quarterly financial report as of 31 March 2013
digi tal pio neer ing
Q1–2013
Key figures according to IFRS (unaudited)
1st quarter
01/01/– 31/03/2013
01/01/– 31/03/2012
Change
Income Statement Revenue
€m
55.51
57.65
-3.7%
Earnings before interest, taxes, depreciation and amortisation (EBITDA)
€m
1.86
1.51
23.2%
Earnings before interest and taxes (EBIT)
€m
1.51
1.14
32.5%
Earnings before taxes (EBT)
€m
1.55
1.27
21.8%
Net income as of 31 March
€m
1.14
0.63
82.6%
Other non-current assets
€m
47.38
45.49
4.1%
Cash, cash equivalents and securities
€m
29.76
27.52
8.1%
Other current assets
€m
54.92
57.86
-5.1%
ASSETS
€m
132.06
130.87
0.9%
Balance Sheet
Non-current liabilities
€m
6.72
9.80
-31.4%
Current liabilities
€m
45.91
45.52
0.9%
Shareholders´ equity
€m
79.43
75.55
5.1%
SHAREHOLDERS’ EQUITY AND LIABILITIES
€m
132.06
130.87
0.9%
Equity ratio
%
60
58
2%-points
Cash flow Cash flow from operating activities
€m
-9.29
-12.59
-26.2%
Cash flow from investing activities
€m
-2.18
-0.14
1,446.1%
Cash flow from financing activities
€m
0.87
0.09
845.7%
no.
1,457
1,346
8.2%
0.04
0.02
82.6%
Employees Number of permanent employees (as of 31 March)
Share Earnings per share
€
(Rounding differences in the Consolidated Interim Management Report due to presentation in € million possible)
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1
Highlights
Following the scheduled progress of business in the first quarter, the E xecutive Board confirms its annual forecast for the GFT Group. The Executive Board expects the GFT Group to make good progress in 2013 with r evenue growth of 3% to €238 million and pre-tax earnings of €12 to €13 million. With a more focused profile, the Group aims to achieve profitable and sustainable growth in the coming years.
Revenue
€ million
Q4
Earnings before taxes
2012
2013
56.08
0.00
€ million
Q4
2012
2013
4.31
0.00
Q3
58.23
0.00
Q3
4.02
0.00
Q2
58.73
0.00
Q2
2.51
0.00
57.65
55.51
Q1
1.27
1.55
230.69
55.51
12.11
1.55
Q1
Contents Consolidated Interim Management Report Notes to the Interim Financial Statements
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2 21
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Consolidated Interim Financial Statements
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14
2
Q1–2013
Group Management Report of GFT Technologies AG as of 31 March 2013 (unaudited)
Business environment Economic environment Macroeconomic development
Sector development According to the latest business confidence survey of the German Federal Association for Information Technology,
In its Economic Outlook of April 2013, the International
Telecommunications and New Media (BITKOM) in Febru-
Monetary Fund (IMF) reports that the global economy be-
ary, the German IT sector got off to a strong start in 2013.
came far more stable towards the end of the first quarter
Three quarters of all IT and telecommunication companies
of 2013 – despite its persistent crises and fresh turbulence.
currently expect rising revenues. Software firms and IT
The Organisation for Economic Cooperation and Develop-
service providers are particularly upbeat: 87% and 82%
ment (OECD) also believes that the situation is now less
of these companies, respectively, anticipate revenue
tense. According to leading economists, this is partly due
growth in the current year.
to action taken by the USA to combat its financial crisis and partly the result of monetary measures taken by the
This also means good prospects for the labour market.
European Central Bank.
More than half of all companies (57%) are looking to hire new staff in the course of the year. The shortage of skilled
According to the IMF, however, there is a growing diver-
labour continues to be a dominant topic in the sector.
gence between the industrialised nations, which have
According to BITKOM, 53% of all ICT companies believe
displayed more or less consistently weak growth since
this issue to be the greatest obstacle to further growth.
the financial crisis: in America, the upswing is becoming noticeably stronger, while the eurozone has remained
In its annual survey of ICT trends in January 2013, BITKOM
firmly in recession during 2013. The greatest worry is now
reported that Big Data has now firmly established itself as
France, which is threatening to slide into recession. This is
the most important high-tech topic, together with Cloud
also confirmed by the OECD’s experts, who at the same
Computing. Two further key strategic focus areas of GFT,
time praise the efforts of Greece, Ireland, Portugal and
Mobile Applications and Social Media, were also high in
Spain to introduce reforms. So far, however, these efforts
the BITKOM rankings.
have failed to produce any significant recovery in Europe’s economy. The only exception is Germany: economic growth here continues to outpace that of its major European rivals and the OECD forecasts an upswing. Compared to the negative growth of its neighbours, both the OECD and IMF put growth in Germany at 0.6% for the first quarter of 2013 – following growth of 0.9% for 2012 as a whole.
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Consolidated Interim Management Report
Course of business
GFT share
Despite the ongoing weakness of the eurozone econo-
The positive upwards trend on the stock markets con
mies, the GFT Group started well in its financial year 2013.
tinued in the first quarter of 2013. Encouraging economic
With consolidated revenue of €55.51 million (prev. year:
data and corporate results helped create stable conditions
€57.65 million), the Group fell 4% short of the prior-year
around the world in the first three months. Although the
figure. Adjusted for the planned reduction of revenue
eurozone was unsettled in February by the forthcoming
from its low-margin Third Party Management business
Italian elections, this was offset by very good export figures
(amounting to €4.25 million in the first quarter), however,
for Germany and China and a more upbeat business
the Group’s core business grew by 4% in the first three
climate: the IFO business confidence index published on
months. Pre-tax earnings (EBT) improved by 22% to €1.55
22 February 2013 reached its highest level since July 2010.
million (prev. year: €1.27 million). This figure includes costs
In March, the German blue-chip DAX30 index briefly
for the CODE_n innovation drive amounting to €0.77
climbed to a five-year-high of over 8,000 points. The
million (prev. year: €1.25 million).
discussions surrounding a rescue package for Cyprus, how-
There was particularly encouraging growth in the GFT Solutions division, which achieved revenue of €32.40 million and thus exceeded the prior-year figure (€30.49 million)
ever, led to renewed uncertainty on the world’s financial markets. The DAX closed at 7,795 points on 28 March 2013 – representing growth of 2.4% in the first quarter.
by 6%. This positive development of revenues was helped
The TecDAX index also made good progress. Instead of
by stable sales of banking solutions and growing demand
lagging behind the DAX, as in recent times, it posted
for outsourcing services and compliance solutions. Growth
growth of 12.6% in the first three months – and rising.
rates were particularly high in the regions Germany and
The tech stock barometer had previously suffered consid-
the UK. Thanks to positive margin effects and a high level
erable fluctuations due to the poor performance of solar
of capacity utilisation, earnings in this segment increased
energy shares.
by 33% to €2.41 million (prev. year: €1.81 million).
