Quarterly Report • Aug 20, 2010
Quarterly Report
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Dear Stockholders,
Substantial sales growth and a greatly improved result: NEXUS completed the first half year 2010 very successfully. We are starting into the second quarter 2010 with this good news. As a result, we are continuing the positive trend of the past years and furthering our development with a great number of new customers, who decided in favor of NE-XUS in the first half year.
We are convinced that this on-going positive development is mainly due to our long-term strategy, which puts a convincing product program and healthy, profitable growth in the forefront. 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.
For example, we acquired larger orders for introducing our Hospital Information System (NEXUS / HIS) from the Protestant Clinical Center in Stuttgart, Vinzenz von Paul Hospital in Rottweil, the psychiatry center in Rickling and five additional hospitals in the Swiss Canton of Fribourg and consequently proved how positively our new products are being accepted on the market. Our software products support numerous hospital processes in the projects and are relieving hospital staff of routine and documentation work as a result.
The same applies to our solutions specific for wards and departments (NEXUS / DIS), i.e., software support of special diagnostic process (e.g., radiology) in hospitals. We were able to win important orders in the areas of pathology and radiology in the first half year and expand our market position in these segments.
We were also able to acquire several hospital associations as new customers for NEXUS / CURATOR in the product area of quality management. This is a product that especially simplifies knowledge management in hospitals and consequently supports the trend to quality control and uniform treatment guidelines. NEXUS is market leader among software companies in this very important area for hospitals. Two basic tendencies have become clear with respect to
project implementation over the past months. On one hand, we are succeeding in reducing the introduction times of our systems further and providing customers with the expected advantages of the software more quickly. This has been demonstrated in the new projects in the Kiel Metropolitan Hospitals and in Mosbach as well as in the operation startup of two hospitals on the Turks & Caicos Islands, for example. We started operation of complete projects there within respectively very short times. On the other hand, we see that our regular customers are investing decisively in enhancements. The topics of medication, pharmacy, emergency care as well as management and knowledge information systems are currently being implemented as additional projects and supporting our customers in digitalizing their hospital processes more comprehensively.
Following the very successful introduction of NEXUS / HIS last year, our development is also focusing on these topics. The core process of medication is the focal point here. It is a matter of enhancing the existing solution even more and fulfilling the demands of our customers for depiction of additional medication processes and ergonomic improvements. However, we are also very active in elaborating new solutions in the topics of the emergency care department and management information systems (MIS). We especially made investments in MIS over the past weeks, which will advance our technology even more.
The development of our international patient management is certainly one of our special features. We are working on depicting the internationally very different patient management invoicing processes with an easy-to-parameterize solution.
We are already implementing customer projects in the first two countries. There is great potential for internationalization here and for differentiating us very strongly from our competitors. We are convinced that we are supporting development of our company decisively with this long-term and innovative development project. We can see in the first half-year figures that this strategy is bearing fruit.
We succeeded in continuing the unbroken positive development of the past years and in increasing both our sales and result strongly. Sales increased in the first half year by approx. 10.1% from EUR 18.8 million to EUR 20.7 million.
The operating result improved even more. The result before taxes increased by approx. 61% to EUR 1.58 million following EUR 0.98 million in the first half year of the previous year. The result was approx. EUR 1.53 million after taxes (previous year: EUR 0.85 million), and consequently we achieved an increase of 80%.
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 13.9 million) increased substantially thanks to the good result. Accounts payable decreased again compared to the first quarter, but are slightly higher at 12.7 million than the value at the end of 2009 (EUR 12.5 million).
We are confirming the already good first quarter and the long-term trend of our company with this strong half-year result. We are going to have to prove in the second half year that we can also achieve these increase rates in the future too. The challenges are not minor that we are facing in current projects and in canvassing new markets. However, if we consider our good technological position and the continual increasing of our market shares and thus sales, we are confident that we can master these challenges.
It is also good news that we have been able to depict our positive development on the capital market and stimulate a lot of interest among investors, so that sales of our stocks have increased considerably on the securities market. Even though we are not yet satisfied with the price development of our stocks, we can see that the discrepancy between our company development and stock prices has become smaller. We hope that this development continues. With respect to our business, we are determined to support the positive development on the securities market with continually increasing business figures. It is also our goal to be among the top companies in our market segment with respect to sales and result.
