interim report q1 - cancom - cloud transformation … gmbh, at the beginning of the year, brings the...

24
3-months-report 2012 Interim Report Q1 »Leading provider of IT infrastructure and professional services«

Upload: hakhanh

Post on 28-May-2018

213 views

Category:

Documents


0 download

TRANSCRIPT

Page 1: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

3-months-report 2012

Interim Report Q1

»Leading provider of IT infrastructure and professional services«

Page 2: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

Q1/2012

CO

NT

EN

T

Consolidated interim management report Q1 05-11

1) Businessandthegenereleconomicsituation 06-07

2) Earnings,financialandassetssituationof theCANCOMGroup 08-09

3) Shareholdingsof theExecutiveandSupervisoryBoard 10

4) Eventsof particularsignificanceafterthereoprtingdate 10

5) Riskreport 10

6) Opportunitiesreport 10

7) Forecast 10-11

appendix 20-23

Consolidated statement of Changes in eQuity 16

statement of Comprehensive inCome 17

segment information 18-19

Consolidated Cash flow statement 15

statement of Comprehensive inCome 14

BalanCe sheet 12-13

seCtion page

Key figures 03

prefaCe 04

taBle of Contents 02

Table of Contents

taBle of Contents

02

Page 3: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

Q1/2012

Overviewof keyfiguresCANCOMgroup

in€million 01/01/-31/03/2012 01/01/-31/03/2011 Changes

Revenue 141.1 124.6 +13.2%

Grossprofit 42.1 37.9 +11.1%

EBITDA 7.0 4.7 +48.9%

EBITDA-Margein% 5.0% 3.8% +1.2%

EBIT 5.3 3.1 +71.0%

Netprofitfortheperiod 2.1 1.7 +23.5%

Earningspershare(in€)

fromcontinuingoperations(diluted) 0.26 0.17 +52.9%

Averagenumberof shares

(in1,000)(diluted) 10,391 10,391 0%

Employeesasof 31March 1,981 2,020 -1.9%

Key figures

Key figures

03

in € million 31.03.2012 31.12.2011 Changes

Balancesheettotal 180.5 194.9 -7.4%

Equity 63.3 60.9 +3.9%

Equityratioin% 35.1% 31.2% +3.9%

CANCOM Group's sales revenues

3months(01/01-31/03)(in€million)

CANCOM Group's EBITDA

3months(01/01-31/03)(in€million)

CANCOM Group's EBIT

3months(01/01-31/03)(in€million)

200

150

100

50

0124.6

2011

141.1

2012

8

6

4

2

04.7

2011

7.0

2012

8

6

4

2

05.3

2012

3.1

2011

Page 4: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

4 Q1/2012

Preface

Dear Shareholders,

nFollowingtherecordresultsachievedin2011,theCANCOMGroupmadeaverygoodstarttothecurrentfinancialyear.Thefirstquarterresultsareconvincingevidenceofthe

Group’simpressiveperformance.Consolidatedsalesrevenuesareup13.2percent,underliningCANCOM’ssteadygrowth,andtheGroup’scontinuingprofitabilityisdemonstra-

tedbythe48.9percentincreaseinearningsbeforeinterest,tax,depreciationandamortisation(EBITDA).ThepriceoftheCANCOMsharejumpedattheendofthequarter.

TheCANCOMstrategyclearlyconcentratesonhigh-earningsandhigh-growthmarketsegments,withacorporateportfoliofocusedontheITtrendsofthefuture.Ourobjective

ofachievinganEBITDAmarginof5percentwithintheGroupinthemediumtermisthereforealreadywithinreach.TheestablishmentofthenewcompanyCANCOMcloudsolu-

tionsGmbH,atthebeginningoftheyear,bringstheGroupanotherstepclosertobecomingtheleadingprivatecloudsolutionsarchitectandmanagedservicesprovider.Allthe

Group’smanagedservicesandcloudsolutionsaretobeconcentratedinthenewcompanyimmediately.

AccordingtothelatesteconomicsurveybytheGermanFederalAssociationforInformationTechnology,TelecommunicationsandNewMedia,BITKOM,thepositivemoodinthe

ITsectorissettocontinue.Themajorityofcompaniessurveyedexpectanincreaseinrevenuesovertheyear2012asawholeincomparisonwith2011.BITKOManticipatesthat

thisgrowthwillbedrivenbytechnologiessuchascloudcomputing,andbytheincreaseinmobileInternetuseviatabletcomputersorsmartphones.Withitsportfolioofproducts

andservices,CANCOMiswellplacedforfuturegrowth.OuroperatingstrengthandourcomfortablecashpositionoffergreatopportunitiestodrivetheGroup’sgrowth,bothor-

ganicallyandthroughacquisitions.

Wewouldliketothankourshareholdersfortheirconfidenceinus,andwelookforwardtoshapingCANCOM’ssuccessintothefuture.

Yourssincerely

KlausWeinmann,CEO

prefaCe

Page 5: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

Consolidated interim management report

Page 6: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

1. Business and operating environment

Organisational and legal structure of the CANCOM Group

CANCOMAG,basedinMunich,Germany,performsthecentralfinancialandmanagement

rolefortheequityinvestmentsheldbytheCANCOMGroup.

Focus of activities and sales markets

Oneof thethreelargestindependentintegratedsystemsprovidersinGermany,theCAN-

COMGroupisanITarchitect,systemsintegratorandmanagedservicesprovider.Asa

providerof integratedservices,itscentralfocusisonprovidingITservicesinadditionto

distributinghardwareandsoftwarefromprestigiousmanufacturers.Itsrangeof ITservices

includesdesigningof ITarchitecturesandlandscapes,anddesigningandintegrationof

ITsystems,aswellassystemsoperation.

TheCANCOMGroup’scustomerbasethereforeprimarilyincludescommercialend-users,

fromindependentprofessionalsandmedium-sizedcompaniestolargecompaniesand

public-sectorinstitutions.

Explanation of the control system used within the Group

Tocontrolandmonitortheperformanceof theindividualsubsidiaries,onceamonth

CANCOManalyses,interalia,keyfiguressuchastheirsalesrevenues,grossprofit,

operatingexpenditureandoperatingprofit,andcomparesthesewiththeoriginalplanas

wellasthequarterlyforecast.Additionally,theCompanyregularlyusesexternalindicators

suchasinflationrates,interestrates,thegeneraleconomictrendandtheperformanceof

theITsector–aswellasforecastsforthese–forthepurposeof managementcontrol.

Thecashmanagementproceduresincludeadailystatusinvestigation.

Consolidated Interim Management Report

Consolidated interim management report

06 Q1/2012

Research and development activities

Innovationisof theutmostimportanceinstimulatingeconomicmomentumandgrowth.

