gft quarterly financial report q1/2013
DESCRIPTION
GFT Quarterly Financial Report Q1/2013TRANSCRIPT
ingneerpio
digital
quarterly financial report
as of 31 March 2013
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%
Balance Sheet
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%
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%
Employees
Number of permanent employees (as of 31 March) no. 1,457 1,346 8.2%
Share
Earnings per share € 0.04 0.02 82.6%
(Rounding differences in the Consolidated Interim Management Report due to presentation in € million possible)
KEY fIgURES ACCORDINg TO IfRS(unaudited)
Q1–2013
1➜ ❘ Highlights
following the scheduled progress of business in the first quarter, the Executive
Board confirms its annual forecast for the gfT group. The Executive Board
expects the gfT group to make good progress in 2013 with revenue 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.
Consolidated Interim Management Report … 2 | Consolidated Interim financial Statements … 14
Notes to the Interim financial Statements … 21
CONTENTS
Revenue
€ million 2012 2013
Q4 56.08 0.00
Q3 58.23 0.00
Q2 58.73 0.00
Q1 57.65 55.51
230.69 55.51
Earnings before taxes
€ million 2012 2013
Q4 4.31 0.00
Q3 4.02 0.00
Q2 2.51 0.00
Q1 1.27 1.55
12.11 1.55
Q1–2013
Economic environment
Macroeconomic development
In its Economic Outlook of April 2013, the International
Monetary fund (IMf) reports that the global economy be-
came far more stable towards the end of the first quarter
of 2013 – despite its persistent crises and fresh turbulence.
The Organisation for Economic Cooperation and Develop-
ment (OECD) also believes that the situation is now less
tense. According to leading economists, this is partly due
to action taken by the USA to combat its financial crisis
and partly the result of monetary measures taken by the
European Central Bank.
According to the IMf, however, there is a growing diver-
gence between the industrialised nations, which have
displayed more or less consistently weak growth since
the financial crisis: in America, the upswing is becoming
noticeably stronger, while the eurozone has remained
firmly in recession during 2013. The greatest worry is now
france, which is threatening to slide into recession. This is
also confirmed by the OECD’s experts, who at the same
time praise the efforts of greece, Ireland, Portugal and
Spain to introduce reforms. So far, however, these efforts
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 nega-
tive 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.
Sector development
According to the latest business confidence survey of the
german federal Association for Information Technology,
Telecommunications and New Media (BITKOM) in febru-
ary, the german IT sector got off to a strong start in 2013.
Three quarters of all IT and telecommunication companies
currently expect rising revenues. Software firms and IT
service providers are particularly upbeat: 87% and 82%
of these companies, respectively, anticipate revenue
growth in the current year.
This also means good prospects for the labour market.
More than half of all companies (57%) are looking to hire
new staff in the course of the year. The shortage of skilled
labour continues to be a dominant topic in the sector.
According to BITKOM, 53% of all ICT companies believe
this issue to be the greatest obstacle to further growth.
In its annual survey of ICT trends in January 2013, BITKOM
reported that Big Data has now firmly established itself as
the most important high-tech topic, together with Cloud
Computing. Two further key strategic focus areas of gfT,
Mobile Applications and Social Media, were also high in
the BITKOM rankings.
group Management Reportof gfT Technologies Ag as of 31 March 2013(unaudited)
Business environment
2
Course of business gfT share
Despite the ongoing weakness of the eurozone econo-
mies, the gfT group started well in its financial year 2013.
With consolidated revenue of €55.51 million (prev. year:
€57.65 million), the group fell 4% short of the prior-year
figure. Adjusted for the planned reduction of revenue
from its low-margin Third Party Management business
(amounting to €4.25 million in the first quarter), however,
the group’s core business grew by 4% in the first three
months. Pre-tax earnings (EBT) improved by 22% to €1.55
million (prev. year: €1.27 million). This figure includes costs
for the CODE_n innovation drive amounting to €0.77
million (prev. year: €1.25 million).
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)
by 6%. This positive development of revenues was helped
by stable sales of banking solutions and growing demand
for outsourcing services and compliance solutions. growth
rates were particularly high in the regions germany and
the UK. Thanks to positive margin effects and a high level
of capacity utilisation, earnings in this segment increased
by 33% to €2.41 million (prev. year: €1.81 million).
The emagine division, which is continuing its realignment
process in 2013, posted revenue of €23.09 million – 15%
down on the previous year (€27.16 million). Although
activities involved with helping companies recruit highly
skilled IT and engineering specialists for technology pro-
jects achieved slight growth in revenue to €22.45 million
(prev. year: €21.93 million), the division’s Third Party
Management business only contributed €0.64 million to
segment revenue (prev. year: €5.23 million). for fiscal
2013, the planned reduction in revenue from this business
will amount to around €15 million. Segment earnings of
the emagine division were burdened by realignment costs
and amounted to €0.10 million (prev. year: €0.68 million).
