NEXUS AG HALF-YEAR REPORT
01ST JANUARY TO 30th OF JUNE 2022
__ Financial Highlights for the Half-Year 2022 and 2021
30/06/2022 | 30/06/2021 | Change | |
Sales and operating result | KEUR | KEUR | (in %) |
Sales | 100,032 | 90,857 | 10.1 |
Segment revenues Healthcare Software (unconsolidated) | 97,096 | 87,185 | 11.4 |
Segment revenues Healthcare Service (unconsolidated) | 4,586 | 7,159 | -35.9 |
Domestic sales | 52,544 | 48,537 | 8.3 |
Sales in foreign countries | 47,488 | 42,320 | 12.2 |
EBITDA | 20,823 | 18,391 | 13.2 |
EBITA | 14,766 | 12,329 | 19.8 |
EBIT | 12,403 | 10,147 | 22.2 |
EBT | 11,956 | 9,932 | 20.4 |
Consolidated net income | 9,151 | 7,580 | 20.7 |
Cash flow from operating activities | 29,666 | 27,070 | 9.6 |
Earnings per share (undiluted/diluted) in EUR | 0.58 | 0.48 | 20.8 |
Ongoing development costs and depreciations | |||
Capitalization of software developments | 1,182 | 1,340 | -11.8 |
Total depreciation | 8,420 | 8,244 | 2.1 |
Acquisition-related depreciation from purchase price allocation | 2,363 | 2,182 | 8.3 |
Assets and equity capital | |||
Non-current assets | 184,021 | 181,118¹⁾ | 1.6 |
Current assets | 78,972 | 66,223¹⁾ | 19.3 |
Liquid assets | 38,352 | 26,172¹⁾ | 46.5 |
Equity capital | 156,675 | 142,403¹⁾ | 10.0 |
Share price (closing price, Xetra, in EUR) | 50.00 | 62.80 | -20.4 |
Employees (Half-Year average) | 1,534 | 1,448 | 5.9 |
¹⁾ Key date 31/12/2021
As rounded figures are used in this report, it is possible that the totals and calculated percentage figures may vary slightly.
1 Nexus AG / Half-Year Report 2022 - Financial Highlights
__ Letter to our Shareholders
Dear Shareholders,
The picture of our business is currently full of contradictions: On the one hand, the large government investment programs in the digitization of the healthcare system provide a unique opportunity to significantly increase our sales and market shares in the coming years. The hospitals in Germany and France are currently awarding large orders under the Hospital Future Act (KHZG) and SÉGUR programs, and investments in e-heathapplications are also increasing in other countries.
On the other hand, the pandemic, the war, inflation and the shortage of skilled workers are challenges that we never experienced in this combination in the past. The consequences of the pandemic with high sick leave and access restrictions for our customers make our service business much more difficult. Home office and quarantine rules also meant that we are less present at our customers than we would like to be. The Russian war of aggression in Ukraine has had a drastic economic impact and the shortage of skilled workers, which has worsened significantly in recent months, necessitates a constant reassessment of staff and location strategies.
All in all, this is a challenging starting point, which requires a high level of vigilance on the part of the entire NEXUS team.
Results
Therefore, we are all the more delighted that we can also show a strong increase in sales and earnings in the first half of 2022 and consequently successfully continue our strong growth history once again.
In the first half year, our sales increased by approx. 10.1% to EUR 100.03 million. Earnings before interest and income taxes (EBIT) increased by approx. 22.2% to KEUR 12,403. With an EBITDA of approx. KEUR 20,823 and an operating cash flow of KEUR 29,666, we are again able to present a very strong result for the first half year. Earnings per share rose by 20.8% to EUR 0.58.
The sales figures include company acquisitions for the current year amounting to KEUR 1,123 and even KEUR 3,169 consolidated when the previous year's acquisitions are included. Thanks to the consolidations of the current year, EBIT increased by KEUR 123 and KEUR 104 when the previous year is included.
It should be noted that the revenues and results of DC-Systeme Informatik GmbH have been integrated in the Laboratory business area and are therefore no longer reported as acquired revenues. The special hardware sales of KEUR 1,839 in the "DRV Deutsche Rentenversicherung Bund" project in the previous year were a one-off effect that was adjusted to calculate the organic sales comparison. Adjusted for these two effects, organic sales increased by 8.9% and organic EBIT increased by 21.2%.
Currency effects were mainly caused by the stronger Swiss franc and the weaker Polish zloty and contributed a total of KEUR 996 to sales and KEUR 157 to earnings.
Market
These are good results, especially since the state-funded digitization programs launched in the pandemic have not yet made a contribution to sales. The first projects from the Hospital Future Act (KHZG) and SÉGUR will be settled in the fourth quarter of 2022. Over the past six months, we have worked intensively to prepare these projects in terms of concept and sales, and we have been able to develop a very high order backlog.
