Financial Figures

All important financial key figures compact and at a glance:

in EUR million Dec. 31, 2023 Dec. 31, 2022 Dec. 31, 2021 Dec. 31, 2020 Dec. 31, 2019
Operative figures          
Revenues 851.6 801.8 681.5 596.9 556.9
- thereof software licenses 161.1 235.0 234.8 210.0 228.2
- thereof recurring revenues 652.7 532.6 416.7 359.0 299.5
- subscription & SaaS (as part of the recurring revenues) 301.8 204.2 132.0 90.4 50.3
Annual Recurring Revenue (ARR) 718.6 581.7 456.5 - -
EBITDA 257.7 257.0 222.0 172.3 165.7
as % of revenue 30.3% 32.0% 32.6% 28.9% 29.7%
EBIT 199.5 198.1 172.0 122.5 123.6
as % of revenue 23.4% 24.7% 25.2% 20.5% 22.2%
Net income (group shares) 161.3 161.9 134.6 96.9 97,7*
per share in € 1.40 1.40 1.17 0.84 0.85
Net income (group shares) before purchase price allocation 183.8 188.9 153.9 115.2 140.3
per share in € 1.59 1.64 1.33 1.00 1.21
           
Cash flow figures          
Cash flow from operating activities 252.9 213.8 214.4 157.5 160.4
Cash flow from investing activities (37.8) (52.4) (147.6) (111.0) (83.8)
Cash flow from financing activities (139.4) (124.0) (55.4) (109.1) 10.7
Free cash flow 215.0 161.4 66.7 46.5 76.6
Free cash flow before M&A investments 240.6 182.4 193.8 148.2 174.5
           
Balance sheet figures          
Cash and cash equivalents 268.0 196.8 157.1 139.3 209.1
Net liquidity/net debt 261.2 124.9 28.4 9.0 21.0
Balance sheet total 1,274.3 1,198.1 1,072.2** 889.7 857.2
Equity ratio in % 61.4% 57.5% 52,2%** 46.9% 40.7%
Headcount as of balance sheet date 3,429 3,448 3,180 3,074 2,875
           
Share figures          
Closing price (Xetra) in € 78.50 47.69 112.80 60.40 58.80
Market Capitalization 9,066.75 5,508.20 13,028.40 6,976.20 6,791.40
           
*before DocuWare effect.
**Figures were restated due to a goodwill adjustment.
         

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for the period from January 1 to December 31, 2022 and 2023

Thousands of € 2023 2022 [Notes]
Revenues 851,563 801,813 [1]
Other income 8,915 12,566 [2]
Operating income 860,478 814,379  
Cost of goods and services (33,864) (31,785) [3]
Personnel expenses (360,872) (337,219) [4]
Depreciation of property, plant and equipment and amortization of intangible assets (58,216) (58,842) [5]
thereof amortization of intangible assets due to purchase price allocation (29,403) (31,807)  
Other expenses (208,028) (188,396) [6]
Operating expenses (660,980) (616,242)  
Operating result (EBIT) 199,498 (198,137)  
Interest income 3,421 490 [7]
Interest expenses (3,277) (2,624) [7]
Other financial expenses (6,396) (11,416) [8]
Other financial income 11,057 14,862 [8]
Net finance income / costs 4,805 1,312  
Share of net profit of associates 239 82 [9], [18]
Earnings before taxes (EBT) 204,542 199,530  
Income taxes (40,562) (34,426) [10]
Net income for the year (163,980) 165,104  
Other comprehensive income:      
Difference from currency translation (14,543) 10,396  
Items of other comprehensive income that are reclassified subsequently to profit or loss (14,543) 10,396  
Gains/losses from the revaluation of defined benefit pension plans (548) 1,098 [22]
Tax effect 95 (315) [10]
Items of other comprehensive income that will not be reclassified to profit or loss (453) 783  
Subtotal other comprehensive income (14,997) 11,179  
Total comprehensive income for the year 148,983 176,283  
Net profit or loss for the period attributable to:      
Equity holders of the parent 161,256 161,899  
Non-controlling interests 2,724 3,206  
Net income for the year 163,980 165,104  
Total comprehensive income for the year attributable to:      
Equity holders of the parent 147,177 171,530  
Non-controlling interests 1,807 4,753  
Total comprehensive income for the year 148,983 176,283  
Earnings per share (undiluted) in euros 1 1 [11]
Earnings per share (diluted) in euros 1 1 [11]
Average number of shares outstanding (undiluted) 115,500,000 115,500,000 [24]
Average number of shares outstanding (diluted) 115,500,000 115,500,000 [24]

