Quarterly Report 1/2004

Transkript

1 AC-Service AG Quarterly Report 1/2004

2 Key Figures Schlüsselzahlen (IFRS) Profit and Loss Account Gewinn-und-Verlust-Rechnung Notes Erläuterungen Net sales Umsatzerlöse EBITDA Operating result (EBIT) Operatives Ergebnis Net result for the period Periodenergebnis (44) 616 Earnings per share in EUR Ergebnis pro Aktie in EUR (0,01) 0,12 EBIT % net sales EBIT % Umsatzerlöse 2% 7% Cash Flow Statement Mittelflussrechnung Cash flows from operating activities Mittelfluss aus Geschäftstätigkeit Cash flows from investing activities Mittelfluss aus Investitionstätigkeit (940) (698) Cash flows from financing activities Mittelfluss aus Finanzierungstätigkeit (494) (25) Cash and cash equivalents at end of interim period Flüssige Mittel am Ende der Berichtsperiode Balance Sheet Bilanz Balance sheet total (at period end / at ) Bilanzsumme (zum Periodenende / zum ) Shareholders' equity (at period end / at ) Eigenkapital (zum Periodenende / zum ) Shareholders' equity ratio % (at period end / at ) Eigenkapitalquote % (zum Periodenende / zum ) 62% 62% Employees at period end Mitarbeiter zum Periodenende Average number of employees for the quarter Mitarbeiter im Quartalsdurchschnitt

3 Dear Shareholders, Ladies and Gentlemen, AC-Service s market environment remains characterised by aggressive competition and tremendous pressures on pricing. These factors contributed to the company, as an IT service provider focused on IT Outsourcing, Human Resource Services and SAP Consulting, finishing the first quarter of 2004 with declines in both sales and earnings. An expanded range of products and services in the areas of operational management and licensing of mysap-based standard software solutions, human resources consulting and the ACCURAT Office personnel management software did result in favourable impulses and significant growth. Highlights of First Quarter 2004 AC-Service reported sales revenues of EUR 11.6 million (prior year: EUR 13.3 million) and an EBIT of EUR 0.3 million (prior year: EUR 1.0 million) in the first quarter of The slight first-quarter after-tax loss of EUR million (prior year: EUR 0.6 million) represents a loss per share (IFRS) of -1 euro cent (prior year: earnings of 12 euro cents). The average number of shares in circulation was reduced from to in the course of the stock buy-back programme. The total staffing strength (full-time equivalents) as at 31 March 2004 was 301 people (prior year: 322) with an average of 304 employees during the first three months of 2004 (prior year: 323). IT Outsourcing Division AC-Service posted segment sales of EUR 5.8 million (prior year: EUR 6.8 million) and a net segment loss of EUR -0.1 million (prior year: EUR 0.6 million) within the IT Outsourcing division during this reporting period. Special projects had an extremely positive effect on sales and earnings during the first quarter of Although new customers and a wider range of services resulted in considerable growth in the operational management and provision of licenses for mysap-based standard software solutions, they were only enough to simply temper the loss of special high-margin sales. 3

4 The markets for IT outsourcing in Germany, Austria and Switzerland were marked by unrelenting pressure on both margins and competition throughout the reporting period. New systems and services, for example»it Service Continuity«for business-critical IT solutions that demand a superior level of operational reliability, were received very favourably on the market. Additional positive impulses are expected from an actively driven sales effort and from our partner network. Human Resource Services Division In these first three months of 2004 AC-Service posted segment sales of EUR 3.5 million (prior year: EUR 4.2 million) in its Human Resource Services division, which provides superior quality payroll services under the ACCURAT brand being run primarily on its proprietary ACCU- RAT Multipers software platform. The segment earnings of EUR 0.3 million (prior year: EUR 0.4 million) correspond to an EBIT margin of 8% after scheduled goodwill amortisation of EUR 0.1 million (prior year: EUR 0.1 million). These newly developed systems and services, including ACCURAT Office s personnel management module and the full service for handling the entire personnel administration, have already generated some very encouraging momentum. The unique consulting services provided by the Human Resource Services division have also developed very favourably. The result of this was merely a lessening of what were mostly price-related declines in sales. The results from the first quarter of 2003 were also characterised by one-time sales for the archiving of payroll data in response to changes in legislative requirements. The measures initiated in 2002 and 2003 to adapt cost structures have shown a very positive effect on earnings. The sales team, with its specific branch-oriented expertise and competence, is expected to generate even greater momentum. SAP Consulting Division AC-Service generated segment sales of EUR 1.7 million (prior year: EUR 1.9 million) in its SAP Consulting division during the first quarter of Net earnings were even (prior year: EUR 0.2 million) and included scheduled goodwill amortisation of EUR 0.1 million (prior year: EUR 0.1 million). The equity interest in KWP Human Capital Consulting, which specialises in mysap HR consulting in Austria and has been included at equity in the consolidated financial statements since November 2003, contributed slightly positive earnings in the first quarter of

