9-Months Report P&I Personal & Informatik AG

Transcription

1 9-Months Report P&I Personal & Informatik AG

2 The P&I Group from April to December 2001: Key figures IAS Change Change TEUR TEUR TEUR % Group sales % Result before deductions (EBITDA) % Result before interests and taxes (EBIT) /. Group result (DVFA/SG) /. Number of employees (average) % Earnings per share (DVFA/SG) 0,07-0,13 + 0,20./. HIGHLIGHTS P&I enters Polish market and confirms expansion strategy Expansion to Eastern Europe with new pilot customer Large-scale-order in ASP-business via internet Outsourcing of data centre with follow-up order Revenue growing faster than turnover Stable profit growth secured Month-Report 2001/2002 P&I Personal & Informatik AG Page 2 from 11

3 Preface of the Management Dear Shareholders, Dear Friends and Partners of P&I, On January 1, 2002 the time of the Euro has finally also started for cash payments. Although the "cashless" Euro has already been in circulation for a long time only the issue of banknotes and coins has strengthened the populations consciousness for a new epoch. This currency union is, however, the forerunner of a united Europe. The economic union will be followed by a cultural one. The borders which are still slightly visible today will completely disappear. And, by this, even those companies will cross these former borders in order to settle their business in other European countries, which have so far only been acting domestically. This has, of course, also direct influence on the administrative tasks of these companies. Large, international organisations know the expenditure. Now, the procedures have to be simplified and/or automated in a way that medium-sized companies can dare to cross the borders without suffocating from the administration costs. A part of these administrative activities refers, naturally, also to payroll accounting. Particularly in this field national regulations are very individual. We are still far away from a tax harmonisation. Also the social insurances and remuneration tariffs are quite different. It is a special challenge for any software to meet all these different requirements. P&I has met this challenge. We are of the opinion that a HR-software can only survive if it is able to meet these requirements (or can you imagine that a HRsoftware only masters the regulations of Hesse disregarding any other federal states?). There are only a few solutions on the market which offer an individual software for each country. Our software enables the customer to serve all established countries at the same time with one installation, i.e. with one data base and one software. This advantage becomes mainly visible when using HR-Management-solutions, like e.g. the personnel cost planning. Cross-border cost comparisons based on one data base can be easily made. Internet-based applicant'sadministration, training- and further training, seminar-administration, resource-planning up to knowledge management require a unified cross-border data base in a company. Insofar we, the P&I, are on the right way and also in the coming business year we intend to strengthen our expansion to Europe, now increasingly with partnerships. Wiesbaden, February 14, 2002 Egbert K. Becker CEO Month-Report 2001/2002 P&I Personal & Informatik AG Page 3 from 11

4 Month-Report 2001/2002 P&I Personal & Informatik AG Page 4 from 11

5 Consolidated Balance Sheet Balance Sheet prepared according to IAS 9-Months Report Annual Report Figures in TEUR 31 Dec March 2001 Assets Current Assets Cash and cash equivalents 3,686 6,416 Short-term investments / marketable securities 80 6,457 Trade accounts receivable 21,625 5,160 Accounts receivable due from related parties 0 0 Inventories Deferred tax assets k.a. k.a. Prepaid expenses and other current assets 1,099 1,082 Others ,530 19,160 Non-Current Assets Property, plant and equipment 1,396 1,467 Intangible assets 2,456 1,917 Investments Notes receivable / loans 0 0 Goodwill 21,033 18,998 Deferred taxes Other assets 0 0 Others ,003 23,525 Total Assets 52,533 42, Month-Report 2001/2002 P&I Personal & Informatik AG Page 5 from 11

