Financial Figures

All important financial key figures compact and at a glance:

 in EUR million  Dec. 31, 2021   Dec. 31, 2020    Dec. 31, 2019   Dec. 31, 2018   Dec. 31, 2017  
 Operative figures                
 Revenues  681,5   596,9   556,9   461,3   395,6  
 - thereof software licenses  234,8   210,0   228,2   216,8   195,0  
 - thereof recurring revenues  416,7   359,0   299,5   225,8   183,9  
 - subscription (as part of the recurring revenues)  132,0   90,4   50,3   23,4   13,7  
 EBITDA  222,0   172,3   165,7   121,3   108,0  
 as % of revenue  32,6%   28,9%   29,7%   26,3%   27,3%  
 EBITA  199,6   149,3   143,7   112,5   99,9  
 as % of revenue  29,3%   25,0%   25,8%   24,4%   25,3%  
 EBIT  172,0   122,5   123,6   97,8   86,4  
 as % of revenue  25,2%   20,5%   22,2%   21,2%   21,9%  
 Net income (group shares)  134,6   96,9   127,2   76,5   74,7  
 per share in €  1,17   0,84   1,10   0,66   0,65  
 Net income ( group shares) adjusted for DocuWare effect  134,6   96,9   97,7   76,5   74,7  
 per share in €  1,17   0,84   0,85   0,66   0,65  
 Net income (group shares) before purchase price allocation  153,9   115,2   140,3   88,1   85,2  
 per share in €  1,33   1,00   1,21   0,76   0,74  
 Cash flow figures                
 Cash flow from operating activities  214,4   157,5   160,4   99,7   97,4  
 Cash flow from investing activities  (147,6)   (111,0)   (83,8)   (74,4)   (54,6)  
 Cash flow from financing activities  (55,4)   (109,1)   10,7   (10,4)   (44,8)  
 Free cash flow  66,7   46,5   76,6   25,4   42,8  
 Free cash flow before M&A investments  193,8   148,2   174,5   88,5   88,2  
 Balance sheet figures                
 Cash and cash equivalents  157,1   139,3   209,1   120,7   104,0  
 Net liquidity/net debt  28,4   9,0   21,0   (9,9)   24,0  
 Balance sheet total  1.054,2   889,7   857,2   580,6   460,8  
 Equity ratio in %  51,4%   46,9%   40,7%   43,0%   49,5%  
 Headcount as of balance sheet date  3.180   3.074   2.875   2.587   2.142  
 Share figures                
 Closing price (Xetra) in €  112,80   60,40   58,80   31,92   24,95  
 Market Capitalization  13.028,40   6.976,20   6.791,40   3.686,38   2.881,34  

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for the period from January 1 to Dezember 31, 2020 and 2021

 Thousands of €  2021   2020   [Notes]  
 Revenues  681.471   596.905   [1]  
 Other income  9.829   10.161   [2]  
 Operating income  691.300   607.066     
 Cost of goods and services  (25.343)   (23.682)   [3]  
 Personnel expenses  (292.019)   (267.065)   [4]  
 Depreciation of property, plant and equipment and amortization of intangible assets  (49.974)   (49.778)   [5]  
 thereof amortization of intangible assets due to purchase price allocation  (25.437)   (24.498)     
 Other expenses  (151.974)   (144.027)   [6]  
 Operating expenses  (519.309)   (484.552)     
 Operating result (EBIT)  171.991   122.515     
 Interest income  147   278   [7]  
 Interest expenses  (2.740)   (2.979)   [7]  
 Other financial expenses/income  892   (61)   [9]  
 Net finance costs  (1.700)   (2.761)     
 Share of net profit of associates  334   274   [18]  
 Gain on disposal of shares in associates  0   0   [8]  
 Earnings before taxes (EBT)  170.625   120.027     
 Income taxes  (33.702)   (22.334)   [10]  
 Net income for the year  136.923   97.693     
 Other comprehensive income:          
 Difference from currency translation  23.259   (30.894)     
 Items of other comprehensive income that are reclassified subsequently to profit or loss   23.259   (30.894)     
 Gains/losses from the revaluation of defined benefit pension plans  174   (200)     
 Tax effect  (52)   57     
 Items of other comprehensive income that will not be reclassified to profit or loss  122   (143)     
 Subtotal other comprehensive income  23.381   (31.036)     
 Total comprehensive income for the year  160.304   66.657     
 Net profit or loss for the period attributable to:          
 Equity holders of the parent  134.618   96.947     
 Non-controlling interests  2.305   747     
 Net income for the year  136.923   97.693     
 Total comprehensive income for the year attributable to:           
 Equity holders of the parent  156.594   67.813     
 Non-controlling interests  3.710   (1.156)     
 Total comprehensive income for the year  160.304   66.657     
 Earnings per share (undiluted) in euros  1,17   0,84   [11]  
 Earnings per share (diluted) in euros  1,17   0,84   [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, 2020 and as of December 31, 2021