The positive upwards trend on the stock markets con-
tinued in the first quarter of 2013. Encouraging economic
data and corporate results helped create stable conditions
around the world in the first three months. Although the
eurozone was unsettled in february by the forthcoming
Italian elections, this was offset by very good export figures
for germany and China and a more upbeat business
climate: the IfO business confidence index published on
22 february 2013 reached its highest level since July 2010.
In March, the german blue-chip DAX30 index briefly
climbed to a five-year-high of over 8,000 points. The
discussions surrounding a rescue package for Cyprus, how-
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.
The TecDAX index also made good progress. Instead of
lagging behind the DAX, as in recent times, it posted
growth of 12.6% in the first three months – and rising.
The tech stock barometer had previously suffered consid-
erable fluctuations due to the poor performance of solar
energy shares.
In this positive stock market environment, shares in gfT
Technologies Ag also performed strongly at the beginning
of 2013, climbing to a year-high to date of €3.50 on
21 January. The upward trend which began in late 2012
was thus successfully continued with further growth again
in Xetra trading volumes. After peaking early in the year,
there followed a period of consolidation with sideways
trends at a high level. On publication of the preliminary
annual results on 28 february, the share price fell below
the supporting 38-day line (€3.42). The gfT share did not
recover until late March when it rose again to €3.50. All in
all, the share recorded quarterly growth of 6.17%.
3➜ ❘ Consolidated Interim Management Report
Q1–20134
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
Change in share price compared to
year-closing quotation (2012: €3.24, 2011: €2.72)
+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)
Number of shares at end of quarter 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
Earnings per share €0.04 €0.02
ISIN DE 0005800601
Initial stock market quotation 28/06/1999
Market segment Prime Standard
Share performance indexed
gfT share
Technology All Share Performance Index
2 January 2013 (closing price Xetra)
€3.22 = 100%
28 March 2013 (closing price Xetra)
€ 3.44
100
120
Shareholder structure
There were no changes in the shareholder structure of
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.
In the first quarter of 2013, the gfT group generated
consolidated revenue of €55.51 million, some 4% below
the prior-year figure (€57.65 million). The planned reduc-
tion 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
were driven by growing compliance requirements in the
finance sector and especially projects relating to the intro-
duction 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
the planned reduction of revenues in the lower-margin
Third Party Management business of €4.25 million. With
its consultancy services for the staffing of technology
projects with highly skilled IT and engineering experts,
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:
47%).
5➜ ❘ Consolidated Interim Management Report
Development of revenue
Revenue by segment
Q1 2013 € million
gfT Solutions 58% 32.40
emagine 42% 23.09
Others 0% 0.02
%
Ulrich Dietz 28.08
Maria Dietz 9.68
Dr Markus Kerber 5.00
free float 57.24
Shareholder structure
Q1–20136
Revenue by country
Germany, which is affected most by the withdrawal from
Third Party Management business, reported a fall in reve-
nue of 15% to €18.26 million (prev. year: €21.43 million).
The region remained the gfT group’s largest sales market
with a share of total revenue of 33% (prev. year: 37%).
The gfT group recorded its strongest first-quarter revenue
growth in the UK with an increase of 27% to €11.80 mil-
lion (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%).
There was also encouraging progress in the group’s busi-
ness in France. Driven by demand for IT and engineering
specialists in the industrial and service sectors, revenue
grew by 13% to €10.99 million (prev. year: €9.75 million).
The region’s share of group revenue rose to 20% (prev.
year: 17%).
In Switzerland, revenue reached €2.23 million and was
thus down 35% on the previous year (€3.45 million). The
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-
ous year.
In Spain, the gfT group posted revenue of €6.91 million,
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-
sponding to a decline of 26%.
Revenue by industry
At the beginning of financial year 2013, revenue by in-
dustry was reclassified in order to reflect business in the
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
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).
Revenue by country
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
7➜ ❘ Consolidated Interim Management Report
There was a strong increase of 11% to €13.94 million
(prev. year: €12.52 million) in revenue generated by the
»Other industries« segment, especially with industrial
clients. This sector accounted for 25% of total revenue
(prev. year: 21%). The growth in revenue resulted mainly
from increased demand for IT experts and engineers for
staffing technology projects as well as from increased rev-
enues in the emagine segment.
Revenue in the »Other service providers« sector fell by
26% to €7.99 million (prev. year: €10.78 million), due to
reduced revenues in both the emagine segment and gfT
Solutions segment. The sector’s percentage contribution to
revenue amounted to 14% (prev. year:19%).
In the first quarter of 2013, earnings before taxes (EBT)
of the gfT group amounted to €1.55 million and were
thus 22% down on the previous year (€1.27 million). The
operating margin before taxes was improved by 0.6 %-
points from 2.2% in the previous year to 2.8% at present.
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
before interest, taxes, depreciation and amortisation
(EBITDA) rose by 23% to €1.86 million (prev. year: €1.51
million).
