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Financial Report 9M 2014

Financial Summary

Income (in TEUR) 9M 2014 9M 2013
Revenues 9,485 9,992 -5%
Software & Subscriptions 8,668 8,127 +7%
Services 817 1,865 -56%
EBIT 2,926 1,051 +178%
as a % of revenues 31% 11% +20 PP
Consolidated result 3,231 725 +346%
as a % of revenues 34% 7% +27 PP
Earnings per share (in EUR) 1.47 0.33 +345% 
Balance sheet (in TEUR) 30 Sep 2014 31 Dec 2013
Balance sheet total 20,091 8,853 +127%
Liquid funds and securities 8,703 4,576 +90%
Equity 6,931 5,249 +32%
as a % of balance sheet total 34% 59% -25 PP
Employees 30 Sep 2014 31 Dec 2013
Number of employees 102 118 -14%
Domestic 64 66 -3%
Foreign 38 52 -27%
Product & Content Development 58 59 -2%
Market & Customer Support 27 40 -33%
Miscellaneous 17 19 -11%
InVision share 9M 2014 2013
Closing price € 50.90 € 24.92 +104%
Year high € 64.00 € 30.50 +110%
Year low € 24.92 € 14.80 +68%
Market capitalisation, end of period € 113.8 m € 53.5 m +113%
Number of shares 2,235,000 2,235,000 ±0
Free float 33% 15% +18 PP
Treasury shares 0 87,867 -100%

Consolidated Interim Financial Statements

of InVision AG as of 30 September 2014 in accordance with IFRS and §315a of the German Commercial Code (condensed/unaudited)

Consolidated Balance Sheet

Assets (in EUR) 30 Sep 2014 31 Dec 2013
Short-term assets
Liquid funds 7,703,016 4,575,878
Securities 1,000,000 0
Inventories 0 11,339
Trade receivables 2,997,915 1,563,032
Income tax claims 59,647 87,273
Prepaid expenses and other short-term assets 174,969 179,524
Total short-term assets 11,935,547 6,417,046
Long-term assets
Intangible assets 719,191 852,167
Tangible assets 6,720,479 696,918
Deferred tax assets 677,590 844,790
Other long-term assets 38,328 41,986
Total long-term assets 8,155,588 2,435,861
Total assets 20,091,135 8,852,907
Equity and liabilities (in EUR) 30 Sep 2014 31 Dec 2013
Short-term liabilities
Trade payables 127,692 372,100
Provisions 702,188 1,467,376
Income tax liabilities 4,634 125,515
Short-term share of deferred income and other short-term liabilities 8,325,784 1,638,473
Total short-term liabilities 9,160,298 3,603,464
Long-term liabilities
Liabilities owed to financial institutions 4,000,000 0
Total long-term liabilities 4,000,000 0
Equity
Subscribed capital 2,235,000 2,235,000
Treasury shares 0 -87,867
Capital reserves 8,033,743 9,198,236
Revenue reserves 1,272,549 1,272,549
Equity capital difference from currency translation -943,343 -469,976
Losses carried forward -6,898,500 -8,450,041
Group/consolidated result 3,231,388 1,551,542
Total equity 6,930,837 5,249,443
Total equity and liabilities 20,091,135 8,852,907

Consolidated Statement of Comprehensive Income

in EUR 9M 2014 9M 2013
Revenues 9,484,512 9,991,522
Other operating income 767,963 119,934
Cost of materials/cost of goods and services purchased -214,708 -251,120
Personnel expenses -4,743,538 -5,565,078
Amortisation/depreciation of intangible and tangible assets -277,202 -233,835
Other operating expenses -2,090,812 -3,010,851
Operating result (EBIT) 2,926,215 1,050,572
Financial result -25,650 5,624
Currency losses/gains 502,430 -149,176
Result before taxes (EBT) 3,402,995 907,020
Income tax -171,607 -181,756
Consolidated result 3,231,388 725,264
Earnings per share 1.47 0.33

Consolidated Cash Flow Statement

in EUR 9M 2014 9M 2013
Consolidated result 3,231,388 725,264
Depreciation and amortisation of fixed assets 277,202 233,835
Decrease/increase in provisions -733,605 138,642
Profits/losses from the disposal of intangible and tangible fixed assets -88,616 0
Decrease/increase in income tax liabilities -108,907 -1,021
Decrease/increase in deferred taxes 167,200 163,530
Decrease/increase in trade receivables -1,423,544 969,743
Decrease/increase in other assets and prepaid expenses -34,318 46,329
Decrease/increase in income tax claims 71,226 494,702
Decrease/increase in trade payables -192,905 45,288
Decrease/increase in other liabilities and deferred income 1,103,662 75,859
Other non-cash income -616,892 125,761
Cash flow from operating activities 1,651,891 3,017,932
Investing activities
Payments made for investments in tangible fixed assets -6,175,443 -59,544
Payments made for investments in intangible assets -7,677 -10,778
Payments made for investments in securities -1,000,000 0
Payments received from the disposal of intangible and tangible fixed assets 147,482 0
Cash flow from investing activities -7,035,638 -70,322
Financing activities
Payments made for the purchase of treasury shares -228,330 -555,457
Payments received from raising financial loans 4,000,000 0
Payments received from additions to equity (issue of treasury shares) 4,739,204 0
Cash flow from financing activities 8,510,874 -555,457
Change in cash and cash equivalents 3,127,127 2.392.063
Change of cash and cash equivalents resulting from changes in the group of consolidated companies 11 -3,829
Cash and cash equivalents at the beginning of the period 4,575,878 2,490,000
Cash and cash equivalents at the end of the period 7,703,016 4,878,234

Consolidated Statement of Equity

in EUR 01 Jan 2013 Consolidated result 2013 31 Dec 2013 Consolidated result 9M 2014 30 Sep 2014
Subscribed capital 2,191,352 -44,219 2,147,133 87,867 2,235,000
Reserves 21,199,927 -10,729,142 10,470,785 -1,164,493 9,306,292
Equity capital difference from currency translation -646,759 176,783 -469,976 -473,367 -943,343
Losses carried forward -18,348,308 11,449,809 -6,898,499 3,231,388 -3,667,112
Equity 4,396,212 853,231 5,249,443 1,681,394 6,930,837

Consolidated Notes

to the Consolidated Interim Financial Statements of InVision AG as of 30 September 2014 (condensed/unaudited)

General information about the Company

The business activities of InVision Aktiengesellschaft, Ratingen (hereinafter also referred to as "InVision AG" or the "Company"), together with its subsidiaries (hereinafter also referred to as the "InVision Group" or the "Group"), include cloud- based services for contact centres offered under the injixo brand, learning content for contact centres offered under The Call Center School brand, and workforce management software offered under the InVision WFM brand. The InVision Group does business primarily in Europe and the United States.

The Company's registered offices are located at Halskestrasse 38, 40880 Ratingen, Germany. It is recorded in the Commercial Register of the Local Court of Düsseldorf under registration number HRB 44338. InVision AG has been listed in the prime standard segment of the Frankfurt Stock Exchange under securities identification number 585969 since 18 June 2007.

Basis of the accounting

The condensed consolidated interim financial report for the reporting period was prepared in accordance with IAS 34 "Interim Financial Reporting". The condensed consolidated interim financial report does not contain all explanations and information that are required for the financial statements of the full fiscal year and should be read in conjunction with the consolidated financial statements as of 31 December of the previous fiscal year.

Group of consolidated companies

On 18 April 2014, bankruptcy proceedings were initiated on the assets of InVision Software S.r.l.i.l., Milan. On the same date, this company was removed from the group of consolidated companies. The remaining group of consolidated companies has not changed since 31 December of the previous fiscal year.

Treasury shares

The Company has no treasury shares.

Revenues

Revenues categorised as follows:

By Business Activities (in TEUR) 9M 2014 9M 2013
Software & Subscriptions 8,668 8,127
Services 817 1,865
Total 9,485 9,992

Events after the balance sheet closing date

After the end of the reporting period, there were no specific events which were of significant importance for the interim financial report.

Executive Board

The Executive Board is composed of the following members:

  • Peter Bollenbeck (Chairman), Düsseldorf
  • Armand Zohari, Bochum

Earnings per share

Earnings per share were calculated by dividing the periodic result, which is attributable to InVision AG's shareholders, by the average weighted number of shares issued and outstanding during the reporting period. InVision AG has issued only ordinary shares. In the first nine months 2014, there was an average of 2,199,556 shares issued and outstanding. Earnings per share for this period were therefore EUR 1.47, compared to EUR 0.33 in the previous year, based on 2,183,862 shares issued.

Responsibility statement by the Executive Board

To the best of our knowledge and in accordance with the applicable reporting principles for financial reporting, the consolidated interim financial statements give a true and fair view of the Group's assets, liabilities, financial position and results of operation, and the interim Group's management report includes a fair review of the development and performance of the business, together with a description of the principal opportunities and risks related to the anticipated development of the Group for the remainder of the fiscal year.

Ratingen, 10 November 2014

The Executive Board
Peter Bollenbeck
Armand Zohari

Interim Group Management Report

of InVision AG as of 30 September 2014 pursuant to §315 of the German Commercial Code (condensed/unaudited)

Results of operation

Consolidated revenues during the reporting period equalled TEUR 9,485 (previous year: TEUR 9,992) and therefore decreased by 5 percent. Revenues from software and subscriptions increased by 7 percent to TEUR 8,668 (previous year: TEUR 8,127). Service revenues decreased by 56 percent to TEUR 817 (previous year: TEUR 1,865).

The operating result (EBIT) increased in the reporting period to TEUR 2,926 (previous year: TEUR 1,051). The EBIT margin in the reporting period was 31 percent (previous year: 11 percent).

In the reporting period, consolidated net profit equalled TEUR 3,231 (previous year: TEUR 725). Accordingly, earnings per share totalled EUR 1.47 with an average of 2,199,556 shares (previous year: EUR 0.33 with 2,183,862 shares).

Net assets and financial position

Cash flow from operating activities reached TEUR 1,652 in the reporting period (previous year: TEUR 3,018) and corresponds to a share of 17 percent of the Group revenues (previous year: 30 percent).

As of the end of the reporting period, the liquid funds (cash) went up to TEUR 7,703 (31 Dec 2013: TEUR 4,576).

The balance sheet total equalled TEUR 20,091 (31 Dec 2013: TEUR 8,853), as of the end of the reporting period. Equity capital is now at TEUR 6,931 (31 Dec 2013: TEUR 5,249), and the equity ratio equals 34 percent (31 Dec 2013: 59 percent).

Opportunities & risks

Reasonable opportunities for the business development of the InVision Group are described in the forecast report of this interim Group management report and in the Group management report of the previous fiscal year. The risks are described in the Group management report for the previous fiscal year.

Supplement report

After the end of the reporting period, there were no specific events which were of significant importance for the interim financial report.

Forecast report

In the Company's opinion, the demand for solutions to reduce costs and improve productivity in the key markets for InVision will remain at a permanently high level. The InVision Group can therefore constantly exploit sales potential with its offerings. This gives InVision an opportunity to enjoy long-term growth.

For the total year of 2014, the Executive Board of InVision AG still expects an EBIT growth by at least 125% to more than EUR 4 million, with sales of about EUR 12.8 million.

Ratingen, 10 November 2014

The Executive Board
Peter Bollenbeck
Armand Zohari