However,asCANCOMispurelyaservicesandtradingcompany,itdoesnotundertake

anyresearchactivities.DevelopmentworkisverylimitedandisprincipallyfortheGroup’s

ownpurposes.ItsfocusincludessoftwaresolutionsandapplicationsinITgrowthareas

suchascloudcomputing,virtualisation,mobilesolutions,ITsecurityandmanagedservices.

Developmentsinthefirstquarterof 2012focusedontheonlinesegmentandonanew

ERPsystemforasubsidiary.

The performance of the IT sector and the economy as a whole

FollowingadeclineinGDPinGermanyinthefourthquarterof 2011,inthefirstquarter

of thecurrentyeartheearlyindicationsareforslightyear-on-yeargrowthof 0.1percent.

AccordingtothelatesteconomicsurveybytheGermanITsectororganisationBITKOM,

justunderthree-quartersof Germanprovidersof IT,telecommunicationsandelectronic

entertainmentequipmentrecordedayear-on-yearincreaseinsalesrevenuesinthefirst

quarterof 2012.Inthefirstquarterof 2012theBITKOMsectorindexwasuponthefourth

quarterof 2011,anditiscurrentlysignificantlyhigherthantheIfoBusinessClimateIndex

fortheGermaneconomyasawhole.

Page 7: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

Consolidated interim management report

Consolidated Interim Management Report

07Q1/2012

Overview of the CANCOM Group’s business performance

Inthefirstquarterof 2012,theCANCOMGroupagainrecordedasignificantyear-on-year

jumpinsalesrevenuesandprofits.Infact,thisisthebestquarterintheCompany’shistory.

Thefiguresforthefirstquarterof 2012andthecomparativefiguresfor2011hadtobe

adjustedincompliancewithInternationalFinancialReportingStandards(IFRS)totake

intoaccountthesaleof HOHHomeof HardwareGmbHandCANCOMLtd.UK,sothat

thesebusinessunitsarenowaccountedforasdiscontinuedoperations.Detailscanbe

foundinthenotestotheconsolidatedaccounts.

TheCANCOMGroup’sconsolidatedsalesrevenuesforthefirstquarterof 2012wereup

13.2percentyearonyearto€141.1million,comparedwith€124.6millioninthefirst

quarterof 2011.Theconsolidatedgrossprofitwasup11.1percentfrom€37.9millionto

€42.1million.Consolidatedearningsbeforeinterest,tax,depreciationandamortisation

(EBITDA)wereup48.9percentyearonyear,fromlastyear's€4.7million,withanEBITDA

marginof 5.0percent,comparedwith3.8percentinthefirstquarterof 2011.Consolida-

tedEBITroseby71.0percent,from€3.1millioninthefirstquarterof 2011to€5.3million

in2012.Theconsolidatedprofit for theperiodwas€2.1million,comparedwith

€1.7millioninthefirstquarterof 2011.Thisresultedinearningspersharefromcontinu-

ingoperationsof €0.26,comparedwith€0.17inthesameperiodof 2011.

Significant events and investments in the reporting period

Since5March2012,theformerCANCOMsubsidiaryCANCOMPlautManagedServices

GmbHhasbeenoperatingunderthenameof CANCOMcloudsolutionsGmbH.

Inameetingon20March2012,theSupervisoryBoardof CANCOMAGapprovedthe

saleof theGroup’swholly-ownedsubsidiaryCANCOMLtd.,UK.Thereasonforselling

thecompanywastoallowtheGrouptofocusonthehigher-marginbusiness-to-business

segment.Sincethecompanyhadalreadybeenallocatedtodiscontinuedoperationssince

thesecondquarterof 2011,andthemainimpactof thiswastakenintoaccountinthe

financialstatementsfor2011,thesalewillnothaveanygreatimpactontheGroup’scash

andprofitsituationforthecurrentyear.

Employees

Asat31March2012,theCANCOMGroupemployed1,981people.

Theemployeesworkedinthefollowingareas(asat31March):

Professionalservices: 1,359

Salesanddistribution: 339

Centralservices: 283

Thepersonnelexpensesforthefirstthreemonthswereasfollows(in€’000):

Firstquarter2012 Firstquarter2011

Wagesandsalaries 24,579 22,668

Socialsecuritycontributions 4,159 4,195

Pensionprovisions 103 87

Total 28,841 26,950

Page 8: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

Q1/2012

Consolidated Interim Management Report

08

2. The earnings, financial and assets position of the CANCOM Group

a) Earnings position

TheCANCOMGroupachievedasignificantincreaseinsalesrevenuesandprofitsinthe

firstthreemonthsof 2012.Consolidatedsalesrevenueswereup13.2percentyearon

year,from€124.6millionto€141.1million.

CANCOM Group sales revenues: year-on-year comparison of first-quarter figures,

2011 and 2012 (in € million)

InGermany,salesrevenueswereup21.1percent,from€110.3millionto€133.6million.

Ininternationalbusiness,theGroup’ssalesrevenuesrose47.6percent,from€14.3million

to€7.5million.

Inthee-commercesegment,salesrevenueswereup11.5percentto€37.8million,in

comparisonwith€42.7millionin2011.IntheITsolutionssegmenttheywereup

26.0percent,from€82.0millionto€103.3million.

Theconsolidatedgrossprofitforthefirstthreemonthsof 2012wasup11.1percentin

comparisonwith2011,from€42.1millionto€37.9million.Thegrossprofitmarginfell

from30.4percentto29.8percent.

CANCOM Group gross profit: year-on-year comparison of first-quarter figures,

2011 and 2012 (in € million)

Consolidatedearningsbeforeinterest,tax,depreciationandamortisation(EBITDA)were

up48.9percentinthefirstthreemonthsof 2012to€7.0million,incomparisonwith€4.7

millioninthefirstquarterof 2011.

CANCOM Group EBITDA: year-on-year comparison of first-quarter figures,

2011 and 2012 (in € million)

Consolidatedearningsbeforeinterestandtax(EBIT)wereup71.0percent,from€3.1

millionto€5.3million.

CANCOM Group EBIT: year-on-year comparison of first-quarter figures,

2011 and 2012 (in € million)

Thenetincomeforthefirstthreemonthsof 2012roseto€1.7million,comparedwith€

2.1millionin2011.Asaresult,earningspersharefromcontinuingoperationsinthefirst

threemonthsof 2012were€0.26,comparedwith€0.17inthesameperiodof 2011.

