Quarterly Report • Nov 3, 2011
Quarterly Report
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| Q3 2011 | Q3 2010 | Q1-Q3 2011 | Q1-Q3 2010 | |||
|---|---|---|---|---|---|---|
| TEUR | Δ % | TEUR | TEUR | Δ % | TEUR | |
| Revenue and income | ||||||
| Revenue | 10.176 | 7 | 9.485 | 28.566 | 2 | 27.977 |
| Revenue consulting | 7.021 | 0 | 6.995 | 19.333 | (5) | 20.383 |
| Revenue software | 3.155 | 27 | 2.490 | 9.233 | 22 | 7.593 |
| Revenue Germany | 7.139 | 14 | 6.271 | 20.713 | 9 | 18.994 |
| Revenue foreign countries | 3.037 | (6) | 3.214 | 7.853 | (13) | 8.982 |
| Earnings before interest, taxes, depreciation and amortization (EBITDA) | 353 | (69) | 1.144 | (92) | (103) | 2.636 |
| Earnings before interest and taxes (EBIT) | 38 | (96) | 920 | (869) | (148) | 1.816 |
| Earnings before taxes (EBT) | 128 | (85) | 871 | (824) | (139) | 2.106 |
| Profi t for the year | (147) | (142) | 347 | 208 | (66) | 611 |
| Earnings per share (in EUR) | (0,03) | (142) | 0,07 | 0,04 | (65) | 0,11 |
| Investments and depreciation | ||||||
| Investments in intangible and tangible assets | 396 | 201 | 131 | 882 | 67 | 526 |
| Depreciation | 316 | 41 | 224 | 777 | (5) | 820 |
| Key fi gures | ||||||
| Gross margin (in %) | 42,6 | (6) | 45,4 | 42,0 | (2) | 43,0 |
| EBITDA margin (in %) | 3,5 | (71) | 12,1 | (0,3) | (103) | 9,4 |
| EBIT margin (in %) | 0,4 | (96) | 9,7 | (3,0) | (147) | 6,5 |
| Cash fl ow from operating activities | 163 | (87) | 1.230 | 6.125 | 105 | 2.989 |
| Cash fl ow from investing activities | (409) | (208) | (133) | (1.212) | (125) | (538) |
| Cash fl ow from fi nancing activities | 178 | 130 | 77 | 214 | 109 | (2.354) |
| 30.09.11 | 30.09.10 | |||||
| TEUR | Δ % | TEUR | ||||
| Assets, equity and liabilities (end of quarter) | ||||||
| Total assets | 42.761 | 2 | 42.089 | |||
| Non-current assets | 15.267 | 10 | 13.933 | |||
| Current assets | 27.494 | (2) | 28.156 | |||
| Net cash and cash equivalents | 11.488 | 55 | 7.401 | |||
| Equity | 25.869 | (5) | 27.272 | |||
| Equity ratio (in %) | 60,5 | (7) | 64,8 | |||
| Return on equity (in %) | 0,0 | (99) | 1,2 | |||
| Non-current liabilities | 224 | (46) | 417 | |||
| Current liabilities | 16.668 | 16 | 14.399 | |||
| Employees (end of quarter) | 333 | 3 | 322 |
The fi rst half of the year was not satisfactory for REALTECH on the whole. The two business areas also varied greatly in the third quarter. The improvement in software income is linked to increased investment in sales and distribution and the development of new products. In particular, we are investing in the development and sales partnership with SAP AG in the areas "ERP for IT" and "Business by Design", which was expanded at the end of 2010. We anticipate that this will allow REALTECH to gain new customers and capture new markets.
In addition to this, we faced and continue to face challenges in the Consulting business area, which has impacted on the Group's income situation. This was caused in particular by a temporary weakness in the Asia Pacifi c region (Japan and New Zealand). The greatest decline was originally in Japan. The earthquake disaster caused orders to dry up, which had a corresponding effect on revenues and earnings. However, we now expect the situation in Japan to improve signifi cantly by the end of 2011.
