Earnings Release • Nov 7, 2013
Earnings Release
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| Q3 2013 | Q3 2012 | Q1-Q3 2013 | Q1-Q3 2012 | |||
|---|---|---|---|---|---|---|
| TEUR | % | TEUR | TEUR | % | TEUR | |
| Revenue and income | ||||||
| Revenue | 9.436 | (8) | 10.221 | 28.269 | (3) | 29.087 |
| Revenue consulting | 6.631 | (11) | 7.411 | 19.845 | (2) | 20.203 |
| Revenue software | 2.805 | 0 | 2.810 | 8.424 | (5) | 8.884 |
| Revenue Germany | 6.345 | 3 | 6.183 | 19.353 | 1 | 19.102 |
| Revenue foreign countries | 3.092 | (23) | 4.037 | 8.916 | (11) | 9.985 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | (505) | (143) | 1.171 | (2.421) | (367) | 908 |
| Earnings before interest and taxes (EBIT) | (833) | (199) | 845 | (3.508) | (36.125) | (10) |
| Earnings before taxes (EBT) | (891) | (208) | 826 | (3.676) | (2.124) | (165) |
| Profi t for the year (attributable to owners of the company) | (1.069) | (231) | 819 | (4.072) | (468) | (716) |
| Earnings per share (EUR) | (0,20) | (231) | 0,15 | (0,76) | (468) | (0,13) |
| Investments and depreciation | ||||||
| Investments in intangible and tangible assets | 84 | (53) | 179 | 876 | 43 | 612 |
| Depreciation | 329 | 1 | 326 | 1.087 | 18 | 918 |
| Key fi gures | ||||||
| Gross margin (%) | 39,3 | (20) | 49,4 | 39,4 | (14) | 45,6 |
| EBITDA margin (%) | (5,3) | (147) | 11,5 | (8,6) | (374) | 3,1 |
| EBIT margin (%) | (8,8) | (207) | 8,3 | (12,4) | (37.173) | 0,0 |
| Net cash fl ows from operating activities | (1.550) | (49) | (1.039) | (2.141) | (215) | (680) |
| Net cash fl ows from investing activities | (84) | 53 | (179) | (876) | (66) | (527) |
| Net cash fl ows from fi nancing activities | 0 | (100) | 1 | 0 | 100 | (1.720) |
| 30.09.2013 | 30.09.2012 | |||||
| TEUR | % | TEUR | ||||
| Assets, liabilities and equity (end of quarter) | ||||||
| Cash and cash equivalents | 7.838 | (25) | 10.395 | |||
| Total current assets | 21.834 | (21) | 27.774 | |||
| Total non-current assets | 21.025 | 5 | 20.026 | |||
| Total assets | 42.859 | (10) | 47.800 | |||
| Total current liabilities | 16.411 | (9) | 18.078 | |||
| Total non-current liabilities | 6.240 | 20 | 5.204 | |||
| Equity | 20.208 | (18) | 24.519 | |||
| Equity ratio (%) | 47,2 | (8) | 51,3 | |||
| Return on equity (%) | (4,3) | (61) | (2,7) | |||
| Employees (end of quarter) | 370 | 9 | 341 |
Negative fi gures are shown in paranthesis.
❚ Employees (end of quarter)
❚ Operating profi t (EBIT) at minus EUR 3.5 million
Thomas Mayerbacher (Chief Executive Offi cer) Volker Hensel (Chief Financial Offi cer)
REALTECH AG's business development for 2013 does not correspond to the expectations that we had for the current year. Key reasons for the unsatisfactory course of the fi scal year are the necessary reassessment of the sales that can be realized as part of the SAP partnership and the unfulfi lled revenue forecasts for the Timplify project.
For the REALTECH AG Executive Board it is extremely important to assure our shareholders that we have extensively analyzed the current situation and have already implemented concrete measures to improve the business results. We will talk about the extensive restructuring measures in more detail in the outlook at the end of this report. Our goal is to create and fi rmly establish the requirements for the REALTECH Group's road back to profi tability.