Sincerely,
Dr. Ingo Behrendt CEO - NEXUS AG
NEXUS Group sales increased from KEUR 18,829 to KEUR 20,731 (+10.1%) in the first six months of the year 2010.
The Healthcare Software segment is responsible for the good development of sales; its sales increased by 11.1% compared to the same period of the previous year from KEUR 16,667 to KEUR 18,510. Sales in the area of Healthcare Service increased by 2.7% from KEUR 2,162 to KEUR 2,221.
In a quarterly comparison to the previous year, sales of the Group increased by 11.7% to KEUR 10,403 (Q2-2009: KEUR 9,316).
The sales growth is especially due to the greater number of sales in international business and increased demand in Germany.
Our increased sales in the product areas NEXUS / HIS, NEXUS / QM and NEXUS / PATHOLOGY are certainly to be emphasized here. We are currently experiencing a high demand in these product areas.
| Highlights 1st HY - 2010 Sales and Result |
Sales by regions |
01/01/ - 06/30/09 |
01/01/ - 06/30/10 |
∆ in % |
04/01/ - 06/30/09 |
04/01/ - 06/30/10 |
∆ in % |
|---|---|---|---|---|---|---|---|
| KEUR | KEUR | KEUR | KEUR | ||||
| + 10.1% sales increase in first HY-2010 from | |||||||
| EUR 18.8 million (in 2009) to EUR 20.7 million | Germany | 12,099 | 12,737 | 5,3 | 6,184 | 6,340 | 2,5 |
| + 60.6% increase in result before taxes from | Switzerland | 4,230 | 5,654 | 33,7 | 2,015 | 2,884 | 43,1 |
| EUR 0.98 million to EUR 1.58 million | Austria | 429 | 591 | 37,8 | 172 | 146 | -15,1 |
| + Strongly positive operative cash flow (+50.0%) to | Italy | 75 | 12 | -84 | 47 | 12 | -74,5 |
| EUR 5.4 million | Rest of Europe / USA | 1,136 | 1,737 | 52,9 | 868 | 1,021 | 17,6 |
| + Increase of liquid assets by EUR 2.3 million to | Arabien region | 860 | 30 | ||||
| EUR 13.9 million | Total | 18,829 | 20,731 | 10,1 | 9,316 | 10,403 | 11,7 |
| Sales by divisions |
01/01/ - | 01/01/ - | ∆ in 04/01/ - 04/01/ - |
∆ in | ||
|---|---|---|---|---|---|---|
| 06/30/09 06/30/10 |
% | 06/30/09 | 06/30/10 | % | ||
| KEUR | KEUR | KEUR | KEUR | |||
| Healthcare Software | 16,667 | 18,510 | 11,1 | 8,278 | 9,408 | 13,7 |
| Healthcare Service | 2,162 | 2,221 | 2,7 | 1,038 | 995 | -4,1 |
| Total | 18,829 | 20,731 | 10,1 | 9,316 | 10,403 | 11,7 |
We were able to continue the positive development of results of the last years during the reporting period. The result before taxes improved by 60.6% to KEUR 1,576 (1st half-year 2009: KEUR 981).
We were also able to improve the EBITDA by approx. 21% from KEUR 3,359 to KEUR 4,073. It should be noted here that one-time effects and expenses for company integration are also represented in their complete amount in the operating result this year. Development costs were capitalized unchanged and amounted to KEUR 2,234 in the first half year. At the same time, intangible assets were written off in the amount of KEUR 2,733.
The Healthcare Software segment with a result before taxes of KEUR 1,391 following KEUR 602 was much higher than in the previous year (+131%), while the Healthcare Service segment
recorded a decrease in its result to KEUR 185 (previous year: KEUR 380). The reasons for this decline are especially due to accounting procedures.
The operative cash flow of KEUR 5,412 is approx. 50.0% higher than the previous year's level at (1st half year 2009: KEUR 3,608). The liquid assets of NEXUS AG increased further and were EUR 13.86 million as of 30 June 2010 (12/31/2009: € 11.52 million).
The number of employees increased by 6 compared to the previous year to the current number of 362. The increase in was mainly in the Healthcare Software area.
