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Company Announcement no. 46/2016

November 10, 2016

Company Announcement

Interim Report 9M 2016: Eleven New Clients and Revenue Growth of 8.5%

Summary

9M 2016 reported revenue was EUR 202.3m, an increase of 4.2% and an increase of 6.2% when measured in local currencies compared with 9M 2015.

9M 2016 adjusted non-GAAP[1] revenue was EUR 206.7m, an increase of 6.5% and an increase of 8.5% when measured in local currencies.

Total order book value increased by 43% during the nine months driven by SimCorp Dimension orders based on subscription licensing terms and SimCorp Coric orders on subscription based licensing terms. The order book was valued at EUR 34.4m at September 30, 2016 and continues to be at an all time high.

At September 30, 2016, EUR 261m of the projected 2016 revenue had been contractually secured, EUR 11m more than at the same time last year.

SimCorp maintains its expectations as updated on September 24, 2016. Revenue growth measured in local currencies is expected to be between 5% and 10%, and the expectation for EBIT margin measured in local currencies is between 22% and 24%. SimCorp expects the adjusted non-GAAP revenue growth in local currencies to be between 10% and 15% and the adjusted non-GAAP EBIT margin measured in local currencies to be between 24% and 28%.

Klaus Holse, SimCorp CEO comments: ”With three new SimCorp Dimension clients, including a major new client in North America and two new SimCorp Coric clients we have had a satisfactory Q3. The underlying business activity in our markets remains high and based on the outlook, we have started investing further into our long term delivery capabililities.”

SimCorp’s Board of Directors today considered and approved the Group’s interim report for the nine months ended September 30, 2016. Highlights of the report are:

9M order intake from new licenses and add-on licenses was EUR 44.4m compared with EUR 48.9m in 9M 2015. Q3 order intake was EUR 19.6m compared with EUR 17.9m in Q3 2015. The order book increased by EUR 2.0m during the quarter and amounted to EUR 34.4m at September 30, 2016, compared with EUR 29.2m at September 2015. Page 5
Reported revenue for 9M increased 4.2% y/y to EUR 202.3m and 6.2% y/y in local currencies. Q3 reported revenue increased 6.5% to EUR 74.1m and 8.0% y/y in local currencies. Page 6
9M 2016 adjusted non-GAAP revenue increased 6.5% y/y in EUR and yielded 206.7m. In local currencies the increase was 8.5%. Q3 2016 adjusted non-GAAP revenue increased 6.3% y/y in EUR and yielded 74.0m. In local currencies the increase was 7.8%. Page 6
9M 2016 recurring revenue was EUR 120.2m compared with EUR 114.0m in the same period of 2015. Currency fluctuations impacted this negatively by EUR 2.4m. Q3 2016 recurring revenue was EUR 41.6m compared with EUR 37.9m in the same period of 2015. Currency fluctuations impacted the revenue negatively by EUR 1.0m. Page 7
9M 2016 non-recurring revenue was EUR 82.1m compared with EUR 80.1m in the same period of 2015. Currency fluctuations impacted this negatively by EUR 1.3m. Q3 2016 non-recurring revenue was EUR 32.5m compared with EUR 31.7m in the same period of 2015. Currency fluctuations impacted revenue negatively by EUR 0.1m. Page 7
Total cost for the nine months was EUR 164.7m, an increase of 8.8% compared with the same period in 2015. Currency fluctuations reduced costs by EUR 2.8m . In Q3 total cost was EUR 55.9m, an increase of 11.5% on the same period last year, of which currency fluctuations reduced costs by EUR 1.3m . Page 8
9M 2016 EBIT was EUR 37.9m compared with EUR 43.0m for the same period last year. Currency fluctuations impacted 9M EBIT negatively by EUR 1.0m. Q3 EBIT was EUR 18.4m compared with EUR 19.7m in Q3 last year. Currency fluctuations impacted Q3 EBIT positively by EUR 0.2m. Page 10
9M 2016 EBIT margin was 18.7% compared with 22.2% the year before. Q3 2016 EBIT margin was 24.8% compared with 28.3% the year before. Page 10
9M 2016 adjusted non-GAAP EBIT decreased by 1.6% to EUR 42.3m and adjusted non-GAAP EBIT for Q3 2016 was EUR 18.2m compared with EUR 19.7m in Q3 2015. Page 10
9M 2016 adjusted non-GAAP EBIT margin was 20.5% compared with 22.2% the year before. Q3 2016 adjusted non-GAAP EBIT margin was 24.6% compared with 28.3% the year before. Page 10
The 9M cash flow from operating activities before financial items was EUR 55.4m compared with EUR 40.9m in the same period of 2015. In Q3 cash flow from operating activities before financial items was EUR 23.1m compared with EUR 19.4m in the same period of 2015. Page 11
SimCorp maintains its expectations as updated on September 24, 2016 for full-year revenue growth measured in local currencies of 5% and 10% and an EBIT margin measured in local currencies of between 22% and 24%. Expectations for adjusted non-GAAP revenue growth in local currency is maintained between 10% and 15% and the expectation for adjusted non-GAAP EBIT margin measured in local currencies is maintained between 24% and 28%. Based on currency rates prevailing at the end of October 2016, SimCorp expects a negative impact from currency fluctuations on full-year revenue growth of around 2% (unchanged) and a negative currency impact on EBIT margin of around 0.2% (unchanged). Page 12
At September 30, 2016, EUR 261m of the projected 2016 revenue had been contractually secured, EUR 11m more than at the same time last year. The Group’s pipeline of potential license contracts supports the expected revenue growth. Page 12

