Interim / Quarterly Report • Aug 11, 2023
Interim / Quarterly Report
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"In Q2 2023, we saw continued solid growth. The acquisition of new platform clients as well as large SaaS migration agreements exemplify the strength of our SaaS value proposition. As our transformation accelerates, we remain focused on continually investing to enhance our offerings across segments and operating models to drive long-term and sustainable growth."
| EUR million, unless otherwise stated | 2023 Q2 |
2022 Q2 |
2023 H1 |
2022 H1 |
2022 FY |
2023 Outlook |
|---|---|---|---|---|---|---|
| Organic ARR growth (%) | 13.6% | N/A1 | 13.6% | N/A1 | 11.7% | 12-17% |
| Organic growth of ratable revenue (%) | 20.4% | 4.8% | 16.8% | 6.3% | 5.3% | 6-11% |
| Ratable revenue | 132.1 | 111.8 | 274.4 | 234.0 | 489.0 | |
| Reported revenue | 131.6 | 116.0 | 267.9 | 230.7 | 561.0 | |
| EBIT-margin, excluding special items (%) |
14.1% | 11.1% | 17.5% | 12.7% | 24.2% | 21-24% (local currencies) |
| EBIT, excluding special items | 18.6 | 12.9 | 46.9 | 29.2 | 135.8 | |
| Special items | -3.4 | -6.7 | -8.8 | -7.5 | -9.9 | |
| Reported EBIT | 15.2 | 6.2 | 38.1 | 21.7 | 125.9 | |
| Free cash flow | 18.1 | 10.1 | 63.8 | 30.2 | 40.5 |
1 ARR is an alternative performance measure introduced in the Annual Report 2022.
| EUR '000 | 2023 Q2 |
2022 Q2 |
2023 H1 |
2022 H1 |
2022 FY |
|---|---|---|---|---|---|
| Income Statement Revenue |
131,591 | 116,000 | 267,910 | 230,713 | 560,968 |
| Earnings before interest, tax, depreciation, and amortization | |||||
| (EBITDA) | 18,951 | 10,054 | 45,635 | 29,206 | 140,739 |
| Operating profit (EBIT) | 15,196 | 6,218 | 38,115 | 21,745 | 125,856 |
| Financial items, net | -1,295 | 4,965 | -3,567 | 7,135 | 2,292 |
| Profit before tax | 13,901 | 11,183 | 34,548 | 28,880 | 128,148 |
| Profit for the period | 10,581 | 9,267 | 26,152 | 22,588 | 99,254 |
| Balance Sheet | |||||
| Share capital | 5,441 | 5,441 | 5,441 | 5,441 | 5,441 |
| Total equity | 372,794 | 297,047 | 372,794 | 297,047 | 375,557 |
| Bank loan / credit facility | - | 13,442 | - | 13,442 | 6,724 |
| Intangible assets | 87,568 | 90,778 | 87,568 | 90,778 | 88,984 |
| Property, plant, and equipment | 39,480 | 46,026 | 39,480 | 46,026 | 41,459 |
| Receivables | 107,088 | 110,768 | 107,088 | 110,768 | 112,378 |
| Contract assets | 286,430 | 217,557 | 286,430 | 217,557 | 292,903 |
| Cash and cash equivalents | 47,886 | 31,997 | 47,886 | 31,997 | 40,546 |
| Total assets | 612,189 | 528,867 | 612,189 | 528,867 | 604,328 |
| Cash Flow | |||||
| Net cash from operating activities | 22,098 | 12,135 | 70,425 | 35,307 | 60,340 |
| Net cash used in investing activities | -1,166 | -670 | -11,567 | -1,369 | -2,767 |
| Net cash used in financing activities | -39,428 | -29,396 | -51,283 | -49,897 | -64,822 |
| Free cash flow | 18,119 | 10,134 | 63,768 | 30,225 | 47,155 |
| Employees | |||||
| Number of employees at the end of the period | 2,456 | 2,105 | 2,456 | 2,105 | 2,245 |
| Average number of employees - FTE | 2,361 | 2,029 | 2,326 | 2,003 | 2,067 |
| Alternative Performance measures | |||||
| Annual Recurring Revenue (ARR) (EUR '000) | 378,673 | 294,426 | 378,673 | 294,426 | 352,224 |
| Ratable revenue | 132,087 | 111,792 | 274,383 | 234,043 | 489,065 |
| Financial Ratios | |||||
| Revenue growth (%) | 13.4 | -2.3 | 16.1 | 0.9 | 13.0 |
| Organic revenue growth (%) | 15.1 | -6.1 | 16.9 | -2.5 | 9.4 |
| Organic ARR growth (%) | 8.4 | N/A | 8.4 | N/A | 11.7 |
| EBIT-margin (%) | 11.5 | 5.4 | 14.2 | 9.4 | 22.4 |
| ROIC (return on invested capital) (%) | 18.2 | 11.1 | 21.6 | 16.3 | 35.6 |
| Receivables turnover ratio | 7.9 | 7.4 | 8.1 | 7.4 | 8.4 |
| Equity ratio (%) | 60.9 | 56.2 | 60.9 | 56.2 | 62.1 |
| Return on equity (%) | 11.6 | 12.6 | 13.6 | 13.2 | 26.0 |
| Share Performance | |||||
| Earnings per share - EPS (EUR) | 0.27 | 0.24 | 0.66 | 0.57 | 2.52 |
| Diluted earnings per share - EPS-D (EUR) | 0.26 | 0.23 | 0.66 | 0.57 | 2.50 |
| Cash flow per share - CFPS (EUR) | 0.55 | 0.30 | 1.77 | 0.89 | 1.53 |
| Number of Shares | |||||
| Average number of shares (million) | 39.4 | 39.3 | 39.4 | 39.4 | 39.3 |
| Average number of shares - diluted (million) | 40.0 | 39.6 | 39.8 | 39.7 | 39.7 |
| EUR/DKK rate of exchange at end of period | 7.4474 | 7.4392 | 7.4474 | 7.4392 | 7.4365 |
In 2019, Simcorp launched the current strategy to evolve from a software company to a full-scale Software-as-a-Service (SaaS) company. The strategy is based on the three strategic growth levers of SaaS acceleration, Platform leadership and Ecosystem scaling.