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
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, earn-
ings per share improved by €0.02 in the reporting period
to €0.04 per share (prev. year: €0.02 per share). These fig-
ures are based on an average of 26,325,946 out standing
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%, correspond-
ing to year-on-year growth of 1.5 %-points (prev. year:
5.9%). This rise in earnings results mainly from the gener-
ally 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 de-
teriorated by 2 %-points to 0.4% (prev. year: 2.4%).
Revenue by industry
Q1 2013 € million
financial service providers 61% 33.58
Other industries 25% 13.94
Other service providers 14% 7.99
Earnings position
Q1–20138
The »Others« category comprises costs of the holding
company and consolidation amounts which cannot be
directly charged to either of the two aforementioned divi-
sions. At €-0.96 million, pre-tax earnings of this division
were up on the previous year (€-1.22 million). The largest
individual items in this category were the costs for the
CODE_n project and CeBIT fair presence totalling €0.77
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% com-
pared to the previous year.
Consolidated earnings position by income and expense items
In the first quarter of 2013, other operating income in-
creased slightly to €1.01 million (prev. year: €0.98 million).
This was mainly due to other operating income – especially
income from CODE_n partner contracts – as well as cur-
rency gains.
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%).
At €23.33 million, personnel expenses remained virtually
unchanged from the previous year (€23.23 million). As a
proportion of revenue, personnel expenses were up slightly
to 42% (prev. year: 40%). This moderate increase was a
result of the increased revenue share of the more labour-
intensive gfT Solutions segment to 58% (prev. year: 53%)
and the related increase in headcount in this division.
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
the first quarter of 2013, corresponding to a year-on-year
increase of 11% (prev. year: €6.43 million). The main cost
elements are operating, administrative and selling ex-
penses, which rose by €0.72 million to €6.67 million (prev.
year: €5.95 million). This item also includes other taxes and
exchange rate losses.
Earnings position by segment
€ million 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
gfT Solutions emagine Others Total
Income taxes amounted to €0.40 million in the first quar-
ter and were thus €0.24 million below the prior-year figure
of €0.64 million. The calculated tax ratio fell strongly by
25 %-points in the reporting period to 26% (prev. year:
51%). This is due to a more even distribution of profits
among the various national subsidiaries.
financial position
As of 31 March 2013, cash, cash equivalents and secu-
rities amounted to €29.76 million and were thus €10.66
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-
tain clients, the distribution of bonuses for 2012 and the
reduction of payables.
Due to the delayed receipt of payments, trade receiva-
bles rose by €7.64 million to €51.85 million as of the
reporting date, compared with year-end 2012 (€44.21
million).
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
to the strong reduction in the previous year, liabilities have
remained relatively stable since the beginning of the year.
In comparison to the same period last year, cash flows
from operating activities improved to €-9.29 million
(prev. year: €-12.59 million). This is mainly due to the
much smaller change in trade payables and other liabilities,
which amounted to €-0.45 million in the reporting period.
In the same period last year, the figure was €-9.91 mil-
lion. 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).
At €-2.18 million, cash flows from investing activi-
ties were well below the prior-year level (€-0.14 million).
This is due to the previously announced purchase of a
new administration building in Stuttgart as the company’s
future head office for a purchase price of €1.9 million.
This item also includes smaller investments in tangible
assets, including IT procurements.
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
figure concerns the use of short-term credit lines by a
foreign subsidiary.
Asset position
The requirements of IAS 19 (revised) were applied for the
first time in the financial statements for the first quarter
of 2013. As a consequence, actuarial gains and losses must
now be recognised in equity without an effect on profit or
loss. This necessitates the retroactive adjustment of various
balance sheet items as of 31 December 2012. further
details on this topic are provided in the Notes to the
Interim Consolidated financial Statements.
As of 31 March 2013, the balance sheet total of the gfT
group was down slightly by €0.42 million and stood at
€132.06 million. At the end of the financial year 2012, the
total amounted to €132.48 million.
In terms of asset there was a significant change in current
assets and especially in cash and cash equivalents.
Compared to 31 December 2012 (€48.17 million), non-
current assets were up by €2.37 million to €50.54 mil-
lion. 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➜ ❘ Consolidated Interim Management Report
Q1–2013
At the end of the quarter, equity amounted to €79.43
million and was thus €1.19 million above the correspond-
ing figure on the balance sheet date of 31 December 2012
(€78.24 million). The change was mainly due to a reduc-
tion in the balance sheet loss from €-3.83 to €-2.68 mil-
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.
There was a decline in current liabilities of €1.15 million,
mainly as a result of the fall in other provisions amounting
to €1.84 million. This was due to the payment of bonuses
from the previous year and the resulting reduction in pro-
visions. Trade payables fell by €1.78 million to €18.05 mil-
lion, 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.
There was only a slight change in non-current liabilities
during the period under review. As of 31 March 2013,
they stood at €6.72 million and were thus down by €0.47
million. This decrease was due to a reclassification of non-
current to current liabilities due to maturity.
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
the relationship between the balance sheet items »equity«
and »non-current assets« and provides information about
the company’s financial stability.
