Financial Performance

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Double-digit growth in Group revenues

Group revenues amounted to €124.7 million in the first quarter of 2007 (Q1 2006: €113.8 million), up 10 percent on the previous year, or 15 percent on a currency- adjusted basis. This increase resulted primarily from sustained, strong growth in product revenues (licenses and maintenance), which rose 13 percent to €91.4 million (currency-adjusted: 20 percent). License revenues performed especially well, climbing 40.0 percent (currency-adjusted: 51 percent) to €46.9 million (Q1 2006: €33.4 million). Our Professional Services business generated revenues of €32.6 million, up slightly by 1 percent from €32.2 million in the first quarter of 2006 (currency-adjusted: 2 percent).

Sales by business line

Dynamic growth for Crossvision In our Crossvision business line, we increased revenues in the first quarter by 33 percent (currency adjusted: 38 percent) to €36.4 million (Q1 2006:€27.3 million). This significant increase was due in part to closures of a number of major contracts, for instance with Mapfre, one of Spain's largest insurance companies and the fact that the average project size has increased. The introduction of new products (see Significant Events during the Reporting Period) also contributed to the growth in revenues.

Stable trend for ETS Revenues in the ETS business line also performed satisfactorily, rising 2 percent (currency adjusted: 7 percent) from €86.5 million to €88.3 million. The revenue increase in the quarter under review was primarily due to the good licensing business and our broad, stable customer base.

Sales by revenue type

Licensing business still driving growth Our customers continued to make investments in modernizing their IT systems in the first quarter, resulting in license revenues climbing a total of 40.0 percent (currency adjusted: 51 percent) to €46.9 million (Q1 2006: €33.4 million).

REVENUES BY BUSINESS SEGMENT

€ millions Q1 2007 Q1 2006 Change
in %
Crossvision      
    Licenses 13.8 6.7 106
    Maintenance 6.2 6.6 -6,1
    Professional Services 15.9 13.6 16,9
    Other 0.5 0.4 25
Total 36.4 27.3 33.2
ETS      
    Licenses 33.1 26.7 24
    Maintenance 38.3 40.9 -6.4
    Professional Services 16.7 18.7 -10.7
    Other 0.2 0.2  
Total 88.3 86.5 2.1
 

KEY EARNING INDICATORS

€ millions Q1 2007 Q1 2006 Change
in %
EBIT 25.0 21.5 + 16
Interest result 3.1 2.1 + 52
Earnings before taxes 28.2 23.6 + 19
Consolidated income 17.8 14.4 + 24
Earnings per share 0.63 0.51 + 24

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