Quarterly Report
as of March 31, 2020
Financial Highlights Q1/2020
●●Group Sales of 183 MEUR increased by 5 % compared to prior year quarter
●●Organic growth 2 % compared to the prior year quarter, excluding telematics infrastructure 8 %
●●10 % increase in recurring revenues, of which 9 % AIS segment, 5 % PCS segment and 12 % HIS segment
●●EBITDA decreased by 13 % to 43 MEUR due to one-time income effects in the prior year (rollout of telematics infrastructure and IFRS 3.42 income), excluding these effects Q1/2020 EBITDA slightly above prior year
●●Adjusted Earnings per share at 0,34 EUR (prior year 0,47 EUR) | |||
●●Adjusted Free Cash flow at 53 MEUR by 7 % below prior year and thus | better than expected | ||
●●Guidance for 2020 remains unchanged | |||
CompuGroup Medical SE | |||
01.01.- | 01.01.- | ||
TEUR | 31.03.2020 | 31.03.2019* | Change |
Revenue | 183,143 | 175,214 | 5% |
Organic growth in % | 2% | 2% | |
Recurring Revenues in % | 67% | 64% | |
Adjusted EBITDA | 43,477 | 49,924 | -13% |
Adjusted Margin | 24% | 28% | |
Adjusted EPS (EUR) - diluted | 0.34 | 0.47 | -28% |
CAPEX | 14,681 | 11,360 | 29% |
Adjusted Free Cash flow | 53,308 | 57,560 | -7% |
Number of shares outstanding ('000) | 48,413 | 48,828 |
- Adjusted key figures for 2019 presented on a Pro Forma basis: excluding theone-time effect of stock option-based compensation expenses against cash settlement for a former Management Board member and non-recurring expenses for discontinued M&A transactions.
CompuGroup Medical SEQuarterly Report as of March 31, 2020
NOTICES
Unless otherwise stated, all information and explanatory notes in this report refer to the first quarter of 2020 and 2019, i.e. the three- month period January 1 - March 31 (Q1) and all percentage changes to the respective prior-year comparison. Due to rounding, totals and percentages presented in this report may not add up precisely to the totals provided.
BUSINESS DEVELOPMENT - SIGNIFICANT EVENTS
COVID-19 pandemic impact
CompuGroup Medical reacted early to the first Covid-19 pandemic indications and implemented appropriate protective measures for employees and customers. This includes the immediate transition of approximately 85 % of employees, worldwide, to home office. In addition, increased development and human resources efforts have been made to provide further solutions for doctors, hospitals, pharmacies and nursing staff. Among other things, offering telemedicine consultations free of charge for the time being, serving extensive telemonitoring solutions and secure home office workstation access for medical practices. Even though there is no experience with regard to monetization, the increase of CGM Clickdoc video consulting solution users in many countries up to more than 80.000 in the space of just a few weeks, shows the increasing willingness of healthcare providers to use digital technologies.
The February 5, 2020 guidance presented for the Financial year 2020 remains unchanged. Potential risks to sales, earnings and financial strength resulting from Covid-19 have, from today's perspective, not given rise to a revision of the guidance. However, due to the ongoing Corona pandemic, there is more uncertainty in the guidance than usual.
In the medium-term, CompuGroup Medical believes the enormous increase in adoption of digital technologies in the healthcare business due to the pandemic will lead to significantly greater growth opportunities.
Acquisition of H&S Qualità nel Software S.p.A., Italia
In January, CompuGroup Medical acquired 100 % of the shares in H&S Qualità nel Software S.p.A. based in Piacenza, Italy. H&S specializes in telemedicine, patient telemonitoring and ambient assisted living (AAL) for the elderly. It also provides turnkey solutions for private and public providers for the performance of health and care services while optimizing processes and costs. Furthermore, the company offers customized projects and manages information systems for key Italian home care services as a trusted third party. H&S Qualità nel Software SpA was included in the consolidation for the first time on January 1, 2020.
Acquisition of part of the IT healthcare portfolio of Cerner Corporation
In February, CompuGroup Medical announced that a purchase agreement had been signed for part of Cerner's IT healthcare portfolio in Germany and Spain. The main products of the portfolio acquired are medico and Soarian Integrated Care, leading hospital information systems in Germany, Selene, a leading hospital information system in Spain, and Soarian Health Archive, an archive solution for healthcare facilities. The purchase price is MEUR 225 and is subject to an adjustment mechanism at the closing date. The acquired business areas' sales revenues amounted to approximately MEUR 74 in 2019 with EBITDA of approximately MEUR 13. The transaction is expected to be closed in the third quarter of 2020 and is subject to merger approval and further closing conditions.
Change of legal form of CGM SE
Also in February, the Management Board and Supervisory Board of CompuGroup Medical resolved to propose a change in legal form to a Kommanditgesellschaft auf Aktien (KGaA - partnership limited by shares) at the Annual General Meeting on May 13, 2020. It is intended that the general partner of the partnership will be a monistic European stock corporation (SE) to be wholly owned, directly or indirectly, by the Company's founder Frank Gotthardt plus other members of the Gotthardt family and Dr. Reinhard Koop (collectively the majority shareholders of CGM). It is intended that the change in legal form should allow the Company the greatest possible flexibility regarding the financing of its future growth and, at the same time, to retain an anchor shareholder (the founding Gotthardt family) to uphold the business vision and founding spirit.
Dr. Dirk Wössner becomes new CEO of CompuGroup Medical
On February 12, 2020, the Supervisory Board of CompuGroup Medical SE resolved to appoint Dr. Dirk Wössner as Frank Gotthardt's successor as a member of the Management Board and CEO of the Company. It is intended that Frank Gotthardt will move to the Company's Supervisory Board where he will become its Chairman. Dr. Dirk Wössner is currently a member of the Management Board of Deutsche Telekom AG and the Chairman of Telekom Deutschland GmbH, where he has been responsible for the business in Germany since January 1, 2018. He is appointed as a member of the Management Board and CEO of the Company effective from the end of his current contract, which - subject to early termination - runs until December 31, 2020. If the Annual General Meeting of the Company in May 2020 approves the resolutions proposed by the Management Board and Supervisory Board to transform the Company into an SE & Co. KGaA, following its transformation, the management of the Company will be in the hands of the Board of Directors and the Managing Directors of the general partner SE of the Company. In such event, Dr. Dirk Wössner will become the Chairman of Managing Directors and a member of the Board of Directors of the general partner. Frank Gotthardt will then be the Chairman of the Board of Directors.