The SaaS acceleration continued in Q2 2023 supporting SimCorp's market competitiveness and operational scaling. SimCorp migrated a customer from on-premise to SaaS in Q2 and two additional customers in early Q3. The number of SaaS go-lives in H2 2023 is projected to be historically high. Revenue generated from the SaaS platform amounted to EUR 33.8 million in Q2 2023, representing an increase of 74.2% compared with Q2 2022.
The strength of the Ecosystem scaling allows for significant innovation and flexible use of thirdparty data, analytics, and tools integrated with SimCorp Dimension. In Q2 2023, SimCorp united with Battea Class Action Services to provide intelligence and claims management services for SimCorp clients. For customers connected with the SimCorp platform, Battea provides immediate and improved class and collective action antitrust and securities litigation recovery services.
In 2023, SimCorp has initiated key accelerated investments in its core transformation focused on five important initiatives to enhance the transformation speed. The significant investments led to a material increase in the number of full-time employees to 2,456 at the end of Q2 2023 compared to 2,105 at the end of Q2 2022.
The Front Office investment is focused on product, positioning as well as commercial improvements of the value proposition. The product is particularly being strengthened in the surrounding workflows, including design, user experience, OTC and Order manager. As part of the development, the new cloud-native Performance Management Module is now commercially available globally.
The continued efforts in creating development efficiency and scalability are progressing according to plan with the benefits expected to materialize from Q4 2023. As part of the general development improvements, SimCorp has also launched a new framework to further enhance the development security. The framework is labelled 'Secure Software Development Life Cycle' and effectively addresses potential security issues and creates an enhanced ability to respond to security threats.
The SaaS acceleration investments focus on the total cost of serving SaaS customers, both related to the technical infrastructure and the automation of managed services. The scale advantages for SimCorp in offering managed services to additional clients continue to be visible as more clients are migrating to SaaS. The BPaaS (Business-Processes-as-a-service) investments relate mainly to Investment Operations Services (IOS) and Investment Accounting Services (IAS). Key implementation projects are progressing as planned, including the first full IOS customer, Intech, with go-live planned in H2 2023.
In early 2023, SimCorp launched a company-wide cost efficiency program (Program FuEl) aimed at funding and elevating the transformation. The business change towards a more service-based offering makes cost efficiency critical for future market competitiveness, and the program is designed to sharpen and improve the underlying operations, focusing on structural cost improvements to enhance competitiveness and the long-term potential of the company.
The program is progressing according to plan with numerous initiatives ongoing. In Q2 2023, the new Talent Location in Mexico was formally opened and became fully operational. The location will support SimCorp's existing delivery center setup attracting strong talent and offering around-theclock services to clients globally. The choice of Mexico City was based on thorough analysis of all potential locations in the Americas, focused on macro-economics, labor cost, labor availability and overall risk considerations.
Non-recurring restructuring costs to execute the program FuEl amounted to EUR 2.4 million in Q2 2023, and amounting to EUR 7.8 million in H1 2023. The total restructuring costs to execute the program are still expected to amount to up to EUR 20 million to be fully recognized in 2023.
The commercial activity in Q2 2023 resulted in SimCorp signing two new clients. Hassana Investment Company entered a strategic partnership with SimCorp to utilize SimCorp's investment management platform. The partnership agreement covers SimCorp's back- and middle office suite, utilizing SimCorp's industry-leading investment management solutions across public and private assets. Additionally, the agreement covers the risk management solution and the optionality that comes with a connected ecosystem.
Later in the quarter, SimCorp signed with a Sovereign Wealth Fund that will use SimCorp Dimension IBOR, Alternative Investments Manager, Performance Manager, Business Intelligence functionality and Accounting to feed their corporate general ledger.
In the beginning of Q3 2023, SimCorp also signed a new customer in the US, where SimCorp will be delivering SaaS-powered Client Reporting. The US customer is a leading investment manager offering private markets solutions globally.
A number of expansionary SimCorp Dimension license contracts were signed in Q2 2023, including three migrations from on-premise to SaaS solutions.
| Region | Client | Offering | SaaS | Order intake | Revenue recognition |
|---|---|---|---|---|---|
| EMEA | Hassana Investment Company |
Dimension and Risk Management |
No | Q2 2023 | Revenue from sale of license recognized upfront. Services and Risk part of contract recognized over the period |
| EMEA | Undisclosed investment manager |
Dimension | No | Q2 2023 | Revenue from sale of license recognized upfront. |
SimCorp accelerated its growth momentum with ARR accelerating by 13.6% in local currency by the end of Q2 2023. In H1 2023, ARR increased by EUR 26.5 million of which the largest contributors were Indexation on current contracts and expansion of business with current clients, including the signed conversions to SaaS. Additionally, the signing of four new clients during H1 2023 supported the growth.
In Q2 2023, the total order intake was EUR 23.7 million compared with EUR 17.0 million in the same period last year, mainly driven by additional license sales. Total order book was EUR 96.0 million at June 30, 2023, which is an increase of EUR 14.2 million compared with the order book at June 30, 2022.
In H1 2023, the total order intake was EUR 46.4 million compared with EUR 43.0 million in the same period last year, mainly driven by additional license sales.
The situation in Ukraine remained challenging in Q2 2023. Despite the extremely difficult situation, our Ukrainian colleagues are overcoming enormous challenges and continue to manage their daily work with dedication and limited disruption. SimCorp has not incurred any extraordinary costs related to the situation in Ukraine in H1 2023.
On April 27, 2023, SimCorp A/S and Deutsche Boerse AG announced that they entered into an agreement pursuant to which Deutsche Boerse made an all-cash voluntary recommended public takeover offer to acquire all of the issued and outstanding shares (except treasury shares) in SimCorp. The price of the Offer was DKK 735.0 in cash for each share of nominally DKK 1.0, valuing the entire share capital of SimCorp at approximately DKK 29.0 billion.
On July 28, 2023 Deutsche Boerse extended the offer for the second time, which was required to allow time to obtain the necessary regulatory approvals and clearances from regulatory authorities. Deutsche Boerse has announced that the only remaining pending approval is by the European Commission, which is scheduled to be completed in September. As such, Deutsche Boerse does not expect any further extensions and has announced that the offer is expected to be settled and completed on 29 September 2023 at the latest.