The NEXUS radiology solution stands for perfect interaction of structured patient management, comprehensive documentation of findings and secure archiving. Standardized interfaces to HIS and imaging equipment ensure manufacture-independent exchange of data. These factors guarantee optimization of your radiological processes. With the new version 5.2.0, NEXUS / INOVI-SION is again taking a leading market position with respect to functions. Two new projects were won directly at the market launch.
NEXUS / INOVISION also supports users from existing systems and consequently provides integrated picture access. Optimum workflow from the availability of current and previous pictures and all the way to their availability to ward doctors is thus ensured with NEXUS / INOVISION. High-performance X-ray demonstrations for radiologists to conduct efficient discussions with and about patients are supported optimally and very flexibly by specific demonstration lists. These are arguments, which were also convincing for two hospitals, which decided in favor of the new NEXUS / INOVISION almost simultaneously with their introduction to the market. The two customers, which are highly regarded in the industry, cannot be named due to blocking periods. The extent to which their decisions will support our success in the hotly contested radiology market will be seen in the near future.
Easy-to-operate tools make complex diagnosis procedures possible using X-rays. The multifaceted options for interacting with the picture data and for specific presentation depending on the user (hanging protocols) provide means for individual optimization of efficient establishment of findings. The functions for patient CDs, export and printing enable forwarding pictures precisely depending on requirements. Pictures can be sent internally or externally, additionally guaranteeing the shortest paths to the right decisions. Web-based picture distribution and consideration is possible throughout hospitals and between different hospitals, and encoding provides a high degree of security at the same time. Easy access is made possible for all involved thanks to standard browsers such as Microsoft Explorer and Mozilla Firefox. Examination-related retrieval of pictures and findings is easy and can be integrated into any ward applications.
NEXUS / INOVISION: New Version launched successfully on the market.
Although the market launch of the new version NEXUS / INOVISION 5.2.0 started very successful with two new projects.
The new 3D visualization solution for picture diagnosing as well as processing digital X-rays and cross-section images help hospital staff to improve diagnosis possibilities and make them considerably faster. The 3D navigation enables display of the sublayers of associated series of a study using lines, which can be completely added, switched off and suppressed selectively in the viewer. In addition, a specific point can be selected in a series with the 3D navigation, to which the other associated series are aligned automatically. This makes simpler orientation possible in examinations of the spinal column, for example.
Following the opening price of € 3.30 at the beginning of the year and an increase by the middle of January up to € 3.75, NEXUS shares declined in value from the middle of January until the end of March. Prices ranged from € 3.40 to € 3.70 during this phase. The price started to drop strongly at the beginning of April until it even fell below € 3.00 in the middle of May. Prices of NEXUS
| Finance- and Event schedule 2010 (status quo: August `10) |
|
|---|---|
| FINANCE SCHEDULE | |
| Quarterly Report - third quarter | November 8 |
| German equity forum, Frankfurt (D) | November 22 - 24 |
| EVENT AND TRADE FAIR SCHEDULE | |
| eHealthcare congress, Nottwil (CH) | September 22 - 23 |
| IFAS, Zurich | October 26 - 29 |
KTQ-Forum, Berlin November 26 - 27 MEDICA & BeraterDialog, Düsseldorf November 17 -20 DGPPN, Berlin November 24 - 27
shares again rose to the spring level of € 3.50 from the middle to the end of May. There was another decline in this range until the beginning of July. The share price rose again in July to more than € 4.00 for the first time in three years. The share price is currently approximately at this value. Compared to the course of the TecDax index from the beginning of the year until now, NEXUS shares have performed very positively with a further development of approx. +20% compared to -10% of the TecDax index.
The Director's Holdings of the supervisory board and the executive board were as follows on June 30, 2010 in comparison to the previous year: see to the right
8
We were able to complete the first half year very successfully. Sales increases of 10.1% and an increase of the result before taxes of 60.6% are very pleasing results. The same applies to the cash flow, which is very noteworthy for the first half year at EUR 5.4 million. Although we already had outstanding increase rates in the previous years, we have still been able to improve our figures continually. But the challenge remains to keep these increase rates in the current year. We are going into the second half year confident that the reason for our good development is our long-term orientation and that is not due to short-term effects. Consequently, our confidence is based on our product program and the market feedback, which we get from our customers. Especially the order successes in Germany of the past months demonstrate that we are seen very positively on the market at this time. We see potential here that goes far beyond that which we have already achieved. However, we first have to push forward our ambitious development projects and challenging customer projects. They are critical for the success of our future development, and it will be a matter of working on them with all our might. It is obvious that the NEXUS staff has the will to success and commitment to invest the energy required to make our goals into a reality.
