interim report q1 - cancom - cloud transformation … gmbh, at the beginning of the year, brings the...
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3-months-report 2012
Interim Report Q1
»Leading provider of IT infrastructure and professional services«
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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
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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
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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
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Consolidated interim management report
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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.
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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
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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
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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.
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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
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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
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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
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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
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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
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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�
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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)
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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
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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
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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)
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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)
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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
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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
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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
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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