1 CompuGroup Medical SEQuarterly Report as of March 31, 2020
EARNINGS DEVELOPMENT IN THE GROUP
01.01.- | ||
01.01.- | 31.03.2019 | |
TEUR | 31.03.2020 | (restated)* |
Sales revenue | 183,143 | 175,214 |
Capitalized inhouse services and other income | 9,795 | 10,586 |
Expenses for goods and services purchased | -32,170 | -29,482 |
Personnel expenses | -89,607 | -83,991 |
Other expenses and net impairment losses on financial and contract assets | -31,051 | -26,926 |
EBITDA | 40,110 | 45,401 |
Depreciation of property, plant and equipment, right-of-use assets and amortization of intangible assets | -16,782 | -14,600 |
EBIT | 23,328 | 30,801 |
Financial result | -4,519 | -1,567 |
EBT | 18,809 | 29,234 |
Income taxes for the period | -5,976 | -8,760 |
CONSOLIDATED NET INCOME FOR THE PERIOD | 12,833 | 20,474 |
* Restatement of prior-year figures, see Annual Report 2019, note 3. Corrections in accounting |
Sales in the first quarter increased by MEUR 7.9 (+5 %) to MEUR 183.1. Acquisitions contributed with MEUR 6.2 (previous year: MEUR 1.1) to sales. Organic growth in the first quarter of 2020 amounted to 2 % compared to the previous year. Outside the telematics infrastructure, organic growth in the quarter was 8 %.
Adjusted consolidated earnings before interest, taxes, depreciation, and amortization (adjusted Group EBITDA) for the first quarter of
2020 amounted to MEUR 43.5 (previous year: MEUR 49.9 on a pro forma basis) with an adjusted EBITDA margin of 24 % (previous year: 28 %). In the previous year, this figure included a one-time income adjustment of MEUR 4.0 due to implementation of IFRS 3.42. In addition, the first and second quarters of 2019 benefited from high one-off revenues and corresponding income from the introduction of the telematics infrastructure.
Adjusted Group EBITDA is derived from reported EBITDA as shown below:
01.01.- | ||
01.01.- | 31.03.2019 | |
TEUR | 31.03.2020 | (restated)* |
EBITDA REPORTED | 40,110 | 45,401 |
Adjustments: | ||
M&A Transactions | 2,953 | 0 |
Share-based option programs | 461 | 4,523 |
Restructuring program expenses | 0 | 0 |
Other non-operative, extraordinary or one-time effects | -47 | 0 |
EBITDA ADJUSTED** | 43,477 | 49,924 |
- Restatement ofprior-year figures, see Annual Report 2019, note 3. Corrections in accounting
- Adjusted key figures for 2019 presented on a pro forma basis: excluding theone-time effect of stock option-based compensation expenses against cash settlement for a former Management Board member and non-recurring expenses for discontinued M&A transactions.
2
The main developments in operating expenses in the first quarter were:
●●The expenses for goods and services purchased increased by MEUR 2.7 compared to the previous year. At 82 %, the gross margin was 1 % below the previous year. The increase in expenses for goods and the slightly lower gross margin are due to increased purchases of hardware components in the area of pharmacy information systems and hospital information systems and higher expenses for purchased services in the telematics infrastructure sector.
●●
●●Personnel expenses increased by 7 % to MEUR 89.6 compared to the previous year (previous year: MEUR 84.0 on a restated basis). The increase in personnel expenses directly related to acquisitions was MEUR 2.3. In addition, new hires in connection with software development work and general merit / salary increases contributed to the increase. The change in accounting for stock options of a former member of the Management Board in 2019 from "equity settled" to "cash settled" resulted in a negative one-off effect of MEUR 4.5.
●●Other expenses were MEUR 3.7 higher than in the previous year and amount to MEUR 30.1, which is mainly due to one-time effects resulting from M&A costs and costs in connection with mergers carried out and the planned change of legal form into an SE & Co. KGaA. Adjusted for the above-mentionedone-time effects, other expenses were only MEUR 0.5 higher than in the previous year.
Depreciation of property, plant and equipment and right-of-use assets amounted to MEUR 7.4 in the first quarter, which is an increase of MEUR 0.6 (previous year: MEUR 6.8). The increase in depreciation of non-current assets is mainly due to slightly higher depreciation of right-of-use assets accounted for in accordance with IFRS 16 and increased depreciation of office furniture and equipment and internal use IT hardware equipment. Amortization of intangible assets increased by MEUR 1.6 to MEUR 9.4 in the first quarter, mainly due to higher amortization from purchase price allocations with acquisitions consolidated for the first time after the first quarter of 2019. Amortization of self-developed software amounted to MEUR 1.2 in the reporting period (previous year: MEUR 1.1).
Financial income increased from MEUR 0.4 in the first quarter of 2019 to MEUR 0.6 this year, mainly due to exchange rate related non-cash income from intercompany liabilities in the current quarter.
At MEUR 4.5, financial expenses were MEUR 3.1 above the level of the previous year's reporting period and were comprised as following:
01.01.- | 01.01.- | ||
MEUR | 31.03.2020 | 31.03.2019 | |
Interest and expenses on loans and financial services | 3.1 | 1.3 | |
Changes in purchase price liabilities | 0.1 | 0.2 | |
Translation loss on non-Euro internal debt | 1.4 | 0.0 | |
Capitalized interest on qualifying assets under construction (IAS 23) | -0.2 | -0.2 | |
Other | 0.1 | 0.1 | |
TOTAL | 4.5 | 1.4 | |
3 CompuGroup Medical SEQuarterly Report as of March 31, 2020
In the first quarter of 2020, consolidated net income amounted to MEUR 12.8, compared to MEUR 20.5 (restated) in the reference period of last year. The group tax rate for the first quarter was 32 %, compared to 30 % in the same period last year. The higher group tax rate compared to the previous year mainly results from higher losses in business units for which no tax savings (recognition of deferred tax assets) are possible due to their loss history. Similarly, tax rate reconciliation differences result from the expenses recorded for stock option programs for Management Board members, as these are not tax-deductible.
Adjusted earnings per share for the 2020 reporting period were 0.34 EUR (previous year: 0.47 EUR on a restated basis) and are as follows:
01.01.- | ||
01.01.- | 31.03.2019 | |
TEUR | 31.03.2020 | (restated)* |
CONSOLIDATED NET INCOME OF THE PERIOD (ALLOCATED TO SHAREHOLDERS OF THE PARENT COM- | ||
PANY) | 12,692 | 20,399 |
Adjustments: | ||
M&A Transactions | 3,243 | |
Share-based option programs | 323 | 3,166 |
Restructuring program expenses | 0 | |
Other non-operative, extraordinary or one-time effects | 768 | |
ADJUSTED CONSOLIDATED NET INCOME FOR THE PERIOD (ALLOCATED TO SHAREHOLDERS OF THE PAR- | ||
ENT COMPANY)** | 17,026 | 23,565 |
ADJUSTED UNDILUTED EARNINGS PER SHARE (IN EUR)** | 0.35 | 0.48 |
ADJUSTED DILUTED EARNINGS PER SHARE (IN EUR)** | 0.34 | 0.47 |
- Restatement ofprior-year figures, see Annual Report 2019, note 3. Corrections in accounting
- Adjusted key figures for 2019 presented on a pro forma basis: excluding theone-time effect of stock option-based compensation expenses against cash settlement for a former Management Board member and non-recurring expenses for discontinued M&A transactions.