6 Balance Sheet prepared according to IAS 9-Months Report Annual Report Figures in TEUR 31 Dec March 2001 Liabilities and Shareholder's equity Current Liabilities Current portion of capital lease obligation Short-term debt and current portion of long-term debt 2, Trade accounts payable 1, Advanced payments received Accrued expenses 2,354 1,941 Deferred revenues 13,159 7,601 Income tax payable 1, Deferred taxes k.a. k.a. Other current liabilities 2,845 1,795 Others ,125 14,212 Non-Current Liabilities Long-term debt 1,430 2,454 Debts due to shareholders 0 0 Capital lease obligations, less current portion Deferred revenues 0 0 Deferred taxes Accrual for pensions 2,217 1,995 Other long-term liabilities 0 0 4,303 4,858 Minority Status Shareholders' Equity Share capital 7,700 7,700 Additional paid-in capital 18,143 18,214 Treasury Stock 0 0 Retained earnings / Accumulated deficit - 1,789-2,335 Accumulated other comprehensive income / loss 0 0 Others ,054 23,579 Total Liabilities and Shareholders' Equity 52,533 42, Month-Report 2001/2002 P&I Personal & Informatik AG Page 6 from 11

7 Consolidated Income Statement Income Statement prepared Quarterly according to IAS Report Figures in TEUR 1 Oct 31 Dec 2001 Quarterly Report 1 Oct 31 Dec Months-Report 9-Months Report 1 Apr 1 Apr 31 Dec Dec 2000 Sales Revenues 11,771 7,842 26,547 17,577 Cost of Sales 3,887 2,755 9,715 6,749 Gross Profit / Loss 7,884 5,087 16,832 10,828 Research & Development expenses 1,524 1,401 4,456 3,565 Sales expenses 2,191 1,491 5,729 4,078 General and administrative ,745 2,727 expenses Amortisation of goodwill ,799 1,140 Other operating income Other operating expenses *) Operating profit / loss (=EBIT) 2, ,508-1,035 Other financial income Other financial costs Foreign currency exchange gains *) Foreign currency exchange losses *) Result before taxes and minority status (EBT) 2, , Income tax Result before minority status 1, ,151 Minority status DVFA consolidated net income / loss (EAT) 1, Profit per share in Euro, basic Profit per share in Euro, diluted Weighted average shares outstanding (basic) Weighted average shares outstanding (diluted) *) restatement ,700,000 7,700,000 7,700,000 7,700,000 7,700,000 7,700,000 7,700,000 7,700, Month-Report 2001/2002 P&I Personal & Informatik AG Page 7 from 11

8 Consolidated Cashflow Statement Cashflow Statement 1 April - 31 Dec 1 April - 31 Dec Prepared according to IAS TEUR TEUR Consolidated Earnings before interests and taxes 1, Depreciation on fixex assets 2,539 1,594 Additions to accrual for pensions Cashflow 4,242 1,028 Changes of inventories, receivables and other assets Changes of liabilities and shareholders' equity Cash earnings from current operations - 16, ,677-3,774-1, Net Cashflow From current operations - 4,544-2,769 From investment activities * - 5,040-19,310 From financial activities * 475 7,940 Net change in Cash - 9,109-14,139 Liquid funds at the beginning of the reported period 12,806 22,751 Liquid funds at the end of the reported period 3,697 8,612 * Restatement : Restatement of commercial papers from cashflow of financial activities to cashflow of investment activities Month-Report 2001/2002 P&I Personal & Informatik AG Page 8 from 11

9 Shareholders' Equity Change Statement Change of Shareholder's Equity 9-Months-Report 9-Months-Report Figures in TEUR 2001 / / 2001 Shareholders' equity at the beginning of the period Subscribed capital 23,579 23,732 Net result for the year Capital reserves Retained earnings 0 0 Total Shareholders' Equity at the end of the period 24,054 22, Month-Report 2001/2002 P&I Personal & Informatik AG Page 9 from 11