CANCOM Group earnings per share

year-on-year comparison of first-quarter figures, 2011 and 2012 (in € million)

6

4

2

03.1

2011

5.3

2012

40

30

20

10

037.9

2011

42.1

2012

8

6

4

2

04.7

2011

7.0

2012

Consolidated interim management report

150

100

50

0124.6

2011

141.1

2011

0.4

0.3

0.2

0.1

00.17

2011

0.26

2012

Page 9: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

Q1/2012

Consolidated Interim Management Report

09

Theliabilitiessideof thebalancesheetshowsasignificantreductionincurrentliabilities,

whicharedownfrom€110.0millionto€95.5million.Thisismainlytheresultof areduc-

tionintradeaccountspayablefrom€72.9millionto€55.9million.

Non-currentliabilities,consistingof liabilitieswitharesidualtermof atleastoneyear,are

downfrom€24.2millionto€21.7million.

Thetotalassetsaredownto€180.5millionasat31March2012,comparedwith€194.9

millionasat31December2011.

Thenominalequitycapitalhasbeenincreasedfrom€60.9millionto€63.3millionsince

thestartof theyear,mainlythroughtransferstonetprofits.Overall,thisresultedinan

equityratioof 35.1percentat31March2012,comparedwith31.2percentat31Decem-

ber2011.

Furtherdetailsof theindividualbalancesheetitemscanbefoundinthenotestothe

consolidatedbalancesheet.

Notes to the statement of cash flows

Thecashflowfromordinaryactivitiesistypicallynegativeduringtheyear,andtherewas

anegativecashflowof €14.2millionasat31March2012,comparedwith€15.9million

inthesameperiodof 2011.Thechangeincomparisonwasinfluencedbytheincreaseof

balancebetweentradeaccountsreceivableandtradeaccountspayable.

Therewasanegativecashflowfrominvestingactivitiesof €1.0million,comparedwitha

negativecashflowof €2.4millioninthefirstthreemonthsof 2011.

Therewasanegativecashflowfromfinancingactivitiesof €1.0million,comparedwitha

negativecashflowof €1.2millioninthefirstthreemonthsof 2011.

Overall,thisresultedincashandcashequivalentsof €28.3million,comparedwith

€11.8millionin2011.

The order position

Inthee-commercesegmentandpartsof theITsolutionssegment,themajorityof incoming

ordersareconvertedtosaleswithintwoweeksbecauseof ourlargedeliverycapacity.

Consequently,thereportingdatefiguresontheirowndonotgiveatruepictureof our

ordersituationinthisareaof business,whichiswhytheyarenotpublished.

IntheITsolutionssegment,ordersareoftengivenoverlongperiods.Atpresent,thevolume

of orderscontinuestobehealthy.

Duetothestableservicesbusiness–whichnowaccountsforaroundtwo-thirdsof the

consolidatedgrossprofits(totaloutputlessmaterialscostsandservicesrendered)–as

wellasthehealthyconditionof thebalancesheet,themanagementfeelstheGroupisin

agoodpositionwithintheITsector.

Explanations of individual items on the statement of income

Detailsonitemsinthestatementof incomearegiveninthenotestotheconsolidated

statementof income.

b) Financial and assets position

Objectives of financial management

Thecoreobjectiveof thefinancialmanagementof theCANCOMGroupistosafeguard

itsliquidityatalltimes,toensurethatday-to-daybusinessactivitiescanbecontinued.In

addition,theGroupaimstoachieveoptimumprofitabilityaswellasthehighestpossible

creditstandingtoensurefavourablerefinancingrates.

Notes on the capital structure

Ontheassetssideof theconsolidatedbalancesheet,therewasadecreaseincurrent

assetsbetween31December2011and31March2012,from€140.4millionto€125.6

million.Cashandcashequivalentsweredownfrom€44.4millionto€28.3million,owing

toseasonalvariations.Tradeaccountsreceivablerosefrom€72.2millionto€81.8million,

butinventorieswerereducedfrom€15.0millionto€9.2million.

Non-currentassetsasat31March2012werealmostunchanged,at€55.0million,com-

paredwith€54.5millionasat31December2011.

Consolidated interim management report

Page 10: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

Q1/2012010

3. Shares held by members of the Executive and Supervisory Boards as at 31 March 2012

Total number of shares: 10,390,751 100%

Executive Board:

KlausWeinmann 209,864 2.00%

Rudolf Hotter 0 0.00%

Supervisory Board:

WaltervonSzczytnicki 6,252 0.1%

StefanKober 261,289 2.50%

RaymondKober 260,891 2.50%

WalterKrejci 0 0.00%

ReginaWeinmann 0 0.00%

PetraNeureither* 11,511 0.1%

*SharesforPENGmbH

4. Events of particular significance after the reporting date

Therewerenoeventsof particularimportanceafterthereportingdateof 31March2012

uptothetimethismanagementreportwaspreparedbytheExecutiveBoard.

5. Risks of future development

Therehavebeennomajorchangesintherisksof futuredevelopmentatCANCOMsince

thestartof thecurrentfinancialyear.Detailsof theriskscanbefoundintheannualreport

for2011,startingonpage20.Theannualreportcanbedownloadedfromwww.cancom.

deorobtainedfreeof chargefromtheCompany.

6. Opportunities for future development

TherehavebeennomajorchangesintheopportunitiesforfuturedevelopmentatCANCOM

sincethestartof thecurrentfinancialyear.Detailsof theopportunitiesreportcanbefound

intheannualreportfor2011,startingonpage25.

7. Forecast

TheGermanEconomicsMinistryisof theviewthattheGermaneconomyisgradually

emergingfromthedip,andstandsagoodchanceof startingtogrowagaininthespring.

AccordingtotheMinistry,therearevariouseconomicindicatorsthatpointtothis.Forthe

year2012asawhole,mostexpertsareforecastinggrowthof between0.5percentand

1.0percent.

Gross domestic product, Germany, 2012

(realchangecomparedwith2011,asapercentage)

*Forecast:DeutscheBankEconomicResearch,11April2012

AccordingtothelatestmarketfiguresfromtheFederalAssociationforInformationTech-

nology,TelecommunicationsandNewMedia(BITKOM)expertsanticipatethatgrowthin

theGermanITmarketwillremainsteadyat3.1percent.

Theyforecastgrowthof 3.0percentfortheIThardwaresegmentand4.4percentforthe

softwaresegment,comparedwith1.3percentand5.1percentrespectivelyin2011.The

ITservicessegmentisexpectedtogrowby2.5percent,comparedwith3.2percent

in2011.

54

3

2

1

0

-1

-2

-3-0.2

Euroland+0.5

Germany

+2.7

USA

+1.0

UK

Consolidated interim management report

Consolidated Interim Management Report

-2.8

Japan

+3.5

World

Page 11: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

Q1/2012 011

Inviewof theGroup’spositiveperformancein2011,theExecutiveBoardcurrentlyexpects

that,providedeconomicconditionscontinuetobepositivein2012,thesalesrevenues

andprofitsof theGroupasawholewillrise,andthatitsfinancialsituationwillcontinueto

bepositive.