10
Group balance sheet structure
ASSETS € million 31/12/
2012
31/03/
2013
Cash and securities 40.42 29.76
Other current assets 47.08 54.92
Other non-current assets 44.98 47.38
132.48 132.06
31/03/
2013
31/12/
2012
EQUITY & LIABILITIES € million
45.91 47.05 Current liabilities
6.72 7.19 Non-current liabilities
79.43 78.24 Equity capital
132.06 132.48
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
is calculated on the basis of full-time staff, whereby part-
time staff are included on a pro rata basis.
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-
ees). The emagine division employed 95 people. The
decrease of 6 persons corresponds to a 6% decline com-
pared to the same date last year. The »Others« category,
which comprises staff of the holding company, remained
virtually unchanged with an increase of 3 persons (7%) to
49 employees.
As of 31 March 2013, 279 people were employed in ger-
many (prev. year: 275). The proportion of gfT staff employed
outside germany (1.178 people) amounted to 81% (prev.
year: 80%).
Employees by country as of 31 March 2013
2013 2012
germany 279 275
Brazil 129 149
france 18 17
UK 34 31
Switzerland 44 49
Spain 932 807
USA 21 18
Total 1,457 1,346
Employees by division as of 31 March 2013
2013 2012
gfT Solutions 1,313 1,199
emagine 95 101
Others 49 46
Total 1,457 1,346
The number of freelance staff fell year on year by 28 to
913 persons (- 3%).
Research and development
The gfT group invested a total of €0.40 million in research
and development during the reporting period and thus
46% less than in the previous year (€0.74 million). The
largest share of this total (€0.32 million or 80%) was
accounted for by personnel expenses (prev. year: €0.45
million or 61%). The gfT group concentrated its R&D
efforts on the following strategic initiatives:
At the SAP Competence Centre, experts develop tailored
solutions for financial institutes, which help them integrate
SAP software into their existing IT platform. One of the key
topics in the first quarter of 2013 was the further develop-
ment of possible uses for in-memory databases based on
SAP HANA technology. This technology is integrated into
client solutions in order to significantly reduce the comput-
ing time for complex simulations, thus enhancing its use
in consultation sessions.
gfT’s Mobile Finance activities comprise the develop-
ment 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 imple-
ment tailored IT solutions and services for the finance
sector.
11➜ ❘ Consolidated Interim Management Report
Employees
Q1–2013
In its internal Applied Technologies Group, gfT
pools all R&D activities in the field of applied innovation
management. Based on the open innovation approach,
the group initiates and coordinates innovation projects in
line with the current solution needs of our clients.
In order to ensure consistently high quality in its global
development efforts, software development processes
were further optimised in accordance with the interna-
tional CMMI® (Capability Maturity Model Integration)
standard.
Subsequent events
No events occurred after the reporting date as at 31 March
2013 that are of major significance to gfT.
Opportunity and risk report
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 State-
ments for 2012. The risk position of the gfT group is
thus largely unchanged.
forecast report
Macroeconomic development
In its World Economic Outlook published on 16 April
2013, the International Monetary fund (IMf) downgraded
its forecast for global economic growth slightly from 3.5%
to 3.3% – its fourth consecutive downgrade. Although the
global economy is becoming increasingly stable, Europe is
still the main risk for global financial stability following its
five rescue packages for member states so far. Experts are
also concerned about france’s impending slide into reces-
sion with an expected fall in economic output of 0.1%.
The IMf was still forecasting growth of 0.3% in January.
Although the german economy continues to prove re-
sistant to the eurozone debt crisis with expected growth
of 0.6%, the pace of growth is likely to slow compared to
last year (0.9%). This weak growth is increasingly restrict-
ing the ability of the eurozone’s key states to provide help
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 high-
tech industry will continue to be an important driver of the
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
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).
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, follow-
ing growth of 2.1% in the previous year. Every second IT
company states that a lack of skilled staff is the greatest
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
year and expected revenue of €13.7 billion in three years’
time. According to the BITKOM, other trend topics closely
linked to Cloud Computing – such as Big Data, Mobility,
Security and Industry 4.0 – are likely to benefit from this
strong growth.
Revenue and earnings forecast
In spite of the eurozone’s continuing weakness, the gfT
group is upholding its positive assessment of business
prospects for the financial year 2013 – providing there is no
serious deterioration of the economic environment due to a
further escalation of the debt crisis.
12
The gfT Solutions division is dedicated to delivering IT
solutions for the finance sector and gfT expects further
solid growth for this business in 2013. Demand for IT solu-
tions to optimise core banking systems is expected to rise
– especially in view of new compliance topics, such as the
introduction of a Single Euro Payments Area (SEPA). further
growth is expected to arise from increased competitive
pressure on banks, which are being forced to adapt their
business models to new technological developments in
order to compete with innovative financial service providers
and new Internet platforms. gfT therefore expects banks
to invest increasingly in new technologies for mobile pay-
ments and to use social media for enhanced client reten-
tion. In the field of mobile banking, financial institutes face
the challenge of protecting their IT systems against rising
fraud attempts with the aid of intelligent and user-friendly
security solutions. With its many years of experience in the
finance sector and a spectrum of services to address such
future-oriented topics, the gfT Solutions division is excel-
lently placed to exploit this growth potential. gfT therefore
expects growth in this division to outpace the IT Services
sector as a whole.