We have started to streamline our consulting portfolio consistently worldwide and ensure that we are set for the future. For this reason, restructuring measures have had a negative impact on income for the third quarter. Rental losses also continue to impact on current income.
2011 is and remains a year of investment for REALTECH, but in 2012 we aim to achieve rapid growth through a stronger portfolio and a dynamic team.
The details are as follows:
At the end of June in the year under review, the Spanish subsidiary REALTECH system consulting S.L. was sold as part of a management buyout and thus deconsolidated at Group level. Accordingly, in compliance with IFRS 5, REALTECH Spain is shown in the consolidated fi nancial statements as "Discontinued Operations" or "Aufgegebene Geschäftsbereiche". The revenue and
Dr. Rudolf Caspary Thomas Mayerbacher
(Chief Executive Offi cer) (Chief Financial Offi cer)
cost attributable to the Spanish company and its contribution to income were deducted and are presented below the EBIT line. The same procedure was used for the previous year's fi gures when dealing with the Italian subsidiary REALTECH Italia S. p. A., which was sold at the end of the 2010 fi scal year.
As a result, the fi gures are presented and explained omitting REALTECH Spain in 2011 and without REALTECH Spain and REALTECH Italy for 2010. Deducting the revenue and cost attributable to these companies changes the corresponding values for revenue and income.
In the third quarter of 2011, revenues rose by 7 percent, from EUR 9,485 thousand to EUR 10,176 thousand. In the fi rst nine months of the year, a 2 percent year-on-year increase was recorded (EUR 28,566 thousand compared to EUR 27,977 thousand the previous year).
The two segments developed differently: software business increased by 27 percent in Q3, from EUR 2,490 thousand to EUR 3,155 thousand. Software revenues for the fi rst nine months were up 22 percent from EUR 7,593 thousand to EUR 9,233 thousand. The proportion of Group revenue generated by the software business was up from 27 percent to 32 percent.
Revenue in the Consulting segment was approximately the same as last year (EUR 7,021 thousand compared to EUR 6,995 thousand in the same quarter of the previous year). Revenue in the fi rst nine months of 2011 – at EUR 19,333 thousand – was down 5 percent against the same nine months of the previous year (EUR 20,383 thousand).
Revenue in Germany increased by 9 percent, from EUR 18,994 thousand to EUR 20,713 thousand. This accounted for 73 percent of consolidated revenue (previous year: 68 percent).
Foreign revenue in the fi rst nine months decreased year on year, from 32 percent to 27 percent. Portugal saw a decline of 19 percent, falling from EUR 1,142 thousand to EUR 930 thousand. This fi gure as a share of total revenue thus fell from 4 percent to 3 percent. The USA generated revenues of EUR 2,110 thousand, which was 5 percent down on the previous year (EUR 2,209 thousand). This region's contribution towards Group revenue fell from 8 percent to 7 percent. The Asia-Pacifi c region also recorded a decrease in revenue: after EUR 5,630 thousand in the fi rst nine months of 2010, revenue fell by 15 percent to 4,813 thousand. This region contributed 17 percent of consolidated revenue (previous year: 20 percent). After a weak fi rst half of the year as a result of the natural disaster of March 11, 2011, REAL-TECH Japan saw a considerable improvement in its economic situation in the third quarter.
The 13 percent increase compared to the third quarter of last year was accompanied by a disproportionate increase in the cost of sales. In the fi rst nine months of 2011, the cost of sales was EUR 16,561 thousand, 4 percent higher than the previous year (EUR 15,948 thousand). As a proportion of revenue, this fi gure increased from 55 to 57 percent compared to Q3 2010, while in the fi rst nine months it increased from 57 to 58 percent year on year.
This was refl ected in the gross profi t. Year on year, the third quarter remained almost unchanged at EUR 4,335 thousand (previous year: EUR 4,305 thousand), which meant that the
gross margin fell from 45 to 43 percent. In the fi rst nine months, gross profi t remained fairly constant (EUR 12,003 thousand compared to EUR 12,029 thousand the previous year), although the gross margin decreased from 43 to 42 percent.