5 The strategy of building up the SAP Consulting business using small companies operating in close touch with the market is showing itself to be the correct approach. The weak economic environment is temporarily hindering this division s further expansion. The companies assigned to the SAP Consulting division, these being ProPart of Stuttgart, AC Solutions of Vienna, Process Partner of St. Gallen and KWP Human Capital Consulting of Vienna, operate very flexibly and are competing successfully in a continuingly difficult market environment. Earnings Performance Together with the EUR 0.4 million (prior year: EUR 0.5 million) in earnings from»other operating activities«and group expenses that declined from EUR 0.5 to 0.4 million, AC-Service closed the reporting period with an EBIT of EUR 0.3 million (prior year: EUR 1.0 million). No further effect on earnings was reported from the discontinued operations in the first quarter of 2004 (prior year: EUR -0.1 million). These positive contributions to earnings arose predominantly in group companies having no usable tax loss carry forwards. For this reason the tax rate on pre-tax earnings rose markedly from 31% to 82%. The virtually even earnings after taxes (prior year: EUR 0.6 million) corresponds to a loss per share (IFRS) of -1 euro cent (prior year: earnings of 12 euro cents). The quarterly earnings per share were computed on the basis of an average shares (prior year: ) in circulation during the first quarter of Balance Sheet and Cash Flow AC-Service still enjoys a strong and healthy balance sheet with a capital ratio of 62% (31 Dec 03: 62%) on a balance sheet total of EUR 42.7 million (31 Dec 03: EUR 42.8 million). Cash and cash equivalents as at 31 March 2004 totalled EUR 12.9 million (31 Dec 03: EUR 13.4 million). Opposite the shareholders equity of EUR 26.3 million (31 Dec 03: EUR 26.4 million) are capitalised goodwill in the amount of EUR 2.9 million (31 Dec 03: EUR 3.1 million) and deferred income tax assets of EUR 5.1 million (31 Dec 03: EUR 5.2 million), which underscore the excellent equity quality. The drop in cash flows from operating activities from EUR 1.4 million to EUR 0.9 million was offset by an increase in cash flows from investing activities from EUR 0.7 million to EUR 0.9 million so that a fairly balanced level of free cash flow was achieved (prior year: EUR 0.7 million). 5

6 Outlook AC-Service is well in line with its focus on high-quality IT Outsourcing, Human Resource Services and Consulting Services. In an extremely difficult economic environment, the board of directors and management were able to further tighten up and optimise cost structures and personnel on a long-term basis and at the same time enforce the development of new and expanded products and services. The already good acceptance of this range should clearly improve when an economic recovery sets in. The healthy balance sheet, a high capital strength and a considerable financing potential all improve the good foundation for future business development. AC-Service is therefore well prepared for the economic upswing. Herbert Werle CEO Marco Fontana CFO 6