There are no significant changes in the financial situation of the group compared to 12/31/2009.
| Directors Holdings | Number of stock owned |
Numbers of options |
|---|---|---|
| Dr. jur. Hans-Joachim König | 99,239 | 0 |
|---|---|---|
| Prev. year (81,099) | Previous year (0) | |
| Prof. Dr. Alexander Pocsay | 121,500 | 0 |
| Prev. year (0) | Previous year (0) | |
| Erwin Hauser | 15,000 | 0 |
| Prev. year (15,000) | Previous year (0) | |
| Prof. Dr. Ulrich Krystek | 0 | 0 |
| Prev. year (0) | Previous year (0) | |
| Dipl.-Betriebswirt (FH) | 0 | 0 |
| Wolfgang Dörflinger | Prev. year (0) | Previous year (0) |
| Matthias Gaebler | 0 | 0 |
| Prev. year (0) | Previous year (0) |
| Dr. Ingo Behrendt | 112,000 | 57,000 |
|---|---|---|
| (MBA) | Prev. year (112,000) | Prev. year (149,154) |
| Ralf Heilig (MBA) | 129,350 Prev. year (129,350) |
6.000 Prev. year(30,000) |
| Edgar Kuner | 264,051 | 6.000 |
| (Dipl. Ingenieur) | Prev. year (264,051) | Prev. year (25,000) |
| Consolidated Profit and Loss Acc ount |
04/01/ - 06/30/10 |
04/01/ - 06/30/09 |
01/01/ - 06/30/10 |
01/01/ - 06/30/09 |
|---|---|---|---|---|
| KEUR | KEUR | KEUR | KEUR | |
| Revenue | 10,430 | 9,316 | 20,731 | 18,829 |
| Increase / decrease in finished goods and work in progress | -67 | -6 | -67 | -31 |
| Other capitalized company work | 1,221 | 941 | 2,234 | 1,953 |
| Other operating income | 1,424 | 1,059 | 1,736 | 1,440 |
| Cost of materials | 3,198 | 2,110 | 4,931 | 4,239 |
| Personnel expenses | 5,832 | 5,364 | 11,442 | 10,585 |
| Depreciation and amortization of fixed intangible and tangible assets | 1,399 | 1,284 | 2,733 | 2,563 |
| Other operating expenses | 1,940 | 2,173 | 4,188 | 4,008 |
| OPERATING INCO ME |
612 | 379 | 1,340 | 796 |
| Expenses from associated companies | 0 | 0 | 0 | 0 |
| Interest and similar income | 160 | 57 | 263 | 200 |
| Interest payable and other similar charges | 23 | 4 | 27 | 14 |
| PROFIT BEFORE TAX |
749 | 432 | 1,576 | 982 |
| Income taxes | -122 | 43 | 38 | 133 |
| PERIO D RES ULT |
871 | 389 | 1,538 | 849 |
| Actuarial profits and losses (after taxes on profit) | -9 | 4 | -19 | 8 |
| Differences from the conversion of foreign currency | 137 | -47 | 143 | -81 |
| Market value changes from assets available for sale (after taxes on profit) |
-28 | 204 | 52 | 148 |
| OTHER OVERALL RES ULT |
100 | 161 | 176 | 75 |
| OVERALL RES ULT OF THE PERIO D |
971 | 550 | 1,714 | 924 |
| Of the period result, attributed to: - Stockholders of NEXUS AG - Minority interests |
871 0 |
363 26 |
1,498 40 |
803 46 |
| Of the overall result, attributed to: | ||||
| - Stockholders of NEXUS AG | 971 | 524 | 1,674 | 878 |
| - Minority interests | 0 | 26 | 40 | 46 |
| PERIO D RES ULT PER SHARE IN EUR |
||||
| Weighted Average of Issued Shares in Circulation | 13,797 | 13,797 | 13,797 | 13,797 |
| (in Thousands) - simple |
0.07 | 0.03 | 0.11 | 0.06 |
| - diluted | 0.07 | 0.03 | 0.11 | 0.06 |
| Assets | 06/30/2010 | 12/31/2009 |
|---|---|---|
| KEUR | KEUR | |
| Long-term cap ital |
||
| Goodwill | 11,642 | 11,642 |
| Other intangible assets | 16,819 | 16,629 |
| Fixed Assets | 1,035 | 1,079 |
| Shares in affiliated companies | 98 | 98 |
| Credited deferred taxes | 2,609 | 2,486 |
| Other financial assets | 79 | 98 |
| Total long-term cap ital |
32,282 | 32,032 |
| Short-term cap ital |
||
| Inventories | 187 | 169 |
| Trade receivables and other receivables | 12,727 | 12,588 |