EARNINGS DEVELOPMENT OF THE BUSINESS SEGMENTS
Ambulatory Information Systems (AIS)
01.01.- | 01.01.- | ||
MEUR | 31.03.2020 | 31.03.2019 | Change |
Sales to third parties | 109.2 | 106.2 | 3% |
thereof organic sales* | 104.0 | 105.5 | -1% |
thereof recurring sales | 74% | 70% | |
EBITDA adjusted** | 34.1 | 39.1 | -13% |
in % of sales | 31% | 37% |
- Adjusted for sales revenues of companies consolidated for the first time in the reporting period or of companies consolidated for the last time in theprior-year period.
- Adjusted key figures for 2019 presented on a pro forma basis: excluding theone-time effect of stock option-based compensation expenses against cash settlement for a former Management Board member and non-recurring expenses for discontinued M&A transactions.
●●The software business with physicians and dentists achieved sales of MEUR 109.2 for the first quarter 2020. Compared to the same period the prior year the sales increased by MEUR 3.0 (3 %).
●●Acquisitions contributed with MEUR 5.2 (previous year: MEUR 0.7) to sales for the first quarter, thereof MEUR 4.0 sales achieved by the acquisition of EPSILOG.
●●Organic sales development was 1 % below the prior year due to strong previous year's sales in the telematics infrastructure segment. Excluding the telematics infrastructure, organic sales growth was 10 %. This growth is mainly attributable to a strong development in the German core business as well as the expiration of Windows 7.
●●Significant growth in recurring sales in the AIS segment of 9 % to MEUR 80.9 supported by telematics infrastructure.
●●The EBITDA of the prior year includes one-off income from the telematics infrastructure introduction as well as extraordinary income from the revaluation of shares through profit and loss (IFRS 3.42) as part of the initial consolidation of Gotthardt Informationssysteme GmbH.
4
Pharmacy Information Systems (PCS)
01.01.- | 01.01.- | |||
MEUR | 31.03.2020 | 31.03.2019 | Change | |
Sales to third parties | 29.6 | 27.8 | 6% | |
thereof organic sales* | 29.3 | 27.8 | 5% | |
thereof recurring sales | 65% | 65% | ||
EBITDA adjusted** | 8.9 | 8.4 | 6% | |
in % of sales | 30% | 30% |
- Adjusted for sales revenues of companies consolidated for the first time in the reporting period or of companies consolidated for the last time in theprior-year period.
- Adjusted key figures for 2019 presented on a pro forma basis: excluding theone-time effect of stock option-based compensation expenses against cash settlement for a former Management Board member and non-recurring expenses for discontinued M&A transactions.
●●In the first quarter of 2020, the pharmacy software business achieved sales in the amount of MEUR 29.6, therefore sales increased by 6 % compared to last year.
●●Acquisitions contributed MEUR 0.3 (previous year: MEUR 0.0) to sales growth for the first quarter. Organic growth in the first quarter was close to 5 %.
●●Recurring sales in the PCS segment increased by 5 % to MEUR 19.2 compared to the same period in the prior year.
●●The German and Italian markets benefited from strong order intake in the fourth quarter in 2019, reinforced by the run-off effect of Windows 7.
●●Adjusted EBITDA has developed in proportion to the increase in sales.
Hospital Information Systems (HIS)
01.01.- | 01.01.- | |||
MEUR | 31.03.2020 | 31.03.2019 | Change | |
Sales to third parties | 33.7 | 31.0 | 8% | |
thereof organic sales* | 33.0 | 31.0 | 6% | |
thereof recurring sales | 65% | 63% | ||
EBITDA adjusted** | 4.3 | 5.8 | -26% | |
in % of sales | 13% | 19% |
- Adjusted for sales revenues of companies consolidated for the first time in the reporting period or of companies consolidated for the last time in theprior-year period.
- Adjusted key figures for 2019 presented on a pro forma basis: excluding theone-time effect of stock option-based compensation expenses against cash settlement for a former Management Board member and non-recurring expenses for discontinued M&A transactions.
●●Sales growth amounted to 8 % with only minor consolidation effects.
●●Organic sales growth of 6 % was driven by strong business growth in the German clinic segment as well as the roll-out of the project order contracted in 2019 in Lower Austria.
●●Recurring sales increased by 12 % to MEUR 21.7.
●●Adjusted EBITDA decreased 26 % compared to the prior year due to planned increased development expenses as well as an increase of unplanned customer-related project development expenses.
5 CompuGroup Medical SEQuarterly Report as of March 31, 2020
Consumer and Health Management Information Systems (CHS)
01.01.- | 01.01.- | |||
MEUR | 31.03.2020 | 31.03.2019 | Change | |
Sales to third parties | 10.8 | 10.0 | 8% | |
thereof organic sales* | 10.8 | 9.7 | 11% | |
thereof recurring sales | 11% | 4% | ||
EBITDA adjusted** | 2.1 | 2.4 | -12% | |
in % of sales | 19% | 24% |
- Adjusted for sales revenues of companies consolidated for the first time in the reporting period or of companies consolidated for the last time in theprior-year period.
- Adjusted key figures for 2019 presented on a pro forma basis: excluding theone-time effect of stock option-based compensation expenses against cash settlement for a former Management Board member and non-recurring expenses for discontinued M&A transactions.
●●CHS segment sales increased by 8 % to MEUR 10.8. Organic growth was 11 %.
●●The positive sales development in the quarter is mainly attributable to CGM Life division, whose business volume increased significantly as a result of developments for and the operation of software solutions in the area of private health insurances.
●●Adjusted EBITDA was MEUR 0.3 lower than in the prior year, which was positively impacted by a one-time effect in 2019 from the revaluation of shares through profit and loss (IFRS 3.42) as part of the initial consolidation of Fablab S.r.l., Italy.
Other segments and consolidation
01.01.- | 01.01.- | |||
MEUR | 31.03.2020 | 31.03.2019 | Change | |
Sales to third parties | -0.1 | 0.1 | -248% | |
EBITDA adjusted* | -5.9 | -5.7 | -3% |
- Adjusted key figures for 2019 presented on a pro forma basis: excluding theone-time effect of stock option-based compensation expenses against cash settlement for a former Management Board member and non-recurring expenses for discontinued M&A transactions.