7 Consolidated Profit and Loss Account Konsolidierte Gewinn-und-Verlust-Rechnung (IFRS) Notes Erläuterungen Sales to third parties Umsatzerlöse mit konzernfremden Dritten Other operating income Sonstige betriebliche Erträge Cost of traded goods and third party services Materialaufwand und bezogene Leistungen (1 545) (1 181) Personnel costs Personalaufwand (6 009) (6 757) Total depreciation and amortisation Total Abschreibung (1 628) (1 666) Thereof amortisation of goodwill Davon Abschreibung auf Geschäfts- und Firmenwerte (210) (210) Other operating costs Sonstiger betrieblicher Aufwand (2 464) (2 848) Operating result Operatives Ergebnis Net interest income Zinsergebnis (14) (2) Other financial expense and income Sonstige finanzielle Aufwendungen und Erträge - 43 Result from associated company Ergebnis aus assoziierter Gesellschaft 25 - Earnings before tax Ergebnis vor Steuern Income tax Ertragsteuern (216) (314) Earnings for the period before minority interests Periodenergebnis vor Anteilen Dritter Minority interests Anteile Dritter am Ergebnis (92) (86) Net result for the period Periodenergebnis (44) 616 Earnings per share in EUR Ergebnis pro Aktie in EUR (0,01) 0,12 Average number of shares in circulation Durchschnittlich im Umlauf befindliche Aktien

8 Consolidated Balance Sheet Assets Konsolidierte Bilanz Aktiva (IFRS) Assets Aktiva Notes Erläuterungen Non-current assets Anlagevermögen Goodwill Geschäfts- und Firmenwerte Other intangible assets Sonstige immaterielle Anlagen Tangible fixed assets Sachanlagen Shares in associated company Anteile an assoziierter Gesellschaft Other financial assets Sonstige Finanzanlagen Deferred income tax assets Latente Ertragsteuerguthaben Total non-current assets Total Anlagevermögen Current assets Umlaufvermögen Inventories Vorräte Trade accounts receivable Forderungen aus Lieferungen und Leistungen Prepaid expenses Rechnungsabgrenzungsposten Current income tax assets Laufende Ertragsteuerguthaben Other accounts receivable Übrige Forderungen Cash and cash equivalents Flüssige Mittel Total current assets Total Umlaufvermögen Total assets Total Aktiva

9 Consolidated Balance Sheet Equity and Liabilities Konsolidierte Bilanz Passiva (IFRS) Equity and liabilities Passiva Notes Erläuterungen Shareholders' equity Eigenkapital Issued share capital Gezeichnetes Kapital Capital reserve Kapitalrücklage Treasury stock Eigene Aktien (994) (933) Accumulated losses Bilanzverlust (9 492) (9 443) Total shareholders' equity Total Eigenkapital Minority interests Anteile Dritter Non-current liabilities Langfristige Verbindlichkeiten Deferred income tax liabilities Latente Ertragsteuerverbindlichkeiten Provisions Rückstellungen Finance lease liabilities Finanzleasingverbindlichkeiten Other financial liabilities Sonstige Finanzverbindlichkeiten Other liabilities Sonstige Verbindlichkeiten Total non-current liabilities Total langfristige Verbindlichkeiten Current liabilities Kurzfristige Verbindlichkeiten Short-term element of finance lease liabilities Kurzfristiger Anteil an Finanzleasingverbindlichkeiten Short-term element of other financial liabilities Kurzfristiger Anteil an sonstigen Finanzverbindlichkeiten Short-term element of other liabilities Kurzfristiger Anteil an sonstigen Verbindlichkeiten 3 3 Trade accounts payable Verbindlichkeiten aus Lieferungen und Leistungen Deferred revenues Umsatzabgrenzungsposten Current income tax liabilities Laufende Ertragsteuerverbindlichkeiten Provisions Rückstellungen Other liabilities Sonstige Verbindlichkeiten Total current liabilities Total kurzfristige Verbindlichkeiten Total equity and liabilities Total Passiva