The work related to the announcement agreement and public takeover offer will entail transaction costs for SimCorp, mainly related to advisor fees. The transaction costs have been recognized as special items. In Q2 2023, these costs amounted to EUR 1.0 million.
In Q2 2023, ratable revenue was EUR 132.1 million - an increase of 20.4% in local currencies and 18.2% in reported terms.
Reported revenue was EUR 131.6 million corresponding to an increase of 13.4% compared to Q2 2022. Measured in local currencies, the revenue growth was 15.1% driven by 74.2% SaaS revenue growth.
In H1 2023, ratable revenue was EUR 274.4 million - an increase of 16.8% in local currencies and 17.3% in reported currency. Reported revenue was EUR 267.9 million driven by local currency revenue growth of 16.9%.
Quarterly revenue development
In Q2 2023, on-premise revenue decreased by 2.8% as a consequence of the continued migration of customers to SaaS. The SaaS revenue continued to develop positively with revenue of EUR 33.8 million corresponding to an increase of 74.2% compared to Q2 2022. The growth was driven both by additional license sales as well as SaaS services.
In H1 2023, on-premise revenue increased by 0.8%. The SaaS revenue was EUR 71.7 million corresponding to an increase of 79.7% compared to H1 2022.
| On-premise license sales 17.2 16.0 7.5% 8.7% 37.0 31.3 18.2% On-premise software updates 39.3 42.1 -6.7% -5.2% 78.9 83.7 -5.7% and support Total on-premise revenue 56.5 58.1 -2.8% -1.2% 115.9 115.0 0.8% SaaS license sales 10.5 1.9 452.6% 457.9% 27.3 6.6 313.6% SaaS services incl. software 23.3 17.5 33.1% 36.0% 44.4 33.3 33.3% updates and support Total SaaS revenue 33.8 19.4 74.2% 77.3% 71.7 39.9 79.7% Professional services 41.3 38.5 7.3% 8.6% 80.3 75.8 5.9% |
18.9% -5.6% 1.0% 316.7% 34.1% 80.8% 7.1% |
|---|---|
| Growth Local Reported Revenue Revenue Revenue Growth currency Revenue Revenue Growth EUR million Q2 2023 Q2 2022 Q2 2023 Q2 2023 H1 2023 H1 2022 H1 2023 |
Growth Local currency H1 2023 |
The total license sales (on-premise license sales and SaaS license sales) can be split into the following:
| License split | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 |
|---|---|---|---|---|
| Initial license | 13% | 6% | 10% | 11% |
| Additional regular license | 19% | 45% | 21% | 37% |
| Renewals | 20% | 5% | 30% | 17% |
| Conversions | 33% | 31% | 25% | 19% |
| Other license | 15% | 13% | 14% | 16% |
| Total license revenue | 100% | 100% | 100% | 100% |
SimCorp's total operating costs excl. special items (including depreciation and amortization) were EUR 113.4 million in Q2 2023 compared to EUR 103.5 million in Q2 2022, an increase of 9.6% in reported currency.
Headcount increased by 16.7% from 2,105 at the end of Q2 2022 to 2,456 at the end of Q2 2023, mainly reflecting investments and the development of the SaaS and BPaaS offerings. The majority of the increase came from talent-locations, predominantly Poland, India and most recently, Philippines. Furthermore, overall salaries and staff related costs excl. special items accounted for 66.7% of total costs in Q2 2023, compared with 65.4% in Q2 2022.
In Q2 2023, cost of sales, including costs for implementation consultants and hosting activities, increased by 10.2% in local currencies to EUR 60.5 million driven by larger share of revenue derived from SaaS and BPaaS.
Compared with Q2 last year, research and development costs increased by 23.2% in local currencies to EUR 31.3 million. The work of the research and development organization is focused on improving the offerings with additional applications such as Alternatives and ESG investments, enhancing the SaaS platform, including development of cloud-native applications and improving the interaction between the standard platform and the tech-enabled service offerings (BPaaS).
In Q2 2023, sales and marketing costs increased by 6.5% in local currencies. Administrative expenses decreased by 10.3% in local currencies partly driven by the FuEl cost reduction program and partly as a result of timing of consultancy costs.
| Growth local | ||||||
|---|---|---|---|---|---|---|
| Costs excl. | Costs excl. | Growth excl. | currency excl. | |||
| Operating costs | Reported costs | Special items | special items Q2 | special items Q2 | special items | special items |
| EUR million | Q2 2023 | Q2 2023 | 2023 | 2022 | Q2 2023 | Q2 2023 |
| Cost of sales | 61.4 | 0.9 | 60.5 | 56.0 | 8.1% | 10.2% |
| Research and development costs | 31.3 | 0.0 | 31.3 | 26.0 | 20.4% | 23.2% |
| Sales and marketing costs | 17.0 | 0.9 | 16.1 | 15.3 | 5.4% | 6.5% |
| Administrative expenses | 7.1 | 1.6 | 5.5 | 6.2 | -11.8% | -10.3% |
| Total operating costs | 116.8 | 3.4 | 113.4 | 103.5 | 9.6% | 11.7% |
In H1 2023, total operating costs excl. special items (including depreciation and amortization) were EUR 221.5 million in H1 2023 compared to EUR 202.1 million in H1 2022, an increase of 9.6% in reported currency.
Compared with H1 last year, research and development costs increased by 18.5% in local currencies to EUR 58.7 million.
| Operating costs EUR million |
Reported costs H1 2023 |
Special items H1 2023 |
Costs excl. special items H1 2023 |
Costs excl. special items H1 2022 |
Growth excl. special items H1 2023 |
Growth local currency excl. special items H1 2023 |
|---|---|---|---|---|---|---|
| Cost of sales | 121.7 | 1.9 | 119.8 | 108.4 | 10.4% | 11.7% |
| Research and development costs | 60.1 | 1.4 | 58.7 | 50.7 | 15.8% | 18.5% |
| Sales and marketing costs | 31.4 | 2.2 | 29.2 | 29.0 | 0.7% | 0.9% |
| Administrative expenses | 17.1 | 3.3 | 13.8 | 13.9 | -0.8% | 0.2% |
| Total operating costs | 230.3 | 8.8 | 221.5 | 202.0 | 9.6% | 11.1% |
In Q2 2023, the Group generated EBIT of EUR 18.6 million excluding special items, compared to EUR 12.9 million in Q2 2022. The EBIT-margin was 14.1% compared to 11.1% in Q2 2022. Foreign exchange fluctuations had a small positive net impact on the EBIT-margin, primarily related to depreciation of UAH/EUR. Restructuring costs related to the execution of Program FuEl amounted to EUR 2.4 million while transaction cost related to the takeover offer from Deutsche Boerse amounted to EUR 1.0 million. Reported EBIT was EUR 15.2 million, equivalent to an EBIT-margin of 11.5%.