In this positive stock market environment, shares in GFT
The emagine division, which is continuing its realignment
Technologies AG also performed strongly at the beginning
process in 2013, posted revenue of €23.09 million – 15%
of 2013, climbing to a year-high to date of €3.50 on
down on the previous year (€27.16 million). Although
21 January. The upward trend which began in late 2012
activities involved with helping companies recruit highly
was thus successfully continued with further growth again
skilled IT and engineering specialists for technology pro-
in Xetra trading volumes. After peaking early in the year,
jects achieved slight growth in revenue to €22.45 million
there followed a period of consolidation with sideways
(prev. year: €21.93 million), the division’s Third Party
trends at a high level. On publication of the preliminary
Management business only contributed €0.64 million to
annual results on 28 February, the share price fell below
segment revenue (prev. year: €5.23 million). For fiscal
the supporting 38-day line (€3.42). The GFT share did not
2013, the planned reduction in revenue from this business
recover until late March when it rose again to €3.50. All in
will amount to around €15 million. Segment earnings of
all, the share recorded quarterly growth of 6.17%.
the emagine division were burdened by realignment costs and amounted to €0.10 million (prev. year: €0.68 million).
3
4
Q1–2013
Share performance indexed
120
Technology All Share Performance Index GFT share
100
2 January 2013 (closing price Xetra) €3.22 = 100%
28 March 2013 (closing price Xetra) € 3.44
Information on the GFT share Q1 2013
Q1 2012
Year-opening quotation (Xetra)
€3.18
€2.75
Closing quotation on 31 March (daily closing prices Xetra)
€3.44
€3.10
+6%
+14%
Highest price (daily closing prices Xetra)
€3.50 (21/01/2013)
€3.20 (02/03/2012, 13/03/–16/03/2012 20/03/–21/03/2012)
Lowest price (daily closing prices Xetra)
€3.20 (03/01/2013, 07/01/2013)
€2.75 (02/01/2012)
26,325,946
26,325,946
Market capitalisation at end of quarter
€90.56 million
€81.61 million
Average daily trading volume in shares (Xetra und Frankfurt)
19,476
15,266
€0.04
€0.02
Change in share price compared to year-closing quotation (2012: €3.24, 2011: €2.72)
Number of shares at end of quarter
Earnings per share
ISIN
DE 0005800601
Initial stock market quotation
28/06/1999
Market segment
Prime Standard
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Consolidated Interim Management Report
Development of revenue Shareholder structure
In the first quarter of 2013, the GFT Group generated
There were no changes in the shareholder structure of
consolidated revenue of €55.51 million, some 4% below
GFT Technologies AG in the period under review. 28.08% of shares are still held by company founder Ulrich Dietz. Maria Dietz owns 9.68% of voting shares, while former Supervisory Board member Dr Markus Kerber holds 5.00%. The free float portion comprises 57.24% of all GFT shares.
the prior-year figure (€57.65 million). The planned reduction in Third Party Management business amounted to €4.25 million in the first three months. Adjusted for this discontinued revenue contribution, the Group’s core business grew by 4% year on year. In its GFT Solutions division, GFT achieved revenue growth of 6% to €32.40 million in the first quarter of 2013 (prev. year: €30.49 million). Revenues in this division
Shareholder structure
were driven by growing compliance requirements in the finance sector and especially projects relating to the introduction of the Single Euro Payments Area (SEPA). Growth was helped further by rising demand for mobile banking solutions. The division’s share of consolidated revenue rose to 58% (prev. year: 53%). In the emagine division, revenue was 15% down on the previous year at €23.09 million for the first three months
%
of 2013 (prev. year: €27.16 million). This figure includes
Ulrich Dietz
28.08
Maria Dietz
9.68
Third Party Management business of €4.25 million. With
Dr Markus Kerber
5.00
its consultancy services for the staffing of technology
57.24
projects with highly skilled IT and engineering experts,
Free float
the planned reduction of revenues in the lower-margin
revenues of the emagine division grew slightly to €22.45 million (prev. year: €21.93 million). All in all, this division’s share of consolidated revenue fell to 42% (prev. year:
Revenue by segment
47%).
Q1 2013
€ million
GFT Solutions
58%
32.40
emagine
42%
23.09
0%
0.02
Others
5
6
Q1–2013
Revenue by country
In Switzerland, revenue reached €2.23 million and was
Germany, which is affected most by the withdrawal from
thus down 35% on the previous year (€3.45 million). The
Third Party Management business, reported a fall in revenue of 15% to €18.26 million (prev. year: €21.43 million). The region remained the GFT Group’s largest sales market
region’s share of Group revenue amounted to 4% (prev. year: 6%). The decline is mainly due to the discontinuation of local emagine business in the third quarter of the previ-
with a share of total revenue of 33% (prev. year: 37%).
ous year.
The GFT Group recorded its strongest first-quarter revenue
In Spain, the GFT Group posted revenue of €6.91 million,
growth in the UK with an increase of 27% to €11.80 million (prev. year: €9.30 million). This positive development was driven by the GFT Solutions division, while the ema gine division fell just short of its prior-year revenue figure. This region’s share of Group revenue rose to 21% (prev. year: 16%).
which corresponded to slight year-on-year growth of 4% (€6.65 million). The region accounts for 12% of Group revenue (prev. year: 12%). In the USA, revenue fell by 23% to €2.01 million (prev. year: €2.60 million). Revenue from »Other countries« reached €3.32 million (prev. year: €4.48 million), corre-
There was also encouraging progress in the Group’s business in France. Driven by demand for IT and engineering
sponding to a decline of 26%.
specialists in the industrial and service sectors, revenue
Revenue by industry
grew by 13% to €10.99 million (prev. year: €9.75 million).
At the beginning of financial year 2013, revenue by in-
The region’s share of Group revenue rose to 20% (prev.
dustry was reclassified in order to reflect business in the
year: 17%).
relevant target markets more accurately. Prior-year figures were adjusted accordingly. With a 61% share of the GFT Group’s total revenue (prev. year: 60%), the Financial service providers sector remained the most important industry for GFT in the first quarter of 2013. Revenue
Revenue by country
losses from discontinued Third Party Management business were almost completely offset in this sector by revenue growth in the GFT Solutions segment. As a result, revenue remained largely unchanged at €33.58 million (€34.35 million).