Conference call

SimCorp’s Executive Management Board will present this report at a conference call today at 2:00 PM (CET). Please use any of the following phone numbers to dial in to the conference call:

From Denmark: +45 3271 16 59

From USA: +1 718 354 1157

From other countries: +44(0)20 7136 2050

The pin code to access the call is 6805775#.

At the end of the presentation there will be a Q&A session.

It will also be possible to follow the presentation via this link:
http://edge.media-server.com/m/p/s2iu2sqj.

The powerpoint presentation will be available just prior to the conference call via SimCorp’s website www.simcorp.com.

Enquiries regarding this announcement should be addressed to:

Klaus Holse, Chief Executive Officer, SimCorp A/S (+45 3544 8802, +45 2326 0000)
Thomas Johansen, Chief Financial Officer, SimCorp A/S (+45 3544 6858, +45 2811 3828)Anders Hjort, Head of Investor Relations, SimCorp A/S (+45 3544 8822, +45 2892 8881)

Company Announcement no. 46/2016

Financial highlights and key ratios for the SimCorp Group

The key ratioshave been calculated in accordance with IAS 33 and "Recommendations and Ratios 2015" issued by the Danish Finance Society. Please refer to the definition of ratios on page 60 of the Annual Report 2015. The interim report is unaudited and has not been reviewed by external auditors.

Management’s report – nine months ended September 30, 2016

Development in sales and orders

Three new Simcorp Dimension contracts and two new SimCorp Coric contracts were signed in Q3. The SimCorp Dimension contracts were signed with Franklin Templeton in the US, Belfius Bank & Insurance in Belgium and one undisclosed asset manager in the Australien market – all on perpetual terms.

The two new SimCorp Coric contracts signed were both subscription based and in the US market.

The total number of new contracts signed in the first nine months of 2016 comes to 11 including four SimCorp Coric contracts.

Further in Q3 two existing SimCorp Coric subscription contracts were renewed, one in the US market and one in the UK market – bringing the number of renewed subscription contracts signed in the first nine months of 2016 to a total of three.

9M order intake was EUR 44.4m compared with EUR 48.9m in the same period last year which was impacted positively by a few very large new SimCorp Dimension license contracts. Q3 order intake was EUR 19.6m, compared with EUR 17.9m in Q3 2015.

The order book increased by EUR 10.3m in the first nine months, representing the difference between actual order intake and income recognized from software licenses adjusted for the effect of exchange rate changes. The order book stood at EUR 34.4m at September 30, 2016, EUR 2.0m more than at the end of Q2.

SimCorp licenses, quarterly order intake and order book

(aggregate new subscription licenses, perpetual new licenses and add-on licenses)*, 2015-2016

*) Order intake and order book include licenses to new clients as well as add-on licenses to existing clients. The order book is the total license value of signed license agreements that has not yet been recognized in income.

Revenue

9M revenue in reported currency was EUR 202.3m, an increase of 4.2% relative to 9M 2015. Measured in local currencies the increase was 6.2%.