The EBIT-margin improvement is driven by revenue growth and operating leverage, which is positively impacting both the Gross margin and the OPEX/revenue ratio. The favorable development in cost ratios is also supported by the FuEL cost efficiency program initiated in February 2023.
In H1 2023, the Group posted an EBIT of EUR 46.9 million excluding special items. The EBIT-margin was 17.5% compared to 12.7% in H1 2022. Foreign exchange fluctuations had a positive net impact on the EBIT-margin of 0.5%-points. Special Items (restructuring costs and transactions costs) amounted to EUR 8.8 million in H1 2023 impacting reported EBIT of 38.1 million, equivalent to an EBIT-margin of 14.2%.
Financial items for Q2 2023 comprised net expenses of EUR 1.3 million compared with a net income of EUR 5.0 million in the same period last year. Financial income and expenses are primarily related to non-cash foreign exchange adjustments. The Group posted pre-tax profit of EUR 13.9 million in Q2 2023 against pre-tax profit of EUR 11.2 million in Q2 2022.
Financial items for H1 2023 comprised net expenses of EUR 3.6 million compared with a net income of EUR 7.1 million in the same period last year. The Group posted pre-tax profit of EUR 34.5 million in H1 2023 against pre-tax profit of EUR 28.9 million in H1 2022.
Operating activities generated a cash inflow of EUR 22.1 million in Q2 2023 compared with EUR 12.1 million in Q2 2022.
Payment of income taxes amounted to EUR 6.6 million, against EUR 3.9 million in Q2 2022. The Q2 2023 free cash flow (cash flow from operations reduced by CAPEX and by the principal element of lease payments) amounted to EUR 18.1 million representing a significant improvement compared to EUR 10.1 million in Q2 2022. The improvement was driven by stronger underlying profitability and enhanced working capital management.
In H1 2023, operating activities generated a cash inflow of EUR 70.4 million in H1 2023 compared with EUR 35.3 million in H1 2022, with net cash used in investing activities amounting to EUR 11.6 million in H1 2023 of which EUR 10 million related to the ownership investment in Artega, SimCorp's joint venture channel play partner in Australia.
In H1 2023, payment of income taxes amounted to EUR 12.2 million, against EUR 13.6 million in H1 2022. The H1 2023 free cash flow (cash flow from operations reduced by CAPEX and by the principal element of lease payments) amounted to EUR 63.8 million compared to EUR 30.2 million in H1 2022.
SimCorp's total assets were EUR 612.2 million at June 30, 2023 compared with EUR 528.9 million a year earlier, an increase of EUR 83.3 million, mainly due to higher contract assets.
Cash holdings amounted to EUR 47.9 million. Draw on credit facilities was EUR 0.0 million. Consequently, net cash holdings was EUR 47.9 million compared with EUR 18.6 million a year earlier. Receivables amounted to EUR 107.1 million at June 30, 2023, representing a decrease of EUR 3.7 million compared with June 2022, due to increased focus on payment terms and overdue receivables.
Contract assets were EUR 286.4 million, an increase of EUR 68.9 million compared with June 30, 2022. Compared with December 31, 2022, contract assets decreased by EUR 6.5 million. New and additional subscription-based licenses added EUR 51.6 million to contract assets in H1 2023 and finance income recognized added EUR 2.4 million. Reductions stem from foreign exchange adjustments of EUR 3.5 million and invoicing of subscription-based license fees of EUR 57.2 million.
The company's equity amounted to EUR 372.8 million at June 30, 2023. This was an increase of EUR 75.7 million from June 2022. Equity was reduced by the declared and paid dividends of EUR 39.7 million. The payment of dividends was approved by the shareholders at the AGM on March 23, 2023. Equity was increased by comprehensive income for H1 2023 of EUR 26.4 million as well as the effects of share-based remuneration of EUR 10.6 million, net of tax.
SimCorp confirms its expectations for 2023 as announced in its Annual Report 2022. Measured in local currency, it is expected that ARR will grow 12-17%, ratable revenue will grow 6-11% and the EBITmargin is expected to be 21-24%, excluding special items (costs related to the execution of Programme FuEl and M&A-related transaction costs).
SimCorp's accelerated investments are still expected to increase costs corresponding to 3.5% points on the EBIT-margin. These investments will be more than offset by the cost efficiency program. The execution of the FuEl cost efficiency program is on track and the cost reduction targets of EUR 25 million in 2023 and EUR 35 million run-rate effect are confirmed. The restructuring costs amounted to EUR 7.8 million in H1 2023. The restructuring costs related to Program FuEl are still expected to amount to up to EUR 20 million to be fully recognized in 2023.
The financial outlook for 2023 reflects the ongoing SaaS transformation, with accelerated investments, and the initiation of the cost efficiency program. The investments are expected to generate solid business growth in 2023, while the profitability deterioration from investments is roughly offset by the cost efficiency program.
The work related to the announcement agreement and public takeover offer will entail transaction costs for SimCorp, mainly related to advisor fees. The transaction costs are being recognized as special items. The larger part of the advisor fees is success-based and if the transaction completes, transaction costs are expected to amount to EUR 15-17 million in 2023. In Q2 2023, the transaction costs amounted to EUR 1.0 million.
| All numbers in local currency, excluding special items |
2023 H1 achieved | 2022 FY achieved | 2023 financial outlook |
|---|---|---|---|
| ARR growth (%) | 13.6% | 11.7% | 12-17% |
| Ratable revenue growth (%) | 16.8% | 5.3% | 6-11% |
| Total cost growth (incl. investments) | 11.1% | 14.3% | 7-15% |
| EBIT-margin (%) | 17.0% | 24.2% | 21-24% |
Based on the exchange rates at the end of July 2023, it is estimated that the foreign exchange rate development will reduce revenue by 2-3% and have a neutral to slightly positive impact on the EBITmargin.