Q1 2013
€ million
Germany
33%
18.26
UK
21%
11.80
France
20%
10.99
Spain
12%
6.91
Switzerland
4%
2.23
USA
4%
2.01
Other countries
6%
3.32
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Consolidated Interim Management Report
Earnings position There was a strong increase of 11% to €13.94 million
In the first quarter of 2013, earnings before taxes (EBT)
(prev. year: €12.52 million) in revenue generated by the
of the GFT Group amounted to €1.55 million and were
»Other industries« segment, especially with industrial
thus 22% down on the previous year (€1.27 million). The
clients. This sector accounted for 25% of total revenue
operating margin before taxes was improved by 0.6 %-
(prev. year: 21%). The growth in revenue resulted mainly
points from 2.2% in the previous year to 2.8% at present.
from increased demand for IT experts and engineers for staffing technology projects as well as from increased revenues in the emagine segment.
Earnings before interest and taxes (EBIT) amounted to €1.51 million in the reporting period and were thus up 32% on the prior-year figure (€1.14 million). Earnings
Revenue in the »Other service providers« sector fell by
before interest, taxes, depreciation and amortisation
26% to €7.99 million (prev. year: €10.78 million), due to
(EBITDA) rose by 23% to €1.86 million (prev. year: €1.51
reduced revenues in both the emagine segment and GFT
million).
Solutions segment. The sector’s percentage contribution to revenue amounted to 14% (prev. year:19%).
Net income of the GFT Group in the first quarter of 2013 amounted to €1.14 million. This represents year-on-year growth of €0.51 million or 83% (prev. year: €0.63 million). The reason was a reduction in the calculated tax ratio
Revenue by industry
from 51% in the previous year to 26% now, as a result of a balanced distribution of earnings among the national companies. In line with this increased net income for the quarter, earnings per share improved by €0.02 in the reporting period to €0.04 per share (prev. year: €0.02 per share). These figures are based on an average of 26,325,946 outstanding Q1 2013
€ million
Financial service providers
61%
33.58
Other industries
25%
13.94
Other service providers
14%
7.99
shares.
Consolidated earnings position by segment In the first quarter of 2013, earnings of the GFT Solutions segment rose by 33% to €2.41 million (prev. year: €1.81 million). Its operating margin reached 7.4%, corresponding to year-on-year growth of 1.5 %-points (prev. year: 5.9%). This rise in earnings results mainly from the generally positive development of business. Earnings in the emagine segment were burdened by expenses involved with the realignment of the division and amounted to €0.10 million after the first three months of 2013 (prev. year: €0.68 million). The operating margin deteriorated by 2 %-points to 0.4% (prev. year: 2.4%).
7
8
Q1–2013
Earnings position by segment
GFT Solutions € million
emagine
Total
Others
Q1 2012
Q1 2013
Q1 2012
Q1 2013
Q1 2012
Q1 2013
Q1 2012
Q1 2013
1.81
2.41
0.68
0.10
-1.22
-0.96
1.27
1.55
The »Others« category comprises costs of the holding
At €23.33 million, personnel expenses remained virtually
company and consolidation amounts which cannot be
unchanged from the previous year (€23.23 million). As a
directly charged to either of the two aforementioned divi-
proportion of revenue, personnel expenses were up slightly
sions. At €-0.96 million, pre-tax earnings of this division
to 42% (prev. year: 40%). This moderate increase was a
were up on the previous year (€-1.22 million). The largest
result of the increased revenue share of the more labour-
individual items in this category were the costs for the
intensive GFT Solutions segment to 58% (prev. year: 53%)
CODE_n project and CeBIT fair presence totalling €0.77
and the related increase in headcount in this division.
million (prev. year: €1.25 million). Thanks to optimised cost management and higher external partner contributions, total expenses for the project were reduced by 38% compared to the previous year.
Consolidated earnings position by income and expense items
Depreciation of intangible and tangible assets amounted to €0.36 million in the first quarter and was thus almost unchanged from the previous year (€0.37 million). However, this item had only a minor impact on ordinary operating profits. Other operating expenses increased to €7.12 million in
In the first quarter of 2013, other operating income in-
the first quarter of 2013, corresponding to a year-on-year
creased slightly to €1.01 million (prev. year: €0.98 million).
increase of 11% (prev. year: €6.43 million). The main cost
This was mainly due to other operating income – especially
elements are operating, administrative and selling ex-
income from CODE_n partner contracts – as well as cur-
penses, which rose by €0.72 million to €6.67 million (prev.
rency gains.
year: €5.95 million). This item also includes other taxes and
The item cost of materials and purchased services – mainly comprising the use of external manpower – fell by €3.26 million to €24.21 million (prev. year: €27.47 million). The higher prior-year figure results from greater revenues in Third Party Management business and the resulting purchase of external employees. As a proportion of revenue, the cost of materials consequently fell year on year by 4 %-points to 44% (prev. year: 48%).
exchange rate losses.
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Consolidated Interim Management Report
Income taxes amounted to €0.40 million in the first quar-
At €-2.18 million, cash flows from investing activi-
ter and were thus €0.24 million below the prior-year figure
ties were well below the prior-year level (€-0.14 million).
of €0.64 million. The calculated tax ratio fell strongly by
This is due to the previously announced purchase of a
25 %-points in the reporting period to 26% (prev. year:
new a dministration building in Stuttgart as the company’s
51%). This is due to a more even distribution of profits
future head office for a purchase price of €1.9 million.
among the various national subsidiaries.
This item also includes smaller investments in tangible assets, including IT procurements.
Financial position
As of 31 March 2013, cash flows from financing activities amounted to €0.87 million and were thus slightly above the prior-year figure (€0.09 million). This
As of 31 March 2013, cash, cash equivalents and securities amounted to €29.76 million and were thus €10.66
figure concerns the use of short-term credit lines by a foreign subsidiary.
million below the corresponding figure at the end of 2012 (€40.42 million). The decline was due to a significant fall in liquid funds, mainly due to the payment behaviour of cer-
Asset position
tain clients, the distribution of bonuses for 2012 and the reduction of payables.
The requirements of IAS 19 (revised) were applied for the
Due to the delayed receipt of payments, trade receiva-
first time in the financial statements for the first quarter
bles rose by €7.64 million to €51.85 million as of the
of 2013. As a consequence, actuarial gains and losses must
reporting date, compared with year-end 2012 (€44.21
now be recognised in equity without an effect on profit or
million).
loss. This necessitates the retroactive adjustment of various
As of 31 March 2013, trade payables amounted to €18.05 million – corresponding to a reduction of €1.78 million since the end of 2012 (€19.83 million). Compared
balance sheet items as of 31 December 2012. Further details on this topic are provided in the Notes to the Interim Consolidated Financial Statements.
to the strong reduction in the previous year, liabilities have
As of 31 March 2013, the balance sheet total of the GFT
remained relatively stable since the beginning of the year.