Let us look at the fi gures behind the development to date:
At EUR 9,436 thousand, revenue in the third quarter of 2013 was 8 percent down on the fi gure for Q3/2012 (EUR 10,221 thousand). In the fi rst nine months of the current fi scal year, there was a 3 percent decrease compared to the previous year, from EUR 29,087 thousand to EUR 28,269 thousand. Revenue is divided between the Consulting and Software business segments:
At EUR 6,631 thousand, revenue in the Consulting segment in Q3/2013 was 11 percent below that of the previous year (EUR 7,411 thousand) as a result of lower capacity utilization in Germany and abroad. At EUR 19,845 thousand, revenue in the fi rst nine months of 2013 was down 2 percent compared to 2012 (EUR 20,203 thousand). The contribution made by Consulting towards total revenue increased to 70 percent (previous year: 69 percent).
Revenue generated by the Software segment remained steady at EUR 2,805 thousand, (EUR 2,810 thousand). At EUR 8,424 thousand, software sales revenue for the fi rst nine months of 2013 was down 5 percent compared to the fi gure from 2012 (EUR 8,884 thousand). Software revenue as a proportion of total revenue fell from 31 percent to 30 percent.
Revenue generated in Germany over the fi rst nine months was up 1 percent year-on-year, from EUR 19,102 thousand to EUR 19,353 thousand. Germany therefore contributed 69 percent to Group revenue (previous year: 66 percent). The proportion of Group revenue generated by foreign business decreased accordingly from 34 percent to 31 percent.
The Rest of Europe region (Portugal, Nordic) again had to accept a reduction in revenue: from EUR 467 thousand to EUR 300 thousand. This fi gure as a share of total revenue thus fell from 2 percent to 1 percent. The USA generated revenues of EUR 1,443 thousand, which was 34 percent less than the previous year (EUR 2,183 thousand). The share of Group revenue therefore decreased from 8 percent to 5 percent. The Asia-Pacifi c region recorded a revenue of EUR 7,174 thousand in the fi rst nine months of 2013, which constitutes a reduction of 2 percent following EUR 7,335 thousand in the previous year. As in 2012 year, this region contributed 25 percent to Group revenue.
Based on the decrease in sales revenue explained above combined with a simultaneous increase in the cost of sales of 11 percent compared to the third quarter of the previous year, the gross profi t from revenue fell by 27 percent to EUR 3,705 thousand. The gross margin fell from 49 percent to 39 percent. The situation was similar in the fi rst nine months of the year: a 3 percent decrease in revenue combined with an 8 percent rise in the cost of sales led to a 16 percent drop in gross profi t to EUR 11,125 thousand. This resulted in a fall in the gross margin from 46 percent to 39 percent.
At segment level gross profi t developed as follows during the fi rst nine months: in the Consulting segment, the fi gure fell by 20 percent to EUR 4,600 thousand. The gross margin therefore fell from 28 percent to 23 percent. In the Software segment, gross profi t decreased by 13 percent to EUR 6,525 thousand. The gross margin fell from 85 percent to 77 percent. The reason for this was a decrease in license sales.
When comparing the third quarters of 2013 and 2012, selling and marketing expenses increased by 20 percent in 2013 to EUR 2,268 thousand (previous year: EUR 1,888 thousand). This fi gure as a percentage of revenue rose from 19 percent to 24 percent. In the fi rst nine months of 2013, there was a 22 percent increase year-on-year to EUR 7,524 thousand (previous year: EUR 6,150 thousand). Expenses therefore increased from 21 percent to 27 percent of revenue. This rise can primarily be attributed to the expansion of the sales team and marketing activities as well as staff restructuring measures.
Compared to the same quarter of the previous year, administration expenses fell by 6 percent from EUR 1,279 thousand to EUR 1,202 thousand. As a percentage, the fi gure remained at 13. In the fi rst nine months, there was a 6 percent reduction in expenses to EUR 3,721 thousand (previous year: 3,947). Based on revenue, the fi gure fell from 14 percent to 13 percent.
In the quarter under review, REALTECH invested EUR 1,173 thousand in research and development expenses – 10 percent more than in Q3/2012 (EUR 1,063 thousand). Based on revenue, the fi gure increased from 10 percent to 12 percent. During the fi rst nine months of 2013, expenses increased by 13 percent from EUR 3,213 thousand to EUR 3,625 thousand, accounting for 13 percent of revenue (previous year: 11 percent). The key reason for this was the Timplify project.