●●Adjusted EBITDA in other segments and consolidation was 3 % lower than in the prior year due to slightly higher personnel expenses in central R&D activities.
●●Adjusted one-time effects in this segment for the first quarter of 2020 mainly consist of M&A costs and KGaA conversion costs (MEUR
3.6 in total). For the first quarter of 2019 on a pro forma basis, a negative one-time effect of MEUR 4.5 resulting from the revaluation of cash-settled stock options of a former Management Board member, which were settled in cash in August 2019, was adjusted.
Staff Development
Workforce Development | 31.03.2020 | 31.03.2019 | 31.12.2019 |
Number of employees (HC) | 5,795 | 5,308 | 5,627 |
thereof from acquisitions at time of acquisition | 36 | 309 | 426 |
Full-time equivalent (FTE)* | 5,405 | 4,956 | 5,258 |
* FTE: Indicates for a number of real jobs with different time models the number of notional full-time jobs with the same work capacity.
Headcount increased by 487, of which 36 employees result from acquisitions as of March 31, 2020. The number of FTEs increased by 449 compared to the prior year.
6
NET ASSETS OF THE GROUP
TEUR | 31.03.2020 | 31.12.2019 | Changes | |||
Non-current assets | 835,821 | 75% | 832,930 | 78% | 2,891 | 0% |
Current Assets | 273,340 | 25% | 232,932 | 22% | 40,407 | 17% |
TOTAL ASSETS | 1,109,161 | 100% | 1,065,862 | 100% | 43,299 | 4% |
TEUR | 31.03.2020 | 31.12.2019 | Changes | |||
Equity | 270,226 | 24% | 259,916 | 24% | 10,310 | 4% |
Non-current liabilities | 562,556 | 51% | 569,642 | 53% | -7,086 | -1% |
Current liabilities | 276,378 | 25% | 236,304 | 22% | 40,074 | 17% |
TOTAL LIABILITIES | 1,109,161 | 100% | 1,065,862 | 100% | 43,299 | 4% |
Total assets increased by 4 % in the first quarter of 2020, increasing by MEUR 43.3 to MEUR 1,109.1 (prior year December 31, 2019: MEUR 1,065.9).
The largest changes in assets are as follows:
●●Increase of non-current assets by MEUR 2.9, mainly driven by the change in intangible assets of MEUR 2.4 and property, plant and equipment of MEUR 2.5. The recognized rights of use developed in the opposite direction with a decrease of MEUR 2.6.
●●Increases in inventory by MEUR 2.1 to MEUR 29.6. Inventories mainly comprise goods for CGM's hardware and peripheral equipment business as well as components of the telematics infrastructure.
●●Increase of trade receivables by MEUR 22.7 to MEUR 125.7 mainly due to a high level of receivables from maintenance contracts invoiced in the first quarter, which are expected to be settled in the second quarter of 2020. In addition, some subsidiaries showed higher receivables due to a higher sales volume in connection with the ongoing Windows 10 conversion and contract development work.
●●Increase of current other non-financial assets from MEUR 16.9 at year-end 2019 by MEUR 10.7 to MEUR 27.6 due to higher VAT receivables and higher prepayments for business transactions whose performance falls in future periods.
●●Increase of cash and cash equivalents by MEUR 12.7 from MEUR 46.4 at the end of 2019 to MEUR 59.1. The increase of cash and cash equivalents will mainly be used for the proposed dividend payment, which the shareholders of CompuGroup Medical SE will vote on in the upcoming Annual General Meeting and for the repayment of short-term loans.
All other assets were subject to minor changes as of the first quarter of 2020.
Group equity increased from MEUR 259.9 as of December 31, 2019 to MEUR 270.2 as of March 31, 2020. The change in equity results from MEUR 12.8 consolidated total income for the period from January 1, 2020 to March 31, 2020 less a negative net effect from the change in the currency reserve, the actuarial result, stock option programs as well as a negative net effect from other minor changes relevant to equity of MEUR -1.6. The equity ratio was 24 % as of March 31, 2020.
The following significant changes occurred in current and non-current liabilities compared to year-end 2019:
●●Increase of current contract liabilities from MEUR 42.5 by MEUR 66.2 to MEUR 108.7 at the end of the first quarter of 2020. This increase is mainly related to seasonal prepayments for software maintenance contracts, which will decrease towards the end of the year to a comparable level compared to year-end 2019.
●●Current and non-current liabilities to banks decreased by MEUR 21.8 from MEUR 449.6 to MEUR 427.8. This is mainly due to the repayment of short-term credit lines utilized at year-end.
7 CompuGroup Medical SEQuarterly Report as of March 31, 2020
●●Trade payables decreased by MEUR 8.3 from MEUR 47.1 to MEUR 38.8. This is mainly due to the settlement of supplier invoices for which provisions were made at the end of 2019. Services for these items were rendered in 2019 but the corresponding invoice was not yet available.
All other current and non-current liabilities were subject to minor changes in absolute figures as of the first quarter of 2020.
FINANCIAL POSITION OF THE GROUP
The liquidity situation and financial position of CGM are shown in the following condensed cash flow statement and key figures on debt:
01.01.- | 01.01.- | ||
TEUR | 31.03.2020 | 31.03.2019 | Changes |
OPERATING CASH FLOW | 65,719 | 68,920 | -3,201 |
CASH FLOW FROM INVESTING ACTIVITIES | -23,987 | -34,749 | 10,762 |
FREE CASH FLOW | 51,038 | 57,560 | -6,522 |
CASH FLOW FROM FINANCING ACTIVITIES | -27,398 | -19,916 | -7,482 |
CHANGE IN CASH AND CASH EQUIVALENTS | 14,334 | 14,255 | 79 |
Changes due to exchange rate fluctuations | -1,603 | 74 | -1,677 |
Cash and cash equivalents at the beginning of the period | 46,350 | 25,302 | 21,048 |
CASH AND CASH EQUIVALENTS AT THE END OF THE PERIOD | 59,081 | 39,631 | 19,450 |
NET DEBT* | 428,301 | 337,607 | 90,694 |
LEVERAGE (LTM)** | 2.17 | 1.69 | 0.48 |
- Liabilities to banks (incl. leasing liabilities according to IFRS 16) ./. cash and cash equivalents (with the exception of accounts underthird-party management)
- Net debt / EBITDA adjusted/pro forma (LTM) plus pro rata EBITDA of newly acquired companies
In the first quarter of 2020, cash flow from operating activities amounted to MEUR 65.7 compared to MEUR 68.9 in the same period in the prior year. The development of the operating cash flow in the reporting period is mainly driven by higher contract liabilities (primarily from advance payments for software maintenance and other recurring service contracts), the change in other liabilities, and income tax receivables. On the other hand, trade receivables, other receivables (mainly due to advance payments made and higher VAT receivables) as well as trade payables developed in opposite direction.