Group was down slightly by €0.42 million and stood at
In comparison to the same period last year, cash flows from operating activities improved to €-9.29 million
€132.06 million. At the end of the financial year 2012, the total amounted to €132.48 million.
(prev. year: €-12.59 million). This is mainly due to the
In terms of asset there was a significant change in current
much smaller change in trade payables and other liabilities,
assets and especially in cash and cash equivalents.
which amounted to €-0.45 million in the reporting period. In the same period last year, the figure was €-9.91 million. At €-7.72 million, changes in trade receivables were well above the prior-year figure (€-4.25 million). Working capital (the difference between current assets and current liabilities) amounted to €35.62 million as of the quarterly reporting date and was thus slightly down on year-end 2012 (€37.26 million).
Compared to 31 December 2012 (€48.17 million), noncurrent assets were up by €2.37 million to €50.54 million. This was largely due to additions to tangible assets resulting from the purchase of the new administration building. As of 31 March 2013, current assets were well below their year-end 2012 level (€84.31 million), falling by €2.79 million to €81.52 million. The decline was mainly due to the sharp fall in liquid funds of €10.67 million to €25.24 million. By contrast, trade receivables increased by €7.64 million to €51.85 million.
9
10
Q1–2013
At the end of the quarter, equity amounted to €79.43
There was only a slight change in non-current liabilities
million and was thus €1.19 million above the correspond-
during the period under review. As of 31 March 2013,
ing figure on the balance sheet date of 31 December 2012
they stood at €6.72 million and were thus down by €0.47
(€78.24 million). The change was mainly due to a reduc-
million. This decrease was due to a reclassification of non-
tion in the balance sheet loss from €-3.83 to €-2.68 mil-
current to current liabilities due to maturity.
lion. As a consequence of this reduction, the equity ratio also rose from 59% as of 31 December 2012 to 60% at the end of the first quarter 2013.
The equity/non-current assets ratio – the yardstick for solid balance sheet structures – fell to 157% at the end of the quarter (year-end 2012: 169%). This ratio expresses
There was a decline in current liabilities of €1.15 million,
the relationship between the balance sheet items »equity«
mainly as a result of the fall in other provisions amounting
and »non-current assets« and provides information about
to €1.84 million. This was due to the payment of bonuses
the company’s financial stability.
from the previous year and the resulting reduction in pro visions. Trade payables fell by €1.78 million to €18.05 million, compared to €19.83 million as of 31 December 2012. There was an opposing increase in other liabilities of €1.36 million to €9.05 million in total.
Group balance sheet structure
ASSETS € million
31/12/ 2012
31/03/ 2013
31/03/ 2013
31/12/ 2012
EQUITY & LIABILITIES € million
Cash and securities
40.42
29.76
45.91
47.05
Current liabilities
Other current assets
47.08
54.92
6.72
7.19
Non-current liabilities
Other non-current assets
44.98
47.38
79.43
78.24
Equity capital
132.48
132.06
132.06
132.48
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11
Consolidated Interim Management Report
Employees Employees by division as of 31 March 2013
As of 31 March 2013, the GFT Group employed a total of 1,457 people. This corresponds to an increase of 111 persons or 8% compared to the same date last year. The upward trend since late 2012 was thus continued – at year-end there were already 1,386 employees. Headcount
GFT Solutions
is calculated on the basis of full-time staff, whereby part-
emagine
time staff are included on a pro rata basis.
Others Total
2013
2012
1,313
1,199
95
101
49
46
1,457
1,346
In the GFT Solutions division, the number of employees rose by 10%: from 1,199 as of 31 March 2012 to 1,313 on 31 March 2013. There was a particularly strong increase in Spain (up 125 persons or 15% to 932 employ-
The number of freelance staff fell year on year by 28 to 913 persons (- 3%).
ees). The emagine division employed 95 people. The decrease of 6 persons corresponds to a 6% decline compared to the same date last year. The »Others« category,
Research and development
which comprises staff of the holding company, remained virtually unchanged with an increase of 3 persons (7%) to 49 employees.
The GFT Group invested a total of €0.40 million in research and development during the reporting period and thus
As of 31 March 2013, 279 people were employed in Ger-
46% less than in the previous year (€0.74 million). The
many (prev. year: 275). The proportion of GFT staff employed
largest share of this total (€0.32 million or 80%) was
outside Germany (1.178 people) amounted to 81% (prev.
accounted for by personnel expenses (prev. year: €0.45
year: 80%).
million or 61%). The GFT Group concentrated its R&D efforts on the following strategic initiatives:
Employees by country as of 31 March 2013
At the SAP Competence Centre, experts develop tailored solutions for financial institutes, which help them integrate
2013
2012
Germany
279
275
topics in the first quarter of 2013 was the further develop-
Brazil
129
149
ment of possible uses for in-memory databases based on
France
18
17
SAP HANA technology. This technology is integrated into
UK
34
31
client solutions in order to significantly reduce the comput-
Switzerland
44
49
ing time for complex simulations, thus enhancing its use
Spain
932
807
USA
21
18
1,457
1,346
Total
SAP software into their existing IT platform. One of the key
in consultation sessions. GFT’s Mobile Finance activities comprise the development of key applications for mobile devices in the financial services sector. In the first quarter, investments were made for example in development and integration services for the field of Mobile Finance in order to design and implement tailored IT solutions and services for the finance sector.
12
Q1–2013
In its internal Applied Technologies Group, GFT
Although the German economy continues to prove re-
pools all R&D activities in the field of applied innovation
sistant to the eurozone debt crisis with expected growth
management. Based on the open innovation approach,
of 0.6%, the pace of growth is likely to slow compared to
the Group initiates and coordinates innovation projects in
last year (0.9%). This weak growth is increasingly restrict-
line with the current solution needs of our clients.
ing the ability of the eurozone’s key states to provide help
In order to ensure consistently high quality in its global development efforts, software development processes were further optimised in accordance with the international CMMI® (Capability Maturity Model Integration) standard.
Subsequent events
for the more marginal states where required. The IMF forecasts an overall decline in output for the eurozone of 0.3%. Its outlook for the coming year is somewhat more optimistic. The Fund expects the global economy to grow by 4.0% and the eurozone to return to growth of 1.1%. Its experts forecast as much as 1.5% growth in Germany.