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

as of December 31, 2022 and as of December 31, 2023

Thousands of € 31.12.2023 31.12.2022 [Notes]
Current Assets      
Cash and cash equivalents 268,041 196,821 [12]
Trade receivables 99,640 84,520 [13], [23]
Inventories 978 890 [14]
Income tax receivables 18,998 11,289 [10]
Other financial assets 1,359 2,492 [14], [23]
Other non-financial assets 29,197 31,120 [14]
Current assets, total 418,213 327,132  
Non-current assets      
Property, plant and equipment 23,735 26,568 [15]
Intangible assets 135,106 171,703 [16]
Goodwill 552,037 557,047 [16]
Right-of-use assets 60,922 69,795 [17]
Investments in associates 17,121 4,010 [18]
Deferred tax assets 33,850 21,465 [10]
Other financial assets 29,583 18,377 [14], [23]
Other non-financial assets 3,765 2,031 [14]
Non-current assets, total 856,119 870,996  
Total assets 1,274,332 1,198,128  
Thousands of € 31.12.2023 31.12.2022 [Notes]
Current liabilities      
Short-term borrowings and current portion of long-term loans 6,802 65,072 [19], [23]
Trade payables 15,325 15,712 [19], [23]
Provisions 34,835 40,219 [20]
Accrued liabilities 30,832 30,032 [20]
Deferred revenue 265,097 206,939 [1]
Income tax liabilities 11,993 10,660 [10]
Other financial liabilities 55 1,494 [19], [23]
Lease liabilities 16,691 14,854 [19], [23]
Other non-financial liabilities 18,986 18,858 [21]
Current liabilities, total 400,616 403,841  
Non-current liabilities  
Long-term borrowings without current portion 71 6,873 [19], [23]
Deferred tax liabilities 16,746 19,802 [10]
Pensions and related obligations 3,580 2,455 [22]
Provisions 1,128 1,582 [20]
Deferred revenue 6,150 2,631 [1]
Income tax liabilities 9,161 6,035 [10]
Other financial liabilities 8 390 [19], [23]
Lease liabilities 52,774 62,443 [19], [23]
Other non-financial liabilities 2,200 2,853 [21]
Non-current liabilities, total 91,819 105,065  
Equity      
Subscribed capital 115,500 115,500 [24], [25]
Capital reserve 12,485 12,485  
Retained earnings 640,800 533,871  
Other comprehensive income (22,210) (8,586)  
Equity (Group shares) 746,575 653,270  
Non-controlling interests 35,323 35,953  
Equity, total 781,898 689,223  
Total equity and liabilities 1,274,332 1,198,128  

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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"

for the period from January 1 to December 31, 2022 and 2023

Thousands of € 2023 2022 [Notes]
Profit (before tax) 204,542 199,530  
Depreciation and amortization of fixed assets 58,216 58,842  
Net finance costs (4,805) (1,312)  
Share of net profit of associates (239) (82)  
EBITDA 257,713 256,979 [27]
Other non-cash transactions 1,181 1,508  
Cash flow for the period 258,894 258,487 [27]
Change in trade working capital 49,431 26,681  
Change in other working capital (1,384) (12,356)  
Dividends received from associates 168 134  
Financing effects      
Interests received 3,335 486  
Financing effects and tax cash flow      
Income taxes received 2,385 2,942  
Income taxes paid (59,950) (62,590)  
Cash flow from operating activities 252,879 213,784 [27]
Capital expenditure (12,677) (19,028)  
Changes in liabilities from acquisitions (1,510) (7,668)  
Cash received from disposal of fixed assets 424 74  
Cash paid for acquisition of subsidiaries, net of cash acquired 0 (20,990)  
Cash paid for acquisition of equity instruments of other entities (15,328) (4,793)  
Cash paid for acquisition of interests in associates (8,755) 0  
Cash flow from investing activities (37,846) (52,405) [27]
Dividend payments (51,975) (45,045)  
Dividend payments to non-controlling interests (2,437) (2,631)  
Cash received from loans 18,510 40,800  
Repayment of borrowings (83,582) (98,679)  
Changes in bank liabilities due to company acquisitions      
Principal elements of lease payments (16,535) (16,015)  
Interests paid (3,352) (2,412)  
Payments for acquisitions of non-controlling interests 0 0  
Cash flow from financing activities (139,371) (123,982) [27]
Changes in cash and cash equivalents 75,663 37,397  
Effect of exchange rate differences on cash and cash equivalents (4,443) 2,329  
Cash and cash equivalents at the beginning of the period 196,821 157,095  
Cash and cash equivalents at the end of the period 268,041 196,821 [12]

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