A look at the gross profi t in both segments over the fi rst nine months of the year shows that this fi gure fell by 24 percent in the Consulting segment from EUR 5,342 thousand to EUR 4,069 thousand. Consequently, the gross margin fell from 26 percent to 20 percent. In the Software segment, the gross profi t increased by 19 percent from EUR 6,687 thousand to EUR 7,935 thousand, although the gross margin fell from 88 percent to 86 percent.
Year on year, the selling and marketing expenses for the quarter increased by 32 percent, from EUR 1,613 thousand to EUR 2,131 thousand as a result of the investment in the SAP sales partnership. The value of this fi gure as a percentage of revenue grew from 17 percent to 21 percent. In the fi rst nine months of the year, expenses increased by 21 percent year on year, from EUR 4,765 thousand to EUR 5,756 thousand. Based on revenue, selling and marketing expenses rose from 17 percent to 20 percent.
Administrative expenses in the third quarter fell by 5 percent year on year, from EUR 1,083 thousand to EUR 1,028 thousand. As a percentage of revenue, these expenses decreased from 11 percent to 10 percent. In the fi rst nine months of the year, administrative expenses increased by 4 percent year on year, from EUR 3,315 thousand to EUR 3,459 thousand. Relative to revenue, the fi gure remained at 12 percent.
As a result of investment, research and development expenses saw a 20 percent rise compared to the same quarter of the previous year, increasing from EUR 867 thousand to EUR 1,038 thousand. Relative to revenue, this fi gure rose to 10 percent
compared to 9 percent in Q3/2010. For the fi rst nine months of the year, these expenses increased by 26 percent year on year, from EUR 2,608 thousand to EUR 3,278 thousand, accounting for 12 percent of revenue (previous year: 9 percent).
Other operating income fell from EUR 424 thousand to EUR 158 thousand compared to the same quarter of the previous year and from EUR 1,258 thousand to EUR 494 thousand on a ninemonth basis. The reason for this was the reduced rental income. New rental agreements were concluded to take effect at the end of 2011, which means that other operating income will pick up in future.
This situation had the following effect on operating profi t (EBIT-DA and EBIT): EBITDA decreased by 69 percent in the third quarter year on year, from EUR 1,144 thousand to EUR 353 thousand and EBIT fell by 96 percent from EUR 920 thousand to EUR 38 thousand. Operating profi t also decreased in the fi rst nine months of the year: EBITDA fell by 103 percent from EUR 2,636 thousand to minus EUR 92 thousand, and EBIT fell by 148 percent from EUR 1,816 thousand to minus EUR 869 thousand.
Net interest in the fi rst nine months of 2011 was EUR 115 thousand (previous year: EUR 130 thousand). Foreign currency exchange income saw a reversal, moving from an exchange rate gain of EUR 160 thousand to an exchange rate loss of EUR 69 thousand. This can be attributed in particular to the weaker US dollar compared to the previous year.
Profi t for the year after tax from discontinued operations for the
nine-month period of EUR 1,355 thousand (previous year: minus EUR 736 thousand) includes the reversal of the loss allowance on the claim arising from the loan to REALTECH Italy of EUR 1,360 thousand.
Profi t for the year in the third quarter of this year decreased by 96 percent to EUR 13 thousand (previous year: EUR 367 thousand), taking earnings per share to minus EUR 0.03 (previous year: EUR 0.07). Profi t for the year for the fi rst nine months of 2011 fell to EUR 177 thousand (previous year: EUR 611 thousand) and earnings per share dropped to EUR 0.04 (previous year: EUR 0.11).
Cash fl ow from operating activities for the nine-month period climbed year on year from EUR 2,989 thousand to EUR 6,125 thousand. This can essentially be attributed to the cash infl ow from the reduction of EUR 5,327 thousand in trade receivables.