Other operating expenses are made up for the most part of expenses from rental, tenancy and operating lease agreements as well as exchange rate losses. Based on a comparison of the two third quarters, these decreased by 25 percent from EUR 172 thousand to EUR 129 thousand and by 28 percent from EUR 645 thousand to EUR 466 thousand in the nine-month period. The reason for this lower fi gure can primarily be attributed to the fact that the expenses for the previous year included the expenditure for a legal dispute in the USA.
Other operating income essentially comprises rental income from the use of the offi ce building in Walldorf by third parties and currency gains. Compared to the same quarter of the previous year, other operating income increased by 15 percent from EUR 203 thousand to EUR 232 thousand and increased by 1 percent in the fi rst nine months year-on-year, from EUR 693 thousand to EUR 703 thousand. This can be attributed, in particular, to the increase in currency gains compared with the previous year. To Our Shareholders 2
The facts described above resulted in operating profi t (EBIT), which remained well under that of the previous year (EUR 845 thousand) in the third quarter of 2013 at minus EUR 833 thousand. In the fi rst nine months of 2013, operating profi t fell year-on-year from minus EUR 10 thousand to minus EUR 3,058 thousand. This shows that the investments made did not generate the corresponding revenues and refl ects the restructuring measures
The fi nancial income was minus EUR 168 thousand after nine months, having been minus EUR 156 thousand in the previous year. This is made up of interest income of EUR 63 thousand (previous year: EUR 104 thousand), primarily for loans and other fi nancial receivables (cash and cash equivalents). The interest expenses primarily comprised fi nancial liabilities relating to fi nance leasing. Compared to the previous year, they fell from EUR 279 thousand to EUR 231 thousand, which can be attributed to improved conditions in relation to leasing.
The profi t for the year attributable to owners of the company in the third quarter decreased from EUR 819 thousand to minus EUR 1,069 thousand. Based on the average number of 5,385,652 shares, this amounted to earnings per share of minus EUR 0.20 (previous year: EUR 0.15 for). Profi t for the year for the fi rst nine months of 2013 decreased from minus EUR 716 thousand in the previous year to minus EUR 4,072 thousand, and earnings per share fell accordingly to minus EUR 0.76 (previous year: minus EUR 0.13).
The net cash fl ows from operating activities in the current year is a cash outfl ow of EUR 2,141 thousand following a cash outfl ow of EUR 680 thousand in the previous year. Apart from a series of smaller effects and a considerable reduction in trade receivables, this development is primarily the result of the signifi cantly reduced net income for the year.
Net cash fl ows from investing activities in the fi rst nine months of 2013 gave rise to a cash out-fl ow of EUR 876 thousand. In the previous year, the cash outfl ow was EUR 527. This change was primarily a consequence of increased investment in property, plant and equipment. This particularly involved procuring future-orientated replacements as well as the Timplify project.
Net cash fl ows from fi nancing activities was EUR 0 thousand for the fi rst nine months of 2013, compared to a cash outfl ow of EUR 1,720 thousand in the previous year. This fi gure was particularly infl uenced by a dividend to the owners of the company of EUR 1,615 thousand, which corresponds to EUR 0.30 per share, that was distributed in May 2012. The full amount of the re-tained profi t was carried forward to the new account in the year under review.
Compared with the fi gure for December 31, 2012, the total assets fell by 14 percent, from EUR 49,676 thousand to EUR 42,859 thousand. This development was primarily based on the decrease in cash and cash equivalents of 30 percent or EUR 3,419 thousand. Cash and cash equivalents accounted for 18 percent of assets (December 31, 2012: 23 percent). The decrease was a result of lower earnings and investments made.
At EUR 20.208 thousand, total equity was down by 18 percent compared with December 31, 2012 (EUR 24,586 thousand). Accordingly, the equity ratio on September 30, 2013, at 47.2 percent, was lower than at the end of the previous year (49.5 percent). Equity capitalization continues to form a sound basis for our return to earnings power and profi tability.
The REALTECH Group had 370 employees on the key date of September 30, 2013 – 9 percent more than at the end of the third quarter of 2012 (341). In Germany, the number of employees has also risen by 12 percent – from 249 to 278. The percentage of the total REALTECH staff who are employed in Germany increased from 73 percent to 75 percent.
The number of employees working at REALTECH companies in other countries remained at 92. The number of employees in Portugal fell from 19 to 17, while the fi gure remained at 15 in the USA. In the Asia-Pacifi c region, the number of employees rose from 56 to 58.
In the business areas, the following development could be seen on the key date of September 30 compared with the same date in the previous year: in Consulting, the number of consultants increased by 8 percent, from 158 to 170. The number of product consultants rose from 18 to 19 and the number of developers increased by 18 percent from 51 to 60 based on the Timplify project. The increase in sales employees of 8 percent to 70 (previous year: 65) is primarily a result of a changed sales strategy related to marketing within SAP IT Infrastructure Management. We increased the number of employees in administration from 49 to 51. The reason for this was that we strengthened the HR department in Germany to allow us to successfully implement the recruitment measures mentioned above.
The REALTECH AG Executive Board is aware of its responsibility to shareholders, employees and customers to lead the company back to profi tability. The required steps for this have been discussed with the Supervisory Board and will now be implemented in a structured manner. For example, the planned measures include intensifi ed horizontal integration of the Consulting and Software segments in order to realize valuable synergies once more and to reinforce the REALTECH image on the market and in the minds of our customers. Furthermore, REALTECH will again concentrate on its core competencies and focus on markets with demonstrable revenue potential.
We are extremely optimistic that we can make positive changes to the Group's current situation in the coming months. Reasons for this are our unique, long-term market experience and positioning as a recognized expert in SAP technology, as well as our highly qualifi ed technology consultants. In addition, in our theGuard! product family we have a software solution that is well suited to the market and that our customers use extremely successfully as it demonstrably creates added value for them.
We are therefore entering the upcoming transformation process with self-confi dence and will continuously keep you up to date with the progress over the coming weeks.
As well as the effects presented at the beginning, 2013 will be characterized by the necessary realignment. The Executive Board confi rms the forecast of negative operating profi t for 2013 in the low singledigit million range.
Best regards, Thomas Mayerbacher and Volker Hensel
Headquartered in Lucerne, Switzerland, the CSS Group is an insurance company specializing in health insurance. The SAP applications needed to keep core processes running smoothly are subject to ongoing development and maintenance. Given the high level of complexity of the overall system, the import of SAP transports was a constant source of critical system problems that would sometimes even result in the failure of key SAP solutions during core business hours. The company's manual system of moving transports and processing audit documentation in compliance with SOX requirements placed additional burdens on the IT staff. Implementing the transport management module of theGuard! Smart-Change has ensured that the SAP experts at CSS can now securely import transports into the SAP environment while providing complete visibility and audit trails. An effective authorization concept and the meticulous documentation of changes ensure that all change processes are tracked for audit purposes. Working with theGuard! SmartChange, the SAP administrators at CSS can now synchronize the transport of ABAP and Java objects and securely and effi ciently put changes to their SAP solutions into operation.
"After a careful evaluation of different options, we selected the transport management module in the-Guard! SmartChange. We were very impressed by its rapid implementation and deep integration with SAP," explains Massimo Cangi.
In addition to the traditional SAP ERP modules for fi nancial accounting and human resources, CSS relies on the FS-CD (Financial Services Collection & Disbursement) module. This is a very specifi c policy management application that provides all the features needed for subledger accounting in the insurance business. The employees at CSS use this application to post up to 5,000 documents every day. "Our aim was to signifi cantly reduce the risk of failure for this key application," Massimo Cangi points out. CSS was also impressed by the software's detailed reporting capabilities which provide the basis for ensuring that all processes are fully documented.
In the future, CSS plans to add the Code Profi ling module. This will allow CSS to automatically scan inhouse developed ABAP code for vulnerabilities or ineffi cient programming routines. As a result, the SAP experts at CSS will be able to pinpoint problems and improve system performance accordingly while reducing the time needed to patch the software.
"We are extremely satisfi ed with the transport management capabilities of theGuard! SmartChange because we now have a single tool that enables us to plan and manage all of our SAP transports throughout the enterprise. It helps us effectively prevent failures of business-critical production systems due to erroneous changes and signifi cantly reduces the workload on our SAP CCC staff," says a delighted Massimo Cangi.
Under the slogan "A new start for your future IT with REALTECH", REALTECH presented itself at the DSAG annual congress in Nuremberg from September 17–19.
The congress of the German-speaking SAP user group, which was held under the motto "Changing processes – fact or fi ction?" brought more than 4,000 visitors to the NCC Convention Center in Nuremberg. With a rise in visitor numbers of around 6 %, the congress continues to be one of the most important in the industry. Alongside the 175 exhibitors, 280 talks, more than 50 themed meetings and almost 50 partner presentations were held. The goal of the congress and the many talks was to examine the trend towards mobile applications, cloud, in-memory, etc. among SAP users and to take a closer look at the impact of these technologies on business processes.
Once again, the DSAG annual congress was also a great success for REALTECH. Consulting and software products that aim to prepare customers' IT for future requirements in a targeted manner met with great interest from the audience. Throughout the entire trade fair period from Tuesday to Thursday, we were able to hold countless promising expert discussions with partners, existing customers and new potential customers, which justifi es our aim to appear as an exhibitor again next year.
Germany-based Südzucker AG is a company with global operations, and Europe's leading producer of sugar. Südzucker AG's employees have been using the existing single sign-on (SSO) system to log on to a number of applications with a single set of credentials, but no such solution existed for accessing SAP applications. Working closely with the customer, REALTECH developed a concept to implement a central authentication system. For reasons of the existing SAP infrastructure at Südzucker, REALTECH went for SAP NetWeaver Single Sign-on. The result: Users can now access all SAP applications through a single sign-on process, signifi cantly accelerating the system logon. At the same time, the single signon solution cut all IT effort to reset passwords.
"Today, we rely on SAP NetWeaver Single Sign-On to reduce the large number of system logons for our SAP solutions," says Klaus Koddenberg. "REALTECH's experts supported the project with their highly qualifi ed consulting services and provided outstanding assistance in the concept design, product selection, and implementation stages. Overall, we are extremely satisfi ed with the way the project was handled and the results we have achieved," concludes Koddenberg. Südzucker AG maintains strict security standards and requires their SAP users to log in to the different systems with complex passwords, which impairs productivity and stands in the way of a seamless work experience. "Especially when it comes to users who only access certain software applications from time to time and over limited periods of time, our central hotline sees a sharp increase in forgotten passwords requests," explains Klaus Koddenberg.
The SSO solution from SAP integrates seamlessly with the existing SAP infrastructures and is ready to be used out of the box. Another particularity of this implementation was the integration of barcode scanners for direct identifi cation within the SAP system. Today, employees only have to sign in once to all SAP applications. With the implementation of the SSO system, Südzucker was also able to achieve signifi cant security gains. The central administration of the user credentials mitigates the risk of password theft.
"We even had an independent auditor confi rm the high standard of security in our user administration," explains Klaus Koddenberg. "REALTECH's experts have a very deep and thorough understanding of SAP technologies. We were able to rely on the profound knowledge of the consultants for any of our questions as we planned and implemented the project," says Koddenberg in describing the cooperation with REALTECH. Everyone involved benefi ts from the SSO system: It makes work much easier for users, takes a tremendous workload off the central helpdesk, and helps the IT organization improve the security of the IT infrastructure and reduce costs.