 Thousands of €  31.12.2021   31.12.2020   [Notes]  
 Current Assets          
 Cash and cash equivalents  157.095   139.320   [12]  
 Trade receivables  70.108   64.571   [13]  
 Inventories  949   642   [14]  
 Income tax receivables  4.766   6.010   [10]  
 Other financial assets  1.220   1.624   [14]. [23]  
 Other non-financial assets  28.990   24.204   [14]  
 Current assets, total  263.128   236.371     
 Non-current assets          
 Property, plant and equipment  20.736   21.628   [15]  
 Intangible assets  158.884   138.176   [16]  
 Goodwill  523.967   416.706   [16]  
 Right-of-use assets  59.233   61.328   [17]  
 Investments in associates  4.063   1.344   [18]  
 Deferred tax assets  8.208   7.465   [10]  
 Other financial assets  13.816   4.835   [14]. [23]  
 Other non-financial assets  2.158   1.809   [14]  
 Non-current assets, total  791.064   653.290     
 Total assets  1.054.193   889.661     
 Thousands of €  31.12.2021   31.12.2020   [Notes]  
 Current liabilities          
 Short-term borrowings and current portion of long-term loans  93.766   59.601   [19]. [23]  
 Trade payables  11.260   11.229   [19]. [23]  
 Provisions and accrued liabilities  71.744   56.250   [20]  
 Deferred revenue  157.975   129.469   [1]  
 Income tax liabilities  11.496   9.253   [10]  
 Other financial liabilities  7.355   1.618   [19]. [23]  
 Lease liabilities   14.060   13.369   [19]. [23]  
 Other non-financial liabilities  16.870   15.023   [21]  
 Current liabilities, total  384.526   295.813     
 Non-current liabilities          
 Long-term borrowings without current portion  34.935   70.670   [19]. [23]  
 Deferred tax liabilities  20.590   25.222   [10]  
 Pensions and related obligations  3.601   3.083   [22]  
 Provisions  4.530   4.153   [20]  
 Deferred revenue  2.966   2.406   [1]  
 Income tax liabilities  4.787   3.050   [10]  
 Other financial liabilities  1.241   8.731   [19]. [23]  
 Lease liabilities   51.977   54.254   [19]. [23]  
 Other non-financial liabilities  3.379   4.986   [21]  
 Non-current liabilities, total  128.005   176.556     
 Equity        [24]  
 Subscribed capital  115.500   115.500     
 Capital reserve   12.485   12.485     
 Retained earnings  415.410   315.341     
 Other comprehensive income  (17.533)   (39.408)     
 Equity (Group shares)  525.862   403.919     
 Non-controlling interests  15.799   13.373     
 Equity, total  541.662   417.292     
 Total equity and liabilities  1.054.193   889.661     

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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, 2020 and 2021

 Thousands of €  2021   2020   [Notes]  
 Profit (before tax)  170.625   120.027     
 Depreciation and amortization of fixed assets  49.974   49.778     
 Net finance costs  1.700   2.761     
 Share of net profit of associates  (334)   (274)     
 EBITDA  221.965   172.293   [26]  
 Other non-cash transactions  109   5.202     
 Cash flow for the period  222.074   177.494   [26]  
 Change in trade working capital  18.576   6.816     
 Change in other working capital  10.608   9.246     
 Dividends received from associates  97   31     
 Interests received  92   208     
 Income taxes received  3.309   6.966     
 Income taxes paid  (40.395)   (43.270)     
 Financing effects and tax cash flow  0   0     
 Cash flow from operating activities  214.361   157.490   [26]  
 Capital expenditure  (9.925)   (9.100)     
 Changes in liabilities from acquisitions  (1.683)   (637)     
 Cash received from disposal of fixed assets  245   421     
 Cash paid for acquisition of subsidiaries, net of cash acquired  (127.070)   (101.689)     
 Cash paid for acquisition of equity instruments of other entities   (6.732)   0     
 Cash paid for acquisition of interests in associates  (2.452)   0     
 Cash flow from investing activities  (147.617)   (111.005)   [26]  
 Dividend payments  (34.650)   (32.340)     
 Dividend payments to non-controlling interests  (1.283)   (938)     
 Cash received from loans  75.579   6.850     
 Repayment of borrowings  (77.500)   (65.385)     
 Changes in bank liabilities due to company acquisitions  0   0     
 Principal elements of lease payments  (15.110)   (13.156)     
 Interests paid  (2.390)   (2.670)     
 Payments for acquisitions of non-controlling interests  0   (1.500)     
 Cash flow from financing activities  (55.354)   (109.139)   [26]  
 Changes in cash and cash equivalents  11.390   (62.653)     
 Effect of exchange rate differences on cash and cash equivalents  63.855   (7.170)     
 Cash and cash equivalents at the beginning of the period  139.320   209.143     
 Cash and cash equivalents at the end of the period   157.095   139.320   [12]  

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