10 Consolidated Cash Flow Statement Zusammengefasste konsolidierte Mittelflussrechnung (IFRS) Cash flows from operating activities Mittelfluss aus Geschäftstätigkeit Notes Erläuterungen Net result before tax Ergebnis vor Steuern Adjustments for: Anpassungen für: Depreciation and amortisation on fixed assets Abschreibungen auf Anlagevermögen (Decrease) increase in valuation adjustments and provisions (Abnahme) Zunahme der Wertberichtigungen und Rückstellungen (303) 102 Foreign exchange gains Fremdwährungsgewinne - (39) Gains from sale of fixed assets Gewinne aus Abgang von Anlagevermögen (7) (1) Interest expense (net) Zinsergebnis (netto) 14 2 Share of profit from associated company Anteiliger Gewinn assoziierte Gesellschaft (25) - Adjusted net result before changes in working capital Bereinigtes Ergebnis vor Veränderungen des Nettoumlaufvermögens Changes in working capital Veränderungen des Nettoumlaufvermögens (20) (1 350) Tax payments Steuerzahlungen (629) (26) Cash flows from operating activities Mittelfluss aus Geschäftstätigkeit Cash flows from investing activities Mittelfluss aus Investitionstätigkeit Purchase of tangible fixed assets Kauf von Sachanlagen (966) (770) Proceeds from the sale of tangible fixed assets Erlös aus Verkauf von Sachanlagen 9 16 Proceeds from disposal of other financial assets Erlös aus Veräußerung von sonstigen Finanzanlagen (5) 8 Interest received Zinseinnahmen Cash flows from investing activities Mittelfluss aus Investitionstätigkeit (940) (698) 10

11 Consolidated Cash Flow Statement Zusammengefasste konsolidierte Mittelflussrechnung (IFRS) Cash flows from financing activities Mittelfluss aus Finanzierungstätigkeit Notes Erläuterungen Repurchase of treasury stock Rückkauf eigener Aktien (61) - Proceeds from long-term loans Einnahmen aus der Aufnahme langfristiger Darlehen Repayment of finance lease liabilities Rückzahlung von Finanzleasingverbindlichkeiten (345) (307) Repayment of financial liabilities Rückzahlung von Finanzverbindlichkeiten (52) (41) Interest paid Zinsausgaben (36) (50) Cash flows from financing activities Mittelfluss aus Finanzierungstätigkeit (494) (25) (Decrease) Increase in cash and cash equivalents (Abnahme) Zunahme der flüssigen Mittel (512) 647 Effect of changes in exchange rates on cash and cash equivalents Einfluss von Wechselkursänderungen auf die flüssigen Mittel (6) (37) Cash and cash equivalents at the beginning of the year Flüssige Mittel zu Beginn des Jahres Cash and cash equivalents at the end of the interim period Flüssige Mittel am Ende der Berichtsperiode Significant non-cash transactions Bedeutende nicht liquiditätswirksame Vorgänge Finance lease of tangible fixed assets Finanzleasing von Sachanlagen

12 Segment Reporting Segmentberichterstattung (IFRS) Segment sales Segmentumsätze IT Outsourcing Human Resource Services SAP Consulting Other operations Übrige operative Tätigkeiten Elimination of inter-segment sales Elimination der Intersegmentumsätze (797) (905) Total sales Total Umsatz Segment sales with third parties Segmentumsätze mit Dritten IT Outsourcing Human Resource Services SAP Consulting Other operations Übrige operative Tätigkeiten Total sales Total Umsatz Segment results Segmentergebnisse IT Outsourcing (65) 588 Human Resource Services SAP Consulting Other operations Übrige operative Tätigkeiten Unallocated corporate expenses Nicht zugeordneter Konzernaufwand (407) (516) Total operating result Total operatives Ergebnis

13 Statement of Change to Shareholders' Equity Konsolidierte Darstellung der im Eigenkapital erfassten Gewinne und Verluste (IFRS) Translation differences Differenz aus Umrechnung von Abschlüssen in Fremdwährung (5) (73) Results not recorded in the profit and loss account Nicht in der Gewinn-und-Verlust-Rechnung erfasstes Ergebnis (5) (73) Net result for the period Periodenergebnis (44) 616 Total result included in shareholders' equity Total der im Eigenkapital erfassten Gewinne und Verluste (49)

14 Shares Held by Members of Corporate Bodies Von Organmitgliedern gehaltene Aktien Shares Aktien Shares Aktien Supervisory Board Aufsichtsrat Peter Brogle Rainer Schad Peter Fritsch - - Board of Directors Vorstand Herbert Werle Marco Fontana