Munich,Germany,May2012

CANCOMAG

TheExecutiveBoard

Thisdocumenthasnotbeenaudited.Itcontainsstatementsandinformationaboutthefuturethatarebasedontheassumptionsandestimatesof theExecutiveBoardof CANCOMAG.Thesestatementsareidentifiablebywordsandphrasessuchas“plan”,“intend”,“will”,“expect”,“feel”etc.andarebasedoncurrentexpectations,assumptionsandassessments.Althoughwefeelthattheseexpectationsarerealistic,wecannotguaranteetheircorrectness,especiallyinourforecast.Theassumptionsmaybesubjecttoseveralinternalandexternalrisksanduncertainties,whichmayleadtotheactualresultsdeviatingconsiderably,eitherpositivelyornegatively,fromthesituationsandfiguresforecast.Thefollowinginfluencingfactorsarerelevantinthisrespect:changesinthegeneraleconomicandbusinesssituation;changesininterestratesandforeigncurrencyexchangerates;changesinthecompetitivesituation,forinstancebytheemergenceof newcompetitors,newproductsandservicesornewtechnologies;changesintheconsumerhabitsof targetcustomergroupsetc.;andchangestothebusinessstrategy.CANCOMdoesnotplantoupdateitsforecastsbeyondthelegalrequirements,nordoesitmakeanycommit-menttodoso.

Performance of the German IT sector in 2012

(realchangeincomparisonwith2011,asapercentage)

Forecast:BITKOM,February2012

CANCOMwasearlyingearingitsbusinesspolicytofutureITtrends,anddesignedits

salesandservicesstructurearoundthem.Theexpansionof thee-commercebusiness

andthenewCANCOMwebshophavebroughtfurtherreductionsinprocessandtransac-

tioncostsbothforcustomersandfortheCANCOMGroup,whichshouldresultingreater

profitabilityof theGroup’stradingbusiness.

CANCOMhasalsosignificantlyexpandeditsmarketpresenceaswellasimprovingits

customerproximityintheGerman-speakingareas,andisrepresentedalloverGermany

andAustriabyitsmanyserviceandconsultinglocations.CANCOMplanstoconsolidate

itsmarketpositionintheITenvironmentintheGerman-languageareasthroughtargeted

acquisitions.Themarketenvironmentcontinuestooffergoodconditionsforthisstrategy.

CANCOMaimstocontinuegrowingfasterthantheITmarket,usingitsprovenexpertise

andoutstandingmarketpositionintheITtrendsegmentsreferredtoabove.

Owingtotheinvestmentsinthee-commercesegmentandtheGroup’sgoodpositioning

inthegrowthmarketof cloudcomputing,theExecutiveBoardexpectsthesalesrevenues

andprofitsof thee-commercedivisionandtheITsolutionssegmenttorisefurtherand

thedemandforITproductsandservicestoremainsteadyorindeedrise.

Consolidated interim management report

Consolidated Interim Management Report

65

4

3

2

1

0

3.1

ITmarket

asawhole

3.0

IThardware

4.4

Software

2.5

ITservices

Page 12: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

Q1/2012

Balance sheet

Consolidated BalanCe sheet (ifrs) – assets

12

Figuresin€ '000

Assets Notes 31/03/12 31/12/11 31/03/11

Current assets

Cashandcashequivalents 28,313 44,365 11,832

Assetsheldforsale 0 2,080 0

Tradeaccountsreceivable 81,815 72,212 63,653

Othercurrentfinancialassets B.1. 3,552 5,297 3,809

Inventories 9,216 14,992 13,801

Ordersinprocess 1,344 572 2,212

Prepaidexpensesandothercurrentassets B.2. 1,361 861 3,621

Total current assets 125,601 140,379 98,928

Long-term assets

Property,plantandequipment 13,219 12,901 10,165

Intangibleassets 15,872 15,928 17,918

Goodwill 23,667 23,667 23,667

Investments 70 70 2,780

Notesreceivable/loans 52 52 49

Otherfinancialassets 1,277 1,229 805

Deferredtaxesarisingfromtemporarydifferences B.3. 734 628 388

Deferredtaxesarisingfromtaxlosscarryover B.3. 1 8 275

Otherassets 31 29 82

Total long-term assets 54,923 54,512 56,129

Total assets 180,524 194,891 155,057

Page 13: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

Q1/2012

Consolidated BalanCe sheet (ifrs) – eQuity and liaBilities

Balance sheet

13

Figuresin€ '000

Equityandliabilities Notes 31/03/12 31/12/11 31/03/11

Current liabilities

Shorttermdebtandcurrentportionof long-termdebt 3,814 2,324 732

Profit-participationcapitalandsubordinatedloansshort-termportion 6,920 6,824 825

Tradeaccountspayable 55,909 72,906 45,605

Advancedpaymentsredeived 1,515 1,872 1,505

Othercurrentfinancialliabilities B.4. 1,546 1,487 2,391

Accruedexpenses B.5. 1,833 1,555 1,557

Deferredrevenues 1,285 1,042 1,417

Incometaxpayable 8,112 6,008 1,865

Othercurrentliabilities B.6. 14,612 13,666 11,149

Liabilitiesinconnectionwithassetsheldforsale 0 2,080 0

Total current liabilities 95,546 109,764 67,046

Long-term liabilities

Long-termdebt,lesscurrentportion 5,663 7,358 9,370

Profit-participationcapitalandsubordinatedloans 6,415 6,797 14,011

Deferredrevenues 4,250 4,538 4,854

Deferredtaxesfromtemporarydifferences B.7. 2,593 2,653 4,065

Pensionprovisons 87 87 80

Otherlong-termfinancialliabilities B.8. 1,055 1,081 1,457

Otherlong-termliabilities B.5. 1,646 1,701 1,635

Total Long-term liabilities 21,709 24,215 35,472

Equity

Sharedcapital 10,391 10,391 10,391

Additionalpaid-incapital 15,904 15,904 15,904

Netprofit(incl.retainedearnings) 36,780 34,735 26,452

Currencytranslationdifference -11 -291 -331

Minorityinterests 205 173 123

Total equity 63,269 60,912 52,539

Total equity and liabilities 180,524 194,891 155,057

Page 14: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

14 Q1/2012

Statement of comprehensive income (IFRS)

statement of Comprehensive inCome (ifrs)

