribed capital | 14,085 | 13,805 |
| Capital reserve | 40,319 | 39,523 |
| Net loss for the year | -3,438 | -5,895 |
| Other cumulated Group result | -391 | -608 |
| Own shares | -27 | -26 |
| Equity capita l attributab le to stockh olders of the parent company |
50,548 | 46,799 |
| Minority interest | 407 | 243 |
| Total Equity | 50,955 | 47,042 |
| Long-ter m liabi lities |
||
| Pension provisions | 706 | 610 |
| Other provisions | 1,295 | 1,018 |
| Total long-ter m liabi lities |
2,001 | 1,628 |
| SHORT-ter m liabi lities |
||
| Deferments | 1,635 | 776 |
| Financial liabilities | 31 | 290 |
| Trade accounts payable | 2,120 | 3,515 |
| Liabilities from tax on profit | 132 | 80 |
| Deferred revenue liability | 2,224 | 345 |
| Other non-financial debts | 1,778 | 2,257 |
| Other financial debts | 2,634 | 2,854 |
| Total Short -ter m liabi lities |
10,554 | 10,117 |
| Total equity and liabi lities |
63,510 | 58,787 |
| cash flow |
2010 | 2009 |
|---|---|---|
| KEUR | KEUR | |
| 1. Cash Flow from operatin g activities Profit before tax |
2,509 | 1,655 |
| Depreciation and amortization of intangible assets and plant, | ||
| equipment and other fixed assets | 4,137 | 3,978 |
| Other expenses / income with no impact on cash | -106 | -276 |
| Depreciation of financial assets | -93 | -107 |
| Profit / loss from disposal of assets | 0 | 0 |
| Profit / loss from disposal of securities | 0 | 136 |
| Increase / decrease in trade receivables and other assets that cannot be | -148 | -2,965 |
| allocated to investing or financing activities Changes in provision |
||
| Increase / decrease in trade accounts payable and other liabilities that cannot be | 475 | 569 |
| allocated to investing or financing activities | 251 | 1,185 |
| Interest paid | -13 | -17 |
| Interest payments received | 176 | 265 |
| Income taxes paid | -39 | -118 |
| Income taxes received | 214 | 235 |
| 7,363 | 4,540 | |
| 2. Cash Flow from INvest ment activities |
||
| Cash paid for investments in property, plant and equipment / intangible assets | -4,005 | -4,238 |
| Cash receipt for investments in financal assets | 0 | 0 |
| Cash paid from disposal of fixed assets | 0 | 0 |
| Cash paid from purchase price adjustments at subsidiaries | 0 | 0 |
| Acqusition of consolidated companies, net of purchased cash | -1,020 | -252 |
| Cash receipts from disposal of securities | 0 | 2,529 |
| Cash paid for investments in scurities | 0 | 0 |
| -1,961 | -1,961 | |
| 3. Cash Flow from finan cing activities |
||
| Dividends paid to minority shareholders | 280 | 0 |
| Payments into equity capital via exercise of stock options | 784 | 0 |
| Puchase of own shares | 0 | 0 |
| Payments for taking loans within the context of short-term payment dispoasl | 0 | 0 |
| Amount paid/receipt out for redeeming/clearing loans | -259 | -52 |
| 805 | -52 | |
| 4. Cash and cash equiva lents at end of fiscal year |
||
| Cash-relevant changes in cash and cash equivalents (sum of 1 + 2 + 3) | 3,143 | 2,527 |
| Change in currency translation adjustment | 0 | 3 |
| Consolidation circle-conditional change of financial funds | 0 | 0 |
| Cash and cash equivalents at beginning of fiscal year | 9,538 | 4,141 |
| 12,681 | 6,671 | |
| 5. Compositi on of cash and cash equiva lents |
||
| Cash on hand | 12,650 | 6,730 |
| Bank liabilities due on demand | 31 | -59 |
| 12,681 | 6,671 |
| develop men t of group equity |
capital ubscribed S KEUR |
reserves apital C KEUR |
provisions ther O KEUR |
from conversion diference curency quity E KEUR |
financial nstruments for eserve R I KEUR |
pensions for eserve R KEUR |
loss forward onsolidated carry C KEUR |
profit onsolidated deficit / C KEUR |
tock reasury S T KEUR |
company to attributable parent cap , of stockh, quity E KEUR |
interest inority M KEUR |
equity otal T KEUR |
capital uthorized A KEUR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cons olidated equity as of 12/31/2008 |
13,805 | 39,483 | 0 | 59 | -999 | -72 | -9,503 | 1,488 | -26 | 44,235 | 259 | 44,494 | 6,860 |
| Transfer of 2008 consolidated loss to consolidated loss carry-forward |
1,488 | -1,488 | 0 | 0 | |||||||||
| Total income entered directly in equity capital |
0 | -4 | 320 | 12 | 328 | 328 | |||||||
| Profit before tax 09/30/2009 | 1,290 | 1,290 | 92 | 1,382 | |||||||||
| Overa l resu lt of the peri od |
0 | 0 | 0 | -4 | 320 | 12 | 0 | 1,290 | 1,618 | 92 | 1,710 | ||
| Stock-based payment | 40 | 40 | 40 | ||||||||||
| Cons olidated 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 |
| Cons olidated equity on 12/31/2009 |
13,805 | 39,523 | 0 | 59 | -558 | -109 | -8,016 | 2,119 | -26 | 46,799 | 243 | 47,042 | 6,860 |
| Profit before tax 2009 entered directly in accumulated deficit Allocation of authorised capital - AS 2010 |
2,119 | -2,119 | 0 | 0 | 43 | ||||||||
| Total income entered directly in equity capital |
155 | 90 | -27 | 215 | 215 | ||||||||
| Capital increase to fixed assets |
280 | 784 | 1,064 | 1,064 | |||||||||
| Profit before tax 06/30/2010 | 2,458 | 2,458 | 164 | 2,622 | |||||||||
| Overa l resu lt of the peri od |
0 | 0 | 0 | 155 | 90 | -27 | 0 | 2,458 | 3,737 | 164 | 3,901 | ||
| Stock-based payment | 12 | 12 | 12 | ||||||||||
| Cons olidated equity on 09/30/2010 |
14,085 | 40,319 | 0 | 214 | -468 | -136 | -5,897 | 2,458 | -26 | 50,548 | 407 | 50,955 | 6,903 |
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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 8th, 2010
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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