CENIT GROUP - AT A GLANCE | |||||||
1 JANUARY TO 31 MARCH 2024 (UNAUDITED) | |||||||
in EUR k | 01/01 - 31/03/2024 | 01/01 - 31/03/2023 | Change in % | ||||
Key data | |||||||
Revenue | 50,545 | 43,416 | 16.4 | ||||
3rd party software | 26,188 | 22,278 | 17.6 | ||||
from licences | 2,137 | 1,178 | 81.4 | ||||
from recurring | 24,051 | 21,101 | 14.0 | ||||
sales* | |||||||
Proprietary soft- | 4,472 | 3,351 | 33.5 | ||||
ware | |||||||
from licences | 1.157 | 362 | >100.0 | ||||
from recurring | 3,315 | 2,988 | 10.9 | ||||
sales* | |||||||
Consulting and ser- | 19,856 | 17,746 | 11.9 | ||||
vices | |||||||
Merchandise | 29 | 41 | -29.3 | ||||
EBITDA | 3,146 | 1,572 | >100.0 | ||||
EBIT | 1,239 | 6 | >100.0 | ||||
as % of sales | 2.45 | 0.01 | >100.0 | ||||
Net income | 162 | -73 | >100.0 | ||||
per share in cent | |||||||
(basic and undiluted af- | 0.3 | -2.4 | >100.0 | ||||
ter minority interests) | |||||||
Cash flow data | |||||||
Cash flow from current | 12,537 | 8,694 | 44.2 | ||||
business activities | |||||||
Cash flow from | -883 | -2,189 | 59.7 | ||||
investment activity | |||||||
Cash flow from | -2,357 | -1,781 | -32.3 | ||||
financing activity | |||||||
Balance sheet ratios | 31/03/2024 | 31/12/2023 | Change in % | ||||
Liquid assets | 33,620 | 24,341 | 38.1 | ||||
Net liquidity / Net debt | -14,544 | -25,031 | 41.9 | ||||
Total assets | 165,518 | 153,615 | 7.7 | ||||
Equity ratio in % | 27.3 | 29.3 | -6.8 | ||||
Employees on repor- | 918 | 893 | 2.8 | ||||
ting date | |||||||
* Subscription and software maintenance contracts | |||||||
2 |
Report on assets and financial and earnings situation
Solid growth in all business fields ensures positive revenue development (vs. previous year: EUR +7,129 k/ +16.4%) in the first quarter of 2024
In the first quarter 2024, CENIT continued its growth path. Revenue increased by EUR 7,129 k (+16.4%). The largest share of this development was attributable to revenue from 3rd party software, which increased by EUR 3,910 k to EUR 26,188 k. This development was particularly driven by an increase in the sale of licenses by 81.4%. Revenue from proprietary software also recorded strong growth of 33.5%, with the license business making a particular contribution. An 11.9% increase in consulting and service to EUR 19,856 k completes this positive development. At EUR 1,239 k, Group EBIT in the first quarter of 2024 was significantly higher than in 2023 (previous year: EUR 6 k).
Overview of segments
In the first three months of 2024, both the PLM and EIM segments increased their revenue and EBIT compared to the same quarter of the previous year. The EIM segment recorded an increase of EUR 862 k to EUR 10,179 k, while the PLM segment increased its revenue by EUR 6,267 k to EUR 40,367 k. This resulted in a segment EBIT for EIM of EUR 479 k (previous year: EUR 387 k), which corresponds to an increase of 23.8%. The PLM segment achieved an EBIT of EUR 760 k (previous year: EUR -381 k) and thus achieved a clearly positive result, in comparison to 2023.
Earnings per share slightly improved by an increasing result
Earnings per share improved to Cent 0.3 (previous year: Cent -2.4) in Q1/2024, due to the improved Group result.
Continuous very solid financial strength thanks to an operating cash flow of EUR 14.167 k and cash and cash equivalents of EUR 33.620 k
In the first three months of the fiscal year, the CENIT Group generated a cash flow of EUR 9,297 k (previous year: EUR 4,724 k).
This significant change compared to the prior year is mainly due to a strong increase in cash flow from operating activities to EUR 12,537 k (prior year: +44.2%). In addition, liquidity increased by EUR 9,025 k compared to December 31, 2023 and amounted to EUR 33,620 k as of March 31, 2024.
A strong Group equity ratio of 27.3% and growing cash and cash equivalents (EUR 33,620 k vs. Decem- ber 31, 2023: +38.1%) characterize the financial position of the CENIT Group. The consolidated balance sheet total increased by EUR +11,903 k compared to December 31, 2023.
Events after the interim report period
There were no significant events after the end of the interim reporting period on March 31, 2024.
Employees
As of the reporting date March 31, 2024, the CENIT Group had 918 employees (31/12/2023: 893).
Report on opportunities and risks
For information on the principal opportunities and risks for the anticipated development of the CENIT Group, we refer to the relevant comments in the Report on expected developments within the Group's management report for the period as of December 31, 2023.