Sector development The industry association BITKOM believes that the hightech industry will continue to be an important driver of the
No events occurred after the reporting date as at 31 March 2013 that are of major significance to GFT.
global economy in 2013. According to its latest economic outlook of 4 March 2013, the global market for products and services in the IT and telecommunication sector is expected to grow this year by 5.1% to €2.7 trillion. With
Opportunity and risk report
a share of 21.8% and expected growth of 0.9%, the EU is still the second-largest ICT market after the USA (26.8% share and 6.5% growth).
In the first three months of 2013, there were no material changes with regard to the comprehensive discussion of opportunities and risks provided in the Management Report accompanying the Consolidated Financial Statements for 2012. The risk position of the GFT Group is thus largely unchanged.
With growth of 1.8% to €141.3 billion, BITKOM believes that the German ICT market will easily outpace general economic growth. According to the BITKOM forecast, the IT services business (projects, consulting and outsourcing) will grow by 2.5% to around €36 billion in 2013, following growth of 2.1% in the previous year. Every second IT company states that a lack of skilled staff is the greatest
Forecast report
hindrance to market growth. There are currently 43,000 vacancies for IT specialists in Germany. The most important trend topic is still Cloud Computing with revenue growth for business solutions alone of 53% to €4.6 billion this
Macroeconomic development
year and expected revenue of €13.7 billion in three years’
In its World Economic Outlook published on 16 April
time. According to the BITKOM, other trend topics closely
2013, the International Monetary Fund (IMF) downgraded
linked to Cloud Computing – such as Big Data, Mobility,
its forecast for global economic growth slightly from 3.5%
Security and Industry 4.0 – are likely to benefit from this
to 3.3% – its fourth consecutive downgrade. Although the
strong growth.
global economy is becoming increasingly stable, Europe is still the main risk for global financial stability following its
Revenue and earnings forecast
five rescue packages for member states so far. Experts are
In spite of the eurozone’s continuing weakness, the GFT
also concerned about France’s impending slide into reces-
Group is upholding its positive assessment of business
sion with an expected fall in economic output of 0.1%.
prospects for the financial year 2013 – providing there is no
The IMF was still forecasting growth of 0.3% in January.
serious deterioration of the economic environment due to a further escalation of the debt crisis.
➜
❘
Consolidated Interim Management Report
engineering, emagine expects growth to be driven by a
The GFT Solutions division is dedicated to delivering IT solutions for the finance sector and GFT expects further
rising demand for highly skilled engineers in the field
solid growth for this business in 2013. Demand for IT solu-
of plant and machine construction, as well as renewable
tions to optimise core banking systems is expected to rise
energies. GFT does not expect to be able to fully compen-
– especially in view of new compliance topics, such as the
sate for revenue losses from the further reduction of its
introduction of a Single Euro Payments Area (SEPA). Further
low-margin Third Party Management business in the
growth is expected to arise from increased competitive
current financial year. In the first half of the current year,
pressure on banks, which are being forced to adapt their
the e magine division will also be burdened by costs
business models to new technological developments in
for repositioning business under its own brand and for the
order to compete with innovative financial service providers
realignment of its internal structures.
and new Internet platforms. GFT therefore expects banks
Following the scheduled progress of business in the first
to invest increasingly in new technologies for mobile pay-
quarter, the Executive Board confirms its annual forecast for
ments and to use social media for enhanced client reten-
the GFT Group which was announced on publication of the
tion. In the field of mobile banking, financial institutes face
Annual Report on 28 March 2013. The Executive Board ex-
the challenge of protecting their IT systems against rising
pects the GFT Group to make good progress in 2013. The
fraud attempts with the aid of intelligent and user-friendly
loss of revenue from the further reduction of low-margin
security solutions. With its many years of experience in the
Third Party Management business amounting to around
finance sector and a spectrum of services to address such
€15 million is to be offset by organic growth in other divi-
future-oriented topics, the GFT Solutions division is excel-
sions during the current financial year. As a result of healthy
lently placed to exploit this growth potential. GFT therefore
growth prospects for the GFT Solutions division, the Execu-
expects growth in this division to outpace the IT Services
tive Board continues to forecast revenue growth of 3% to
sector as a whole.
€238 million and pre-tax earnings of €12 to €13 million for
In 2013, the emagine division will drive its realignment as
the GFT Group in 2013. With a more focused profile, the
an expert for staffing technology projects with IT and engi-
Group aims to achieve profitable and sustainable growth in
neering specialists. The division will focus on those growth
the coming years. The Executive Board now expects total
industries in Germany, France and the UK which are expect-
revenue of around €400 million and an operating pre-tax
ed to profit most from an economic upturn in the coming
profit margin of over 6% in 2015. The underlying business
years. In the field of IT, emagine will concentrate on future
plan assumes steady organic growth in combination with
topics and technology trends such as Big Data, Business
targeted acquisitions in both business divisions.
Intelligence, Social Media, IT Security and Mobile Technologies, in order to tap new growth fields. In the field of
Stuttgart, 7 May 2013 GFT Technologies Aktiengesellschaft The Executive Board
Ulrich Dietz
Jean-François Bodin
Marika Lulay
Dr. Jochen Ruetz
Executive Board
Executive Board
Executive Board
Executive Board
(Chairman)
13
14
Q1–2013
Consolidated INCOME Statement for the period from 1 January to 31 March 2013 GFT Technologies Aktiengesellschaft, Stuttgart, IFRS (unaudited)
1st quarter
01/01/– 31/03/2013
01/01/– 31/03/2012 adjusted*
55,510,355.98
57,649,528.39
1,007,177.24
984,160.19
56,517,533.22
58,633,688.58
24,213,275.58
27,469,592.86
19,514,546.76
19,604,764.24
3,814,834.70
3,624,847.00
23,329,381.46
23,229,611.24
355,588.92
370,535.90
Other operating expenses
7,117,157.81
6,425,400.28
Result from operating activities
1,502,129.45
1,138,548.30
€
Revenue Other operating income
Costs of purchased services
Personnel expenses: a) Salaries and wages b) Social security and expenditures for retirement pensions
Depreciation on non-current intangible assets and of tangible assets
Other interest and similar income
94,860.32
131,116.57
Income from participations
0.00
0.00
Profit share from associates
6,497.12
2,949.94
0.00
0.00
Depreciation on securities Interest and similar expenses
56,123.97
3,084.99
Financial result
45,233.47
130,981.52
1,547,362.92
1,269,529.82
Earnings before taxes Taxes on income and earnings
404,657.54
643,640.96
1,142,705.38
625,888.86
Net earnings per share – undiluted
0.04
0.02
Net earnings per share – diluted
0.04
0.02
Net income
* We refer to section 1 of the Notes to the Financial Statements.