Figuresin€'000 01/01/2012 01/01/2011

IncomeStatement Notes -31/03/2012 -31/03/2011

Revenues 141,100 124,620

Otheroperatingincome D.1. 189 231

Othercapitalisedservicesrenderedforownaccount 471 0

Total operating revenue 141,760 124,851

Costof purchasedmaterialsandservices -99,643 -86,972

Gross profit 42,117 37,879

Personnelexpenses D.2. -28,841 -26,950

Depreciationofproperty,plantandequipment

andamortisationofintangibleassets -1,702 -1,564

Otheroperatingexpenses D.3. -6,261 -6,249

Operating income 5,313 3,116

Interestandsimilarincome 108 31

Interestandotherexpenses -573 -575

Foreigncurrencyexchangeincome/losses -1 8

Profit before taxes 4,847 2,580

Incometaxexpense D.4. -2,095 -794

After tax profit

from continuing operations 2,752 1,786

Lossfromdiscontinuedoperations D.5. -674 -63

Net income for the year 2,078 1,723

thereof attributabletotheshareholdersof theparent 2,045 1,684

thereof attributabletominorityinterests D.6. 33 39

Averagenumberof sharesoutstanding(basic) 10,390,751 10,390,751

Averagenumberof sharesoutstanding(diluted) 10,390,751 10,390,751

Earnings per share

from continuing operations (non-diluted) 0.26 0.17

Earnings per share

from continuing operations (diluted) 0.26 0.17

Earnings per share

from discontinued operations (non-diluted) -0.06 -0.01

Earnings per share

from discontinued operations (diluted) -0.06 -0.01

Q1

Page 15: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

15Q1/2012

Consolidated Cash flow statement (ifrs)

Consolidated cash flow statement (IFRS)

Figuresin€'000 01/01/2012 01/01/2011Cashflow -31/03/2012 -31/03/2011

Cash flow from ordinary activities:

Netprofitfortheperiodbeforetaxesandminorityinterests 4,847 2,580

Adjustments:

+/-Depreciationof property,plantandequipment,andamortisationof intangibleassets 1,702 1,564

+/-Changesinlong-termaccruals -1,249 -19

+/-Changesincurrentaccruals 278 14

+/-Gains/lossesonthesaleof intangibleassets,

property,plantandequipmentandfinancialassets -401 276

+ Interestexpense 465 544

+/-Changesininventories 5,776 -574

+/-Changesintradeaccountsreceivableandotheraccountsreceivables -10,134 1,235

+/-Changesintradeaccountspayablesandotheraccountspayable -15,515 -20,532

+/-Interestpaymentsandrebates -59 -97

+/-Incometaxpaymentsandrebates -147 -801

+/-Non-cashexpensesandincome 0 -7

+/-Inflow/outflowfromdiscontinuedoperations 260 -62

Net cash from operating activities -14,177 -15,879

Cash flow from investing activities

+/-Acquisitionof subsidiariesandequityinstrumentsof othercompanies 0 -1,359

+/-Cashfromacquisitions 0 0

- Paymentsforadditionstointangibleassetsaswellasproperty,plantandequipmen -2,024 -1,277

+ Incomefromdisposalof intangibleassets,property,plantandequipmentandfinancialassets 461 253

- Cashusedindisposalof equityholdings -402 0

+ Interestreceived 108 31

+/-Inflow/outflowfromdiscontinuedoperations 950 0

Net cash used in investing activities -907 -2,352

Cash flow from financing activities

+ Take-upoflong-termfinancialliabilities 0 0

- Repaymentoflong-termfinancialliabilities(incl.short-termportions) -680 -807

+/-Changesinshort-termliabilities 20 46

- Interestpaid -345 -388

- Dividendspayed 0 0

+/-Cashinflow/outflowfinancelease 36 -64

Net cash used in financing activities -969 -1,213

Net change in cash and cash equivalents -16,053 -19,444

+/-Changesinvalueresultingfromforeigncurrencyexchange 1 -196

+/-Cashandcashequivalentsasatbeginningof period 44,365 31,472

Cash and cash equivalent sat end of period 28,313 11,832

Breakdown:�

Cash� � 28,313�� 10,979�

Cash�from�discontinued�operations� � 0�� 853�

� � � 28,313�� 11,832�

Page 16: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

16 Q1/2012

units'000 in€'000 in€'000 in€'000 in€'000 in€'000 in€'000 in€'000 in€'000 in€'000 in€'000

31. December 2010 10,391 10,391 15,904 10,623 -289 155 -153 14,298 50,929 84 51,013

Changesinreserves

Transfernetprofit/retainedearnings 6,465 -6,465 0 0

Distribution -1,559 -1,559 -75 -1,634

Comprehensiveincomefortheperiod -2 -155 11,526 1,369 164 11,533

31. December 2011 10,391 10,391 15,904 17,088 -291 0 -153 17,800 60,739 173 60,912

Changesinreserves:

Transfernetprofit/retainedearnings 0 0 0 0

Distribution 0 0 0

Comprehensiveincomefortheperiod 280 0 2,149 2,429 32 2,461

31. March 2012 10,391 10,391 15,904 17,088 -11 0 -153 19,845 63,064 205 63,269

Consolidated statement of changes in equity (IFRS)

Consolidated statement of Changes in eQuity (ifrs)

Shar

es

Shar

eca

pita

l

Addi

tiona

lpai

d-in

cap

ital

Reta

ined

ear

ning

s

Fore

ign

curre

ncy

trans

latio

nre

serv

e

Exch

ange

rate

diff

eren

cere

serv

e

Reva

luat

ion

rese

rve

Net

pro

fitlo

ss

Ow

nsh

ares

ata

cqui

sitio

nco

sts

Min

ority

inte

rest

Tota

lequ

ityc

ash

Page 17: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

17Q1/2012

statement of Comprehensive inCome (ifrs)

Statement of comprehensive income (IFRS)

in€'000 01/01/2012 01/01/2011 -31/03/2012 -31/03/2011

Net income for the period 2,182 1,723

Other income

Currencytranslationdifference -3 -1

Exchangeratedifference 0 -281

Incometaxes 0 85

Other after-tax income for the period -3 -197

Comprehensive income for the period 2,075 1,526

thereof attributabletotheshareholderof theparent 2,042 1,487

thereof attributabletotheminorityinterests 33 39

Q1

Page 18: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

18 Q1/2012

e-commerce IT Solutions Total operating segments Other companies Reconcilation consolidated

31/03/12 31/03/11 31/03/12 31/03/11 31/03/12 31/03/11 31/03/12 31/03/11 31/03/12 31/03/11 31/03/12 31/03/11