9M 2016 income recognized from subscription based licenses and from perpetual based new licenses and add-on licenses totaled EUR 36.9m, EUR 2.5m lower than 9M 2015, and in Q3 2016 income recognized from subscription based licenses and from perpetual based new licenses and add-on licenses totaled EUR 19.1m, EUR 1.0m lower than Q3 2015. The decrease in license based revenues compared to last year was mainly driven by lower revenue recognized from perpetual license sales which were positively impacted by a small number of large new SimCorp Dimension license contracts signed and income recognized in Q3 2015.

9M adjusted non-GAAP revenue was EUR 206.7m, reflecting an adjustment of EUR 4.4m for the impact of selling SimCorp Dimension licenses as subscription based contracts instead of as perpetual licenses – an increase of 6.5% relative to reported revenue in 9M 2015. Measured in local currencies the increase was 8.5%.

Q3 revenue in reported currency was EUR 74.1m, 6.5% higher than Q3 2015. Measured in local currencies the increase was 8.0%. Q3 adjusted non-GAAP revenue was, following an adjustment for the impact of SimCorp Dimension new licenses based on subscription based terms EUR 74.0m up 6.3% relative to reported revenue in Q3 2015. Measured in local currencies the increase was 7.8%.

The distribution of 9M and Q3 revenue is shown in the tables below:

9M 2016 recurring revenue was EUR 120.2m, an increase of 5.4% y/y. Measured in local currencies the increase was 7.6%. Recurring revenue in Q3 2016 was up by 9.9% to EUR 41.6m. Measured in local currencies the increase was 12.4%. The increase in recurring revenue is mainly related to higher maintenance revenue that continues to increase with the completion of client installations which was offset by a reduction in recurring revenue from professional services as some resources were shifted towards implementation projects.

In 9M 2016 non-recurring revenue totalled EUR 82.1m, an increase of 2.5% y/y. Measured in local currencies the increase was 4.1%. Non-recurring revenue in Q3 2016 was EUR 32.5m, up by 2.5%. Measured in local currencies non-recurring revenue increased by 2.8%. The increase is related to higher professional services revenue from implementation of new client installations and new functionality to existing clients.

Costs

SimCorp’s total operating expenses (including depreciation and amortization) in the first nine months of 2016 were EUR 164.7m compared with EUR 151.4m in 2015, an increase of 8.8% relative to the same period last year. Currency fluctuations reduced total expenses by EUR 2.8m (1.8%-points).

The increase in costs is in part related to building capacity for the increased business activity which has led to a 5.2% increase in the average number of employees from 1,199 in 9M 2015 to 1,261 in 9M 2016. Further, costs related to external implementation consultants increased in the first nine months compared to 2015 driven by a significantly higher business activity level.

The average number of employees in the cost of sales category increased by 34, these are primarily additional professional service implementation consultants in France and the UK. The average number of employees in the research and development category increased by 25. Further, expenses increased due to the annual general salary increase of around 2%.

Salaries and other staff-related expenses including performance related costs and bonuses accounted for around 72% of total costs compared with 75% in 9M 2015.

The total operating expenses (including depreciation and amortization) in Q3 were EUR 55.9m, an increase of EUR 5.8m or 11.5% compared with Q3 2015. Currency fluctuations reduced total expenses by EUR 1.3m (2.6%-points).

The distribution of 9M and Q3 costs is shown in the tables below:

Cost of sales, including expenses related to implementation consultants, increased in 9M 2016 by EUR 8.6m or 11.8%. The increase was primarily related to the addition of 34 FTE’s compared to 9M 2015 and due to the annual general salary increase. In addition a number of consultants, primarily in the North American market unit, have realized a lower utilization ratio than last year as the initiation of a number of large implementation projects were delayed.In Q3, cost of sales increased EUR 3.6m or 14.7%.

Over the 9M, research and development costs increased 8.4% and in Q3 the increase was 12.0%. The 9M increase was related to the addition of 25 FTE’s thorough out the Research and Development division, compared to 9M 2015 and to the annual general salary increase.

Sales and marketing costs were up 3.8% for 9M and in Q3 the increase was 6.1%. The 9M increase was related to the addition of 5 FTE’s compared to 9M 2015 and is also related to higher sales commissions mainly reflecting a different geographical distribution of order inflow compared to 9M 2015.

Administrative expenses increased by EUR 0.4m in 9M and were up EUR 0.1m in Q3.

Employees

At September 30, 2016 the Group had 1,353 employees, 89 more than at 30 September 2015.

The Group had on average 1,261 full time equivalent employees for the first nine months of 2016, compared with 1,199 for the same period last year.

Group performance

For 9M 2016, the Group posted EBIT of EUR 37.9m compared with EUR 43.0m in the same period of 2015. Currency rate fluctuations reduced EBIT by EUR 1.0m for the first nine months of the year. EBIT margins were 18.7% compared to 22.2% for the first nine months in 2015. Measured in local currencies EBIT margin for 9M 2016 was 18.9%.

Adjusted non-GAAP EBIT for 9M 2016 decreased by 1.6% to EUR 42.3m following an adjustment in 2016 for the impact of SimCorp Dimension software license agreements being made on subscription based terms rather than perpetual. Adjusted non-GAAP EBIT margin for 9M measured in local currencies was 20.5%.

Q3 EBIT was EUR 18.4m against EUR 19.7m in Q3 last year. Currency rate fluctuations increased EBIT by EUR 0.2m. Adjusted non-GAAP EBIT for Q3 2016 was EUR 18.2m compared with EUR 19.7m in the same period of 2015.

Profit before tax

In 9M 2016, foreign exchange adjustments generated financial income of EUR 2.2m and financial expenses related to foreign exchange adjustments totaled to EUR 2.3m. Financial items for 9M 2016 thus netted to an expense of EUR 0.1m compared with net expense of EUR 1.4m in 9M 2015 and for Q3 2016 financial income and expenses netted to an expense of EUR 0.2m compared with net expense of EUR 0.3m in same period last year.

For the first nine months the Group posted a pre-tax profit of EUR 37.8m, against EUR 41.6m in 9M 2015. The estimated income tax expense was EUR 9.2m equivalent to a tax rate of 24.3% against 24.0% in 9M 2015. The Group’s net profit for 9M was EUR 28.6m, against a net profit of EUR 31.6m in the same period last year.

For Q3 2016 the Group realized a pre-tax profit of EUR 18.2m, against EUR 19.4m in Q3 2015 and net profit of EUR 14.0m compared with EUR 14.8m in the same quarter last year.

Comprehensive income

Exchange rate adjustments on translation of the Group’s foreign assets and liabilities amounted to a net expense of EUR 2.2m in 9M compared with a net income of EUR 2.1m in the same period last year. This is primarily attributed to the decrease in the exchange rate for GBP compared with EUR.

Total comprehensive income for 9M was thus a net profit EUR 26.4m against net profit EUR 33.7m in the same period last year and for Q3 the total comprehensive income was a profit of EUR 13.3m, against EUR 13.4m in same quarter last year.

Balance sheet items and cash flow

SimCorp’s total assets were EUR 135.6m at September 30, 2016, of which cash holdings amounted to EUR 35.8m. Total receivables amounted to EUR 63m at September 30, 2016, an increase of EUR 8.4m compared with the same period last year but a decrease of EUR 5.2m compared with 31 December 2015.

Operating activities generated a cash inflow of EUR 55.4m in 9M against EUR 40.9m in the same period last year. Payment on account of corporate income tax was EUR 4.0m against EUR 13.4m in the same period last year. The lower amount of income taxes paid relates primary to lower prepayment of income taxes for the parent company which impacted the operating cash flow positively during the first nine months of 2016 by EUR 10.0m compared to 2015.

EUR 3.3m was spent on investing activites in 9M compared with EUR 1.9m in 9M 2015.

Financial activities generated a net cash outflow of EUR 59.6m in 9M against EUR 39.8m in the same period last year. Payment of dividend reduced liquidity by EUR 28.4m (2015: EUR 24.5m) and the purchase of treasury shares reduced liquidity by EUR 31.1m (2015: EUR 14.6m), including EUR15.1m purchased in Q3 (2015: EUR 5.9m).

Changes in equity

The Group’s equity amounted to EUR 62.2m at September 30, 2016. This was a reduction of EUR 27.6m from 31 December 2015. Payment of dividends to shareholders of EUR 28.4m and purchase of treasury shares of EUR 31.1m reduced equity. Comprehensive income for the period EUR 26.4m as well as adjustments to share based remuneration of EUR 5.5m increased equity.

Outlook for the financial year 2016*)

SimCorp generated a satisfactory financial result in the nine months of 2016 in line with SimCorp’s own expectations. SimCorp’s intake of license contract orders varies considerably from one period to the next. The 9M 2016 intake of orders was EUR 44.4m compared with EUR 48.9m for the same period last year.