In 2013, the emagine division will drive its realignment as
an expert for staffing technology projects with IT and engi-
neering specialists. The division will focus on those growth
industries in germany, france and the UK which are expect-
ed to profit most from an economic upturn in the coming
years. In the field of IT, emagine will concentrate on future
topics and technology trends such as Big Data, Business
Intelligence, Social Media, IT Security and Mobile Technolo-
gies, in order to tap new growth fields. In the field of
engineering, emagine expects growth to be driven by a
rising demand for highly skilled engineers in the field
of plant and machine construction, as well as renewable
energies. gfT does not expect to be able to fully compen-
sate for revenue losses from the further reduction of its
low-margin Third Party Management business in the
current financial year. In the first half of the current year,
the emagine division will also be burdened by costs
for repositioning business under its own brand and for the
realignment of its internal structures.
following the scheduled progress of business in the first
quarter, the Executive Board confirms its annual forecast for
the gfT group which was announced on publication of the
Annual Report on 28 March 2013. The Executive Board ex-
pects the gfT group to make good progress in 2013. The
loss of revenue from the further reduction of low-margin
Third Party Management business amounting to around
€15 million is to be offset by organic growth in other divi-
sions during the current financial year. As a result of healthy
growth prospects for the gfT Solutions division, the Execu-
tive Board continues to forecast revenue growth of 3% to
€238 million and pre-tax earnings of €12 to €13 million for
the gfT group in 2013. With a more focused profile, the
group aims to achieve profitable and sustainable growth in
the coming years. The Executive Board now expects total
revenue of around €400 million and an operating pre-tax
profit margin of over 6% in 2015. The underlying business
plan assumes steady organic growth in combination with
targeted acquisitions in both business divisions.
13➜ ❘ Consolidated Interim Management Report
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)
Q1–2013
for the period from 1 January to 31 March 2013gfT Technologies Aktiengesellschaft, Stuttgart, IfRS (unaudited)
CONSOLIDATED INCOME STATEMENT
1st quarter
€ 01/01/– 31/03/2013
01/01/– 31/03/2012
adjusted*
Revenue 55,510,355.98 57,649,528.39
Other operating income 1,007,177.24 984,160.19
56,517,533.22 58,633,688.58
Costs of purchased services 24,213,275.58 27,469,592.86
Personnel expenses:
a) Salaries and wages 19,514,546.76 19,604,764.24
b) Social security and expenditures for retirement pensions 3,814,834.70 3,624,847.00
23,329,381.46 23,229,611.24
Depreciation on non-current intangible
assets and of tangible assets 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
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
Depreciation on securities 0.00 0.00
Interest and similar expenses 56,123.97 3,084.99
financial result 45,233.47 130,981.52
Earnings before taxes 1,547,362.92 1,269,529.82
Taxes on income and earnings 404,657.54 643,640.96
Net income 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
* We refer to section 1 of the Notes to the financial Statements.
14
1st quarter
€ 01/01/– 31/03/2013
01/01/– 31/03/2012
adjusted*
Net income 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
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 498.62 259,727.78
498.62 259,727.78
Exchange differences on translating foreign operations:
– Profits/losses during the period 48,595.64 42,574.27
48,595.64 42,574.27
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
Total result 1,191,660.02 636,190.91
* We refer to section 1 of the Notes to the financial Statements.
15➜ ❘ Consolidated Interim Financial Statements
for the period from 1 January to 31 March 2013gfT Technologies Aktiengesellschaft, Stuttgart, IfRS (unaudited)
CONSOLIDATED STATEMENT Of COMPREHENSIvE INCOME
Q1–2013
as at 31 March2013gfT Technologies Aktiengesellschaft, Stuttgart, IfRS (unaudited)
CONSOLIDATED BALANCE SHEET
Assets
€ 31/03/2013 31/12/2012 adjusted*
Non-current assets
Intangible assets 681,151.97 737,212.65
goodwill 36,016,229.80 35,949,217.28
Tangible assets 5,168,080.04 3,208,376.73
Securities 3,159,279.07 3,189,680.45
financial assets, accounted for using the equity method 36,688.44 30,191.32
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
Current assets
Trade receivables 51,846,302.97 44,206,480.67
Securities 1,355,150.00 1,316,100.00
Current tax assets 674,120.20 918,103.24
Cash and cash equivalents 25,244,632.52 35,911,786.55
Other financial assets 516,357.40 416,363.25
Other assets 1,883,162.03 1,542,577.73
81,519,725.12 84,311,411.44
132,055,076.20 132,483,746.73
* We refer to section 1 of the Notes to the financial Statements.