The current transformation to a full-scale SaaS provider is materially changing the revenue, cost and profitability structure of the company. The mid-term financial target is to generate double-digit average growth rates and return to record-high profitability (above 28% EBIT-margin).
The growth potential stems from the development of the core platform combined with expansion opportunities in SaaS and BPaaS offerings. SaaS and BPaaS clients initially require higher cost to serve while building capabilities and scale. The larger share of revenue from SaaS combined with accelerated investments to build scale are drivers of the current profitability development. These negative margin drivers are targeted to be more than offset by future scale and efficiency in the SaaS and BPaaS offerings combined with an acceleration of revenue growth. Based on these drivers, SimCorp targets to return to record-high profitability at a significantly higher revenue level.
SimCorp operates in a dynamic and complex business environment, where performance relies heavily on the ongoing achievement of a number of success criteria. Pages 31-35 of SimCorp's Annual Report 2022 (published on 9 February 2023) describe the most important general risk factors and the risk management measures applied in everyday operations. Management believes that the description of these potential risks still pertains to the current situation.
604,076 restricted stock units are outstanding on June 30, 2023. The restricted stock units will be transferred in whole or in part between 2023 and 2027 to program participants still employed when the stock units vest, some are subject to performance conditions.
SimCorp has not purchased treasury shares in H1 2023. In comparison, SimCorp purchased 289,795 treasury shares at an average price of DKK 514.47 per share, totaling EUR 20.0 million in 2022.
On June 30, 2023, SimCorp's holding of treasury shares amounted to 1,101,474 shares, equal to 2.7% of SimCorp's issued share capital.
SimCorp's Executive Management Board will present the report on a conference call on Friday, August 11, 2023 at 11:00 am (CET). At the end of the presentation there will be a Q&A session.
The presentation will be available prior to the conference call via SimCorp's website www.simcorp.com/en/about/investor/presentations-and-events/quarterly-and-annual-investormeetings
It will be possible to follow the presentation via this link: https://edge.media-server.com/mmc/p/yi5racyj
Participants are required to register in advance of the conference using the link provided below. Upon registering, each participant will be provided with Participant Dial In Numbers, and a unique Personal PIN.
Online registration: https://register.vevent.com/register/BI4604f41a752d446fa2ab2e7a6f90453d
Investor contacts Christian Kromann, Chief Executive Officer, SimCorp A/S (+45 3544 8800, +45 2810 9090) Michael Bjergby, Chief Financial Officer, SimCorp A/S (+45 3544 8800, +45 3137 4171)
Tobias Brun-Falkencrone, Group Communications Director, SimCorp A/S (+45 2938 1284) Søren Rathlou Top, Global PR & Communications Manager, SimCorp A/S (+45 3115 8706)
The Board of Directors and the Executive Management Board have today considered and adopted the interim report for the period January 1 – June 30, 2023.
The interim 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 interim reports for listed companies.
In our opinion, the interim financial statements give a true and fair view of the Group's assets, liabilities and financial position as at June 30, 2023 and of the profit of the Group's operations and cash flow for the period January 1 – June 30, 2023.
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 Annual Report 2022 (published on 9 February 2023).
Furthermore, in our opinion the management's report gives a true and fair view of developments in the activities and financial position of the Group, the results for the period and of the Group's financial position in general, and outlines the significant risk and uncertainty factors that may affect the Group.
Copenhagen, 11 August 2023
Executive Management Board
Christian Kromann Chief Executive Officer Michael Bjergby Chief Financial Officer Georg Hetrodt Chief Operating Officer
Board of Directors
Peter Schütze Chair
Susan Standiford Adam Warby Allan Polack
Klausen
Morten Hübbe ViceChair
Charlotte Søndergaard
Neil Cook Sven Rinke
Simon Jeffreys
| EUR '000 | 2023 Q2 |
2022 Q2 |
2023 H1 |
2022 H1 |
2022 FY |
|---|---|---|---|---|---|
| Revenue | 131,591 | 116,000 | 267,910 | 230,713 | 560,968 |
| Cost of sales | 61,432 | 55,981 | 121,765 | 108,486 | 228,588 |
| Gross profit | 70,159 | 60,019 | 146,145 | 122,227 | 332,380 |
| Other operating income | 435 | 370 | 535 | 549 | 830 |
| Research and development costs | 31,257 | 26,689 | 60,056 | 51,378 | 107,039 |
| Sales and marketing costs | 16,996 | 15,500 | 31,373 | 29,222 | 61,534 |
| Administrative expenses | 7,106 | 11,982 | 17,065 | 20,431 | 35,867 |
| Other operating costs | 39 | - | 71 | - | 2,914 |
| Operating profit (EBIT) | 15,196 | 6,218 | 38,115 | 21,745 | 125,856 |
| Share of profit after tax in associates | -368 | 11 | -288 | 60 | 122 |
| Financial income/expenses, net | -927 | 4,954 | -3,279 | 7,075 | 2,170 |
| Profit before tax | 13,901 | 11,183 | 34,548 | 28,880 | 128,148 |
| Tax on the profit for the period | 3,320 | 1,916 | 8,396 | 6,292 | 28,894 |
| Profit for the period | 10,581 | 9,267 | 26,152 | 22,588 | 99,254 |
| Earnings per Share | |||||
| Earnings per share - EPS (EUR) | 0.27 | 0.24 | 0.66 | 0.57 | 2.52 |
| Diluted earnings per share - EPS-D (EUR) | 0.26 | 0.23 | 0.66 | 0.57 | 2.50 |
| EUR '000 | 2023 Q2 |
2022 Q2 |
2023 H1 |
2022 H1 |
2022 FY |
|---|---|---|---|---|---|
| Profit for the period | 10,581 | 9,267 | 26,152 | 22,588 | 99,254 |
| Other comprehensive income | |||||
| Items that will not be reclassified subsequently to the income statement: |
|||||
| Remeasurements of defined benefit plans | - | - | - | - | 1,268 |
| Tax, remeasurement of defined benefit plans | - | - | - | - | -275 |
| Items that may be reclassified subsequently to the income statement, when specific conditions are met: |
|||||
| Foreign currency translation differences for foreign operations |
908 | 1,318 | 198 | 1,723 | -850 |
| Other comprehensive income after tax | 908 | 1,318 | 198 | 1,723 | 143 |
| Total comprehensive income | 11,489 | 10,585 | 26,350 | 24,311 | 99,397 |
| Jun. 30 2023 |
Jun. 30 2022 |
Dec. 31 2022 |
|
|---|---|---|---|
| EUR '000 | |||
| Assets | |||
| Goodwill | 61,381 | 61,395 | 61,266 |
| Software | 7,332 | 8,964 | 8,132 |
| Client relationships | 18,855 | 20,419 | 19,586 |
| Total intangible assets | 87,568 | 90,778 | 88,984 |
| Leasehold | 36,026 | 43,008 | 38,259 |
| Technical equipment | 1,386 | 675 | 851 |
| Other equipment, fixtures, fittings and prepayments | 2,068 | 2,343 | 2,349 |
| Total property, plant, and equipment | 39,480 | 46,026 | 41,459 |
| Investments in associates | 9,960 | 787 | 827 |
| Deposits | 4,136 | 3,378 | 3,517 |
| Deferred tax | 3,820 | 3,074 | 2,755 |
| Other financial assets | 4,838 | 4,844 | 4,843 |
| Total other non-current assets | 22,754 | 12,083 | 11,942 |
| Total non-current assets | 149,802 | 148,887 | 142,385 |
| Receivables | 107,088 | 110,768 | 112,378 |
| Contract assets | 286,430 | 217,557 | 292,903 |
| Income tax receivables | 5,297 | 4,239 | 5,480 |
| Prepayments | 15,686 | 15,419 | 10,636 |
| Cash and cash equivalents | 47,886 | 31,997 | 40,546 |
| Total current assets | 462,387 | 379,980 | 461,943 |
| Total assets | 612,189 | 528,867 | 604,328 |
| Jun. 30 | Jun. 30 | Dec. 31 | |
| EUR '000 | 2023 | 2022 | 2022 |
| Liabilities and Equity | |||
| Share capital | 5,441 | 5,441 | 5,441 |
| Exchange adjustment reserve | -2,877 | -502 | -3,075 |
| Retained earnings | 370,230 | 292,108 | 333,459 |
| Proposed dividend | - | - | 39,732 |
| Total equity | 372,794 | 297,047 | 375,557 |
| Lease liabilities | 27,308 | 33,342 | 29,437 |
| Deferred tax | 45,975 | 34,287 | 46,596 |
| Provisions | 9,751 | 10,201 | 9,132 |
| Total non-current liabilities | 83,034 | 77,830 | 85,165 |
| Bank loan / credit facility | - | 13,442 | 6,724 |
| Lease liabilities | 9,380 | 8,617 | 9,401 |
| Prepayments from clients | 61,105 | 57,620 | 35,975 |
| Trade payables | 37,082 | 30,704 | 33,351 |
| Other payables | 42,275 | 38,161 | 51,079 |
| Income tax payables | 5,685 | 4,443 | 6,065 |
| Provisions | 834 | 1,003 | 1,011 |
| Total current liabilities | 156,361 | 153,990 | 143,606 |
| Total liabilities | 239,395 | 231,820 | 228,771 |
| Total liabilities and equity | 612,189 | 528,867 | 604,328 |
Consolidated cash flow statement
| EUR '000 | 2023 Q2 |
2022 Q2 |
2023 H1 |
2022 H1 |
2022 FY |
|---|---|---|---|---|---|
| Profit for the period | 10,581 | 9,267 | 26,152 | 22,588 | 99,254 |
| Depreciation/amortization | 3,716 | 3,837 | 7,449 | 7,462 | 14,883 |
| Share of profit/loss after tax in associates | 368 | -11 | 288 | -60 | -122 |
| Financial income | -151 | -5,198 | -247 | -7,535 | -3,191 |
| Financial expenses | 1,078 | 244 | 3,526 | 460 | 1,021 |
| Tax on profit for the period | 3,320 | 1,916 | 8,396 | 6,292 | 28,894 |
| Other non-cash | -472 | 5,317 | -2,814 | 7,435 | 3,954 |
| Adjustment share-based remuneration | 5,154 | 2,566 | 10,029 | 8,862 | 13,527 |
| Change in provisions | 126 | 560 | 442 | 1,029 | -32 |
| Change in contract assets | 2,203 | 1,442 | 7,529 | 9,421 | -70,576 |
| Change in working capital | 2,730 | -3,830 | 21,892 | -6,821 | -4,756 |
| Financial income received | 247 | 5 | 247 | 7 | 80 |
| Financial expenses paid | -205 | -107 | -295 | -195 | -345 |
| Income tax paid | -6,597 | -3,873 | -12,169 | -13,638 | -22,251 |
| Net cash from operating activities | 22,098 | 12,135 | 70,425 | 35,307 | 60,340 |
| Purchase of property, plant, and equipment, net | -1,371 | 309 | -1,717 | -263 | -1,524 |
| Sale and purchase of financial assets, net | 82 | -1,113 | -9,973 | -1,240 | -1,377 |
| Dividends from associates | 123 | 134 | 123 | 134 | 134 |
| Net cash used in investing activities | -1,166 | -670 | -11,567 | -1,369 | -2,767 |
| Dividends paid | -9,986 | -10,068 | -39,669 | -39,599 | -39,836 |
| Purchase of treasury shares | - | -10,293 | - | -18,921 | -20,049 |
| Repayment of lease liability | -2,608 | -2,310 | -4,940 | -4,819 | -11,661 |
| Proceeds, credit facilities / loans | - | - | 36,962 | 20,167 | 26,891 |
| Repayments, credit facilities / loans | -26,834 | -6,725 | -43,636 | -6,725 | -20,167 |
| Net cash used in financing activities | -39,428 | -29,396 | -51,283 | -49,897 | -64,822 |
| Change in cash and cash equivalents | -18,496 | -17,931 | 7,575 | -15,959 | -7,249 |
| Cash and cash equivalents at beginning of period | 66,382 | 49,768 | 40,546 | 47,692 | 47,692 |
| Foreign exchange adjustment of cash and cash equivalents |
0 | 160 | -235 | 264 | 103 |
| Cash and cash equivalents end of period | 47,886 | 31,997 | 47,886 | 31,997 | 40,546 |
| Exchange | |||||
|---|---|---|---|---|---|
| Share | adjustment | Retained | Dividends | ||
| EUR '000 | capital | reserve | earnings | for the year | Total |
| 2023 | |||||
| Equity at January 1 | 5,441 | -3,075 | 333,459 | 39,732 | 375,557 |
| Net profit for the period | - | - | 26,152 | - | 26,152 |
| Total other comprehensive income | - | 198 | - | - | 198 |
| Total comprehensive income for the period | - | 198 | 26,152 | - | 26,350 |
| Transactions with owners | |||||
| Dividends paid to shareholders | - | - | 63 | -39,732 | -39,669 |
| Share-based payment | - | - | 10,029 | - | 10,029 |
| Tax, share-based payment | - | - | 527 | - | 527 |
| Equity at June 30 | 5,441 | -2,877 | 370,230 | - | 372,794 |
| 2022 | |||||
| Equity at January 1 | 5,441 | -2,225 | 280,003 | 39,888 | 323,107 |
| Net profit for the period | - | - | 22,588 | - | 22,588 |
| Total other comprehensive income | - | 1,723 | - | - | 1,723 |
| Total comprehensive income for the period | - | 1,723 | 22,588 | - | 24,311 |
| Transactions with owners | |||||
| Dividends paid to shareholders | - | - | 52 | -39,888 | -39,836 |
| Share-based payment | - | - | 8,862 | - | 8,862 |
| Tax, share-based payment | - | - | -476 | - | -476 |
| Purchase of treasury shares | - | - | -18,921 | - | -18,921 |
| Equity at June 30 | 5,441 | -502 | 292,108 | - | 297,047 |
| Net profit for the period | - | - | 76,666 | - | 76,666 |
| Total other comprehensive income | - | -2,573 | 993 | - | -1,580 |
| Total comprehensive income for the period | - | -2,573 | 77,659 | - | 75,086 |
| Transactions with owners | |||||
| Share-based payment | - | - | 4,665 | - | 4,665 |
| Tax, share-based payment | - | - | -113 | - | -113 |
| Purchase of treasury shares | - | - | -1,128 | - | -1,128 |
| Proposed dividends to shareholders | - | - | -39,732 | 39,732 | 0 |
| Equity at December 31 | 5,441 | -3,075 | 333,459 | 39,732 | 375,557 |
The interim report for Q2 2023 has been prepared in accordance with IAS 34 and additional Danish regulations for the presentation of quarterly interim reports by listed companies.
The interim report for the first half of 2023 follows the same accounting policies as the annual report for 2022 except for all new, amended or revised accounting standards and interpretations (IFRSs) endorsed by the EU effective for the accounting period beginning on January 1, 2023. These IFRSs have not had any impact on the Group's interim report. See the annual report 2022 for a comprehensive description of the accounting policies applied.
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 2022.
Please refer to the annual report 2022.
No other significant events have occurred after the balance sheet date that affect the interim report other than described separately in this interim report.
The segment reporting reflects the management reporting structure where revenue is categorized into three main segments: revenue from clients operating and maintaining their SimCorp solution. on-premise, revenue from clients that are on a SaaS solution, and non-recurring professional services revenue.
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 headquarter assets, cash and investments in associates. "Research and development" and "Corporate functions" and "Elimination/Not allocated" are not operating segments, and the disclosure forms part of the reconciliation of segment data to the group income statement rather than being information about operating segments.
| EUR '000 | EMEA | Asia and Australia |
North America |
SimCorp Sofia |
Research and develop ment |
Corporate functions |
Elimina tion/Not allocated |
Group |
|---|---|---|---|---|---|---|---|---|
| April 1 - June 30, 2023 | ||||||||
| On-premise initial licenses | 2,712 | 6 | 191 | 1 | - | - | - | 2,910 |
| On-premise additional licenses | 6,222 | 4,306 | 793 | 780 | - | - | - | 12,101 |
| On-premise other licenses | 1,601 | 472 | 68 | - | - | - | - | 2,141 |
| On-premise software updates and support |
30,157 | 2,440 | 4,704 | 1,405 | 82 | 516 | - | 39,304 |
| Total on-premise revenue | 40,692 | 7,224 | 5,756 | 2,186 | 82 | 516 | - | 56,456 |
| SaaS Initial licenses | 607 | 72 | 120 | - | - | - | - | 799 |
| SaaS additional licenses | 7,317 | 273 | 191 | - | - | - | - | 7,781 |
| SaaS other licenses | 1,451 | 187 | 326 | - | - | - | - | 1,964 |
| SaaS services incl. software updates and support |
12,701 | 3,093 | 7,222 | - | - | 322 | - | 23,338 |
| Total SaaS revenue | 22,076 | 3,625 | 7,859 | - | - | 322 | - | 33,882 |
| Professional services | 23,720 | 4,682 | 10,109 | 2,742 | - | - | - | 41,253 |
| External revenue | 86,488 | 15,531 | 23,724 | 4,928 | 82 | 838 | - | 131,591 |
| Revenue between segments | 4,786 | 429 | 854 | 168 | 51,251 | 47,880 | -105,368 | - |
| Total segment revenue | 91,274 | 15,960 | 24,578 | 5,096 | 51,333 | 48,718 | -105,369 | 131,591 |
| EBITDA | 19,686 | 3,447 | 7,725 | 1,664 | 25,658 | -39,230 | - | 18,951 |
| Depreciation and amortization | 912 | 151 | 375 | 334 | 768 | 1,214 | - | 3,754 |
| Segment operating profit (EBIT) | 18,774 | 3,296 | 7,350 | 1,330 | 24,890 | -40,444 | - | 15,196 |
| Financial items, net | -1,295 | -1,295 | ||||||
| Profit for the period before tax | 13,901 | |||||||
| January 1 - June 30, 2023 | ||||||||
| On-premise initial licenses | 3,668 | 67 | 472 | 3 | - | - | - | 4,210 |
| On-premise additional licenses | 16,520 | 4,800 | 2,736 | 4,270 | - | - | - | 28,326 |
| On-premise other licenses | 3,338 | 467 | 616 | - | - | - | - | 4,421 |
| On-premise software updates and support |
60,437 | 4,919 | 9,559 | 2,791 | 159 | 1,036 | - | 78,901 |
| Total on-premise revenue | 83,963 | 10,253 | 13,383 | 7,064 | 159 | 1,036 | - | 115,858 |
| SaaS Initial licenses | 917 | 463 | 968 | - | - | - | - | 2,348 |
| SaaS additional licenses | 14,540 | 545 | 5,145 | - | - | - | - | 20,230 |
| SaaS other licenses | 3,691 | 271 | 839 | - | - | - | - | 4,801 |
| SaaS services incl. software updates and support |
24,660 | 5,516 | 13,895 | - | - | 322 | - | 44,393 |
| Total SaaS revenue | 43,808 | 6,795 | 20,847 | - | - | 322 | - | 71,772 |
| Professional services | 46,681 | 9,368 | 18,108 | 6,123 | - | - | - | 80,280 |
| External revenue | 174,452 | 26,416 | 52,338 | 13,187 | 159 | 1,358 | - | 267,910 |
| Revenue between segments | 10,471 | 1,318 | 1,971 | 274 | 97,041 | 58,672 | -169,747 | - |
| Total segment revenue | 184,923 | 27,734 | 54,309 | 13,461 | 97,200 | 60,030 | -169,747 | 267,910 |
| EBITDA | 35,278 | 5,716 | 18,933 | 6,785 | 54,276 | -75,354 | - | 45,635 |
| Depreciation and amortization | 1,877 | 306 | 759 | 661 | 1,537 | 2,379 | - | 7,519 |
| Segment operating profit (EBIT) | 33,401 | 5,410 | 18,174 | 6,124 | 52,739 | -77,733 | - | 38,115 |
| Financial items, net | -3,567 | -3,567 | ||||||
| Profit for the period before tax | 34,549 | |||||||
| Total assets | 332,282 | 55,123 | 108,586 | 50,105 | 59,594 | 4,272 | 2,227 | 612,189 |
| EUR '000 | EMEA | Asia and Australia |
North America |
SimCorp Sofia |
Research and develop ment |
Corporate functions |
Elimina tion/Not allocated |
Group |
|---|---|---|---|---|---|---|---|---|
| April 1 - June 30, 2022 | ||||||||
| On-premise initial licenses | 107 | 339 | 116 | - | - | - | - | 562 |
| On-premise additional licenses | 4,138 | 8,450 | 787 | 313 | - | - | - | 13,688 |
| On-premise other licenses | 1,076 | 79 | 608 | - | - | - | - | 1,763 |
| On-premise software updates and support |
32,065 | 2,912 | 5,236 | 1,271 | 413 | 193 | - | 42,090 |
| Total on-premise revenue | 37,386 | 11,780 | 6,747 | 1,584 | 413 | 193 | - | 58,103 |
| SaaS initial licenses | 354 | 74 | 67 | - | - | - | - | 495 |
| SaaS additional licenses | 20 | 88 | 831 | - | - | - | - | 939 |
| SaaS other licenses | 294 | 48 | 123 | - | - | - | - | 465 |
| SaaS services incl. software updates and support |
8,964 | 2,130 | 6,031 | 103 | - | 251 | - | 17,479 |
| Total SaaS revenue | 9,632 | 2,340 | 7,052 | 103 | - | 251 | - | 19,378 |
| Professional services | 23,054 | 3,781 | 8,288 | 3,396 | - | - | - | 38,519 |
| External revenue | 70,072 | 17,901 | 22,087 | 5,083 | 413 | 444 | - | 116,000 |
| Revenue between segments | 9,985 | 1,336 | 2,392 | 9 | 35,534 | 9,962 | -59,218 | - |
| Total segment revenue | 80,057 | 19,237 | 24,479 | 5,092 | 35,947 | 10,406 | -59,218 | 116,000 |
| EBITDA | 11,594 | 1,341 | 3,105 | 1,957 | 11,173 | -19,116 | - | 10,054 |
| Depreciation and amortization | 935 | 161 | 402 | 296 | 956 | 1,086 | - | 3,836 |
| Segment operating profit (EBIT) | 10,659 | 1,180 | 2,703 | 1,661 | 10,217 | -20,202 | - | 6,218 |
| Financial items, net | 4,965 | 4,965 | ||||||
| Profit for the period before tax | 11,183 | |||||||
| January 1 - June 30, 2022 | ||||||||
| On-premise initial licenses | 2,252 | 681 | 256 | 60 | - | - | - | 3,249 |
| On-premise additional licenses | 10,737 | 8,548 | 1,758 | 3,552 | - | - | - | 24,595 |
| On-premise other licenses | 2,458 | 322 | 660 | - | - | - | - | 3,440 |
| On-premise software updates and support |
63,879 | 5,893 | 10,197 | 2,568 | 739 | 422 | - | 83,698 |
| Total on-premise revenue | 79,326 | 15,444 | 12,871 | 6,180 | 739 | 422 | - | 114,982 |
| SaaS initial licenses | 393 | 234 | 262 | - | - | - | - | 889 |
| SaaS additional licenses | 943 | 90 | 2,126 | - | - | - | - | 3,159 |
| SaaS other licenses | 1,310 | 95 | 1,108 | - | - | - | - | 2,513 |
| SaaS services incl. software updates and support |
17,018 | 4,080 | 11,809 | 225 | - | 251 | - | 33,383 |
| Total SaaS revenue | 19,664 | 4,499 | 15,305 | 225 | - | 251 | - | 39,944 |
| Professional services | 44,078 | 8,110 | 16,936 | 6,663 | - | - | - | 75,787 |
| External revenue | 143,068 | 28,053 | 45,112 | 13,068 | 739 | 673 | - | 230,713 |
| Revenue between segments | 22,025 | 2,199 | 4,487 | 17 | 73,298 | 20,007 | -122,033 | - |
| Total segment revenue | 165,093 | 30,252 | 49,599 | 13,085 | 74,037 | 20,680 | -122,033 | 230,713 |
| EBITDA | 22,116 | 2,507 | 6,703 | 7,065 | 29,083 | -38,268 | - | 29,206 |
| Depreciation and amortization | 2,076 | 352 | 764 | 592 | 1,650 | 2,027 | - | 7,461 |
| Segment operating profit (EBIT) | 20,040 | 2,155 | 5,939 | 6,473 | 27,433 | -40,295 | - | 21,745 |
| Financial items, net | 7,135 | 7,135 | ||||||
| Profit for the period before tax | 28,880 | |||||||
| Total assets | 242,384 | 58,514 | 104,661 | 50,437 | 59,713 | 3,647 | 9,511 | 528,867 |
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