In the fi rst nine months, cash fl ow from investing activities was a cash outfl ow of EUR 1,212 thousand, compared to a cash outfl ow of EUR 537 thousand in the fi rst nine months of the previous year. Investments were made, fi rstly, as part of the increased cooperation with SAP described above and, secondly, for the procurement of other replacements.
Cash fl ow from fi nancing activities in the period under review gave rise to a cash infl ow of EUR 214 thousand resulting from exercising convertible bonds. In the previous year, there was a cash outfl ow of EUR 2,354 thousand. This was the result, fi rstly, of paying a total of EUR 2,668 thousand in dividends (EUR 0.50 per share) in May and, secondly, EUR 314 thousand for exercising convertible bonds.
Total assets increased by 1 percent to EUR 42,761 thousand on September 30, 2011 compared to EUR 42,330 thousand on December 31, 2010.
Trade receivables on the reporting date amounted to EUR 11,385 thousand and were therefore 32 percent lower than the fi gure on December 31, 2010 (EUR 16,712 thousand). The reduction in receivables and the increase in revenues can be attributed in particular to the sale of the Spanish subsidiary at the end of the quarter under review. As at 30 September, 2011, trade receivables accounted for 27 percent of assets (December 31, 2010: 40 percent).
The REALTECH Group had cash and cash equivalents of EUR 11,488 thousand on the reporting date, compared to EUR 6,361 thousand on December 31, 2010 and EUR 7,401 thousand on September 30, 2010, representing 27 percent of assets (December 31, 2010: 15 percent). The increase can primarily be attributed to the sale of REALTECH Spain.
to the fi gure for December 31, 2010 (EUR 25,251 thousand). The company's equity ratio was 60.5 percent on September, 30, 2011, compared to 59.7 percent on December 31, 2010.
The REALTECH Group had 333 employees on the key date of September 30, 2011 – 3 percent more than at the end of the third quarter of 2010 (322). In Germany, the number of employees has also risen by 6 percent – from 233 to 246. The percentage of the total REALTECH staff who are employed in Germany increased from 73 percent to 74 percent.
On the key date at the end of June, the number of employees working at REALTECH companies in other countries had fallen by 2 percent compared with the same date in the previous year, from 89 to 87. The number of employees in Portugal increased from 20 to 21, whereas the number of employees in the USA fell from 14 to 11 compared to the previous year. Employee fi gures remained constant in the Asia-Pacifi c region at 55.
Provisions decreased by 16 percent in comparison to December 31, 2010, from EUR 4,022 thousand to EUR 3,370 thousand, which was mainly due to the utilization of vacation provisions, as well as provisions for outstanding incoming invoices.
The 20 percent rise in other liabilities, from EUR 4,632 thousand to EUR 5,568 thousand was primarily caused by the increase in advance payments received.
Equity, which stood at EUR 25,869 thousand on September 30, 2011, increased by 2 percent compared
In the business areas, the following development could be seen on the the key date of September 30 compared with the same date in the previous year: in Consulting, the number of consultants decreased by four percent, from 170 to 164. The number of product consultants increased from 14 to 17. As a result of our investments, the number of developers rose by 25 percent from 40 to 50. In sales and distribution, the number of employees remained almost unchanged at 55 (previous year: 54). The number of employees in administration was 47, 7 percent up on the previous year's fi gure (44).
The current year is challenging for REALTECH in several respects. We are investing in the enhanced collaboration with SAP, and we expect to gain initial income from this in 2012. Furthermore, we are constantly updating and rounding off our software product portfolio. We are streamlining our portfolio in Consulting and ensuring that it focuses on more profi table areas. At the same time, we faced lower income due to force majeure, such as in Japan, which we have now largely been able to recover. Restructuring measures have been implemented, in particular in Germany, and full rental occupancy will be achieved for our buildings by the end of the year, some of which were empty in the fi rst half of 2011. We have disposed of the two largest foreign subsidiaries in Italy and Spain and are realigning our international strategy. We will be focusing on the Benelux and Nordic areas and will increase international collaboration within the REAL-TECH Group.
Of course, the measures outlined will initially have a negative impact on the Group's income situation. We are sure that this realignment makes us extremely well prepared for the future and anticipate positive income contributions in all areas from 2012 onwards.
To the best of our knowledge, and in accordance with the applicable reporting principles for interim fi nancial reporting, the interim consolidated fi nancial statements give a true and fair view of the net assets, fi nancial position and earnings 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 of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the fi nancial year.
Yours faithfully, REALTECH AG The Executive Board
Note
REALTECH AG has prepared its (non-audited) quarterly and half-yearly fi nancial statements in accordance with the accounting standards of the International Accounting Standards Board (IASB), i.e. the International Financial Reporting Standards (IFRS) as applicable in the EU. The IAS, IFRS, and corresponding interpretations of the International Financial Reporting Interpretations Committee (IFRIC – formerly SIC) applicable as of September 30, 2011 have been taken into account. The fi gures for the previous year were also determined based on the same standards.
The consolidation and valuation methods used to prepare the quarterly fi nancial statements and establish the comparative fi gures for the previous year were basically the same as those used in the consolidated fi nancial statement as of December 31, 2010. A detailed description of the individual methods is published in the notes of the 2010 annual report.
No matters of particular signifi cance that may affect the company's income or circumstances that have affected business development are known other than those listed here.
On September 13, 2011, under the motto "Der Aufbruch in Ihre Zukunft mit IT" (A new start for your future IT), REALTECH invited customers and interested parties to gather suggestions and specifi c recommendations for structuring their company IT in the future. The REALTECH info day in Offenbach provided valuable information from the viewpoint of trend experts and customers.
Many participants responded to REALTECH's call and took the opportunity for an intensive exchange of ideas with distinguished speakers and REALTECH experts. Dr. Walter Brenner, Professor of Information Management and Managing Director of the Institute of Information Management at the University of St. Gallen, agreed to give the opening speech. In his talk, "CIOs in competition for ideas", he discussed how new technologies and changed forms of communication infl uence existing business models, processes and structures.
Chris Kohlsdorf, Managing Director of REALTECH Consulting GmbH, then explained which trends IT managers really need to take note of to ensure the long-term competitiveness of their own organization. Dr. Hendrik Rosenboom, IT and Process Manager at Paul Hartmann AG and, according to CIO Magazine, one of the top ten CIOs of the year in 2010, reported on the challenges he faces in globalizing Hartmann's IT systems.
The customers and interested parties made excellent use of the breaks and periods set aside for discussion to exchange ideas with REALTECH's specialists and with one another. Many of these intensive discussions could not be completed due to time constraints. Appointments for more in-depth discussions of the topics have already been agreed.
In March 2011, REALTECH ventured into new territory with IT management consulting. Coming from a background in technology, the com-
pany expanded its range of services for decision makers in IT organizations. The aim of this consulting is to support customers in making the right strategic decisions for their IT future. For this, it is often useful to fi rst take a look at the customer's IT systems.
Based on the knowledge gained from this, REALTECH developed the IT Quickscan, a procedure that gives customers an optimum overview of the performance and unused potential of their IT within six weeks. This analysis results in the identifi cation of prioritized areas of action. At present, these are predominantly projects for harmonizing IT or industrializing services. These are areas in which REALTECH has long been at home. REALTECH not only analyzes the IT and provides possible solutions, but also puts these into practice.
The fi rst few customers, such as Flughafen Wien AG (Vienna International Airport), have already confi rmed that REALTECH is on the right track with this and also has the ideal employees on board.
"Throughout the duration of the cooperation, REALTECH's IT management consultants showed a fl air for reliably identifying problem areas. REALTECH's objective analysis methods verifi ed the assumptions we had made relating to optimization potential and made valuable additions to this." (Dr. Andreas Singer, CIO of Flughafen Wien AG).
From October 11 – 13, 2011, the Leipzig Congress Center open its doors under the motto "Meeting Point: Reality". With around 3,000 participants, this year's DSAG congress was among the DSAG trade fairs with the highest visitor numbers. As well as an exhibition, the congress offered an exciting and interesting range of presentations. Speakers and representatives from the most varied companies and specialist areas provided insights with presentations on focus topics such as innovation, product and process quality, support and technology.