10 Annexe incl. Segment Reporting Order Situation The order situation is Euro 7.4 M for the current financial year 2001 / For the subsequent years the order backlog is Euro 9.9 M so that P&I has orders of altogether Euro 17.3 M. Development of Costs In the first financial half-year operative costs amounted to Euro 22.7 M compared to Euro 18.8 M in the same period of the previous year. Therefore, the growth in turnover of 51 % compares to a considerably lower rate of cost increase of only 21 %. Research & Development In Research and Development Euro 4.5 M were invested in the further product development. Furthermore, Euro 0.5 M were invested in the internationalisation of the HR- Software LOGA and were activated as immaterial assets. Investments Investments were made amounting to Euro 5.1 M. Included in this is, in particular, the takeover of the HR-Software of IBM Austria effective July 1, Shareholding of the Company or Members of the Board of Directors and Supervisory Board As of December 31, 2001 P&I Personal & Informatik AG or other enterprises according to 160 Abs. 1 No. 2 AktG are not in possession of any own shares of P&I. Convertible bonds or comparable shares according to 160 Abs. 1 No. 5 AktG were not distributed as of December 31, Share portfolios of the company's organs of December 31, 2001: Board of Directors Pieces Egbert K. Becker 2,353,500 Ingeborg E. Becker 2,353,000 Volker U. Marquardt 4,700 Supervisory Board Pieces Bernd Jacob 30,500 Dr. Wolfgang Metz - Bernd Hentschel 2,000 Michael Abels - Prof. Dr. Werner Fröhlich - Dr. Martin Steinbach - Mr. Volker U. Marquardt keeps 25,000 stock options. Otherwise no other member of the Board of Directors is in possession of P&I stock options. Segmental Reporting Growth in turnover compared to the previous year amounts to Euro 9.0 M representing an increase of 51 %. Euro 3.1 M of this result from the takeover of the IBM-Software in Germany and Austria. P&I has organically grown by 40 % and is also in plan. P&I's development of turnover is still stamped by the maintenance income: Euro 9.3 M representing 35 % of its turnover came from the business area Maintenance. The increase towards the previous year is mainly due to the acquisition Month-Report 2001/2002 P&I Personal & Informatik AG Page 10 from 11

11 The business area Consulting forms the second strongest sales volume category with Euro 8.3 M and a share of 31 %. The area Licences increased by 63 %, the share in the total turnover is at 26 % now. Sales in the internet with ASP (Application Service Providing) increased to Euro 1.3 M and contributed with a share of 5 % to the group turnover. 75 % or Euro 20.0 M of the sales were generated in the area Pafyroll Accounting. 18 % of the sales could be obtained with HRMS products (Human Resource Management Systems). Turnover abroad could be increased by 73 % to Euro 2.8 M compared to Euro 1.6 M in the previous year. Others Processes of special importance which could have an effect on the result of the business activity are due to the takeover of the IBM Austria HR-Software LGVplus. Effective July 1, 2001 the licence rights of the HR-Software were taken over with 650 customers contracts. There is no interim dividend. Furthermore there is no distributed amount or one being proposed to be distributed. Selected Details Concerning the balancing- and valuation methods there has not been any change towards the annual financial statement of March 31, Employees On the deadline on December 31 P&I employed 247 people, of those 211 in Germany and 36 abroad. On the average 240 people were employed, of those again 206 in Germany and 34 abroad. Compared to the annual financial statement on March 31, 2001 there have been no changes of the Board of Directors and Supervisory Board. Wiesbaden, February 14, 2002 The Board of Directors Month-Report 2001/2002 P&I Personal & Informatik AG Page 11 from 11

12 Financial Calendar June 20, 2002 Publication of the Annual Report 2001/2 Balance Sheet Press Conference, Analyst Conference August 15, 2002 Publication of the Quarterly Report 2002/ September 19, 2002 General Meeting 2002 November 14, 2002 Publication of the Half-Year Report 2002/3 Contact P&I Personal & Informatik AG Investor Relations Kreuzberger Ring 56 D Wiesbaden Phone: +49-(0) Fax: +49-(0) Internet: aktie@pi-ag.com WKN: Month-Report 2001/2002 P&I Personal & Informatik AG Page 12 from 11