Quarterly Report • May 10, 2013
Quarterly Report
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sales and ebit margin IN EUR'000
Financial income Q1 IN EUR'000
net income Q1 IN EUR'000
structure assets liabilities and equity current assets 58 % Equity 80 % non-current assets 42 % liabilities 20 %
balance sheet
corporate bonds
portfolio structure of cash
| Q1-2013 | Q1-2012 | Change | |
|---|---|---|---|
| Billings | 19,760 | 18,005 | 10% |
| Sales | 7,978 | 7,477 | 7% |
| EBITDA | 783 | 961 | -19% |
| EBITDA margin | 11% | 13% | +1pp |
| EBIT | 705 | 782 | -10% |
| EBIT margin | 9% | 10% | -1pp |
| Financial income | 356 | 230 | 55% |
| Net income | 769 | 730 | 5% |
| Earnings per share (EUR) | 0.06 | 0.06 | – |
| Employees as per March 31 (incl. freelancers) | 325 | 297 | 9% |
| Liquid assets as per March 31 | 23,184 | 18,345 | 26% |
| Operating cash flow | -2,049 | -2,080 | – |
The following Group Management Report provides information on the performance of the SYZYGY Group (hereinafter referred to as "SYZYGY" or the "Group"). The consolidated financial statements on which the Group Management Report is based have been prepared in accordance with International Financial Reporting Standards (IFRS). The financial year corresponds to the calendar year.
SYZYGY is an international agency group for digital marketing with some 350 employees. The Group consists of SYZYGY Aktiengesellschaft and its nine subsidiaries: SYZYGY Deutschland GmbH, SYZYGY UK Ltd, uniquedigital GmbH, Unique Digital Marketing Ltd, the design studios Hi-ReS! London Ltd, Hi-ReS! New York Inc, Hi-ReS! Hamburg GmbH, Hi-ReS! Berlin and Mediopoly Ltd.
The Group also holds a 26 per cent stake in Polish design studio Ars Thanea, Warsaw. Rather than being fully consolidated, the associated company is taken into account in financial income using the at equity method.
The operating units of the SYZYGY Group offer large international companies a comprehensive range of digital marketing services, from strategic consulting to project planning, concepts and design to technical realisation of websites, online campaigns, platforms and mobile applications. The company's services are complemented by Computer-Generated Imagery (CGI), search engine marketing and online media planning. As a provider of technological, creative and media services, SYZYGY helps its clients to use digital media as an innovative communication and marketing tool. The Group's business focus is on the automotive, telecommunications/IT, retail and consumer goods and financial services industries.
Most experts are sceptical about the prospects for economic recovery in the Eurozone. The Markit Institute, for example, expects economic output to drop 0.2 to 0.3 per cent in the first quarter.
In contrast, provisional figures suggest that Germany has overcome the weakness seen in the fourth quarter of 2012 and posted growth in a difficult economic environment.
The ifo Business Climate Index improved considerably at the start of the year, both with regard to the current situation of the surveyed companies and their expectations for the next six months.
The German Institute for Economic Research (DIW) expects gross domestic product (GDP) to have grown by half a per cent compared to Q4-2012. The DIW cites the positive job market situation and rising demand for exports as indications that the economy is picking up.
According to an assessment by the Organisation for Economic Co-operation and Development (OECD), German GDP increased by 0.6 per cent in the first quarter.
The UK economy showed the first signs of escaping the stagnation of last year. Although fears of another recession (triple-dip) were not realised, GDP grew only 0.3 per cent compared to the previous quarter. Overall, GDP thus remained at the same level as 18 months ago.
Up-to-date figures for the performance of the advertising market in the first quarter of 2013 were largely unavailable when this report was being prepared. It must be accepted that the validity and comparability of the relevant statistics is limited, since different survey methods mean the results vary widely and sometimes even appear contradictory; in addition, gross advertising figures do not provide any insight into actual cash flows because they are calculated using list prices and do not take account of discounts and special terms.
However, the figures do highlight general trends in the way advertisers split their budgets and show changes in their media strategies.