Adjusted free cash flow amounted to MEUR | 53.3 during the first quarter of 2020 | (previous year: MEUR 57.6 on a pro forma basis). The | |
derivation of free cash flow and adjusted free cash flow is shown below: | |||
01.01.- | 01.01.- | ||
TEUR | 31.03.2020 | 31.03.2019 | |
OPERATING CASH FLOW | 65,719 | 68,920 | |
CASH FLOW FROM INVESTING ACTIVITIES | -23,987 | -34,749 | |
./. Net cash outflow for company acquisitions (less | acquired cash and cash equivalents and prepayments in previ- | ||
ous periods) | 7,819 | 22,650 | |
./. Cash outflow for acquisitions from prior periods | 1,487 | 739 | |
./. Cash inflow from the disposal of subsidiaries and business units | 0 | 0 | |
./. Cash outflow for capital expenditures in joint ventures | 0 | 0 | |
+/- Extraordinary effects | 0 | 0 | |
FREE CASH FLOW | 51,038 | 57,560 | |
Operating cash flow adjustments | 2,270 | 0 | |
ADJUSTED FREE CASH FLOW* | 53,308 | 57,560 |
- Adjusted key figures for 2019 presented on a pro forma basis: excluding theone-time effect of stock option-based compensation expenses against cash settlement for a former Management Board member and non-recurring expenses for discontinued M&A transactions.
8
Cash flow from investing activities amounted to MEUR -24.0 in the first quarter of 2020, compared to MEUR -34.7 in the same period in prior year. CGM made the following investments in the first quarter of 2020:
01.01.- | 01.01.- | |
MEUR | 31.03.2020 | 31.03.2019 |
Company acquisition | 7.3 | 22.7 |
Purchase of minority interest and past acquisition | 2.0 | 0.7 |
Capitalized in-house services and other intangible assets | 9.0 | 6.3 |
Cash outflow for capital expenditures in joint ventures | 0.0 | 0.0 |
Office building and property | 2.9 | 0.1 |
Other property and equipment | 2.8 | 5.0 |
Sale of subsidiaries and business operations | 0.0 | 0.0 |
TOTAL | 24.0 | 34.7 |
Cash flow from financing activities amounted to MEUR -27.4 in the first quarter of 2020 | (previous year: MEUR -19.9). The MEUR -7.5 higher |
cash outflows in cash flow from financing activities compared to prior year are primary due to MEUR -25.0 lower net borrowings (defined as cash inflow from borrowings less cash outflow from the repayment of loans) in current year and the unpaid payments for the repurchase of own shares of MEUR 18.1 compared to the previous period.
As of March 31, 2020, cash and cash equivalents amounted to MEUR 59.1 (previous year: MEUR 39.6). The cash and cash equivalents also includes restricted cash and cash equivalents.
To secure future liquidity, in February 2020, CGM arranged a new credit facility of MEUR 1,000.0 with at least five-year term, split into a revolving credit facility of MEUR 600.0 and a bullet loan of MEUR 400.0, which serves to repay existing liabilities and to finance general corporate purposes and acquisitions. The syndicate of banks includes BNP Paribas, Commerzbank, Deutsche Bank, Landesbank Baden- Württemberg, SEB and Unicredit.
The granting of the loans is linked to compliance with a financial ratio (leverage). For this concluded credit agreement various German CGM Group companies have issued joint and several payment guarantees (contingent liability for payment defaults of CompuGroup Medical SE).
Net debt as of the reporting date of March 31, 2020 amounted to MEUR 428.3 and was thus MEUR 38.6 lower than the net debt as of December 31, 2019 of MEUR 466.9. The leverage is 2.17 (31.12.2019: 2.36) and thus fulfill the requirements of the existing credit agreement.
9 CompuGroup Medical SEQuarterly Report as of March 31, 2020
GUIDANCE FOR CGM GROUP
CGM confirms the guidance published on February 5, 2020.
For the year 2020, sales in the range of MEUR 765 to MEUR 815 are expected. Adjusted EBITDA is projected to be in a range of MEUR 195 to MEUR 215.
Potential risks to sales, earnings and financial strength resulting from Covid-19 have so far not given rise to a revision of the guidance. However, due to the ongoing Corona pandemic, there is more uncertainty in the guidance than usual.
In the medium-term, CGM sees significantly increased growth opportunities as a result of the enormous increase in sustained readiness to use digital networking solutions in the healthcare sector due to the pandemic.
10
Interim Statement of Financial Position
as of March 31, 2020
ASSETS
TEUR | 31.03.2020 | 31.03.2019 | 31.12.2019 |
Non-current assets | |||
Intangible assets | 670,731 | 586,755 | 668,329 |
Property, plant and equipment | 90,545 | 82,923 | 88,064 |
Right-of-use assets | 40,612 | 41,385 | 43,189 |
Investments in associates and joint ventures (valued at-equity) | 334 | 2,215 | 938 |
Other investments | 1,993 | 725 | 1,458 |
Finance lease receivables | 14,934 | 12,253 | 14,826 |
Contract assets | 0 | 1,547 | 0 |
Other financial assets | 9,291 | 3,084 | 9,003 |
Other non-financial assets | 1,200 | 1,200 | 1,200 |
Deferred taxes | 6,181 | 9,253 | 5,923 |
835,821 | 741,340 | 832,930 | |
Current assets | |||
Inventories | 29,575 | 23,484 | 27,492 |
Trade receivables | 125,672 | 122,084 | 102,982 |
Finance lease receivables | 7,859 | 6,257 | 7,784 |
Contract assets | 10,916 | 10,407 | 9,092 |
Other financial assets | 2,334 | 4,661 | 3,137 |
Other non-financial assets | 27,615 | 21,805 | 16,918 |
Income tax receivables | 10,288 | 8,192 | 19,177 |
Cash & cash equivalents | 59,081 | 39,631 | 46,350 |
273,340 | 236,521 | 232,932 | |