€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000

Sales revenues

– External sales 37,819 42,666 103,281 81,954 141,100 124,620 0 0

– Intersegment sales 1,071 581 17,924 14,753 18,995 15,334 0 0 -18,995 -15,334

– Total sales revenues 38,890 43,247 121,205 96,707 160,095 139,954 0 0 -18,995 -15,334 141,100 124,620

– Cost of purchased materials and services -31,954 -36,086 -80,760 -62,205 -112,714 -98,291 0 0 13,071 11,319 -99,643 -86,972

– Personnel expenses -4,244 -4,169 -23,472 -21,851 -27,716 -26,020 -1,125 -930 0 0 -28,841 -26,950

– Other operative income and expenses -555 -1,101 -10,595 -8,509 -11,150 -9,610 -375 -362 5,924 4,015 -5,601 -6,018

EBITDA 2,137 1,830 6,378 4,142 8,515 5,972 -1,500 -1,292 0 0 7,015 4,680

– scheduled depreciation and amortisation -276 -324 -1,382 -1,200 -1,658 -1,524 -44 -40 0 0 -1,702 -1,564

Operating Income (EBIT) 1,861 1,506 4,996 2,942 6,857 4,448 -1,544 -1,332 0 0 5,313 3,116

– Interest income 62 8 9 17 71 25 120 83 -83 -77 108 31

– Interest expenditure -182 -166 -141 167 -323 1 -333 -319 83 77 -573 -575

– Income from equity investments 0 0 0 0

Profit/loss from ordinary activities 1,741 1,348 4,864 3,126 6,605 4,474 -1,757 -1,568 0 0 4,848 2,572

– Foreign currency exchange gains / losses 0 0 0 -1 7 -1 8

Pre-tax profit/loss 1,741 1,348 4,864 3,126 6,605 4,474 -1,757 -1,568 -1 7 4,847 2,580

– Income taxes -2,095 -794 -2,095 -794

– Discontinued operations -570 -63 0 0 -570 -63 0 0 0 0 -570 -63

Consolidated profit/loss for the period 2,078 1,723

thereof attributable to the shareholders

of the parent 2,045 1,684

thereof attributable to minority interest 33 39

Other information Reconcilation 2)

– Assets 1) 104,804 95,897 58,029 53,459 162,833 149,356 16,876 4,605 815 1,096 180,524 155,057

– Investments 1) 795 260 1,138 1,041 1,933 1,301 91 20 2,024 1,321

Segment information (IFRS)

segment information (ifrs)

1) Segment assets and investments including goodwill from consolidation of capital

2) Tax assets

Page 19: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

19Q1/2012

e-commerce IT Solutions Total operating segments Other companies Reconcilation consolidated

31/03/12 31/03/11 31/03/12 31/03/11 31/03/12 31/03/11 31/03/12 31/03/11 31/03/12 31/03/11 31/03/12 31/03/11

€'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000 €'000

Sales revenues

– External sales 37,819 42,666 103,281 81,954 141,100 124,620 0 0

– Intersegment sales 1,071 581 17,924 14,753 18,995 15,334 0 0 -18,995 -15,334

– Total sales revenues 38,890 43,247 121,205 96,707 160,095 139,954 0 0 -18,995 -15,334 141,100 124,620

– Cost of purchased materials and services -31,954 -36,086 -80,760 -62,205 -112,714 -98,291 0 0 13,071 11,319 -99,643 -86,972

– Personnel expenses -4,244 -4,169 -23,472 -21,851 -27,716 -26,020 -1,125 -930 0 0 -28,841 -26,950

– Other operative income and expenses -555 -1,101 -10,595 -8,509 -11,150 -9,610 -375 -362 5,924 4,015 -5,601 -6,018

EBITDA 2,137 1,830 6,378 4,142 8,515 5,972 -1,500 -1,292 0 0 7,015 4,680

– scheduled depreciation and amortisation -276 -324 -1,382 -1,200 -1,658 -1,524 -44 -40 0 0 -1,702 -1,564

Operating Income (EBIT) 1,861 1,506 4,996 2,942 6,857 4,448 -1,544 -1,332 0 0 5,313 3,116

– Interest income 62 8 9 17 71 25 120 83 -83 -77 108 31

– Interest expenditure -182 -166 -141 167 -323 1 -333 -319 83 77 -573 -575

– Income from equity investments 0 0 0 0

Profit/loss from ordinary activities 1,741 1,348 4,864 3,126 6,605 4,474 -1,757 -1,568 0 0 4,848 2,572

– Foreign currency exchange gains / losses 0 0 0 -1 7 -1 8

Pre-tax profit/loss 1,741 1,348 4,864 3,126 6,605 4,474 -1,757 -1,568 -1 7 4,847 2,580

– Income taxes -2,095 -794 -2,095 -794

– Discontinued operations -570 -63 0 0 -570 -63 0 0 0 0 -570 -63

Consolidated profit/loss for the period 2,078 1,723

thereof attributable to the shareholders

of the parent 2,045 1,684

thereof attributable to minority interest 33 39

Other information Reconcilation 2)

– Assets 1) 104,804 95,897 58,029 53,459 162,833 149,356 16,876 4,605 815 1,096 180,524 155,057

– Investments 1) 795 260 1,138 1,041 1,933 1,301 91 20 2,024 1,321

segment information (ifrs)

Segment information (IFRS)

Page 20: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

20 Q1/2012

3. Accounting and valuation policies

Theconsolidatedinterimfinancialreportiscompiledusingbasicallythesameaccountingandvaluationmethodsasthoseusedfortheconsolidatedfinancialstatementsforthefinancialyear2011.

B. Notes to the consolidated balance sheet

1. Other current financial assets

Thisitemincludesapurchasepricereceivable(€2,028thousand),bonusesduefromsuppliers(€976thousand),marketingrevenue(€241thousand),creditorswithadebitbalance(€207thousand)andreceivablesfromemployees(€100thousand).

2. Prepaid expenses and other current assets

Thisitemmainlyconsistsof othercurrentassetssuchastaxrefunds(€160thousand),compensationfordamages(€37thousand),interestincome(€37thousand),rentrecei-vables(€33thousand),receivablesfromsocialsecuritycarriers(€27thousand)andreceivablesfromtheGermanFederalEmploymentAgency(€18thousand).

Prepaidexpenses(€1,031thousand)alsoincludedeferredinsurancepremiums.