➜
❘
15
Consolidated Interim Financial Statements
Consolidated Statement of comprehensive Income for the period from 1 January to 31 March 2013 GFT Technologies Aktiengesellschaft, Stuttgart, IFRS (unaudited)
1st quarter
€
Net income
01/01/– 31/03/2013
01/01/– 31/03/2012 adjusted*
1,142,705.38
625,888.86
A.) Components never reclassified to the income statement Actuarial gains/losses
0.00
-405,555.55
Income taxes on components of other result
0.00
113,555.55
Other (partial) result A.)
0.00
-292,000.00
498.62
259,727.78
498.62
259,727.78
48,595.64
42,574.27
48,595.64
42,574.27
B.) Components which could be reclassified to the income statement Financial assets available for sale (securities): – Change of fair value recognised in equity during the period
Exchange differences on translating foreign operations: – Profits/losses during the period
Income taxes on components of other result
-139.62
0.00
Other (partial) result B.)
48,954.64
302,302.05
Other result
48,954.64
10,302.05
1,191,660.02
636,190.91
Total result * We refer to section 1 of the Notes to the Financial Statements.
16
Q1–2013
Consolidated Balance Sheet as at 31 March2013 GFT Technologies Aktiengesellschaft, Stuttgart, IFRS (unaudited)
Assets â‚Ź
31/03/2013
31/12/2012 adjusted*
681,151.97
737,212.65
Non-current assets Intangible assets
36,016,229.80
35,949,217.28
Tangible assets
Goodwill
5,168,080.04
3,208,376.73
Securities
3,159,279.07
3,189,680.45
36,688.44
30,191.32
Financial assets, accounted for using the equity method Other assets
448,548.70
410,502.75
Income tax assets
415,212.93
415,212.93
Deferred tax assets
4,610,160.13
4,231,941.18
50,535,351.08
48,172,335.29
51,846,302.97
44,206,480.67
1,355,150.00
1,316,100.00
674,120.20
918,103.24
25,244,632.52
35,911,786.55
516,357.40
416,363.25
Current assets Trade receivables Securities Current tax assets Cash and cash equivalents Other financial assets Other assets
* We refer to section 1 of the Notes to the Financial Statements.
1,883,162.03
1,542,577.73
81,519,725.12
84,311,411.44
132,055,076.20
132,483,746.73
➜
❘
Consolidated Interim Financial Statements
17
Shareholders‘ Equity and Liabilities €
31/03/2013
31/12/2012 adjusted*
26,325,946.00
26,325,946.00
Shareholders´equity Share capital Capital reserve
42,147,782.15
42,147,782.15
Retained earnings
15,243,349.97
15,243,349.97
-1,866,987.43
-1,866,987.43
Changes in equity not affecting net income Actuarial gains/losses Foreign currency translations Reserve of market assessment for securities Consolidated balance sheet loss
627,538.74
578,943.10
-363,463.95
-363,822.95
-2,684,641.85
-3,827,347.23
79,429,523.63
78,237,863.61
Provisions for pensions
3,760,447.83
3,663,192.40
Other provisions
2,523,800.79
2,934,677.79
437,485.76
593,418.42
6,721,734.38
7,191,288.61
16,248,872.51
18,089,885.88
1,350,591.65
752,481.50
Liabilities Non-current liabilities
Deferred tax liabilities
Current liabilities Other provisions Income tax liabilities Financial liabilities Trade payables Other financial liabilities Other liabilities
* We refer to section 1 of the Notes to the Financial Statements.
873,399.08
0.00
18,046,298.02
19,834,818.88
332,215.02
685,418.71
9,052,441.91
7,691,989.54
45,903,818.19
47,054,594.51
132,055,076.20
132,483,746.73
18
Q1–2013
Consolidated Statement of Changes in Equity as at 31 March 2013 GFT Technologies Aktiengesellschaft, Stuttgart, IFRS (unaudited)
â‚Ź
Subscribed
Capital
Retained
Capital
reserve
earnings Other retained earnings
As at 1/1/2012
26,325,946.00
42,147,782.15
12,743,349.95
26,325,946.00
42,147,782.15
12,743,349.95
As at 31/3/2012
26,325,946.00
42,147,782.15
12,743,349.95
As at 1/1/2013
26,325,946.00
42,147,782.15
15,243,349.97
26,325,946.00
42,147,782.15
15,243,349.97
Retroactive adjustment acc. to IAS 19R
Adjusted amount as at 1/1/2012
Retroactive adjustment acc. to IAS 19R
Total income and expenses for the period 1/1-31/3/2012
Total income and expenses for the period 1/1-31/3/2013
As at 31/3/2013 * net income for the period
➜
Other result
â?˜
Consolidated Interim Financial Statements
Consolidated
Total
balance sheet
equity
loss Foreign
Market
Actuarial gains/losses
currency
assessment
translations
for securities
728,294.52
-615,885.24
0.00
-5,713,702.92
-698,987.45
728,294.52
-615,885.24
-698,987.45
-698,987.45
-5,713,702.92
-292,000.00
42,574.27
259,727.78
770,868.79
-356,157.46
578,943.10
75,615,784.46
74,916,797.01
-292,000.00
625,888.86*
928,190.91
-990,987.45
-5,087,814.06
75,552,987.92
-363,822.95
-1,866,987.43
-3,827,347.23
78,237,863.61
48,595.64
359.00
0.00
1,142,705.38*
1,191,660.02
627,538.74
-363,463.95
-1,866,987.43
-2,684,641.85
79,429,523.63
19
20
Q1–2013
Consolidated Cash Flow Statement for the period from 1 January to 31 March 2013 GFT Technologies Aktiengesellschaft, Stuttgart (unaudited)
1st quarter
€
Net income
01/01/– 31/03/2013
01/01/– 31/03/2012 adjusted*
1,142,705.38
625,888.86
Taxes on income and earnings
404,657.54
643,640.96
Interest income
-45,233.47
-130,981.52
Interest paid Income taxes paid Depreciation on non-current intangible and tangible assets Changes in provisions Other non-cash expenses/income Profit/loss from the disposal of long-term tangible and intangible assets as well as financial assets Changes in trade receivables
-8,827.58
-3,087.38
-275,516.55
-21,295.83
355,588.92
370,535.90
-2,198,573.43
463,911.83
156,257.58
-167,300.13
11,726.00
689.00
-7,716,984.41
-4,252,895.79
Changes in other assets
-669,880.83
-217,975.71
Changes in trade liabilities and other liabilities
-445,882.45
-9,905,046.44
Cash flow from operating activities
-9,289,963.30
-12,593,916.26
Cash payments to acquire tangible assets
-2,228,559.88
-233,508.04
Cash payments to acquire non-current intangible assets Interest received Cash flow from investing activities
-23,904.27
-37,743.21
73,998.34
130,106.95
-2,178,465.81
-141,144.30
Cash receipts from taking out short-term or long-term loans
873,399.08
91,662.61
Cash flow from financing activities
873,399.08
91,662.61
Effect of exchange rate changes on cash and cash equivalents
-72,124.00
15,438.45
-10,667,154.03
-12,627,959.50
Cash funds at the beginning of the period
35,911,786.55
32,472,593.37
Cash funds at the end of the period
25,244,632.52
19,844,633.87
Change in cash funds from cash-relevant transactions
* We refer to section 1 of the Notes to the Financial Statements.