Assets qualified as held for sale | 0 | 1,531 | 0 |
1,109,161 | 979,392 | 1,065,862 | |
11 CompuGroup Medical SEQuarterly Report as of March 31, 2020
SHAREHOLDER EQUITY AND LIABILITIES
31.03.2019 | |||
TEUR | 31.03.2020 | (restated)* | 31.12.2019 |
Equity | |||
Subscribed capital | 53,219 | 53,219 | 53,219 |
Treasury shares | -86,322 | -63,345 | -86,322 |
Reserves | 303,022 | 275,646 | 292,208 |
Capital and reserves allocated to the shareholders of the parent company | 269,919 | 265,520 | 259,105 |
Non-controlling interests | 307 | 2,284 | 811 |
270,226 | 267,804 | 259,916 | |
Non-current liabilities | |||
Provisions for post-employment benefits and other non-current provisions | 30,802 | 25,359 | 30,979 |
Liabilities to banks | 408,158 | 308,634 | 410,838 |
Contract liabilities | 5,220 | 7,294 | 6,114 |
Purchase price liabilities | 7,353 | 8,736 | 7,791 |
Lease liabilities | 26,040 | 25,943 | 28,489 |
Other financial liabilities | 12,533 | 16,997 | 13,619 |
Other non-financial liabilities | 1,192 | 1,263 | 1,193 |
Deferred taxes | 71,258 | 53,235 | 70,619 |
562,556 | 447,461 | 569,642 | |
Current liabilities | |||
Liabilities to banks | 19,688 | 3,935 | 38,810 |
Contract liabilities | 108,697 | 106,004 | 42,485 |
Purchase price liabilities | 8,271 | 11,626 | 10,119 |
Trade payables | 38,776 | 30,605 | 47,093 |
Income tax liabilities | 14,325 | 11,960 | 17,973 |
Other provisions | 38,316 | 52,627 | 42,156 |
Lease liabilities | 14,082 | 14,944 | 14,636 |
Other financial liabilities | 7,458 | 10,466 | 7,849 |
Other non-financial liabilities | 26,765 | 21,440 | 15,183 |
276,378 | 263,607 | 236,304 | |
Liabilities related to assets held for sale | 0 | 520 | 0 |
1,109,161 | 979,392 | 1,065,862 | |
* Restatement of prior-year figures, see Annual Report 2019, note 3. Corrections in accounting |
12
Interim Income Statement
for the reporting period of January 1 - March 31, 2020
01.01.- | |||
01.01.- | 31.03.2019 | 01.01.- | |
TEUR | 31.03.2020 | (restated)* | 31.12.2019 |
Sales revenue | 183,143 | 175,214 | 745,808 |
Capitalized inhouse services | 8,022 | 5,119 | 24,570 |
Other income | 1,773 | 5,467 | 13,458 |
Expenses for goods and services purchased | -32,170 | -29,482 | -138,956 |
Personnel expenses | -89,607 | -83,991 | -339,442 |
Net impairment losses on financial and contract assets | -921 | -534 | -4,037 |
Other expenses | -30,130 | -26,392 | -123,275 |
Earnings before interest, taxes, depreciation and amortization (EBITDA) | 40,110 | 45,401 | 178,126 |
Depreciation of property, plant and equipment and right-of-use assets | -7,397 | -6,784 | -28,521 |
Earnings before interest, taxes and amortization (EBITA) | 32,713 | 38,617 | 149,605 |
Amortization of intangible assets | -9,385 | -7,816 | -34,335 |
Earnings before interest and taxes (EBIT) | 23,328 | 30,801 | 115,270 |
Result from companies accounted for using the equity method | -603 | -498 | -1,785 |
Financial income | 620 | 359 | 2,067 |
Financial expenses | -4,536 | -1,428 | -7,808 |
Earnings before taxes (EBT) | 18,809 | 29,234 | 107,745 |
Income taxes for the period | -5,976 | -8,760 | -41,594 |
Results from continued operations | 12,833 | 20,474 | 66,151 |
Profit for the period from discontinued operations | 0 | 0 | 0 |
Consolidated net income for the period | 12,833 | 20,474 | 66,151 |
of which: allocated to shareholders of the parent company | 12,692 | 20,399 | 65,819 |
of which: allocated to non-controlling interests | 141 | 75 | 332 |
Earnings per share (from continuing operations) | |||
undiluted (EUR) | 0.26 | 0.42 | 1.35 |
diluted (EUR) | 0.26 | 0.41 | 1.33 |
* Restatement of prior-year figures, see Annual Report 2019, note 3. Corrections in accounting |
13 CompuGroup Medical SEQuarterly Report as of March 31, 2020
Cash Flow Statement
as of March 31, 2020
01.01.- | |||
01.01.- | 31.03.2019 | 01.01.- | |
TEUR | 31.03.2020 | (restated)* | 31.12.2019 |
Consolidated net income for the period | 12,833 | 20,474 | 66,151 |
Depreciation of property, plant and equipment and right-of-use assets and amortization of | |||
intangible assets | 16,782 | 14,601 | 62,856 |
Earnings on sale of fixed assets | -17 | -20 | 424 |
Change in provisions (including income tax liabilities) | -7,648 | -1,531 | -1,910 |
Change in deferred taxes | -176 | 1,887 | 10,696 |
Other non-cash earnings/ expenditures | 6,512 | 54 | -3,649 |
28,286 | 35,465 | 134,568 | |
Change in inventories | -2,080 | -2,279 | -6,237 |
Change in trade receivables and other receivables | -25,336 | -13,352 | 6,618 |
Change in income tax receivables | 8,843 | 681 | -10,076 |
Change in other receivables | -10,885 | -7,565 | -7,932 |
Change in trade payables | -8,469 | -11,986 | 4,092 |
Change contract liabilities | 64,632 | 72,332 | -1,641 |
Change in other liabilities | 10,728 | -4,376 | -8,897 |
Operating cash flow - continuing operations | 65,719 | 68,920 | 110,495 |
Operating cash flow | 65,719 | 68,920 | 110,495 |
Cash inflow from disposals of intangible assets | 0 | 0 | 0 |
Cash outflow for capital expenditure in intangible assets | -9,006 | -6,296 | -29,056 |
Cash inflow from disposals of property, plant and equipment | 23 | 196 | 401 |
Cash outflow for capital expenditure in property, plant and equipment | -5,698 | -5,260 | -14,684 |
Net cash outflow for company acquisitions (less acquired cash and cash equivalents and | |||
prepayments in previous periods) | -7,819 | -22,650 | -94,857 |