3
Dividends paid or proposed for payment
At the General Meeting of Shareholders on June 6, 2024, the Management Board and the Supervisory Board of CENIT will propose the payment of a dividend of EUR 0.04 per share for the 2023 business year. If the General Meeting approves this proposal a total amount of EUR 335 k will be paid to the CENIT AG shareholders.
Report on forecasts and other statements regarding anticipated development
Over the course of a year, business activity is subject to certain seasonal fluctuations. In the past, contributions to sales and earnings tended to be lowest in the first quarter and highest in the fourth quar- ter, primarily due to a traditionally strong year-end business for the software industry. Consequently, interim results have only limited value as indicators of results for the whole fiscal year.
For the current year, our outlook for the CENIT Group is to reach a revenue of around EUR 195,000 - 202,000 k and earnings (EBIT) of around EUR 11,700 - 12,200 k. Given the current challenging geopolitical situation, these forecasts are based on the assumption that there will be no significant negative economic impact on our industry and our main customer segments. This forecast does not include any acquisition effects.
4
CENIT AKTIENGESELLSCHAFT, STUTTGART
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME (IN ACCORDANCE WITH IFRS) (UNAUDITED)
in EUR k | 01/01 - 31/03/2024 | 01/01 -31/03/2023 | ||
REVENUE | 50,545 | 43,416 | ||
Other income | 250 | 330 | ||
OPERATING PERFORMANCE | 50,795 | 43,746 | ||
Cost of materials | 21,443 | 18,074 | ||
Personnel expenses | 22,100 | 20,640 | ||
Amortisation of intangible assets and depreciation of | 1,907 | 1,566 | ||
property, plant and equipment | ||||
Other expenses | 4,019 | 3,388 | ||
TOTAL EXPENSES | 49,469 | 43,668 | ||
Valuation allowance on trade receivables | -88 | -72 | ||
NET OPERATING INCOME (EBIT) | 1,239 | 6 | ||
Other interest and similar income | 76 | 0 | ||
Interest and similar expenses | 627 | 249 | ||
Financial instruments at fair value through profit or | ||||
loss | ||||
NET PROFIT OR LOSS BEFORE TAXES (EBT) | 687 | -243 | ||
Income taxes | 525 | -158 | ||
NET PROFIT OR LOSS FROM CONTINUED OPERATIONS | 162 | -85 | ||
Net Income/Loss discontinued operations | 0 | 12 | ||
NET INCOME | 162 | -73 | ||
thereof attributable to shareholders of CENIT | 27 | -202 | ||
thereof attributable to non-controlling interests | 135 | 129 | ||
Earnings per share in cent, basic and diluted | 0.3 | -2.4 | ||
Items that, under certain circumstances, will be re- | ||||
classified under the income statement in the | ||||
future | ||||
Compensation from currency translation for for- | -21 | -52 | ||
eign subsidiaries | ||||
Other comprehensive income after taxes | -21 | -52 | ||
Total comprehensive income | 141 | -125 | ||
thereof attributable to shareholders of CENIT | 6 | -254 | ||
thereof attributable to non-controlling interests | 135 | 129 | ||
5
CENIT AKTIENGESELLSCHAFT, STUTTGART
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IN ACCORDANCE WITH IFRS) (UNAUDITED)
in EUR k | 31/03/2024 | 31/12/2023 |
ASSETS | ||
NON-CURRENT ASSETS | ||
Intangible assets | 47,008 | 47,605 |
Property, plant and equipment | 13,384 | 12,988 |
Investments recognized to equity | 58 | 58 |
Other financial assets | 9,821 | 8,216 |
Deferred tax assets | 875 | 788 |
NON-CURRENT ASSETS, total | 71,146 | 69,655 |
CURRENT ASSETS | ||||
Inventories | 82 | 70 | ||
Trade receivables | 32,695 | 35,428 | ||
Receivables from investments recognized to | 3,576 | 4,307 | ||
equity | ||||
Contract assets | 2,092 | 1,029 | ||
Current tax assets | 4,742 | 3,563 | ||
Other receivables | 402 | 1,433 | ||
Cash and cash equivalents | 33,620 | 24,341 | ||
Other financial assets | 17,163 | 13,789 | ||
CURRENT ASSETS, total | 94,372 | 83,960 | ||
TOTAL ASSETS
165,518
153,615
6
CENIT AKTIENGESELLSCHAFT, STUTTGART
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (IN ACCORDANCE WITH IFRS) (UNAUDITED)
in EUR k
LIABILITIES
31/03/2024
31/12/2023
EQUITY
Subscribed capital | 8,368 |