During Q3 contracts impacting the 2016 full year revenue by EUR 29m were secured, against EUR 24m in the same period last year. SimCorp enters Q4 with secured revenue of EUR 261m of the revenue projected for 2016, EUR 11m more than at the same time last year.

SimCorp continues to experience a satisfactory, geographically diversified demand for its products and services and continues to see the value of the pipeline increase. The introduction of subscription based licensing terms for SimCorp Dimension contracts only marginally impacted reported revenue and EBIT as contracts signed towards the end of the year will only have a marginal part of the order value impacting revenue and hence EBIT.

At the outset of 2016, SimCorp expected that 75% of the new SimCorp Dimension licenses signed during the year would be on subscription based terms and 25% would be on perpetual based terms. Based on the order inflow so far in 2016 SimCorp now expects that split to be around 50% on subscription and 50% on perpetual based terms.

Based on the 9M 2016 performance, the performance so far in Q4, the pipeline for the remaining part of 2016 and the changed expectations to the split in order inflow between subscription based and perpetual based new SimCorp Dimension license contracts, SimCorp maintains its expectations updated on 24 September 2016 for the full year of between 5% and 10% revenue growth measured in local currencies and an EBIT margin of between 22% to 24% measured in local currencies. For adjusted non-GAAP revenue SimCorp maintains its expectations for the full year growth measured in local currencies to be between 10% and 15% and maintains its expectation for the adjusted non-GAAP EBIT margin to be between 24% and 28% measured in local currencies.

*) This announcement contains certain forward-looking statements and expectations in respect of the 2016 financial year. Such forward-looking statements are not guarantees of future performance, and involve risk and uncertainty, and actual performance may deviate materially from that expressed in such forward-looking statements due to a variety of factors. Readers are warned not to rely unduly on such forward-looking statements which apply only as at the date of this announcement. The Group’s revenue will continue to be impacted by relatively few but large system orders, and such orders are expected to be won at relatively irregular intervals. The terms agreed in the individual license agreements will determine the impact on the order book and on license income for any specific financial reporting period. Accordingly, license revenue is likely to vary considerably from one quarter to the next. Unless required by law or corresponding obligations SimCorp A/S is under no duty and undertakes no obligation to update or revise any forward-looking statement after the distribution of this document, whether as a result of new information, future events or otherwise.

Based on exchange rates prevailing at October 31, 2016, SimCorp expects a negative impact from currency fluctuations on revenue growth of around 2% (unchanged) and a negative impact on EBIT margin of around 0.2% (unchanged).

Other information

Significant risk and uncertainty factors

SimCorp operates in a dynamic and complex business environment, where performance relies heavily on the ongoing achievement of a number of success criteria. Page 24-25 of SimCorp’s Annual Report 2015 describes the most important general risk factors and the risk management measures utilized in everyday operations. Management believes that the description of these potential risks still applies.

Shareholder information

A total of 510,748 restricted stock units are outstanding at September 30, 2016. These will be transferred in whole or in part between 2016 and 2019 to program participants still employed when the stock units vest and subject to the performance conditions.

Holding of treasury shares

In Q3 2016 the Company transferred a total of 24,608 treasury shares in relation to the restricted stock unit programs.

In Q3 2016 the Company acquired 323,692 treasury shares at an average price of DKK 347.67 per share, totaling EUR 15.1m. In total in 9M the Company acquired 678,304 treasury shares at an average price of DKK 342.01 per share, totaling EUR 31.1m.

At September 30, 2016, the holding of treasury shares amounted to 1,766,741 treasury shares, equal to 4.3% of the Company’s issued share capital. The total purchase value was EUR 64.3m with a market value of EUR 91.3m at September 30, 2016.

In addition to the repurchases in 9M, the Company has in Q4 acquired 179.642 treasury shares at a total price of EUR 9.1m. Under the EUR 40m “Safe Harbor” program that runs to 22 February 2017, the Company has acquired shares amounting to EUR 35.9m.

By November 4, 2016 the holding of treasury shares amounted to 1,947,268 equal to 4.7 of the Company’s share capital.

Signatures

The Board of Directors and the Executive Management Board have today considered and adopted the interim report for the period January 1 - September 30, 2016.