16
Shareholders‘ Equity and Liabilities
€ 31/03/2013 31/12/2012 adjusted*
Shareholders´equity
Share capital 26,325,946.00 26,325,946.00
Capital reserve 42,147,782.15 42,147,782.15
Retained earnings 15,243,349.97 15,243,349.97
Changes in equity not affecting net income
Actuarial gains/losses -1,866,987.43 -1,866,987.43
foreign currency translations 627,538.74 578,943.10
Reserve of market assessment for securities -363,463.95 -363,822.95
Consolidated balance sheet loss -2,684,641.85 -3,827,347.23
79,429,523.63 78,237,863.61
Liabilities
Non-current liabilities
Provisions for pensions 3,760,447.83 3,663,192.40
Other provisions 2,523,800.79 2,934,677.79
Deferred tax liabilities 437,485.76 593,418.42
6,721,734.38 7,191,288.61
Current liabilities
Other provisions 16,248,872.51 18,089,885.88
Income tax liabilities 1,350,591.65 752,481.50
financial liabilities 873,399.08 0.00
Trade payables 18,046,298.02 19,834,818.88
Other financial liabilities 332,215.02 685,418.71
Other liabilities 9,052,441.91 7,691,989.54
45,903,818.19 47,054,594.51
132,055,076.20 132,483,746.73
* We refer to section 1 of the Notes to the financial Statements.
17➜ ❘ Consolidated Interim Financial Statements
Q1–2013
as at 31 March 2013gfT Technologies Aktiengesellschaft, Stuttgart, IfRS (unaudited)
CONSOLIDATED STATEMENT Of CHANgES IN EQUITY
18
€ Subscribed
Capital
Capital
reserve
Retained
earnings
Other result Consolidated
balance sheet
loss
Total
equity
Other
retained
earnings
Foreign
currency
translations
Market
assessment
for securities
Actuarial
gains/losses
As at 1/1/2012 26,325,946.00 42,147,782.15 12,743,349.95 728,294.52 -615,885.24 0.00 -5,713,702.92 75,615,784.46
Retroactive adjustment acc. to IAS 19R -698,987.45 -698,987.45
Adjusted amount as at 1/1/2012 26,325,946.00 42,147,782.15 12,743,349.95 728,294.52 -615,885.24 -698,987.45 -5,713,702.92 74,916,797.01
Retroactive adjustment acc. to IAS 19R -292,000.00 -292,000.00
Total income and expenses for the period 1/1-31/3/2012 42,574.27 259,727.78 625,888.86* 928,190.91
As at 31/3/2012 26,325,946.00 42,147,782.15 12,743,349.95 770,868.79 -356,157.46 -990,987.45 -5,087,814.06 75,552,987.92
As at 1/1/2013 26,325,946.00 42,147,782.15 15,243,349.97 578,943.10 -363,822.95 -1,866,987.43 -3,827,347.23 78,237,863.61
Total income and expenses for the period 1/1-31/3/2013 48,595.64 359.00 0.00 1,142,705.38* 1,191,660.02
As at 31/3/2013 26,325,946.00 42,147,782.15 15,243,349.97 627,538.74 -363,463.95 -1,866,987.43 -2,684,641.85 79,429,523.63
* net income for the period
19➜ ❘ Consolidated Interim Financial Statements
€ Subscribed
Capital
Capital
reserve
Retained
earnings
Other result Consolidated
balance sheet
loss
Total
equity
Other
retained
earnings
Foreign
currency
translations
Market
assessment
for securities
Actuarial
gains/losses
As at 1/1/2012 26,325,946.00 42,147,782.15 12,743,349.95 728,294.52 -615,885.24 0.00 -5,713,702.92 75,615,784.46
Retroactive adjustment acc. to IAS 19R -698,987.45 -698,987.45
Adjusted amount as at 1/1/2012 26,325,946.00 42,147,782.15 12,743,349.95 728,294.52 -615,885.24 -698,987.45 -5,713,702.92 74,916,797.01
Retroactive adjustment acc. to IAS 19R -292,000.00 -292,000.00
Total income and expenses for the period 1/1-31/3/2012 42,574.27 259,727.78 625,888.86* 928,190.91
As at 31/3/2012 26,325,946.00 42,147,782.15 12,743,349.95 770,868.79 -356,157.46 -990,987.45 -5,087,814.06 75,552,987.92
As at 1/1/2013 26,325,946.00 42,147,782.15 15,243,349.97 578,943.10 -363,822.95 -1,866,987.43 -3,827,347.23 78,237,863.61
Total income and expenses for the period 1/1-31/3/2013 48,595.64 359.00 0.00 1,142,705.38* 1,191,660.02
As at 31/3/2013 26,325,946.00 42,147,782.15 15,243,349.97 627,538.74 -363,463.95 -1,866,987.43 -2,684,641.85 79,429,523.63
* net income for the period
Q1–2013
for the period from 1 January to 31 March 2013gfT Technologies Aktiengesellschaft, Stuttgart (unaudited)
CONSOLIDATED CASH fLOW STATEMENT
1st quarter
€ 01/01/– 31/03/2013
01/01/– 31/03/2012
adjusted*
Net income 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 -8,827.58 -3,087.38
Income taxes paid -275,516.55 -21,295.83
Depreciation on non-current intangible and tangible assets 355,588.92 370,535.90
Changes in provisions -2,198,573.43 463,911.83
Other non-cash expenses/income 156,257.58 -167,300.13
Profit/loss from the disposal of long-term tangible
and intangible assets as well as financial assets 11,726.00 689.00
Changes in trade receivables -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 -23,904.27 -37,743.21
Interest received 73,998.34 130,106.95
Cash flow from investing activities -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
Change in cash funds from cash-relevant transactions -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
* We refer to section 1 of the Notes to the financial Statements.