Capital reserves | 1,058 |
Currency translation reserve | 1,417 |
Legal reserve | 418 |
Other revenue reserves | 12,936 |
Profit carryforward | 18,117 |
Net income of the Group | 27 |
Equity attributable to shareholders in the parent company | 42,341 |
Non-controlling interests | 2,803 |
EQUITY, total | 45,144 |
NON-CURRENT LIABILITIES | |
Other liabilities | 761 |
Pension obligation | 854 |
Non-current liabilities to banks | 36,102 |
Non-current lease liability | 7,616 |
Ohter finacial liabilities | 2,979 |
Deferred tax liabilities | 3,121 |
NON-CURRENT LIABILITIES, total | 51,433 |
CURRENT LIABILITIES | |
Current liabilities to banks | 3 |
Trade payables | 7,768 |
Liabilities to investments recognized to equity | 0 |
Other liabilities | 17,670 |
Current lease liabilities | 3,589 |
Current income tax liabilities | 1,438 |
Other provisions | 170 |
Contract liabilities | 38,303 |
CURRENT LIABILITIES, total | 68,941 |
8,368
1,058
1,438
418
12,936
13,621
4,496
42,335
2,668
45,003
755
855
37,406
7,455
2,979
3,264
52,714
3
13,201
27
15,787
3,654
1,183
152
21,891
55,898
TOTAL ASSETS
165.518
153,615
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CENIT AKTIENGESELLSCHAFT, STUTTGART CONSOLIDATED STATEMENT OF CASH FLOWS (IN ACCORDANCE WITH IFRS) (UNAUDITED)
in EUR k | 01/01 - | 01/01 - | ||
31/03/2024 | 31/03/2023 | |||
Cash flow from operating activities | ||||
Net income | 162 | -73 | ||
Depreciation of fixed assets | 1,907 | 1,566 | ||
Interest income and expenses | 551 | 249 | ||
Tax expenses | 525 | -158 | ||
Increase in other non-current assets | 181 | 1,147 | ||
Increase in other non-current liabilities and reserves | -1,351 | -11 | ||
Change in working capital | 11,897 | 6,654 | ||
Interest paid | -563 | -201 | ||
Interest received | 76 | 0 | ||
Income taxes paid | -848 | -478 | ||
CASH FLOW FROM CURRENT BUSINESS ACTIVITIES | 12,537 | 8,694 | ||
Payments for investments in property, plant and equipment and intangible | -222 | -457 | ||
assets | ||||
Payments for purchase of shares in fully consolidated entities (net cash out- | -661 | -1,732 | ||
flow) | ||||
CASH FLOW FROM INVESTMENT ACTIVITIES | -883 | -2,189 | ||
Lease liability payments | -1,053 | -956 | ||
Repayment of financial liabilities | -1,304 | -825 | ||
CASH FLOW FROM FINANCING ACTIVITIES | -2,357 | -1,781 | ||
CHANGES IN CASH AND CASH EQUIVALENTS | 9,322 | 4,724 | ||
Change in cash and cash equivalents due to foreign exchange differences | -43 | -43 | ||
CASH AND CASH EQUIVALENTS AT THE BEGINNING OF THE REPORTING PERIOD | 24,341 | 19,914 | ||
CASH AND CASH EQUIVALENTS AT THE END OF THE REPORTING PERIOD | 33,620 | 24,595 | ||
8
CENIT AKTIENGESELLSCHAFT, STUTTGART
STATEMENT OF CHANGES IN EQUITY (IN ACCORDANCE WITH IFRS) (UNAUDITED)
Equity attributable to shareholders in the parent company | |||||||||||
in EUR k | Subscribed | Capital | Currency | Revenue reserves | Profit | Net in- | Non-control- | Total | |||
capital | reserves | translation | Legal | Other | carried | come | ling interests | ||||
reserve | reserve | reserves | forward | ||||||||
On 01/01/2023 | 8,368 | 1,058 | 1,397 | 418 | 13,787 | 11,522 | 6,283 | 1,950 | 44,783 | ||
Reclassification of net | |||||||||||
income of the Group from | 6,283 | -6,283 | |||||||||
prior year | |||||||||||
Total comprehensive | 41 | -851 | 4,496 | 493 | 4,179 | ||||||
income | |||||||||||
Addition to basis of | 693 | 693 | |||||||||
consolidation | |||||||||||
Dividends paid to minority | -468 | -468 | |||||||||
interests | |||||||||||
Dividend distribution | -4,184 | -4,184 | |||||||||
On 31/12/2023 | 8,368 | 1,058 | 1,438 | 418 | 12,936 | 13,621 | 4,496 | 2,668 | 45,003 | ||
Reclassification of Group | |||||||||||
net income from prior | 4,496 | -4,496 | |||||||||
year | |||||||||||
Total comprehensive | -21 | 27 | 135 | 141 | |||||||
income | |||||||||||
On 31/03/2024 | 8,368 | 1,058 | 1,417 | 418 | 12,936 | 18,117 | 27 | 2,803 | 45,144 | ||
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CENIT AG published this content on 14 May 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 14 May 2024 06:04:08 UTC.