The interim financial report, which is unaudited and has not been reviewed by the company’s auditors, is presented in accordance with IAS 34 “Interim financial reporting” as adopted by the EU and Danish disclosure requirements for listed companies.

In our opinion, the interim financial report gives a true and fair view of the Group’s assets, liabilities and financial position as of September 30, 2016 and of the profit of the Group’s operations and cash flow for the period January 1 - September 30, 2016.

Besides what has been disclosed in the interim report, there are no significant changes to the Group’s risks and uncertainties, as disclosed in the consolidated annual report 2015.

Furthermore, the management’s commentary gives a fair representation of the Group’s activities, financial position and description of the material risks and uncertainties which the Group is facing.

November 10, 2016

Executive Management Board:

__________________ ________________________ ___________________

Klaus Holse Georg Hetrodt Thomas Johansen
Chief Executive Officer Chief Technology Officer Chief Financial Officer

Board of Directors:

__________________ ______________________ ___________________ Jesper Brandgaard Peter Schütze Vera Bergforth
Chairman Vice Chairman

___________________ _____________________ ___________________

Else Braathen Hervé Couturier Ulrik Elstrup Hansen

___________________ _____________________

Simon Jeffreys Patrice McDonald

Consolidated income statement

Statement of comprehensive income

Consolidated balance sheet

Consolidated cash flow statement

Statement of changes in equity

* Please refer to Statement of comprehensive income page 16.

Notes to the financial statements

Accounting policies

The interim report is presented in accordance with IAS 34 “Interim financial reporting” as adopted by the EU and Danish disclosure requirements for interim reports of listed companies.

The accounting policies applied are consistent with those of the Annual Report 2015. See the Annual Report 2015 for a comprehensive description of the accounting policies applied.

Change in accounting policies

Effective January 1, 2016, a number of new accounting standards and interpretations have been implemented which do not have any monetary effect on the SimCorp Group’s result, assets, liabilities or equity.

Judgments and estimates

The preparation of interim reports requires management to make accounting judgments and estimates that affect the use of accounting policies and recognized assets, liabilities, income and expenses. Actual results may differ from these estimates.

The most significant estimates made by management when using the Group’s accounting policies and the most significant judgment uncertainties attached hereto are the same for the preparation of the interim report as for the preparation of the Annual Report 2015.

Segment information

Revenue disclosures are based on SimCorp’s market units and development activities while asset allocation is based on the physical location of the assets. Unallocated assets relate to non-current headquarter assets, cash, taxes and investments in associates.

Property, plant and equipment and investment obligations

The SimCorp Group does not hold assets under finance leases and has not provided assets as security.

Contingent liabilities

Referring to the potential contingent liability for the so called “ATP-ruling” related to possible VAT exemption for certain pension services, The Danish Tax Authority (SKAT) has in a “binding ruling” dated 30 August 2016 confirmed that SimCorp was correct in its way of imposing VAT on its products and services. No other material changes have occurred to contingent liabilities referred to in the Annual Report 2015. For further details please see page 69 in the Annual Report 2015.

Events after September 30, 2016

No significant events have occurred after the balance sheet date that affect the interim report.

Appendix:

The distribution of 9M and Q3 revenue by type of service (2015 segmentation):

The quarterly distribution of revenue per type of service for 2015 (new segmentation):

As of 2016 SimCorp also offers SimCorp Dimension to new customers on subscription based licensing terms as opposed to the historically used perpetual based licensing terms. Adjusted non-GAAP figures are presented as if the SimCorp Dimension orders were still made on perpetual license terms and consequently income recognized when signed. ↑

AI assistant

SimCorp Interim / Quarterly Report 2016

Management’s report – nine months ended September 30, 2016

Development in sales and orders

Revenue

Costs

Group performance

Changes in equity

Other information

Holding of treasury shares

Signatures

Consolidated income statement

Consolidated balance sheet

Consolidated cash flow statement

Statement of changes in equity

* Please refer to Statement of comprehensive income page 16.

Notes to the financial statements

AI assistant

SimCorp — Interim / Quarterly Report 2016

Management’s report – nine months ended September 30, 2016

Development in sales and orders

Revenue

Costs

Group performance

Changes in equity

Other information

Holding of treasury shares

Signatures

Consolidated income statement

Consolidated balance sheet

Consolidated cash flow statement

Statement of changes in equity

* Please refer to Statement of comprehensive income page 16.

Notes to the financial statements

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