15 Selected Notes to the Interim Report Ausgewählte Erläuterungen zum Zwischenbericht 1. Accounting Principles The AC Group s consolidated interim report as of 31 March 2004 was prepared in accordance with the International Financial Reporting Standards (IFRS). The interim report was prepared using the same accounting principles as for the Consolidated Annual Report of 31 December This interim report conforms in its entirety to IAS 34»Interim Financial Reporting«, except for IAS 35»Discontinuing Operations«having been used for the consolidated cash flow statement. 2. Seasonal Fluctuations in the Results for the Quarter The business divisions are subject to differing seasonal fluctuations. In addition, the conclusion of large contracts and the processing of large orders can cause significant differences in quarterly sales and profit. 3. Repurchase of Treasury Stock, Earnings per Share and the Average Number of Shares in Circulation On 27 May 2003, the annual general meeting authorised the AC-Service AG Board of Directors to repurchase registered shares until 26 November A total of shares at an average repurchase price of EUR 5.00 were bought until 31 March As of 31 March 2004, AC-Service AG holds a total of shares (prior year: shares), which were purchased at an average repurchase price of EUR 4.50 (prior year: EUR 4.22) and shares (prior year: ) were in circulation at the same date. The average number of shares in circulation (diluted) is shown at the bottom of the profit and loss account and corresponds to the average number of shares in circulation (basic). Earnings per share (diluted) is equivalent to earnings per share (basic). 1. Bilanzierungsgrundsätze Der konsolidierte Zwischenbericht der AC-Gruppe zum 31. März 2004 wurde in Übereinstimmung mit den International Financial Reporting Standards (IFRS) aufgestellt. Die Erstellung des Zwischenberichtes erfolgte unter Anwendung der für den konsolidierten Jahresabschluss zum 31. Dezember 2003 geltenden Bilanzierungsgrundsätze. Die vorliegende Zwischenberichterstattung steht vollumfänglich in Übereinstimmung mit IAS 34»Interim Financial Reporting«mit Ausnahme der Anwendung von IAS 35 (discontinuing operations) auf die konsolidierte Mittelflussrechnung. 2. Saisonale Schwankungen der Quartalsergebnisse Die Geschäftsbereiche unterliegen unterschiedlichen saisonalen Schwankungen. Zudem können größere Vertragsabschlüsse und die Abwicklung größerer Aufträge signifikante Veränderungen der Quartalsumsätze und -ergebnisse herbeiführen. 3. Rückkauf eigener Aktien, Ergebnis pro Aktie und durchschnittlich im Umlauf befindliche Aktien Am 27. Mai 2003 hat die Hauptversammlung dem Vorstand der AC-Service AG die Ermächtigung eingeräumt, bis zum 26. November 2004 eigene Namensaktien zurückzukaufen. In der Berichtsperiode wurden insgesamt Aktien mit einem durchschnittlichen Rückkaufpreis von 5,00 EUR erworben. Insgesamt ist die AC-Service AG zum 31. März 2004 im Besitz von Aktien (Vorjahr: Aktien), welche zu einem durchschnittlichen Rückkaufpreis von 4,50 EUR (Vorjahr: 4,22 EUR) erworben wurden. Zum 31. März 2004 befanden sich Aktien im Umlauf (Vorjahr: ). Die durchschnittlich im Umlauf befindlichen Aktien (verwässert) sind am Fuß der Gewinn-und- Verlust-Rechnung dargestellt und entsprechen den durchschnittlich im Umlauf befindlichen Aktien (unverwässert). Das Ergebnis pro Aktie (verwässert) ist daher gleich dem Ergebnis pro Aktie (unverwässert). 15

16 Company Calendar Quarterly Report 1/ Annual General Meeting Stuttgart Quarterly Report 2/ Quarterly Report 3/ Analysts Presentation AC-Service AG Investor Relations Postfach D Stuttgart Tel. +49 (0) Fax +49 (0) Homepage: