Financial Figures

All important financial key figures compact and at a glance:

Key Figures

in EUR million Dec. 31, 2017 Dec. 31, 2016 Dec. 31, 2015 Dec. 31, 2014 Dec. 31, 2013
Revenues 395.6 337.3 285.3 218.5 185.9
EBITDA 108.0 88.0 69.5 56.8 46.3
as % of revenue 27.3% 26.1% 24.4% 26.0% 24.9%
EBIT 86.4 69.7 52.7 46.5 35.7
as % of revenue 21.9% 20.7% 18.5% 21.3% 19.2%
Net income (group shares) 74.7 46.9 35.9 31.5 24.0
per share in € 1.94 1.22 0.93 0.82 0.62
Net income (group shares) before purchase price allocation 85.2 55.1 42.8 35.3 29.7
per share in € 2.21 1.43 1.11 0.92 0.77
Cash flow from operating activities 97.4 79.7 65.1 44.2 40.2
Free cash flow 42.8 32.1 23.7 -35.2 18.7
Net liquidity/net dept 24.0 16.3 3.3 -3.0 48.6
Balance sheet total 460.8 454.7 370.8 291.7 178.5
Equity ratio 49.5% 44.4% 45.0% 46.8% 66.2%
Headcounts as of balance sheet date 2,142 1,925 1,754 1,559 1,356
Closing price (Xetra) in € 74.84 55.26 46.03 20.90 12.58

Income Statement

for the period from January 1 to Dezember 31, 2017 and 2016

Thousands of € 2017 2016 [Notes]
Revenues 395,568 337,286 [1]
Own work capitalized 0 7  
Other operating income 4,845 6,957 [2]
Operating income 400,413 344,250  
Cost of materials/cost of purchased services – 12,911 – 10,946 [3]
Personnel expenses – 172,591 – 151,188 [4]
Depreciation of property, plant and equipment and amortization of intangible assets – 21,554 – 18,314 [5]
- thereof amortization of intangible assets due to purchase price allocation – 13,494 – 11,056 [5]
Other operating expenses – 106,911 – 94,129 [6]
Operating expenses – 313,967 – 274,577  
Operating results (EBIT) 86,446 69,673  
Interest income 299 183 [8]
Interest expenses – 1,024 – 1,046 [8]
Share of results of associated companies 1,058 380 [7]
Other financial expenses/income 7,622 – 23 [9]
Earnings before taxes (EBT) 94,401 69,167  
Income taxes – 17,571 – 20,325 [10]
Net income for the year 76,830 48,842  
Other comprehensive income:  
Difference from currency translation – 23,150 6,846  
Subtotal of items of other comprehensive income that will be reclassified to income in future periods – 23,150 6,846  
Gains/losses on revaluation of defined benefit pension plans -106 -105  
Tax effect 30 30  
Subtotal of items of other comprehensive income that will not be reclassified to income in future periods – 76 – 75  
Subtotal other comprehensive income – 23,226 6,771  
Total comprehensive income for the year 53,604 55,613  
Net profit or loss for the period attributable to:  
Equity holders of the parent 74,663 46,925  
Non-controlling interests 2,167 1,917  
Net income for the year 76,830 48,842  
Total comprehensive income for the year attributable to:  
Equity holders of the parent 51,556 53,733  
Non-controlling interests 2,048 1,880  
Total comprehensive income for the year 53,604 55,613  
Earnings per share (undiluted) in euros 1.94 1.22 [11]
Earnings per share (diluted) in euros 1.94 1.22  
Average number of shares outstanding (undiluted) 38,500,000 38,500,000  
Average number of shares outstanding (diluted) 38,500,000 38,500,000  

The accompanying notes to this statement of comprehensive income form an integral part of these consolidated financial statements.

Balance Sheet

as of December 31, 2017 and as of December 31, 2016

Assets

Thousands of € December 31, 2017 December 31, 2016 [Notes]
Current assets
Cash and cash equivalents 103,957 112,482 [24]
Trade receivables, net 41,011 38,794 [13]
Inventories 561 597 [14]
Tax refunded claims for income taxes 908 3,477 [14]
Other current financial assets 116 10 [14]
Other current assets 12,514 12,546 [14]
Current assets, total 159,067 167,906
Non-current assets
Property, plant and equipment 14,852 14,255 [12]
Intangible assets 86,857 89,729 [12]
Goodwill 192,736 177,178 [12]
Investments in associates and non-current available-for-sale assets* 3,553 2,474
Deferred tax assets 2,569 2,234 [10]
Non-current financial assets 34 43 [14]
Other non-current assets 1,114 929 [14]
Non-current assets, total 301,715 286,842
Total assets 460,782 454,748

Equity and Liabilities

 

Thousands of € December 31, 2017 December 31, 2016 [Notes]
Current liabilities
Short-term borrowings and current portion of long-term loans 36,003 26,000 [18]
Trade payables 8,189 7,922 [18]
Provisions and accrued liabilities 35,465 32,778 [17]
Deferred revenue 68,097 55,293 [19]
Income tax liabilities 7,715 7,353 [18]
Other current financial obligations 601 1,224 [20]
Other current liabilities 9,677 15,539 [18]
Current liabilities, total 165,747 146,109
Non-current liabilities
Long-term borrowings without current portion 43,944 70,231 [18]
Deferred tax liabilities 13,527 20,600 [10]
Pensions and related obligations 1,703 1,660 [17]
Non-current deferred revenue 738 0 [21]
Non-current financial obligations 1,738 9,721 [21]
Other non-current liabilities 5,440 4,309 [22]
Non-current liabilities, total 67,090 106,521
Equity
Subscribed capital 38,500 38,500 [15]
Capital reserve 12,485 12,485 [16]
Retained earnings 193,179 143,954 [16]
Other comprehensive income – 18,691 4,363 [16]
Equity (group shares) 225,473 199,302
Non-controlling interests 2,472 2,816
Equity, total 227,945 202,118
Total equity and liabilities 460,782 454,748

The accompanying notes to this statement of financial position form an integral part of these consolidated financial statements.
* See notes to the conslidated financial statements "investments in associates" and "non-current available-for-sale assets"

Cash Flow

for the period from January 1 to December 31, 2017 and 2016

Thousands of € 2017 2016 [Notes]
Profit (before tax) 94,401 69,167
Depreciation and amortization of fixed assets 21,554 18,314
Change in pension provision – 63 – 189
Other non-cash transactions – 6,482 – 328*
Portion of the result of non-controlling interests – 1,058 – 380*
Result from disposal of fixed assets 195 177
Cash flow for the period 108,547 86,761 [24]
Interest income – 299 – 183
Interest expenses 1,024 1,046
Change in other provisions 3,971 4,685
Change in trade receivables – 3,919 – 5,217
Change in other assets 1,364 – 2,716
Change in trade payables 166 1,141
Change in other liabilities 5,631 9,362*
Interest received 284 127
Income taxes received 2,230 1,749
Income taxes paid – 21,582 – 17,076*
Cash flow from operating activities 97,416 79,678 [24]
Capital expenditure – 8,787 – 7,370
Cash paid for investments in financial assets 0 – 50
Changes in liabilities from acquisition – 620 0
Cash received from disposal of fixed assets 198 311
Cash paid for acquisition of subsidiaries, net of cash acquired – 45,366 – 40,419
Cash flow from investing activities – 54,575 – 47,528 [24]
Dividend payments – 25,025 – 19,250
Dividend payments to non-controlling interests – 2,711 – 1,162
Cash received from bank loans 0 38,000
Interest paid – 914 – 904
Repayments of borrowings – 26,000 – 22,200
Changes in bank liabilities due to company acquisitions 10,000 0
Payments for acquisitions of non-controlling interests – 151 0
Cash flow from financing activities – 44,801 – 5,516 [24]
Changes in cash and cash equivalents – 1,960 26,633
Effect of exchange rate differences on cash and cash equivalents – 6,565 1,883
Cash and cash equivalents at the beginning of the period 112,482 83,966
Cash and cash equivalents at the end of the period 103,957 112,482 [24]

The accompanying notes to this cash flow statement form an integral part of these consolidated financial statements.
* Previous year values adjusted.