Cash outflow for acquisitions from prior periods | -1,487 | -739 | -1,753 |
Cash inflow from the disposal of subsidiaries and business units | 0 | 0 | 505 |
Cash outflow for capital expenditures in joint ventures | 0 | 0 | 0 |
Cash flow from investing activities - continuing operations | -23,987 | -34,749 | -139,444 |
Cash flow from investing activities | -23,987 | -34,749 | -139,444 |
Buyback of own shares | 0 | -18,086 | -41,063 |
Dividend paid | 0 | 0 | -24,414 |
Capital paid to non-controlling interests | 0 | 0 | -1,408 |
Acquisition of additional shares from non-controlling interests | -400 | 0 | -1,356 |
Downpayment of lease liabilities | -4,098 | -3,920 | -16,572 |
Cash inflow from assumption of loans | 401,857 | 23,193 | 188,495 |
Cash outflow from the repayment of loans | -424,757 | -21,103 | -54,005 |
Cash flow from financing activities - continuing operations | -27,398 | -19,916 | 49,677 |
Cash flow from financing activities | -27,398 | -19,916 | 49,677 |
Cash and cash equivalents at the beginning of the period | 46,350 | 25,302 | 25,302 |
Change in cash and cash equivalents | 14,334 | 14,255 | 20,728 |
Changes due to exchange rate fluctuations | -1,603 | 74 | 320 |
Cash and cash equivalents at the end of the period | 59,081 | 39,631 | 46,350 |
Interest paid | 4,029 | 893 | 5,226 |
Interest received | 324 | 243 | 1,150 |
Income taxes paid | 6,856 | 7,913 | 31,511 |
* Restatement of prior-year figures, see Annual Report 2019, note 3. Corrections in accounting |
14
Segment reporting
as of March 31, 2020
Segment AIS | Segment PCS | Segment HIS | |||||||||
Ambulatory Information | Pharmacy Information | Hospital Information | |||||||||
Systems | Systems | Systems | |||||||||
2020 | 2019 | 2019 | 2020 | 2019 | 2019 | 2020 | 2019 | 2019 | |||
01.01 - 01.01 - 01.01. - | 01.01 - 01.01 - 01.01. - | 01.01 - 01.01 - 01.01. - | |||||||||
TEUR | 31.03. | 31.03. | 31.12 | 31.03. | 31.03. | 31.12 | 31.03. | 31.03. | 31.12 | ||
Sales to third parties | 109,212 | 106,220 | 444,643 | 29,582 | 27,849 | 119,394 | 33,670 | 31,038 | 135,907 | ||
thereof Software license | 7,232 | 6,030 | 30,445 | 1,266 | 1,687 | 7,045 | 3,041 | 2,961 | 15,579 | ||
thereof Hardware | 10,346 | 13,988 | 54,785 | 5,656 | 4,903 | 26,654 | 1,736 | 813 | 10,346 | ||
thereof Professional Services | 9,669 | 11,176 | 47,264 | 2,533 | 2,146 | 10,185 | 7,080 | 7,846 | 30,403 | ||
thereof Software Maintenance & hotline | 57,069 | 53,397 | 217,049 | 8,787 | 8,290 | 33,714 | 17,362 | 16,313 | 66,280 | ||
thereof Other recurring revenues | 23,790 | 20,582 | 88,752 | 10,400 | 9,940 | 38,302 | 4,365 | 3,091 | 13,136 | ||
thereof Adverting, eDetailing and Data | 330 | 421 | 1,603 | 963 | 767 | 3,338 | 0 | 0 | 0 | ||
thereof Software Assisted Medicine | 31 | 47 | 181 | 0 | 0 | 0 | 0 | 0 | 0 | ||
thereof Other revenue | 745 | 579 | 4,564 | -23 | 116 | 156 | 86 | 14 | 163 | ||
Point in time of revenue recognition | |||||||||||
at a specific point in time | 13,357 | 16,422 | 68,657 | 6,183 | 5,240 | 28,989 | 2,194 | 1,426 | 12,623 | ||
over a period of time | 95,855 | 89,798 | 375,986 | 23,399 | 22,609 | 90,405 | 31,476 | 29,612 | 123,284 | ||
109,212 | 106,220 | 444,643 | 29,582 | 27,849 | 119,394 | 33,670 | 31,038 | 135,907 | |||
thereof recurring sales | 80,859 | 73,979 | 305,801 | 19,187 | 18,230 | 72,016 | 21,727 | 19,404 | 79,416 | ||
Sales between segments | 5,960 | 6,024 | 24,101 | 109 | 215 | 864 | 1,489 | 1,276 | 4,776 | ||
Segment Sales | 115,172 | 112,244 | 468,744 | 29,691 | 28,064 | 120,258 | 35,159 | 32,314 | 140,683 | ||
Capitalized inhouse services | 3,071 | 2,197 | 10,994 | 684 | 0 | 0 | 2,942 | 2,650 | 12,212 | ||
Other income | 1,024 | 4,767 | 8,772 | 449 | 163 | 2,259 | 1,248 | 465 | 2,973 | ||
Expenses for goods and services purchased | -23,664 | -23,855 | -101,313 | -7,564 | -6,178 | -32,727 | -5,296 | -3,944 | -21,988 | ||
Personnel costs | -41,473 | -36,251 | -151,102 | -10,185 | -9,617 | -39,469 | -21,450 | -19,389 | -81,726 | ||
Other expense | -19,792 | -20,051 | -75,040 | -4,215 | -4,019 | -18,426 | -8,367 | -6,306 | -32,864 | ||
EBITDA | 34,338 | 39,051 | 161,055 | 8,860 | 8,413 | 31,895 | 4,236 | 5,790 | 19,290 | ||
in % of sales | 31.4% | 36.8% | 36.2% | 30.0% | 30.2% | 26.7% | 12.6% | 18.7% | 14.2% |
Depreciation of property, plant and equipment and right-of- use assets
Amortization of intangible assets
EBIT
Results from associates recognised at equity
Financial income
Financial expense
EBT
Taxes on income for the period
Profit for the period from discontinued operations
Consolidated net income for the period
in % of sales
15 CompuGroup Medical SEQuarterly Report as of March 31, 2020
Segment CHS | ||||||||||||||||||
Consumer and Health Man- | ||||||||||||||||||
agement | Sum | |||||||||||||||||
Information Systems | All other Segments | Segments | Consolidation | CGM Group | ||||||||||||||
2019 | 2019 | 2019 | ||||||||||||||||
2019 | 2019 | ange- | 2019 | ange- | 2019 | ange- | 2019 | |||||||||||
2020 | 2019 | 2019 | 2020 | restated | 2020 | passt | 2020 | passt | 2020 | passt | ||||||||
01.01 - 01.01 - 01.01. - | 01.01 - 01.01 - 01.01. - | 01.01 - 01.01 - 01.01. - | 01.01 - 01.01 - 01.01. - | 01.01 - | 01.01 - | 01.01. - | ||||||||||||
31.03. | 31.03. | 31.12 | 31.03. | 31.03. | 31.12 | 31.03. | 31.03. | 31.12 | 31.03. | 31.03. | 31.12 | 31.03. | 31.03. | 31.12 | ||||