20
21➜ ❘ Notes
These unaudited Interim financial Statements of gfT Technologies
Aktiengesellschaft (»gfT Ag«) and its subsidiaries have been prepared
in accordance with section 37w (3) of the german Securities Trading
Act (WpHg) and International Accounting Standard (IAS) 34 – Interim
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 accord-
ance with this standard.
Due to retroactive adjustments pursuant to IAS 19R, balance sheet items
as of 31 December 2012 changed as follows:
There were actuarial gains and losses from performance-oriented plans
of €-2,593 thousand less deferred taxes of €726 thousand. There was a
corresponding increase in provisions for pensions of €2,593 thousand to
€3,663 thousand. Deferred tax assets rose by €726 thousand to €4,231
thousand. Within the Consolidated Statement of Comprehensive
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.
Other comprehensive income was disclosed for the first time according
to IAS 1.82A. The effects mainly concerned the disclosure of actuarial
gains and losses in other comprehen-sive income, which are presented
as non-recyclable.
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 subsidiar-
ies, 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-
counting regulations. Actual events may differ from these estimations.
future developments and results depend on a number of external fac-
tors involving risks and uncertainties, and are based on current assump-
tions which may prove inaccurate.
The Interim financial Statements and the Interim Management Report as
of 31 March 2013 have neither been audited according to section 317
HgB, nor been reviewed.
as at 31 March 2013gfT Technologies Aktiengesellschaft, Stuttgart, IfRS (unaudited)
NOTES TO THE INTERIM fINANCIAL STATEMENTS
1. Fundamentals for the GFT Group’s Interim Financial Statements · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · ·
Q1–201322
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:
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
position.
In the course of the Two Brand Strategy, the following changes to com-
pany names were made in January 2013.
a) emagine gmbH was renamed as emagine TPM gmbH as of
23 January 2013.
b) gfT Resource Management gmbH was renamed as emagine gmbH
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
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
2013, we refer to the Consolidated Statement of Changes in Equity
which is disclosed separately.
As of 31 March 2013, the Company’s share capital of €26,325,946.00
consists of 26,325,946 non-par value individual share certificates (no
change relative to 31 December 2012). These shares are bearer shares
and all grant equal rights.
In June 2012, a dividend of €0.15 per share was distributed to share-
holders, totalling €3,949 thousand, from the balance sheet profit of the
parent company gfT Ag. No dividends have yet been paid in financial
year 2013. At the Annual general Meeting to be held in May 2013,
a proposal will be made to pay a dividend of €0.15 per share, totalling
€3,949 thousand, from the balance sheet profit of gfT Ag as of
31 December 2012.
There were no changes in Authorised Capital or Conditional Capital in
the period 1 January 2013 to 31 March 2013 compared to 31 December
2012. As of 31 March 2013, gfT Ag did not hold any of its own shares,
nor did it purchase or sell any of its own shares in the period 1 January
2013 to 31 March 2013.
4. Segment reporting · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · ·
gfT has identified the two segments gfT Solutions and emagine as
reportable segments. The identification of these segments was mainly
based on the fact that the products and services offered in these seg-
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).
Segment income and results also include transactions between the
segments. Intersegment transactions take place at market prices on an
arm’s length principle.
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 State-
ments. 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. 01/01/– 31/03/2013
01/01/– 31/03/2012
Total segment revenue 56,171 58,774
Occasionally occurring revenue 16 3
Elimination of intersegment revenue -677 -1,127
Group revenue 55,510 57,650
Total segment results (EBT) 2,507 2,488
Non-attributed expenses/income of group HQ -629 -2,183
Non-attributed income for elimination of interim results 2 888
Other -332 77
Group result before taxes 1,548 1,270
€ thsd. 31/03/2013 31/03/2012
Total segment assets 118,747 116,224
Non-attributed assets of group HQ 110 115
Securities 4,514 7,679
Assets from income taxes 6,062 5,488
Other 2,622 977
Group assets 132,055 130,483
Total segment liabilities 48,552 51,828
Non-attributed liabilities of group HQ 260 378
Liabilities from income taxes 3,675 2,130
Other 339 979
Group liabilities 52,826 55,315
The reconciliation discloses items which per definition are not compo-
nents 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.