The three central sets of questions that were the focus of events at the Congress set the agenda:
Taking as their motto "Mit REALTECH in die IT der Zukunft" (A new start for your future IT with REALTECH), REALTECH presented consulting services and software products that aim to prepare customers' IT for future requirements in a targeted manner as part of the accompanying exhibition.
Several hundred customer contacts, some of whom came with extremely specifi c requirements, now need to be converted to projects.
The REALTECH share price started the third quarter at EUR 7.07 and, a short time later, reached the highest price of the third quarter at EUR 7.16. In the following fi ve weeks, the share price decreased steadily, reaching its lowest point for the quarter on August 8, 2011 at EUR 4.89. This was followed by four weeks of recovery, which ended with a price of EUR 5.85. The value once again sank to below the fi ve Euro mark on September 5, when it was recorded at EUR 4.90. In the fi nal three weeks of the quarter, the price leveled out at EUR 6, closing at EUR 5.74 on September 30. At the end of the quarter, the company's market capitalization stood at EUR 31 million, corresponding to 120 percent of book equity.
REALTECH AG's shareholder structure remained unchanged in relation to the previous quarter. On the key date of September 30, 2011, the main shareholders held the same number of shares and the free fl oat amounted to 50.11 percent, meaning it was unchanged compared to the fi gure at the end of the previous quarter.
On average, around 10,810 REALTECH shares were traded every day during Q3/2011 – 49 percent more than during the same quarter in the previous year (7,267). 71 percent of the shares were traded in Xetra (previous year: 77 percent), while 29 percent were traded on the other stock exchanges (previous year: 23 percent).
| Q3 2011 | Q3 2010 | |
|---|---|---|
| Key fi gures | EUR | EUR |
| Earnings per share | (0,03) | 0,07 |
| Cash fl ow per share | 1,14 | 0,09 |
| Equity per share | 4,80 | 5,10 |
| Highest share price | 7,16 | 9,00 |
| Lowest share price | 4,89 | 6,60 |
| Share price at year end | 5,74 | 7,72 |
| Market capitalization | ||
| at end of quarter | 31 Mio. | 41 Mio. |
| Number of shares | ||
| at end of quarter | 5.385.652 | 5.349.152 |
Shareholder structure (as of 30.09.2011)
| Basics | |
|---|---|
| Market segment | Prime Standard |
| Date of issue | 26. April 1999 |
| ISIN | 700 890 |
| Exchange ID | RTC |
| Issue price | 54,00 EUR |
| Shares and stock options of the issuer and members of executive bodies as of 30. 06. 2011 |
||
|---|---|---|
| Issuer: | REALTECH AG | - treasury stock |
| Executive Board: | Dr. Rudolf Caspary | 36.230 shares |
| Thomas Mayerbacher | 1.620 shares | |
| Supervisory Board: Daniele Di Croce | 885.500 shares | |
| Rainer Schmidt | 765.500 shares | |
| Peter Stier | 745.500 shares |
All stock options expired as of 31. 07. 2011 due to the end of the convertible bond program.
| 30.09.2011 | 31.12.2010 | |
|---|---|---|
| ASSETS | EUR | EUR |
| Non-current assets | ||
| Intangible assets | ||
| Concessions, industrial rights and similar rights and assets | 482.314 | 619.585 |
| Goodwill | 4.268.781 | 4.269.654 |
| 4.751.095 | 4.889.239 | |
| Tangible assets | ||
| Property, plant and equipment | 7.214.663 | 7.233.141 |
| Technical equipment and machines | 42.536 | 34.637 |
| Other equipment and offi ce equipment | 850.131 | 1.258.564 |
| Advance payments and construction in progress | 0 | 55.122 |
| 8.107.330 | 8.581.464 | |
| Financial assets | ||
| Other fi nancial assets | 113.033 | 199.174 |
| Other loans | 1.221.272 | 40.406 |
| 1.334.305 | 239.580 | |
| Deferred tax assets | 1.073.865 | 1.237.344 |
| 15.266.595 | 14.947.627 | |
| Current assets | ||
| Receivables and other assets | ||
| Trade receivables | 11.384.778 | 16.711.920 |
| Income tax receivables | 3.487.635 | 3.600.176 |
| Other fi nancial assets | 506.354 | 200.924 |
| Other assets | 627.685 | 508.006 |
| 16.006.452 | 21.021.026 | |
| Cash and cash equivalents | 11.488.015 | 6.360.881 |
| 27.494.467 | 27.381.907 | |
| Total assets | 42.761.062 | 42.329.534 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| Issued capital | 5.385.652 | 5.349.152 |
| Additional paid-in capital | 11.139.952 | 10.962.197 |
| Other comprehensive income | 659.067 | 468.203 |
| Retained earnings | 7.737.192 | 7.528.858 |
| 24.921.863 | 24.308.410 | |
| Non-controlling interest | 947.126 | 942.297 |
| 25.868.989 | 25.250.707 | |
| Non-current liabilities | ||
| Deferred tax liability | 223.739 | 386.788 |
| Current liabilities | ||
| Trade payables | 1.249.256 | 1.459.210 |
| Income tax payables | 6.351.574 | 6.469.659 |
| Provisions | 3.370.401 | 4.022.236 |
| Other fi nancial liabilities | 129.306 | 109.087 |
| Other liabilities | 5.567.797 | 4.631.847 |
| 16.668.334 | 16.692.039 | |
| Total equity and liabilities | 42.761.062 | 42.329.534 |
| Q1-Q3 2011 | Q1-Q3 2010 | |
|---|---|---|
| EUR | EUR | |
| Consulting | ||
| Revenues | 19.332.649 | 20.383.245 |
| Cost of Revenues | 15.264.090 | 15.041.610 |
| Gross Profi t | 4.068.559 | 5.341.635 |
| Software | ||
| Revenues | 9.232.662 | 7.593.278 |
| Cost of Revenues | 1.297.349 | 905.969 |
| Gross Profi t | 7.935.313 | 6.687.309 |
| Q1-Q3 2011 | Q1-Q3 2010 | |
|---|---|---|
| EUR | EUR | |
| Equity as of January 1 | 25.250.707 | 28.565.658 |
| Change in issued capital | 0 | 53.200 |
| Profi t of the year | 176.577 | 610.844 |
| Exchange differences on translation | ||
| of foreign operations | 227.450 | 449.446 |
| Total comprehensive income | 404.027 | 1.060.290 |
| Divident payment | 0 | (2.667.976) |
| Execution of stock options and | ||
| convertible bonds | 214.255 | 261.104 |
| Equity as of September 30 | 25.868.989 | 27.272.276 |
| Q3 2011 | Q3 2010 | Q1-Q3 2011 | Q1-Q3 2010 | |
|---|---|---|---|---|
| Continuing oprerations | EUR | EUR | EUR | EUR |
| Revenue | 10.175.849 | 9.485.558 | 28.565.310 | 27.976.522 |
| Cost of sales | 5.840.629 | 5.180.448 | 16.561.439 | 15.947.579 |
| Gross profi t | 4.335.221 | 4.305.110 | 12.003.872 | 12.028.944 |
| Selling and marketing expenses | 2.130.896 | 1.612.806 | 5.756.144 | 4.765.308 |
| Administrative expenses | 1.028.399 | 1.082.758 | 3.458.745 | 3.314.476 |
| Research and development expenses | 1.037.670 | 866.574 | 3.277.940 | 2.608.080 |
| Other operating expenses | 259.195 | 247.513 | 873.902 | 782.678 |
| Other operating income | 158.028 | 424.114 | 493.476 | 1.257.655 |