| Receivables from tax on profits | 181 | 350 |
| Other non-financial assets | 1.386 | 552 |
| Other financial assets | 1,526 | 1,577 |
| Securities | 2.055 | 1.981 |
| Cash and balance in bank | 11,802 | 9,538 |
| Total Short-term cap ital |
29,864 | 26,755 |
| Total Assets | 62,146 | 58,787 |
| Total Liab ilities |
06/30/2010 | 12/31/2009 |
|---|---|---|
| Equity cap ital attribu tab le to stockh olders |
KEUR | KEUR |
| of the parent compa ny |
||
| Subscribed capital | 13,805 | 13,805 |
| Capital reserve | 39,523 | 39,523 |
| Net loss for the year | -4,397 | -5,895 |
| Other cumulated Group result | -433 | -608 |
| Own shares | -26 | -26 |
| Equity cap ital attribu tab le to stockh olders of the parent compa ny |
48,472 | 46,799 |
| Minority interest | 283 | 243 |
| Total Equity | 48,755 | 47,042 |
| long-term liab ilities |
||
| Pension provisions | 674 | 610 |
| Other provisions | 1,223 | 1,018 |
| Total long-term liab ilities |
1,897 | 1,628 |
| Short-term liab ilities |
||
| Deferments | 1,893 | 776 |
| Financial liabilities | 4 | 290 |
| Trade accounts payable | 2,194 | 3,515 |
| Liabilities from tax on profit | 391 | 80 |
| Deferred revenue liability | 3,063 | 345 |
| Other non-financial debts | 742 | 2,257 |
| Other financial debts | 3,207 | 2,854 |
| Total Short-term liab ilities |
11,494 | 10,117 |
| Total equity and liab ilities |
62,146 | 58,787 |
| Cas h Flow |
2010 | 2009 |
|---|---|---|
| 1. Cash Flow from operating activities | KEUR | KEUR |
| Profit before tax | 1,576 | 981 |
| Depreciation and amortization of intangible assets and plant, | ||
| equipment and other fixed assets | 2,733 | 2,563 |
| Other expenses / income with no impact on cash | -106 | -314 |
| Depreciation of financial assets | -18 | 35 |
| Profit / loss from disposal of long term capital | 0 | 0 |
| Profit / loss from disposal of securities | 0 | 136 |
| Increase / decrease in trade receivables and other assets that cannot be | -1,057 | -2,219 |
| allocated to investing or financing activities Changes in provision |
823 | 651 |
| Increase / decrease in trade accounts payable and other liabilities that cannot be | ||
| allocated to investing or financing activities | 1,052 | 1,504 |
| Interest paid | -27 | -14 |
| Interest payments received | 279 | 142 |
| Income taxes paid | -37 | -92 |
| Income taxes received | 194 | 235 |
| 5,412 | 3,608 | |
| 2. Cash Flow from INv estment activities |
||
| Cash paid for investments in property, plant and equipment / intangible assets | -2,860 | -3,027 |
| 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 | 0 | -252 |
| Cash receipts from disposal of securities | 0 | 2,529 |
| Cash paid for investments in securities | 0 | 0 |
| -2,860 | -750 | |
| 3. Cash Flow from financing activities | ||
| Dividends paid to minority shareholders Payments into equity capital via exercise of stock options |
0 0 |
0 0 |
| Purchase of own shares | 0 | 0 |
| Payments for taking loans within the context of short-term payment disposal | 0 | 0 |
| Cash receipts from issuing short-term loans | -286 | 135 |
| -286 | 135 | |
| 4. Cash and cash equiva lents at end of fiscal year |
||
| Cash-relevant changes in cash and cash equivalents (sum of 1 + 2 + 3) | 2,266 | 2,993 |
| Change in currency translation adjustment | 2 | 33 |
| Consolidation circle-conditional change of financial funds | 0 | 0 |