The price of REALTECH's shares at the start of the third quarter was EUR 5.05. This was fol-lowed by a slow upward trend until the share price reached EUR 5.18, the highest value of the quarter. Following this, the share price decreased by approximately the same amount and at the same speed until it reached EUR 4.88 on June 26, 2013. As a reaction to the published profi t warning, REALTECH shares fell by 21 percent on June 27, 2013 to EUR 3.90. This was followed by a continuous downward trend, until the share price reached its lowest value of EUR 3.40 at the end of the quarter. On the last day of the quarter, market capitalization stood at EUR 18 million, corresponding to 91 percent of book equity.
| Q3 2013 | Q3 2012 | |
|---|---|---|
| Key fi gures | EUR | EUR |
| Earnings per share | (0,20) | 0,15 |
| Net cash fl ows per share | (0,29) | (0,14) |
| Equity per share | 3,75 | 4,55 |
| Highest share price | 5,18 | 5,25 |
| Lowest share price | 3,40 | 4,05 |
| Share price at end of quarter | 3,40 | 4,40 |
| Market capitalization at end of quarter | 18 Mio. | 24 Mio. |
| Number of shares at end of quarter | 5.385.982 | 5.385.652 |
| Basics | |
|---|---|
| Market segment | Prime Standard |
| Date of issue | 26. April 1999 |
| ISIN | 700 890 |
| Exchange ID | RTC |
| Issue price | 54,00 EUR |
| as of 30. 09. 2013 | Shares held by the issuer and members of the company's executive bodies | |
|---|---|---|
| Issuer: | REALTECH AG | - Treasury stock |
| Executive Board: | Thomas Mayerbacher | 1.620 shares |
| Supervisory Board: | Daniele Di Croce | 885.500 shares |
| Rainer Schmidt | 765.500 shares | |
| Peter Stier | 745.500 shares |
The shareholder structure of REALTECH AG remained constant. On the key date of September 30, 2013, the main shareholders held the same number of shares and the diversifi ed holding also remained unchanged at 50.11 percent compared to the fi gure at the end of the previous quarter.
On average, around 3,575 REALTECH shares were traded every day during Q3/2013 – 34 percent fewer than during the same quarter in the previous year (5,457). 63 percent of the shares were traded in Xetra (previous year: 69 percent), while 27 percent were traded on the other stock exchanges (previous year: 31 percent).
Shareholder structure (as of 30.09.2013)
| Q3 2013 | Q3 2012 | Q1-Q3 2013 | Q1-Q3 2012 | ||
|---|---|---|---|---|---|
| EUR | EUR | EUR | EUR | ||
| Revenue | 9.436.183 | 10.220.489 | 28.269.265 | 29.086.840 | |
| Cost of sales | (5.730.778) | (5.176.522) | (17.144.172) | (15.833.642) | |
| Gross profi t | 3.705.405 | 5.043.967 | 11.125.093 | 13.253.198 | |
| Selling and marketing expenses | (2.267.843) | (1.887.673) | (7.524.374) | (6.150.379) | |
| Administration expenses | (1.201.711) | (1.278.764) | (3.720.875) | (3.946.951) | |
| Research and development expenses | (1.172.717) | (1.063.353) | (3.624.983) | (3.213.186) | |
| Other operating expenses | (128.722) | (171.492) | (465.551) | (645.307) | |
| Other operating income | 232.143 | 202.564 | 702.575 | 692.941 | |
| Operating profi t | (833.445) | 845.249 | (3.508.115) | (9.684) | |
| Interest income | 18.102 | 65.473 | 62.955 | 103.745 | |
| Interest expenses | (76.035) | (85.045) | (230.984) | (259.339) | |
| Finance income | (57.933) | (19.572) | (168.029) | (155.594) | |
| Profi t before tax | (891.378) | 825.677 | (3.676.144) | (165.278) | |
| Income tax expenses | (80.548) | 110.260 | (300.485) | (373.412) | |
| Profi t for the year | (971.926) | 935.937 | (3.976.629) | (538.690) | |