Q1–2013
GFT Solutions emagine Total Eliminations Consolidated
€ thsd. 31/03/2013 31/03/2012 31/03/2013 31/03/2012 31/03/2013 31/03/2012 31/03/2013 31/03/2012 31/03/2013 31/03/2012
External sales 32,401 30,490 23,093 27,157 55,494 57,647 16 3 55,510 57,650
Inter-segment sales 213 0 464 1,127 677 1,127 -677 -1,127 0 0
Total revenues 32,614 30,490 23,557 28,284 56,171 58,774 -661 -1,124 55,510 57,650
Depreciation -285 -292 -45 -63 -330 -355 -26 -16 -356 -371
Non-cash income/expenditure other than depreciation -164 5 0 0 -164 5 8 162 -156 167
Interest income 29 22 0 2 29 24 66 107 95 131
Interest expenses -30 -40 -4 -5 -34 -45 -22 42 -56 -3
Share of net profits of associated companies
reported according to the equity method 6 3 0 0 6 3 0 0 6 3
Segment result (EBT) 2,406 1,809 101 679 2,507 2,488 -960 -1,218 1,547 1,270
Segment assets 86,144 80,266 32,603 35,958 118,747 116,224 13,308 14,259 132,055 130,483
Investment in associates reported according to the equity method 37 50 0 0 37 50 0 0 37 50
Investment in non-current intangible and tangible assets 321 240 2 23 323 263 1,929 8 2,252 271
Segment liabilities 28,173 27,300 20,179 24,528 48,352 51,828 4,274 3,487 52,626 55,315
gfT Technologies Aktiengesellschaft, Stuttgart, IfRS (unaudited)
SEgMENT REPORT
24
GFT Solutions emagine Total Eliminations Consolidated
€ thsd. 31/03/2013 31/03/2012 31/03/2013 31/03/2012 31/03/2013 31/03/2012 31/03/2013 31/03/2012 31/03/2013 31/03/2012
External sales 32,401 30,490 23,093 27,157 55,494 57,647 16 3 55,510 57,650
Inter-segment sales 213 0 464 1,127 677 1,127 -677 -1,127 0 0
Total revenues 32,614 30,490 23,557 28,284 56,171 58,774 -661 -1,124 55,510 57,650
Depreciation -285 -292 -45 -63 -330 -355 -26 -16 -356 -371
Non-cash income/expenditure other than depreciation -164 5 0 0 -164 5 8 162 -156 167
Interest income 29 22 0 2 29 24 66 107 95 131
Interest expenses -30 -40 -4 -5 -34 -45 -22 42 -56 -3
Share of net profits of associated companies
reported according to the equity method 6 3 0 0 6 3 0 0 6 3
Segment result (EBT) 2,406 1,809 101 679 2,507 2,488 -960 -1,218 1,547 1,270
Segment assets 86,144 80,266 32,603 35,958 118,747 116,224 13,308 14,259 132,055 130,483
Investment in associates reported according to the equity method 37 50 0 0 37 50 0 0 37 50
Investment in non-current intangible and tangible assets 321 240 2 23 323 263 1,929 8 2,252 271
Segment liabilities 28,173 27,300 20,179 24,528 48,352 51,828 4,274 3,487 52,626 55,315
25➜ ❘ Notes
Q1–2013
The table below shows information according to geographic regions for
the gfT group:
Revenue from sales
to external clients*
Non-current intangible
and tangible assets
€ thsd. 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 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
Total 55,510 57,650 41,866 40,063
* 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 contingen-
cies 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.
26
27➜ ❘ Notes
6. Investments/disinvestments · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · · ·
During the period 1 January to 31 March 2013, the gfT group invested
€24 thousand in intangible assets (1 January to 31 March 2012:
€60 thousand) and €2,228 thousand in tangible assets (1 January to
31 March 2012: €211 thousand). There were no significant disinvest-
ments in the reporting period. Additions to non-current tangible
assets mainly refer to the purchase of an administration building
totalling €1.9 million.
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)
Q1–201328
fURTHER INfORMATION
Write to us or call us if you have any questions. Our Investor Relations
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
and the gfT share.
GFT Technologies AG
Investor Relations
Andrea Wlcek
filderhauptstraße 142
70599 Stuttgart
germany
T +49 711 62042-440
f +49 711 62042-301
fINANCIAL CALENDAR
Annual general Meeting
15 May 2013
Half-Yearly Report as of 30 June 2013
8 August 2013
Quarterly financial Report as of 30 September 2013
7 November 2013
german Equity forum frankfurt/Main
November 2013
IMPRINT
Concept
gfT Technologies Ag, Stuttgart, www.gft.com
Text
gfT Technologies Ag, Stuttgart, www.gft.com
Creative concept and design
Impacct Communication gmbH, Hamburg, www.impacct.de
© Coypright 2013: gfT Technologies Ag, Stuttgart