| Cash and cash equivalents at beginning of fiscal year | 9,538 | 4,141 |
| 11,806 | 7,167 | |
| 5. Composition of cash and cash equiva lents |
||
| Cash on hand | 11,802 | 7,413 |
| Bank liabilities due on demand | 4 | -246 |
| 11,806 | 7,167 |
| develop ment 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 A |
13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR |
| Consolida ted 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 |
-79 | 147 | 8 | -1 | 74 | 74 | |||||||
| Profit before tax 03/31/2009 | 803 | 803 | 46 | 849 | |||||||||
| Overal result of the period |
0 | 0 | 0 | -79 | 147 | 8 | 0 | 803 | -1 | 877 | 46 | 923 | |
| Stock-based payment | 27 | 27 | 27 | ||||||||||
| Consolida ted equity on 06/30/2008 |
13,805 | 39,510 | 0 | -20 | -852 | -64 | -8,015 | 803 | -27 | 45,140 | 305 | 45,445 | 6,860 |
| Consolida ted equity on 12/31/2008 |
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 |
2,119 | -2,119 | 0 | 0 | |||||||||
| Total income entered directly in equity capital |
143 | 51 | -18 | 176 | 176 | ||||||||
| 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 | |||||||||||
| Consolida ted Equity on 03/31/2010 |
13,805 | 39,523 | 0 | 202 | -507 | -127 | -5,897 | 1,498 | -26 | 48,472 | 283 | 48,755 | 6,860 |
This interim report from the NEXUS Group of 30 June 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 June 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 June 2009 can be seen on the homepage in the Internet at:
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.
| List of subsidiaries consolidated |
06/30/2010 | 06/30/2009 |
|---|---|---|
| Shares of Capital |
in % | |
| Full consolidation |
||
| NEXUS / CIS GmbH. Singen | 100.00 | 100.00 |
| NEXUS / CSO GmbH. Villingen-Schwenningen | 100.00 | 100.00 |
| NEXUS Digitale Dokumentationssysteme Projektentwicklungsges.mbH. Wien (A) |
100.00 | 100.00 |
| nexus / DIS GmbH. Frankfurt am Main |
100.00 | 100.00 |
| NEXUS / HOLL GmbH. Ismaning | 100.00 | 100.00 |
| NEXUS / INOVIT GmbH. Ismaning | 91.49 | 91.49 |
| NEXUS / IT GmbH NORD. Villingen-Schwenningen | 100.00 | 100.00 |
| NEXUS / IT GmbH SÜDOST. Singen | 50.20 | 50.20 |
| NEXUS / IT GmbH SÜDWEST. Villingen-Schwenningen | 100.00 | 100.00 |
| NEXUS Italia S.r.l Bologna (I) | 80.00 | 80.00 |
| NEXUS Medizinsoftware und Systeme AG. Kreuzlingen (CH) | 99.98 | 99.98 |
| NEXUS Schweiz GmbH. Schwerzenbach (CH) | 100.00 | 100.00 |
| Equity -consolidation |
||
| G.I.T.S Gesundheitswesen IT-Service GmbH. Fürstenfeldbruck |
49.00 | 49.00 |
| Medidata GmbH. Berlin | 25.00 | 25.00 |
| Paladium-med GmbH. Berlin | 20.00 | 20.00 |
| NEXUS Arabia Ltd Riyadh | 50.00 | 50.00 |
| VEGA Software GmbH. Aachen | 30.00 | 30.00 |
| IN KEUR | 06/30/2009 | 12/31/2009 | 06/06/2010 | |||
|---|---|---|---|---|---|---|
| short-termed | long-termed | short-termed | long-termed | short-termed | long-termed | |
| (< 1 year) | (> 1 year) | (< 1 year) | (> 1 year) | (< 1 year) | (> 1 year) | |
| Trade accounts receivable |
12,422 | - | 12,021 | - | 12,590 | - |
| Receivables from affiliated companies |
12 | - | 0 | - | 0 | - |
| Gross Amount Due to Customers for Projects as an Asset |
0 | 567 | - | 137 | ||
| Other Assets |
1,641 | 1,258 | 415 | 1,162 | 1,864 | 1,048 |
| from interests of not payable stocks | 36 | - | 0 | 0 | 0 | - |
| from accounts receivable in the range of value added tax |
29 | - | 0 | 0 | 43 | - |