3. Deferred tax assets

Thedeferredtaxassetsareasfollows:

Deferredtaxresultingfrom Temporary Taxloss differences carryforward €'000 €'000Asat1January2012 628 8Taxexpenditurefromprofitandlosscalculation 106 -7As at 31 March 2012 734 1(All figures in German data format)

Asat31March2012,theCANCOMGrouphadcorporationtaxlosscarryforwardsof €8.6millionandtradetaxlosscarryforwardsof €8.1million.Theunusedcorporatetaxlossesforwhichnodeferredtaxclaimwasrecognisedinthebalancesheetamountedto€8.6million,andthetradetaxlossesforwhichnodeferredtaxclaimwasrecognisedamountedto€8.1million.Theseamountsrelatetolosscarryforwardsthathavebeencalledintoquestionbecauseof theEUCommission’slegalinterpretationof therestruc-turingclauseinSection8cof theGermanCorporateTaxAct(Körperschaftsteuergesetz,KStG)andthereforecannotbeatpresentbeclaimedastaxexempt.

Notes to the consolidated accounts

notes to the Consolidated aCCounts

A. The principles adopted for the consolidated financial statements

1. General information

Theconsolidatedinterimfinancialstatementsof CANCOMAGanditssubsidiaries(‘theCANCOMGroup’or‘theGroup’)forthefinancialyear2012weredrawnupaccordingtoInternationalFinancialReportingStandardsorInternationalAccountingStandards(IFRS/IAS).

Theconsolidatedinterimfinancialstatementsweredrawnupineuro.Unlessotherwisestated,allamountsareshowninthousandsof euro(€’000).Roundingof figuresmayresultinapparentinconsistenciesbetweentotalsandsumsof constituentparts.Forthesamereason,percentagesmaynottotal100percent.

ThisconsolidatedinterimfinancialreportiscondensedandwasdrawnupincompliancewithIAS34InterimFinancialReporting.ItshouldbereadinconjunctionwiththeIFRS-compliantconsolidatedfinancialstatementsforthefinancialyear2011,whichcanbedownloadedfromwww.cancom.de.

2. Reporting entity – scope of consolidation

TheconsolidatedfinancialstatementsincludeCANCOMAGandallsubsidiariesinwhichCANCOMAGhaseitheradirectoranindirectmajorityshareholding,orinwhichitholdsthemajorityof thevotingrights.Thesesubsidiariesarefullyconsolidated.

CANCOMAGhassolditssharesinCANCOMLtd.Thesaleisdocumentedbyapurchaseandtransferagreementsignedon16March2012,whichisalsotheeffectivedateof transfer.ThesalepricewasGBP1.

Theimpactonvariousitemsinthebalancesheetof theeliminationof CANCOMLtd.fromthelistof companiesincludedintheconsolidatedfinancialstatementsisshownbelow:

Balance as at (€ '000) 16 March 2012

Assetsheldforsale -2,184

Total current assets -2,184

Total assets -2,184

Liabilitiesassociatedwithheld-for-saleassets -1,597

Total current liabilities -1,597

Total liabilities -1,597

Net assets disposed of -587

(All figures in German data format)

Page 21: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

21Q1/2012

Thedeferredtaxesfromtemporarydifferencesaremainlytheresultof differencesinotherprovisions(€229thousand),property,plantandequipment(€169thousand),intangibleassets(€144thousand),goodwill(€123thousand),andeliminationof saleswithintheGroup(€66thousand).

4. Other current financial liabilities

Thisitemincludesdebtorswithacreditbalance(€784thousand),outstandingbillsof costs(€584thousand),purchasepriceliabilities(€126thousand)andSupervisoryBoardremuneration(€52thousand).

5. Other provisions

Theprovisionsmainlyincludeguaranteesandwarranties(€1,497thousand),severancepayments(€965thousand),salaries(€474thousand),additionalleasingcosts(€338thousand),financialstatementcosts(€97thousand)andcontingentrisks(€57thousand).

Thetotalprovisionsincludelong-termprovisionsof €1,646thousanddisclosedunderothernon-currentliabilities.Theycompriseguaranteesandwarranties(€752thousand),aprovisionforseverancepaymentswhichislegallymandatoryinAustria(€456thousand),anniversaries(€205thousand),provisionsforpartialretirement(€122thousand)andadditionalleasingcosts(€111thousand).

6. Other current liabilities

Othercurrentliabilitiesmainlyincludesalestax(€4,507thousand),bonuspaymentstoBoardmembersandemployees(€3,736thousand),holidayandovertime(€3,138thou-sand),taxonwagesandsalariesandchurchtax(€1,602thousand),tradeassociationpayments(€703thousand),wagesandsalaries(€198thousand),socialsecuritycontri-butions(€164thousand)andthecompensationlevyfornon-employmentof theseverelyhandicapped(€39thousand).

7. Deferred tax liabilities

Thedeferredtaxliabilitiesareasfollows:

€'000Asat1January2012 2.653Taxependiturefromprofitandlosscalculation -60Asat31March2012 2.593(All figures in German data format)

Thedeferredtaxliabilitiesarisefromdeviationsfromthetaxbalancesheets.Theyresultfromtherecognitionandrevaluationof intangibleassets(€2,378thousand),otherfinan-cialassets(€184thousand),ordersinprocess(€16thousand),capitalfromprofit-parti-cipationrightsandsubordinatedloans(€12thousand)andotherprovisions(€3thousand).

Theprovisionsarevaluedattherelevanttaxrate,whichrangesbetween25percent(fortheAustriansubsidiary)and32.98percent(Germansubsidiary).

8. Other non-current financial liabilities

Othernon-currentfinancialliabilitiescomprisedebtorswithacreditbalance(€607thousand)andpurchasepriceliabilities(€448thousand).

C. Segment information (seepage18+19)

Adescriptionof thesegmentssubjecttomandatoryreportingcanbefoundonpage70of CANCOM’sannualreportfor2011.

Reconciliation

Reconciliationshowsitemsnotdirectlyconnectedwiththeoperatingsegmentsandtheothercompanies.Theyincludesaleswithinthesegments,andtheincometaxexpense.Theincometaxexpenseisnotacomponentof theprofitsof theoperatingsegments.Sincethetaxexpenseisallocatedtotheparentcompanywheretheparentcompanyisthetaxableentity,theallocationof theincometaxdoesnotexactlycorrespondtothestructureof thesegments.

notes to the Consolidated aCCounts

Notes to the consolidated accounts

Page 22: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

22 Q1/2012

Information on geographical regions

Sales revenue according to Sales revenue according to customer location company location 1Jan.-31Mar.2012 1Jan.-31Mar.2011 1Jan.-31Mar.2012 1Jan.-31Mar.2011

€'000 €'000 €'000 €'000

Germany 130,122 110,255 133,643 110,326

OutsideGermany 10,978 14,365 7,457 14,294

Group 141,100 124,620 141,100 124,620

Non-current assets

31Mar.2012 31Mar.2011

€'000 €'000

Germany 52,079 50,297

OutsideGermany 1,987 2,340

Group 54,066 52,637

(All figures in German data format)

Non-currentassetsincludeproperty,plantandequipment,intangibleassets,goodwillandothernon-currentassets.Financialinstrumentsanddeferredtaxclaimsarenotincluded.

D. Notes to the consolidated statement of income

Forreasonsof comparability,thefiguresshownbelowforthepreviousyearhavebeenrecalculatedincompliancewithIFRS5.34totakeintoaccounttheincomeandexpenditureincludedinthelossfromdiscontinuedoperations.

1. Other operating income

Theotheroperatingincomeismadeupof thefollowingitems:

€'000 1Jan.-31Mar.2012 1Jan.-31Mar.2011

Rent 1 2Incomenotrelatingtotheperiod 18 103Governmentgrants 166 116Otheroperatingincome 4 10Total 189 231(All figures in German data format)

2. Personnel expensesThepersonnelexpensesconsistof thefollowingitems:

€'000 1Jan.-31Mar.2012 1Jan.-31Mar.2011

Wagesandsalaries 24,579 22,668Socialsecuritycontributions 4,159 4,195Pensionexpenses 103 87Total 28,841 26,950(All figures in German data format)

3. Other operating expenses

Theotheroperatingexpensesconsistof thefollowingitems:

€'000 1Jan.-31Mar.2012 1Jan.-31Mar.2011

Officespace 1,269 1,198Insuranceandothercharges 148 196Motorvehicles 1,224 1,499Advertising 407 246Stockexchangeandentertainment 39 141Hospitalityandtravellingexpenses 776 646Deliverycosts 441 584Third-partyservices 432 485Repairs,maintenance,leasing 240 214Communicationandofficeexpenses 433 472Legalandconsultancyexpenses 156 85Feesandcharges;costsof moneytransactions 97 117Adjustmentsonreceivables 64 17Otheroperatingexpenses 535 349Total 6,261 6,249(All figures in German data format)

4. Income tax

TherateofincometaxforGermancompanieswas30.79percent(2011:30.04percent).Thisismadeupofcorporationtax,tradetaxandthesolidaritysurcharge.ThedivergencebetweenthetaxexpensesreportedandthoseatthetaxrateofCANCOMAGisshownbelow:

€'000 1Jan.-31Mar.2012 1Jan.-31Mar.2011

Earnings before tax 4,847 2,580 Expected tax expense at ratefor German companies(30.79 percent; 2011: 30.04 percent) 1,492 775-DifferencefromtaxpaidoutsideGermany 1 -8-Changeinvalueadjustmentof deferredtaxassetsonlosscarryforwards 72 -8-Tax-exemptincome/nontax-relevantcapitallosses -63 -1-Actualincomenotrelatingtotheperiod 572 -6-Permanentdifferences:non-deductibleoperatingexpenses;additionsandreductionsduetotradetax 46 40-Deferredtaxesduetocontingentpurchasepricecomponents 0 -2-Miscellaneous -25 4Total Group income tax 2,095 794(All figures in German data format)

Notes to the consolidated accounts

notes to the Consolidated aCCounts

Page 23: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

23Q1/2012

Theactualtaxrateiscalculatedasfollows:

€'000Incomebeforetax 4,847Incometax 2,095Actual tax expense rate 43.22%(All figures in German data format)

Incometaxcomprisestheincometaxpaidorowedintheindividualcountriesandalsothedeferredtaxes:

€'000 1Jan.-31Mar.2012 1Jan.-31Mar.2011

Actual income tax paid 2,254 926

Deferred taxes Assets -99 39Liabilities -60 -171 -159 -132

Group income tax 2,095 794(All figures in German data format)

5. Discontinued operations

Theimpactof discontinuedoperationsontheconsolidatedstatementof incomeisalossof €674thousandandcomprisesthelossmadebyCANCOMLtd.uptothetimeof itssale,andthelossonthesale.

6. Minority interests

Minorityinterestsaccountfor49percentof acentrixGmbH’snetincomefortheyear.

E. Other disclosures

1. Related party disclosures

Forthepurposesof IAS24,KlausWeinmanncanbeconsideredarelatedpartywhocanexerciseasignificantinfluenceontheCANCOMGroup,bothasanExecutiveBoardmemberandasashareholderinCANCOMAG.Rudolf Hotter,theotherExecutiveBoardmember,isalsoarelatedpartyforthepurposesof IAS24,asarethemembersof theSupervisoryBoard.ThefollowingcanalsobeconsideredtoberelatedpartiesasdefinedbyIAS24.9b:

-AL-KOKoberAGanditssubsidiaries-PENGmbH-WFOVermögensverwaltungGmbH-AURIGACorporateFinanceGmbH-SNPSchneider-Neureither&PartnerAG.

Relatedpartytransactionsweremadeontermsequivalenttothosethatprevailinarm'slengthtransactions,withpaymentdueinfullbetween10and30daysaftertheinvoicedate.

Thetransactionvolumeof goodssold,andservicesprovided,torelatedpartiesunderIAS24wasinthefirstquarter2012€2,689thousand(gross),of which€334thousandwasstilloutstandingatthebalancesheetdate.Thisamountrelatestogoods/servicespurchasedbyAL-KOKoberAGanditssubsidiaries.

Thewasnotransactionvolumeof goodsandservicespurchasedfromrelatedpartiesunderIAS24.

AconsultancyagreementhasbeeninplacebetweenCANCOMAGandtheChairpersonof itsSupervisoryBoard,WaltervonSzczytnicki,since1July2007.Thecontractwasapprovedon9March2007inaccordancewithSection114of theGermanStockCom-paniesAct(Aktiengesetz,AktG),andprovidesforanannualremunerationof €60thousand.Theremunerationpaidinthefirstquarterof 2012amountedto€15thousand.

2. Shares held by members of the Executive and Supervisory Boards(at the balance sheet date)

Alistof shareholdingscanbefoundonpage10of thisinterimreport.

3. Equity interests in the company as defined in Section 20 IV of the German Stock Companies Act (Aktiengesetz, AktG)

CANCOMAGdidnotreceivewrittennoticefromanyshareholderdisclosingamajorityshareholdingasdefinedinSection20of theaboveActinthefirstthreemonthsof 2012.

notes to the Consolidated aCCounts

Notes to the consolidated accounts

Page 24: Interim Report Q1 - CANCOM - Cloud Transformation … GmbH, at the beginning of the year, brings the Group another step closer to becoming the leading private cloud solutions architect

Publication details

cancoM aG

investor relations

ridlerstrasse 37

80339 München

GERMANY

3-Monatszahlen 2007

Tel.: +49 82 25 / 9 96-1015 Fax: +49 82 25 / 9 96-4-1015 E-Mail: [email protected]

3-months-report 2012

Interim report Q1