10,800 | 10,025 | 45,689 | -121 | 82 | 174 | 183,143 | 175,214 | 745,808 | 0 | 0 | 0 | 183,143 | 175,214 | 745,808 | ||||
31 | 65 | 598 | 0 | 0 | 0 | 11,570 | 10,743 | 53,668 | 0 | 0 | 0 | 11,570 | 10,743 | 53,668 | ||||
1 | -372 | 804 | 0 | 0 | 0 | 17,739 | 19,332 | 92,589 | 0 | 0 | 0 | 17,739 | 19,332 | 92,589 | ||||
2,323 | 1,550 | 7,818 | -121 | 27 | 48 | 21,484 | 22,745 | 95,718 | 0 | 0 | 0 | 21,484 | 22,745 | 95,718 | ||||
1,072 | 275 | 2,200 | 0 | 53 | 122 | 84,290 | 78,328 | 319,365 | 0 | 0 | 0 | 84,290 | 78,328 | 319,365 | ||||
150 | 167 | 1,261 | 0 | 0 | 0 | 38,705 | 33,780 | 141,451 | 0 | 0 | 0 | 38,705 | 33,780 | 141,451 | ||||
6,856 | 7,684 | 29,373 | 0 | 0 | 0 | 8,149 | 8,872 | 34,314 | 0 | 0 | 0 | 8,149 | 8,872 | 34,314 | ||||
405 | 695 | 3,810 | 0 | 0 | 0 | 436 | 742 | 3,991 | 0 | 0 | 0 | 436 | 742 | 3,991 | ||||
-38 | -39 | -175 | 0 | 2 | 4 | 770 | 672 | 4,712 | 0 | 0 | 0 | 770 | 672 | 4,712 | ||||
-38 | -411 | 629 | 0 | 2 | 4 | 21,696 | 22,679 | 110,902 | 0 | 0 | 0 | 21,696 | 22,679 | 110,902 | ||||
10,838 | 10,436 | 45,060 | -121 | 80 | 170 | 161,447 | 152,535 | 634,906 | 0 | 0 | 0 | 161,447 | 152,535 | 634,906 | ||||
10,800 | 10,025 | 45,689 | -121 | 82 | 174 | 183,143 | 175,214 | 745,808 | 0 | 0 | 0 | 183,143 | 175,214 | 745,808 | ||||
1,222 | 442 | 3,461 | 0 | 53 | 122 | 122,995 | 112,108 | 460,816 | 0 | 0 | 0 | 122,995 | 112,108 | 460,816 | ||||
466 | 360 | 1,912 | 3,875 | 2,408 | 16,384 | 11,899 | 10,283 | 48,037 | -11,899 | -10,283 | -48,037 | 0 | 0 | 0 | ||||
11,266 | 10,385 | 47,601 | 3,754 | 2,490 | 16,558 | 195,042 | 185,497 | 793,845 | -11,899 | -10,283 | -48,037 | 183,143 | 175,214 | 745,808 | ||||
497 | 116 | 748 | 828 | 156 | 616 | 8,022 | 5,119 | 24,570 | 0 | 0 | 0 | 8,022 | 5,119 | 24,570 | ||||
47 | 866 | 1,754 | 12,129 | 11,640 | 46,244 | 14,897 | 17,901 | 62,002 | -13,124 | -12,434 | -48,544 | 1,773 | 5,467 | 13,458 | ||||
-3,529 | -3,847 | -15,772 | -1,339 | -47 | -1,395 | -41,392 | -37,871 | -173,195 | 9,222 | 8,389 | 34,239 | -32,170 | -29,482 | -138,956 | ||||
-3,938 | -3,472 | -15,477 | -13,293 | -15,657 | -52,945 | -90,339 | -84,386 | -340,719 | 732 | 395 | 1,277 | -89,607 | -83,991 | -339,442 | ||||
-2,251 | -1,662 | -7,643 | -11,645 | -8,040 | -54,370 | -46,270 | -40,078 | -188,343 | 15,219 | 13,152 | 61,031 | -31,051 | -26,926 | -127,312 | ||||
2,092 | 2,386 | 11,211 | -9,566 | -9,458 | -45,292 | 39,960 | 46,182 | 178,160 | 150 | -781 | -34 | 40,110 | 45,401 | 178,126 | ||||
19.4% | 23.8% | 24.5% | 21.8% | 26.4% | 23.9% | 21.9% | 25.9% | 23.9% | ||||||||||
-7,397 | -6,784 | -28,521 | ||||||||||||||||
-9,385 | -7,816 | -34,335 | ||||||||||||||||
23,328 | 30,801 | 115,270 | ||||||||||||||||
-603 | -498 | -1,785 | ||||||||||||||||
620 | 359 | 2,067 | ||||||||||||||||
-4,536 | -1,428 | -7,808 | ||||||||||||||||
18,809 | 29,234 | 107,745 | ||||||||||||||||
-5,976 | -8,760 | -41,594 | ||||||||||||||||
0 | 0 | 0 | ||||||||||||||||
12,833 | 20,474 | 66,151 | ||||||||||||||||
7.0% | 11.7% | 8.9% | ||||||||||||||||
16
Additional Information
ABOUT COMPUGROUP MEDICAL SE
CompuGroup Medical is one of the leading eHealth companies in the world. With a revenue base of EUR 746 million in 2019, its software products are designed to support all medical and organizational activities in doctors' offices, pharmacies, laboratories and hospitals. Its information services for all parties involved in the healthcare system and its web-based personal health records contribute towards safer and more efficient healthcare. CompuGroup Medical's services are based on a unique customer base of more than 1 million users, including doctors, dentists, pharmacists and other health professionals in inpatient and outpatient facilities. With locations in 18 countries and products in 56 countries worldwide, CompuGroup Medical is the eHealth company with one of the highest coverages among eHealth service providers. Approximately 5,800 highly qualified employees support customers with innovative solutions for the steadily growing demands of the healthcare system.
FINANCIAL CALENDAR
May 7, 2020 - Interim Report Q1 2020
May 13, 2020 - Virtual Annual General Meeting 2020
August 6, 2020 - Interim Report Q2 2020
September 16, 2020 - Capital Markets Day
November 5, 2020 - Interim Report Q3 2020
CONTACT INFORMATION
CompuGroup Medical SE
Investor Relations
Claudia Thomé
Head of Investor Relations
Maria Trost 21
56070 Koblenz
Telephone: | +49 (0) 261 8000-7030 |
Fax: | +49 (0) 261 8000-3200 |
E-Mail: investor@cgm.com
www.cgm.com
17 CompuGroup Medical SEQuarterly Report as of March 31, 2020
Management Responsibility Statement
To the best of our knowledge, and in accordance with applicable accounting principles for interim financial reporting, the consolidated interim financial statements give a true and fair view of the net assets, financial position and results of operations of the Group, and the Group interim management report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group over the remainder of the financial year.
Koblenz, May 7, 2020
CompuGroup Medical Societas Europaea
The Management Board
Frank Gotthardt | Frank Brecher | Dr. Ralph Körfgen |
Dr. Eckart Pech | Michael Rauch | Hannes Reichl |
18
CompuGroup Medical SE
Maria Trost 21
56070 Koblenz
Germany
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CompuGroup Medical SE published this content on 06 May 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 May 2020 07:48:01 UTC