| Operating profi t | 37.088 | 919.574 | (869.386) | 1.816.057 |
| Net interest | 35.660 | 45.044 | 115.049 | 129.989 |
| Foreign currency exchange gains/(loss) | 55.015 | (93.542) | (69.177) | 160.042 |
| Profi t for the year before tax from continuing operations | 127.763 | 871.076 | (823.513) | 2.106.088 |
| Income tax expenses | 114.620 | 416.078 | 354.490 | 759.230 |
| Profi t for the year from continuing operations | 13.143 | 454.998 | (1.178.003) | 1.346.858 |
| Discontinued operations | ||||
| Profi t for the year after tax from discontinued operations | 0 | (88.036) | 1.354.581 | (736.014) |
| Profi t for the year | 13.142 | 366.962 | 176.578 | 610.844 |
| Attributable to | ||||
| - Equity holders of the parent | (147.048) | 337.400 | 208.334 | 601.321 |
| - Non-controlling interests | 160.190 | 29.562 | (31.756) | 9.523 |
| Other comprehensive income for the year, net of tax | 44.782 | 10.923 | 227.450 | 449.446 |
| Exchange differences on translation of foreign operations | 44.782 | 10.923 | 227.450 | 449.446 |
| Attributable to | ||||
| - Equity holders of the parent | (36.526) | 2.272 | 190.865 | 300.815 |
| - Non-controlling interests | 81.308 | 8.651 | 36.585 | 148.631 |
| Total comprehensive income for the year, net of tax | 57.924 | 377.885 | 404.028 | 1.060.290 |
| Attributable to | ||||
| - Equity holders of the parent | (183.573) | 339.672 | 399.199 | 902.136 |
| - Non-controlling interests | 241.497 | 38.213 | 4.829 | 158.154 |
| Accumulated profi t carried forward | 7.528.858 | 8.908.687 | ||
| Dividend payment | 0 | 2.667.976 | ||
| Retained earnings | 7.737.192 | 6.842.032 | ||
| Average number of shares outstanding – basic | 5.367.402 | 5.322.552 | 5.367.402 | 5.322.552 |
| Average number of shares outstanding – diluted | 5.367.402 | 5.489.052 | 5.367.402 | 5.489.052 |
| Earnings per share – basic | (0,03) | 0,07 | 0,04 | 0,11 |
| Earnings per share – diluted | (0,03) | 0,07 | 0,04 | 0,11 |
| Q1-Q3 2011 | Q1-Q3 2010 | |
|---|---|---|
| EUR | EUR | |
| Profi t for the year | 176.578 | 610.844 |
| Income tax expense | 354.490 | 507.775 |
| Net interest | (115.049) | (129.989) |
| Depreciation of fi xed assets | 777.363 | 820.385 |
| Change in asset disposals | 716.420 | 116.217 |
| Change in income tax payable | (118.085) | 73.596 |
| Income tax paid | (312.305) | (142.139) |
| Change in provisions | (651.835) | (80.085) |
| Change in trade receivables | 5.327.142 | (983.491) |
| Change in other assets | (1.119.115) | (402.236) |
| Change in trade accounts payable and in other current liabilities | 746.215 | 1.999.955 |
| Proceeds from interests | 117.907 | 144.063 |
| Payment for interests | (2.858) | (14.074) |
| Non-cash change | 227.879 | 467.893 |
| Cash fl ow from operating activities | 6.124.747 | 2.988.714 |
| Purchase of intangible assets | (151.876) | (143.415) |
| Purchase of tangible assets | (729.629) | (383.064) |
| Investment in fi nancial assets | (330.363) | (11.124) |
| Cash fl ow from investing activities | (1.211.868) | (537.603) |
| Change in dividends | 0 | (2.667.976) |
| Change in convertible bonds | 214.255 | 314.304 |
| Cash fl ow from fi nancing activities | 214.255 | (2.353.672) |
| Change in cash and cash equivalents | 5.127.134 | 97.439 |
| Cash and cash equivalents at beginnig of the period | 6.360.881 | 7.303.952 |
| Cash and cash equivalents at end of the period | 11.488.015 | 7.401.391 |
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