| from loans to employee and third party | 10 | 1,078 | 3 | 936 | 3 | 1,078 |
| from loans to parent company | 5 | 180 | 52 | 226 | 11 | 180 |
| from other | 1,561 | - | 360 | 0 | 1,807 | - |
| Tags Refund Claims |
307 | - | 315 | 0 | 181 | - |
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 1,067 30 June 2010 (30 June 2009: KEUR 968) diminished in value. The development of the value adjustment account is as follows:
| ADJUSTM ENT ACCOUNT |
06/30/09 | 12/31/09 | 06/30/10 | |
|---|---|---|---|---|
| KEUR | KEUR | KEUR | ||
| Status January, 1st | 968 | 968 | 1,067 | |
| Allowed expenses allocation | 40 | 696 | 385 | |
| Consumption | -399 | -170 | -323 | |
| Dissolution | -49 | -427 | -15 | |
| status - end of period |
560 | 1,067 | 1,114 |
| SECURITI ES IN KEUR |
06/30/2009 | 12/31/2009 | 06/30/2010 | ||||
|---|---|---|---|---|---|---|---|
| purchase costs |
market value |
purchase costs |
market value |
purchase costs |
market value |
||
| Corporate bond | 1,090 | 1,008 | 0 | 0 | 0 | 0 | |
| Money market bond | 2,014 | 1,418 | 2,014 | 1,724 | 2,014 | 1,747 | |
| Shares in funds | 719 | 228 | 719 | 257 | 719 | 308 | |
| TOTAL | 3,823 | 2,654 | 2,733 | 1,981 | 2,733 | 2,055 |
There were no impairments of value to enter in the reporting year or 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 | 06/30/2009 | 12/31/2009 | 06/30/2010 | |||
|---|---|---|---|---|---|---|
| short-termed long-termed |
short-termed | long-termed | short-termed | long-termed | ||
| (< 1 year) | (> 1 year) | (< 1 year) | (> 1 year) | (< 1 year) | (> 1 year) | |
| Bank loans |
246 | - | 290 | - | 4 | - |
| received Order deposits |
557 | - | 1,483 | - | 501 | - |
| liabilities from deliveries and services |
2,677 | - | 3,515 | - | 2,194 | - |
| Liabilities with associated companies |
- | - | - | - | - | - |
| Tax Liabilities | 606 | - | 853 | - | 391 | - |
| Other Liabilities |
2,045 | - | 2,854 | - | 3,448 | - |
| for obligations for salary payments | 1,423 | - | 2,060 | - | 1,907 | - |
| for liabilities of social securities | 108 | - | 130 | - | 338 | - |
| Others | 514 | - | 664 | - | 1.203 | - |
Conditions of the financial liabilities listed above:
.
| BUSINESS SEG MENTS REPORTING AS OF 30 JUNE |
HEALTHCARE SOFTWARE |
HEALTHCARE SER VICE |
KONSOLI DIE RUNG |
KON ZERN |
||||
|---|---|---|---|---|---|---|---|---|
| 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | 2010 | 2009 | |
| KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | KEUR | |
| Sales with third parties | 18,510 | 16,667 | 2,221 | 2,162 | 20,731 | 18,829 | ||
| -Deliveries | 619 | 756 | 528 | 763 | 1,147 | 1,519 | ||
| -Services | 4,828 | 3,495 | 1,224 | 1,022 | 6,052 | 4,517 | ||
| -Software updating and hardware maintenance |
8,521 | 8,000 | 224 | 248 | 8,745 | 8,248 | ||
| -Licenses | 4,542 | 4,416 | 245 | 129 | 4,787 | 4,545 | ||
| Sales between segments | 2,854 | 1,639 | 250 | 533 | -3,104 | -2,172 | ||
| Segment sales | 21,364 | 18,306 | 2,471 | 2,695 | -3,104 | -2,172 | 20,731 | 18,829 |
| Operating segment result | 1,391 | 402 | 185 | 380 | 1,576 | 982 | ||
| Segment assets | 44,777 | 43,266 | 817 | 1,010 | 45,594 | 44,276 |
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 and NEXUS / HOSPIS (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 16, 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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