➜
❘
Notes
21
Notes to the Interim Financial Statements as at 31 March 2013 GFT Technologies Aktiengesellschaft, Stuttgart, IFRS (unaudited)
1. Fundamentals for the GFT Group’s Interim Financial Statements
···································································································································
These unaudited Interim Financial Statements of GFT Technologies
Other comprehensive income was disclosed for the first time according
Aktiengesellschaft (»GFT AG«) and its subsidiaries have been prepared
to IAS 1.82A. The effects mainly concerned the disclosure of actuarial
in accordance with section 37w (3) of the German Securities Trading
gains and losses in other comprehen-sive income, which are presented
Act (WpHG) and International Accounting Standard (IAS) 34 – Interim
as non-recyclable.
Financial Reporting. Compared to the Annual Financial Statements as at 31 December 2012, the Interim Financial Statements include condensed reporting in the Notes to the Financial Statements and comply with the International Financial Reporting Standards (IFRS) as adopted by the European Union. With the exception of the changes stated below, the same accounting and valuation methods were used in these Interim Financial Statements as in the last Consolidated Financial Statements as at 31 December 2012. New or amended standards and interpretations to be applied as of the beginning of the financial year 2013 had the following impact on the Interim Financial Statements: As a result of the initial application of IAS 19 (revised), actuarial gains and losses were recognised in other comprehensive income in accordance with this standard.
Other new and revised standards to be adopted as of 1 January 2013 (IAS 7 / IFRS 7 / IFRS 13) have no material impact on the Interim Financial Statements. In financial year 2012, the structure of the cash flow statement was amended in accord-ance with IAS 1.41 in order to improve presentation. The amounts for taxes paid and interest paid and received disclosed in the footnotes of the previous year were integrated into the calculation of the cash flow statement. Moreover, the item »Other changes in equity«, which includes currency translation differences of subsidiaries, was distributed among the changes in assets and liabilities in the reporting period while currency translation differences in cash and cash equivalents were disclosed separately. In drawing up these Interim Financial Statements, the Executive Board made estimations concerning the application and interpretation of ac-
Due to retroactive adjustments pursuant to IAS 19R, balance sheet items
counting regulations. Actual events may differ from these estimations.
as of 31 December 2012 changed as follows:
Future developments and results depend on a number of external fac-
There were actuarial gains and losses from performance-oriented plans of €-2,593 thousand less deferred taxes of €726 thousand. There was a
tors involving risks and uncertainties, and are based on current assumptions which may prove inaccurate.
corresponding increase in provisions for pensions of €2,593 thousand to
The Interim Financial Statements and the Interim Management Report as
€3,663 thousand. Deferred tax assets rose by €726 thousand to €4,231
of 31 March 2013 have neither been audited according to section 317
thousand. Within the Consolidated Statement of Comprehensive
HGB, nor been reviewed.
Income, the actuarial gains and losses of the 1st quarter of 2012 were adjusted in other comprehensive income to €-406 thousand less €114 thousand deferred taxes.
22
Q1–2013
2. Changes to the consolidated group and its associated companies The following changes to the scope of consolidation have occurred since the Consolidated Financial Statements were closed on 31 December 2012:
·· · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · ·
a) emagine GmbH was renamed as emagine TPM GmbH as of 23 January 2013. b) GFT Resource Management GmbH was renamed as emagine GmbH
On 26 February 2013, GFT Technologies AG, Stuttgart, purchased Neckarsee 283. VV GmbH. On 21 March 2013, the company’s name was changed to GFT Beteiligungs-GmbH. Its initial consolidation did not have any major effect on the Group’s assets, financial and earnings
as of 13 February 2013. c) GFT Flexwork GmbH was renamed as emagine Flexwork GmbH was renamed as of 11 January 2013. d) GFT Technologies S.A.R.L. was renamed as emagine S.A.R.L. as of
position. In the course of the Two Brand Strategy, the following changes to company names were made in January 2013.
8 January 2013. The registered office and purpose of the companies did not change as a result of the name changes.
3. Changes in equity
······································································································································································································································································
For the changes in equity capital between 1 January 2013 and 31 March
year 2013. At the Annual General Meeting to be held in May 2013,
2013, we refer to the Consolidated Statement of Changes in Equity
a proposal will be made to pay a dividend of €0.15 per share, totalling
which is disclosed separately.
€3,949 thousand, from the balance sheet profit of GFT AG as of
As of 31 March 2013, the Company’s share capital of €26,325,946.00
31 December 2012.
consists of 26,325,946 non-par value individual share certificates (no
There were no changes in Authorised Capital or Conditional Capital in
change relative to 31 December 2012). These shares are bearer shares
the period 1 January 2013 to 31 March 2013 compared to 31 December
and all grant equal rights.
2012. As of 31 March 2013, GFT AG did not hold any of its own shares,
In June 2012, a dividend of €0.15 per share was distributed to shareholders, totalling €3,949 thousand, from the balance sheet profit of the
nor did it purchase or sell any of its own shares in the period 1 January 2013 to 31 March 2013.
parent company GFT AG. No dividends have yet been paid in financial
4. Segment reporting
·· · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · ·
GFT has identified the two segments GFT Solutions and emagine as
Segment income and results also include transactions between the
reportable segments. The identification of these segments was mainly
segments. Intersegment transactions take place at market prices on an
based on the fact that the products and services offered in these seg-
arm’s length principle.
ments show differences, and that the GFT Group is organised, managed and controlled on the basis of these segments. Internal reporting to the Executive Board is based on the classification of Group activities in these segments. The products and services with which the reportable segments generate their income can be characterised as follows: all activities in connection with IT solutions (services and projects) are aggregated in the GFT Solutions segment. The emagine segment focuses on the placement of freelance IT specialists. Internal controlling and reporting within the GFT Group, and thus also segment reporting, is based on IFRS accounting principles as applied in the Consolidated Financial Statements. The GFT Group measures the success of its segments by means of segment EBT (earnings before tax).