Current trends clearly reflect the more widespread use of smartphones and tablets. These devices are having a massive impact on the way people communicate, while offering advertisers completely new opportunities for acquiring and retaining customers. Nielsen, for example, calculated that expenditure on mobile advertising in the German market rose by almost 100 per cent in the first quarter of 2013, compared to the same quarter of the previous year. In contrast, total gross expenditure on above-the-line media, which for Nielsen also includes the Internet, had hardly changed.
eMarketer sees a similar trend for the UK. In the current year, UK companies are expected to invest 90 per cent more in mobile advertising than in the previous year.
The SYZYGY Group reports billings and sales. The sales figures are arrived at by deducting media costs from billings. Media costs are incurred in the online marketing subsidiaries as transitory items on the revenue and expenses side.
Billings amounted to EUR 19.8 million in the reporting period, 10 per cent above the previous year's figure. Sales also performed well, rising 7 per cent to EUR 8.0 million.
SYZYGY continued to generate somewhat more than half of its sales from companies in the automotive (29%) and retail and consumer goods (27%) sectors. 14 per cent of sales were attributable to clients from the telecommunications/IT sector. These figures have remained largely unchanged compared to the previous year. The only noteworthy change relates to clients from the financial services sector, which accounted for 16 per cent of SYZYGY's sales in the period under review (previous year: 10 per cent). The proportion of sales attributable to companies that cannot be assigned to any of these four sectors was around 14 per cent.
60 per cent of sales were attributable to the SYZYGY Group's ten biggest customers, up two percentage points on the same quarter of the previous year.
The cost of sales increased slightly ahead of sales, climbing 9 per cent to EUR 5.5 million. Gross margin thus fell by one percentage point to 31 per cent.
Sales and marketing costs also increased disproportionately by 14 per cent to EUR 0.84 million.
Both effects are attributable to the establishment of Hi-ReS! Berlin in 2012, since the company invested heavily in marketing activities to acquire new business while at the same time needing employees who were not yet in a position to generate the appropriate level of sales.
General administrative expenses, other operating income and depreciation remained at the levels of the previous year.
Operating income in the period under review was down one tenth on the prior-year period, at EUR 0.70 million. This change was also primarily due to Hi-ReS! Berlin. Although its acquisition of an important new client was a major factor in the reported increase in sales, as expected it has not yet reached the breakeven point.
Accordingly, the EBIT margin for the whole group declined slightly by one percentage point to 9 per cent.
As at 31 March 2013, the SYZYGY Group had liquid funds and securities totalling EUR 23.2 million, a decrease of EUR 3.6 million or 13 per cent compared to the end of 2012.
This was due to a drop in liquid funds, which were affected by negative operating cash flows of EUR -2.0 million. Investments in securities were also made, additionally reducing liquid funds. Overall, liquid funds amounted to EUR 1.7 million and securities to EUR 21.5 million (EUR +0.79 million).
Despite the above changes, average available liquidity holdings in Q1-2013 were significantly above the same quarter of the previous year, which had a positive effect on financial income. With an annualised return of 5.7 per cent on average available liquidity reserves, income rose 55 per cent to EUR 0.36 million (previous year: EUR 0.23 million).
As at the reporting date, the investment portfolio comprised 92 per cent corporate bonds and 8 per cent bank and overnight deposits. The average residual maturity of the securities portfolio was around seven years.
The SYZYGY Group boosted its pre-tax income by 5 per cent to EUR 1.1 million in the reporting period. After income taxes of EUR 0.29 million, net income amounted to EUR 0.77 million (+5%). With 12,803,450 shares qualifying for participation in the profits, this represents earnings per share of EUR 0.06.
In line with the management approach, SYZYGY AG uses geographical criteria to report segments and thus distinguishes between Germany and the UK.
In the first quarter of 2013, performance of the two segments was comparable to that seen in 2012. While sales in the Germany segment grew strongly, UK results were down slightly.
Buoyant new client activity boosted the Germany segment's sales substantially by 17 per cent to EUR 5.6 million. This dynamic growth is not fully reflected in operating income of EUR 0.80 million (+7%), since as anticipated the new Berlin-based company was still loss-making in the first quarter of 2013.
The UK companies made a hesitant start to the new financial year, posting a drop in sales of 8 per cent to EUR 2.3 million. With hardly any change in costs, EBIT came under pressure and consequently fell 25 per cent to EUR 0.25 million (previous year: EUR 0.33 million).
The EBIT margin in the UK segment was thus 11 per cent, with the Germany segment achieving a margin of 14 per cent.
The SYZYGY Group's operating cash flow was negative in the first quarter, amounting to EUR -2.0 million. The main factors in this respect were the timing-related fall in accounts payable and provisions by EUR 1.4 million. The reduction in customer advances of EUR 1.1 million and the increase in accounts receivable of EUR 0.3 million also contributed to negative operating cash flow.
These effects were only partly offset by positive net income for the period of EUR 0.77 million and by depreciation.
SYZYGY invested EUR 0.29 million in intangible assets and fixed assets in the first quarter of 2013. This amount primarily comprises purchases relating to the establishment of Hi-ReS! Berlin. Investment was also made in software and hardware, as well as other equipment for employees.
Total assets of the SYZYGY Group were EUR 61.4 million at the reporting date, EUR 2.9 million or 4 per cent below the figure as at 31 December 2012. This was due to the negative operating cash flow, which led to a fall in liquid funds of EUR 4.4 million to EUR 1.7 million and thus a decline in current assets. There was only a marginal change in non-current assets.
On the liabilities side, the decline in total assets is attributable to a reduction in current liabilities and provisions. The primary factors here are the payment of accounts payable of EUR 1.9 million and a reduction in customer advances of EUR 1.1 million.
Since total equity remained constant at EUR 49.2 million, the equity ratio improved by four percentage points to 80 per cent.
The SYZYGY Group had a total of 305 permanent employees as at the reporting date. The German subsidiaries employed 205 people, while the UK agencies accounted for 95 members of staff, with 5 at Hi-ReS! New York. In addition, 36 people worked at associated company Ars Thanea.
The breakdown of employees by function remained the same as in the past. Online marketing again accounted for the largest proportion, with a 27 per cent share. The company's traditionally strong technology arm employed 19 per cent, while around 15 per cent of the workforce worked in each of the following areas: design, project management and administration. 10 per cent were employed in strategy consulting.
The average headcount was 315 for the period under review, including freelancers. Annualised sales per head averaged EUR 101,000 based on this figure.
The prospects for the Eurozone economy remain muted. Following the escalation of the crisis in Cyprus, sentiment indicators have deteriorated further and mostly remain subdued. It is therefore likely that Europe will lag the global economy. Eurostat predicts that economic output in the 17 Eurozone countries will fall again this year by 0.3 per cent and will not pick up until 2014 (+1.4%). The joint forecast by leading German economic institutes comes to a similar result overall, of -0.4 per cent and 0.9 per cent, respectively.
Despite the solid first quarter, assessments of the current and future economic situation in Germany have recently deteriorated somewhat. Both the ifo Business Climate Index and the ZEW economic expectations barometer fell several points in April. The German Institute for Economic Research (DIW) does not expect any appreciable growth in the second quarter, either of exports or the wider economy. Although the institute does expect further growth, it will be subdued. The latest estimates for the whole of 2013 range from just 0.3 per cent (German Council of Economic Experts) through 0.6 per cent (International Monetary Fund) to 0.9 per cent (Institute of Macroeconomics and Economic Research – IMK). The forecasts for 2014 are significantly higher, at between 1.5 per cent and 2.4 per cent.
The outlook for the UK economy remains mixed. Although both the property sector and demand from foreign markets are likely to be positive factors, a restrictive financial policy, continuing high levels of household debt and the low international competitiveness of the UK economy are holding back the recovery.
In their spring reports, the leading economic institutes forecast growth of 0.7 per cent in 2013 and 1.7 per cent in 2014. Eurostat expects 0.9 per cent and 1.9 per cent, respectively.
The state of the economy is the main factor that determines companies' willingness to invest in advertising and marketing campaigns. As set out above, experts currently expect moderate economic growth in the company's two most important markets, i.e. Germany and the UK. As a result, there are no indications of any exceptional positive or negative changes in advertising budgets at the present time.
ZenithOptimedia anticipates that total advertising spend in Germany will rise 2.5 per cent in the current financial year, while in the UK it will increase by 3.6 per cent. The market for digital advertising will continue to outperform the rest of the market.
The German Association for the Digital Economy (BVDW) expects to see the German online advertising market grow 11 per cent this year, reaching a gross total of EUR 7.18 billion.
In the UK, companies are likely to invest 10 per cent more in digital advertising in 2013, according to eMarketer. In 2014, growth of 11 per cent is expected. Mobile advertising will post a rise of 90 per cent in 2013 and 60 per cent in the coming year.
For the current financial year, SYZYGY expects 10 per cent organic growth in sales, to which both the Germany and UK segments will contribute. In the UK segment, the acquisition of new clients at Unique Digital London in particular will have a positive effect on sales and income from the second quarter onwards.
All the German agencies will contribute to growth in the Germany segment in 2013. Particularly strong momentum will be generated by the Berlin-based Hi-ReS! agency, which acquired an important new client in the form of car manufacturer BMW. SYZYGY expects that the company will reach break-even point in the second quarter.
Earnings are expected to grow at an aboveaverage rate in the current financial year, given that the start-up costs for Hi-ReS! Berlin will cease to be a factor from the second half of the year onwards. SYZYGY therefore currently expects earnings growth of 30 per cent for the overall group.
For 2014, SYZYGY expects sales to rise 10 per cent and EBIT to increase in line with sales growth.
Any acquisitions may affect these forecasts positively or negatively.
| ASSETS | 03/31/2013 | 03/31/2012 | 12/31/2012 |
|---|---|---|---|
| EUR'000 | EUR'000 | EUR'000 | |
| Non-current assets | |||
| Goodwill | 19,427 | 19,589 | 19,701 |
| Fixed assets, net | 2,897 | 2,721 | 2,792 |
| Fixed asset investments | 925 | 630 | 668 |
| Other assets | 495 | 514 | 525 |
| Deferred tax assets | 2,046 | 276 | 2,046 |
| Total non-current assets | 25,790 | 23,730 | 25,732 |
| Current assets | |||
| Cash and cash equivalents | 1,699 | 4,689 | 6,103 |
| Marketable securities | 21,485 | 13,656 | 20,693 |
| Accounts receivable, net | 10,140 | 9,712 | 9,840 |
| Prepaid expenses and other current assets | 2,314 | 2,571 | 1,922 |
| Total current assets | 35,638 | 30,628 | 38,558 |
| Total assets | 61,428 | 54,358 | 64,290 |
| EQUITY AND LIABILITIES |
03/31/2013 | 03/31/2012 | 12/31/2012 |
| EUR'000 | EUR'000 | EUR'000 | |
| Equity | |||
| Common stock* | 12,828 | 12,828 | 12,828 |
| Additional paid-in capital | 20,207 | 20,207 | 20,207 |
| Own shares | -116 | -116 | -116 |
| Accumulated other comprehensive income | -871 | -1,989 | -265 |
| Retained earnings | 17,468 | 10,648 | 16,651 |
| Minorities | -308 | 0 | -260 |
| Total equity | 49,208 | 41,578 | 49,045 |
| Non-current liabilities | |||
| Long term liability | 134 | 200 | 134 |
| Deferred tax liabilities | 89 | 57 | 89 |
| Total non-current liabilities | 223 | 257 | 223 |
| Current liabilities | |||
| Tax accruals and liabilities | 875 | 1,387 | 1,222 |
| Accrued expenses | 3,311 | 2,957 | 2,885 |
| Customer advances | 1,455 | 2,220 | 2,597 |
| Accounts payable | 5,896 | 5,264 | 7,769 |
| Other current liabilities | 460 | 695 | 549 |
| Total current liabilities | 11,997 | 12,523 | 15,022 |
| Total liabilities and equity | 61,428 | 54,358 | 64,290 |
* Contingent Capital EUR 1,200,000 (Prior year: EUR 1,200,000).
| Q1-2013 | Q1-2012 | Change | |
|---|---|---|---|
| EUR'000 | EUR'000 | ||
| Billings | 19,760 | 18,005 | 10% |
| Media costs | -11,782 | -10,528 | 12% |
| Sales | 7,978 | 7,477 | 7% |
| Cost of revenues | -5,494 | -5,055 | 9% |
| Sales and marketing expenses | -836 | -734 | 14% |
| General and administrative expenses | -986 | -948 | 4% |
| Other operating income/expense, net | 43 | 42 | 2% |
| Operating profit | 705 | 782 | -10% |
| Financial income, net | 356 | 230 | 55% |
| Income before taxes | 1,061 | 1,012 | 5% |
| Income taxes | -292 | -282 | 4% |
| Net income of the period | 769 | 730 | 5% |
| Currency translation adjustment | -365 | -166 | 120% |
| Net unrealised gains/losses on marketable securities | -241 | 1,077 | n/a |
| Other comprehensive income | -606 | 911 | n/a |
| Comprehensive income of the period | 163 | 1,641 | -90% |
| thereof income share to other shareholders | -48 | 0 | n/a |
| thereof income share to shareholders of SYZYGY AG | 211 | 1,641 | -87% |
| Earnings per share from total operations (basic in EUR) | 0.06 | 0.06 | – |
| Earnings per share from total operations (diluted in EUR) | 0.06 | 0.06 | – |
| Q1-2013 | Q1-2012 | 2012 | |
|---|---|---|---|
| EUR'000 | EUR'000 | EUR'000 | |
| Net income of the period | 769 | 730 | 9,022 |
| Adjustments to reconcile income from continuing operations to net cash provided by operating activities |
|||
| – Depreciation on fixed assets | 168 | 179 | 704 |
| – Profit and loss on sale of securities | -132 | -58 | 295 |
| – Income of at equity investments | 0 | 0 | -16 |
| – Other non-cash income and expenses | 315 | 0 | -19 |
| Changes in operating assets and liabilities: | |||
| – Accounts receivable and other assets | -284 | -1,557 | -1,642 |
| – Customer advances | -1,135 | 168 | 545 |
| – Accounts payable and other liabilities | -1,673 | -2,114 | 992 |
| – Tax accruals and payables, deferred taxes | -77 | 602 | -2,159 |
| Cash flows provided by operating activities | -2,049 | -2,050 | 7,722 |
| Proceeds from sale of fixed assets | 0 | 0 | 3 |
| Changes in other non-current assets | 15 | 204 | -14 |
| Investments in fixed assets | -287 | -335 | -910 |
| Purchases of marketable securities | -9,846 | -4,581 | -21,424 |
| Proceeds from sale of marketable securities | 8,052 | 4,084 | 15,730 |
| Acquisition of associated companies | -257 | 0 | 0 |
| Cash flows used in investing activities | -2,323 | -628 | -6,615 |
| Dividend | 0 | 0 | -2,561 |
| Cash inflows from issuance of share capital from minority shareholders |
0 | 0 | 12 |
| Cash flows from financing activities | 0 | 0 | -2,549 |
| Total | -4,372 | -2,678 | -1,442 |
| Cash and cash equivalents at the beginning of the period | 6,103 | 7,533 | 7,533 |
| Exchange rate differences | -32 | -166 | 12 |
| Cash and cash equivalents at the end of the period | 1,699 | 4,689 | 6,103 |
The accompanying notes are an integral part of the financial statements.
| Accum. other comprehen sive income |
||||||||||
|---|---|---|---|---|---|---|---|---|---|---|
| EUR '000 |
Number of shares (in 1,000) |
Common stock | Additional paid-in capital |
Own shares | Retained earnings | Foreign exchange currency |
Unrealised gains and losses |
Equity attributable to shareholders of YGY AG SYZ |
Minority interest | quity Total e |
| January 01, 2012 | 12,828 | 12,828 | 20,207 | -116 | 9,918 | -1,826 | -1,074 | 39,937 | 0 | 39,937 |
| Comprehensive income | 9,294 | 433 | 2,202 | 11,929 | -272 | 11,657 | ||||
| Dividend | -2,561 | -2,561 | -2,561 | |||||||
| Changes in first consolidation and shares |
12 | 12 | ||||||||
| December 31, 2012 | 12,828 | 12,828 | 20,207 | -116 | 16,651 | -1,393 | 1,128 | 49,305 | -260 | 49,045 |
| January 01, 2013 | 12,828 | 12,828 | 20,207 | -116 | 16,651 | -1,393 | 1,128 | 49,305 | -260 | 49,045 |
| Comprehensive income | 817 | -365 | -241 | 211 | -48 | 163 | ||||
| March 31, 2013 | 12,828 | 12,828 | 20,207 | -116 | 17,468 | -1,758 | 887 | 49,516 | -308 | 49,208 |
Pursuant to the provisions of section 37 y WpHG (German Securities Trading Act) in conjunction with section 37 w para. 2 WpHG, the financial report of SYZYGY AG for the first three months of 2013 comprises interim consolidated financial statements and an interim Group Management Report. The interim consolidated financial statements were prepared in accordance with the requirements of International Financial Reporting Standards (IFRS) for interim financial reporting as applicable within the European Union. The interim financial statements were prepared in compliance with IAS 34. Accordingly, the company elected to produce a shortform report, compared with the consolidated financial statements as at December 31, 2012. The Management Report was prepared in accordance with the applicable requirements of the WpHG.
The same accounting and consolidation principles were applied as described in the notes to the financial statements in the 2012 annual report. Individual items in the balance sheet and consolidated statement of comprehensive income are likewise presented using the same valuation principles as described and applied in the annual report for 2012. The financial figures and associated information must therefore be read in conjunction with the annual report on the consolidated financial statements for 2012.
The interim consolidated financial statements have not been subject to an auditor's review, in accordance with section 37 w para. 5 WpHG.
SYZYGY is an international agency group for digital marketing. SYZYGY AG acts as a management holding company by providing central services relating to strategy, planning, technology development, accounting, IT infrastructure and finance. SYZYGY AG also supports the subsidiaries in new business activities and generates sales from projects with third parties. As operating entities, the subsidiaries are responsible for providing consultancy and other services. With branches in Bad Homburg, Berlin, Frankfurt/Main, Hamburg, London and New York, the Group's subsidiaries offer large companies an integrated portfolio of corporate Internet solutions, from strategic consulting to project planning, concepts, design and technical realisation. SYZYGY's services are complemented by search engine marketing and online media planning. As a service provider for technology, creative input and media, SYZYGY enables clients to use digital media as innovative tools for communication and marketing. The Group's business focus is on the automotive, telecommunications/IT, retail and consumer goods, and financial services industries.
As at March 31, 2013, the following subsidiaries were included in the consolidated financial statements of SYZYGY AG and fully consolidated:
Hi-ReS! Berlin GmbH, Germany Hi-ReS! Hamburg GmbH, Germany Hi-ReS! London Ltd, UK Hi-ReS! New York Inc, United States Mediopoly Ltd, UK SYZYGY Deutschland GmbH, Germany SYZYGY UK Ltd, UK uniquedigital GmbH, Germany Unique Digital Marketing Ltd, UK
In addition to the fully consolidated subsidiaries, Ars Thanea s. k. a., Warsaw, Poland, is also included in SYZYGY's consolidated financial statements as a joint venture based on the at equity method.
Information on general consolidation principles is provided in the 2012 annual report from page 49 onwards.
Application of IFRS 8 requires segment reporting in accordance with the Group's management approach. SYZYGY thus bases segment reporting on geographical criteria.
As the holding company, SYZYGY AG mainly delivers services to the operating units and therefore needs to be considered separately. Sales that SYZYGY AG generates with third parties are reported under the Germany segment, as is the pro rata operating income.
The Germany segment comprises SYZYGY Deutschland GmbH, uniquedigital GmbH, Hi-ReS! Hamburg GmbH and Hi-ReS! Berlin GmbH. The UK segment consists of SYZYGY UK Ltd, Unique Digital Marketing Ltd, Hi-ReS! London Ltd and Mediopoly Ltd.
Hi-ReS! New York Inc is included in central functions and consolidation since the company is considered to be immaterial due to its low sales and total assets and cannot be allocated to either of the geographical segments.
The individual segments apply the same accounting principles as the consolidated entity.
The criteria used by SYZYGY AG to assess the performance of the segments include sales and operating income (EBIT). Transactions between segments, which are charged at market prices, were eliminated.
Segment assets are equivalent to total assets plus the goodwill attributable to the respective segment, less receivables attributable to companies in the same segment.
Segment investments comprise investments in intangible assets and fixed assets.
Segment liabilities correspond to total liabilities excluding equity, less liabilities attributable to companies in the same segment.
| March 31, 2013 EUR '000 |
germany | UK | Functions and Consolidation Central |
total |
|---|---|---|---|---|
| Billings | 14,277 | 5,468 | 15 | 19,760 |
| Media costs | -8,639 | -3,143 | 0 | -11,782 |
| Sales | 5,638 | 2,325 | 15 | 7,978 |
| Internal sales | 242 | 44 | -286 | 0 |
| Operating income (EBIT) | 805 | 247 | -347 | 705 |
| Financial income | 12 | 1 | 343 | 356 |
| Assets | 18,905 | 19,454 | 23,069 | 61,428 |
| of which goodwill | 8,841 | 10,586 | 0 | 19,427 |
| Investments | 279 | 7 | 1 | 287 |
| Depreciations and amortisation | 125 | 35 | 8 | 168 |
| Segment liabilities | 8,724 | 7,032 | -3,536 | 12,220 |
| Employees as at balance sheet date | 183 | 95 | 27 | 305 |
| March 31, 2012 EUR '000 |
germany | UK | Functions and Consolidation Central |
total |
|---|---|---|---|---|
| Billings | 12,032 | 5,831 | 142 | 18,005 |
| Media costs | -7,229 | -3,299 | 0 | -10,528 |
| Sales | 4,803 | 2,532 | 142 | 7,477 |
| Internal sales | 601 | 29 | -630 | 0 |
| Operating income (EBIT) | 756 | 330 | -304 | 782 |
| Financial income | 17 | 3 | 210 | 230 |
| Assets | 14,447 | 21,120 | 18,792 | 54,358 |
| of which goodwill | 8,841 | 10,748 | 0 | 19,589 |
| Investments | 274 | 51 | 13 | 338 |
| Depreciations and amortisation | 122 | 56 | 1 | 179 |
| Segment liabilities | 9,582 | 6,561 | -3,273 | 12,870 |
| Employees as at balance sheet date | 165 | 97 | 24 | 286 |
As at March 31, 2013, SYZYGY held 25,000 treasury shares. SYZYGY is authorised to resell or call in treasury shares or to offer treasury shares to third parties in the course of acquiring companies. Treasury shares do not entitle the Company to any dividend or voting rights. The extent of the share buyback is shown as a separate item to be deducted from equity.
Transactions in shares in their own organisation by board members of listed companies are called directors' dealings. In the period under review, board members did not buy or sell any SYZYGY shares.
Current holdings of shares and options as well as transactions carried out in the period under review are disclosed in the following tables:
| Number of shares | Marco Seiler |
Andrew Stevens |
Total |
|---|---|---|---|
| As at December 31, 2012 | 622,279 | 375,000 | 997,779 |
| Purchases | 0 | 0 | 0 |
| Sales | 0 | 0 | 0 |
| As at March 31, 2013 | 622,279 | 375,000 | 997,779 |
| Number of shares | Michael Mädel |
Wilfried Beeck |
Thomas Strerath |
Total |
|---|---|---|---|---|
| As at December 31, 2012 | 0 | 120,000 | 0 | 120,000 |
| Purchases | 0 | 0 | 0 | 0 |
| Sales | 0 | 0 | 0 | 0 |
| As at March 31, 2013 | 0 | 120,000 | 0 | 120,000 |
| Number of Options | Marco Seiler |
Andrew Stevens |
total |
|---|---|---|---|
| As at December 31, 2012 | 120,000 | 120,000 | 240,000 |
| Additions | 0 | 0 | 0 |
| Disposals | 0 | 0 | 0 |
| As at March 31, 2013 | 120,000 | 120,000 | 240,000 |
The members of the Supervisory Board do not hold any options.
As at the reporting date, the total number of shares was 12,828,450. As at March 31, 2013, the shareholders' structure has slightly changed compared to December 31, 2012. The WPP Group held 29.9 per cent, Marco Seiler continued to hold 4.9 per cent and Andrew Stevens 2.9 per cent of the shares. Since 0.2 per cent of the shares are held as treasury stock, the free float amounted to 62.1 per cent.
Bad Homburg v. d. H., April 30, 2013 SYZYGY AG
The Management Board
General Annual Meeting, Frankfurt / june 14 Interim Half-Year Statement 2013 / july 31 Interim Report as per 09/30/2013 / october 30 German Equity Forum, Frankfurt / november 11-13 Capital Market Conference (MKK), Munich / december 4-5
Investor Relations Im Atzelnest 3 61352 Bad Homburg t +49 6172 9488-251 f +49 6172 9488-272 e [email protected]
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