| Profi t attributable to : | - Owners to the company | (1.068.755) | 818.838 | (4.072.236) | (716.420) |
| - Non-controlling interests | 96.829 | 117.099 | 95.607 | 177.730 | |
| Other comprehensive income | |||||
| Exchange differences on translating foreign operations | (37.607) | 12.688 | (401.170) | 122.385 | |
| Total comprehensive income for the year | (1.009.533) | 948.625 | (4.377.799) | (416.305) | |
| Profi t attributable to: | - Owners to the company | (1.086.199) | 843.639 | (4.286.700) | (615.265) |
| - Non-controlling interests | 76.666 | 104.986 | (91.099) | 198.960 | |
| Earnings per share | |||||
| From continuing operations | |||||
| - Basic | (0,20) | 0,15 | (0,76) | (0,13) | |
| - Diluted | (0,20) | 0,15 | (0,76) | (0,13) | |
| Average number of shares | |||||
| - Basic | 5.385.652 | 5.385.652 | 5.385.652 | 5.385.652 | |
| - Diluted | 5.385.652 | 5.385.652 | 5.385.652 | 5.385.652 |
| 30.09.2013 | 31.12.2012 | |
|---|---|---|
| ASSETS | EUR | EUR |
| Current assets | ||
| Cash and cash equivalents | 7.838.160 | 11.256.846 |
| Other fi nancial assets | 282.265 | 738.317 |
| Trade receivables | 8.742.247 | 11.442.969 |
| Other non-fi nancial assets | 702.329 | 450.701 |
| Tax assets | 4.268.942 | 4.284.312 |
| Total current assets | 21.833.943 | 28.173.145 |
| Non-current assets | ||
| Goodwill | 4.331.514 | 4.331.514 |
| Other intangible assets | 381.265 | 473.797 |
| Property, plant and equipment | 13.128.562 | 13.291.794 |
| Other fi nancial assets | 410.815 | 304.621 |
| Deferred tax assets | 2.772.411 | 3.101.571 |
| Total non-current assets | 21.024.567 | 21.503.297 |
| Total assets | 42.858.510 | 49.676.442 |
| LIABILITIES AND EQUITY | ||
| Current liabilities | ||
| Trade payables | 1.018.105 | 1.948.238 |
| Financial liabilities | 1.853.493 | 2.047.743 |
| Tax liabilities | 6.497.758 | 6.952.753 |
| Provisions | 2.892.571 | 2.580.435 |
| Deferred revenue | 4.148.668 | 4.991.501 |
| Total current liabilities | 16.410.595 | 18.520.670 |
| Non-current liabilities | ||
| Financial liabilities | 4.504.285 | 4.691.638 |
| Deferred tax liabilities | 1.735.681 | 1.878.385 |
| Total non-current liabilities | 6.239.966 | 6.570.023 |
| Total liabilities | 22.650.561 | 25.090.693 |
| Equity | ||
| Issued capital | 5.385.652 | 5.385.652 |
| Reserves | 11.139.952 | 11.139.952 |
| Retained Earnings | 2.528.203 | 6.600.439 |
| Other components of equity | 371.786 | 586.251 |
| Equity attributable to owners of the company | 19.425.593 | 23.712.294 |
| Non-controlling interests | 782.356 | 873.455 |
| Total equity | 20.207.949 | 24.585.749 |
| Total liabilities and equity | 42.858.510 | 49.676.442 |
| Q1-Q3 2013 | Q1-Q3 2012 | |
|---|---|---|
| EUR | EUR | |
| Consulting | ||
| Revenue | 19.844.658 | 20.203.216 |
| Cost of sales | (15.244.632) | (14.470.142) |
| Gross profi t | 4.600.026 | 5.733.074 |
| Software | ||
| Revenue | 8.424.607 | 8.883.624 |
| Cost of sales | (1.899.540) | (1.363.501) |
| Gross profi t | 6.525.067 | 7.520.123 |
| Q1-Q3 2013 | Q1-Q3 2012 |
|---|---|
| EUR | EUR |
| 24.585.748 | 26.549.155 |
| (3.976.629) | (538.690) |
| (401.170) | 123.266 |
| (4.377.799) | (415.424) |
| 0 | (1.614.696) |
| 20.207.949 | 24.519.035 |
| ❚ Deutsches Eigenkapitalforum, Frankfurt/Main |
November 11, 2013 |
|---|---|
| ❚ Annual Report 2013 |
March 27, 2014 |
| Quarterly Report 1 2014 ❚ |
May 08, 2014 |
| ❚ General Meeting, Palatin, Wiesloch, 10.00 a.m. |
May 27, 2014 |
| ❚ Quarterly Report 2 2014 |
August 07, 2014 |
| Quarterly Report 3 2014 ❚ |
November 06, 2014 |
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