As a general rule, the assets of the segments include all assets, except for those from income tax and assets attributed to the holding activity. The segment liabilities include all liabilities, except for those from income tax, financing, and liabilities in connection with the holding activity. For detailed information about the business segments, please refer to the Appendix attached to the Notes to the Consolidated Financial Statements. It also includes disclosures concerning revenue from external clients for each group of comparable products and services.
➜
❘
23
Notes
The reconciliation of the segment figures to the corresponding figures in the Consolidated Financial Statements is as follows:
€ thsd.
Total segment revenue Occasionally occurring revenue Elimination of intersegment revenue Group revenue
Total segment results (EBT) Non-attributed expenses/income of Group HQ Non-attributed income for elimination of interim results
01/01/– 31/03/2013
01/01/– 31/03/2012
56,171
58,774
16
3
-677
-1,127
55,510
57,650
2,507
2,488
-629
-2,183
2
888
-332
77
1,548
1,270
31/03/2013
31/03/2012
118,747
116,224
110
115
4,514
7,679
Assets from income taxes
6,062
5,488
Other
2,622
977
132,055
130,483
48,552
51,828
260
378
3,675
2,130
339
979
52,826
55,315
Other Group result before taxes
€ thsd.
Total segment assets Non-attributed assets of Group HQ Securities
Group assets
Total segment liabilities Non-attributed liabilities of Group HQ Liabilities from income taxes Other Group liabilities
The reconciliation discloses items which per definition are not components of the segments. Non-attributed items of Group HQ, e.g. from centrally managed issues. Business transactions between the segments are also eliminated in the reconciliation.
24
Q1–2013
Segment report GFT Technologies Aktiengesellschaft, Stuttgart, IFRS (unaudited)
GFT Solutions
â‚Ź thsd.
External sales Inter-segment sales
emagine
31/03/2013
31/03/2012
31/03/2013
31/03/2012
32,401
30,490
23,093
27,157
213
0
464
1,127
32,614
30,490
23,557
28,284
Depreciation
-285
-292
-45
-63
Non-cash income/expenditure other than depreciation
-164
5
0
0
Total revenues
Interest income Interest expenses Share of net profits of associated companies reported according to the equity method
Segment result (EBT)
Segment assets Investment in associates reported according to the equity method Investment in non-current intangible and tangible assets
Segment liabilities
29
22
0
2
-30
-40
-4
-5
6
3
0
0
2,406
1,809
101
679
86,144
80,266
32,603
35,958
37
50
0
0
321
240
2
23
28,173
27,300
20,179
24,528
➜
Total
Eliminations
❘
25
Notes
Consolidated
31/03/2013
31/03/2012
31/03/2013
31/03/2012
31/03/2013
31/03/2012
55,494
57,647
16
3
55,510
57,650
677
1,127
-677
-1,127
0
0
56,171
58,774
-661
-1,124
55,510
57,650
-330
-355
-26
-16
-356
-371
-164
5
8
162
-156
167
29
24
66
107
95
131
-34
-45
-22
42
-56
-3
6
3
0
0
6
3
2,507
2,488
-960
-1,218
1,547
1,270
118,747
116,224
13,308
14,259
132,055
130,483
37
50
0
0
37
50
323
263
1,929
8
2,252
271
48,352
51,828
4,274
3,487
52,626
55,315
26
Q1–2013
The table below shows information according to geographic regions for the GFT Group:
Revenue from sales
Non-current intangible
to external clients*
and tangible assets
01/01/– 31/03/2013
01/01/– 31/03/2012
31/03/2013
31/03/2012
Germany
18,256
21,426
34,882
33,048
UK
11,796
9,301
26
95
Spain
6,913
6,650
1,220
1,161
France
€ thsd.
10,985
9,746
87
108
USA
2,012
2,600
5,222
4,981
Switzerland
2,228
3,446
104
394
Other countries
3,320
4,481
325
276
55,510
57,650
41,866
40,063
Total *
Determined by client location
Revenue from clients who account for more than 10% each of Group revenue is shown below:
Revenue
Segments in which this revenue is gener-ated
€ million
01/01/– 31/03/2013
01/01/– 31/03/2012
01/01/– 31/03/2013
01/01/– 31/03/2012
Client 1
20.13
17.97
GFT Solutions, emagine
GFT Solutions, emagine
5. Changes to contingent liabilities
·····························································································································································································································
As of 31 March 2013, there were no significant changes to contingencies and other financial commitments compared to the Consolidated Financial Statements as at 31 December 2012. As at 31 December 2012, there were no contingent receivables.
➜
6. Investments/disinvestments
❘
27
Notes
·········································································································································································································································
During the period 1 January to 31 March 2013, the GFT Group invested
ments in the reporting period. Additions to non-current tangible
€24 thousand in intangible assets (1 January to 31 March 2012:
assets mainly refer to the purchase of an administration building
€60 thousand) and €2,228 thousand in tangible assets (1 January to
totalling €1.9 million.
31 March 2012: €211 thousand). There were no significant disinvest-
7. Related party disclosures
··················································································································································································································································
Compared to the disclosures made in the Notes to the Consolidated Financial Statements as at 31 December 2012, there were no significant transactions. There were also no changes in the composition of related parties nor in relations with such parties.
8. Events after 31 March 2013
·· · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · ·
There have been no significant events with an effect on the Group’s assets, financial and earnings position in the period up to 7 May 2013.
Stuttgart, 7 May 2013 GFT Technologies Aktiengesellschaft The Executive Board
Ulrich Dietz
Jean-François Bodin
Marika Lulay
Dr. Jochen Ruetz
Executive Board
Executive Board
Executive Board
Executive Board
(Chairman)
28
Q1–2013
Financial Calendar
Further Information
Annual General Meeting
Write to us or call us if you have any questions. Our Investor Relations
15 May 2013
team will be happy to answer them for you. Or visit our website at www.gft.com/ir. There you can find further information on our company
Half-Yearly Report as of 30 June 2013
and the GFT share.
8 August 2013
Quarterly Financial Report as of 30 September 2013
GFT Technologies AG
7 November 2013
Investor Relations Andrea Wlcek
German Equity Forum Frankfurt/Main
Filderhauptstraße 142
November 2013
70599 Stuttgart Germany T +49 711 62042-440 F +49 711 62042-301 ir@gft.com
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