In addition to the government programs, we also received interesting new orders: Important bids that we won and which were important successes include the Charité's decision to introduce NEXUS / E&L at three Charité sites for gastroenterology and pneumology, the orders of Maria Hilf Hospital in Mönchengladbach and the two hospitals of the Wertachklinik, Bobingen for the introduction of the NEXUS / HIS, and the University of Bonn, which opted for NEXUS / RIS. The large order from Gelderland Valley Hospital in the Netherlands for the introduction of the NEXUS / HIS and the order of the Lower Austrian State Health Agency for the introduction of the NEXUS / QM software at up to 27,000 workplaces in the state health facilities are also certainly outstanding successes. We are starting the second half of the year with this high order backlog, which will occupy us intensively in the coming months.
Our Russian business will have no significant impact on our business figures. We provide software for determining the risk of pregnancies in approx. 145 clinics. We provisionally discontinued this business in February 2022, but the contribution to sales and earnings is relatively small.
However, we will have to observe the further effects of the war. The same applies to the development of the pandemic as well as the energy and economic crisis. We will closely monitor their impact on public finances, inflation and interest rate markets. However, we currently see no reason to change our risk assessment from 2021 for the businesses divisions. Risk management and a description of the major risks were explained in detail in the 2021 Annual Report.
Products
We will focus strongly on our innovation projects in the second half of 2022. We are currently focusing on the organic expansion of our business. Hospitals are ready to invest in innovative and cost- saving solutions. That is why it is important to speed up our new developments. We are especially focusing on "NEXUS / ADVANCED REPORTING". This module supports the creation of findings texts and diagnoses based on image analyses, predefined terminologies and experience (AI). As a result, findings can be produced significantly faster and in higher quality. Starting with demanding endoscopic, cardiological and radiological findings, we will use the module in all our software applications across the board and internationally in the future. We are convinced of the success of this development and speak resolutely of a leap in efficiency and quality in clinical informatics. We are proud that we have already received the first international orders for this module. Other very important modules are "NEXUS / PORTAL", which improves the digital communication between practitioners and patients, and "NEXUS / VNA", i.e., clinic- wide image and document archiving, which enables a complete view of patient records.
Letter to our Shareholders - Nexus AG / Half-Year Report 2022 | 2 |
Acquisitions
In addition to concentrating on the organic expansion of our business, we were able to recruit five smaller, highly specialized teams in 2022, which strengthen our "Laboratory" business segment and our Swiss subsidiary. Since February 2022, we have held a 51% stake in oneICT AG. The company is strengthening NEXUS / Schweiz in the area of ICT services. The team of HeimSoft Solutions AG is helping us to expand our leadership in the market of Swiss institutions. We have strengthened our "Laboratory" business area by acquiring 70% of the shares in IFMS GmbH, Saarbrücken as of 31 May 2022 and an asset deal on the business operations of On-Lab GmbH, Offenburg as of 2 May 2022. Both highly specialized teams enable us to serve the laboratory and pathology market even more broadly and expand our position.
__ Dr. Ingo Behrendt, Chief Executive Officer (CEO)
OUTLOOK: Positioned clearly!
The first half of the year was once again very challenging due to a variety of factors: war, pandemic, shortage of skilled workers, and inflation. All these factors challenge us and our customers in many areas. Against this background, we are therefore proud that the NEXUS team is once again in good shape. We achieved a very convincing result with growth of approx. 10% and improvement in EBIT of approx. 22%,
We have been able to minimize the business consequences of the crises for NEXUS until now. However, we cannot rest on our laurels. Especially with respect to costs for staff and energy, we must continuously evaluate further developments and make adjustments there if necessary. NEXUS is in a good position: We are debt-freeand do not depend on critical value chains. As a result, we can focus on managing remaining risks.
The NEXUS team remains firmly committed to positioning us clearly as an innovative, fast-growing and profitable company in the market. The industry environment provides us with the opportunity to successfully position our product innovations, and we continue to see potential for smaller acquisitions in the upstream consolidation phase. We are therefore optimistic about the rest of the year, especially since we will have the opportunity to realize sales from the national digitization programs in the fourth quarter.
The NEXUS team is looking forward to these opportunities.
Warm regards,
Dr. Ingo Behrendt
Chief Executive Officer
3 Nexus AG / Half-Year Report 2022 - Letter to our Shareholders
Economic key figures
2011 - 2022 __ Group Sales (6 months) in KEUR
120.000
100.000
10.1%
80.000 | 17.0% | |||||||||||||||||||||||||||||||||||||
11.4% | ||||||||||||||||||||||||||||||||||||||
8.2% | ||||||||||||||||||||||||||||||||||||||
60.000 | 10.9% | |||||||||||||||||||||||||||||||||||||
12.2% | ||||||||||||||||||||||||||||||||||||||
10.1% | ||||||||||||||||||||||||||||||||||||||
40.000 | 24.4% | |||||||||||||||||||||||||||||||||||||
19.5% | 10.0% | |||||||||||||||||||||||||||||||||||||
17.2% | ||||||||||||||||||||||||||||||||||||||
20.000 | ||||||||||||||||||||||||||||||||||||||
0 | ||||||||||||||||||||||||||||||||||||||
24,544 | 28,768 | 34,372 | 37,823 | 47,051 | 51,804 | 58,129 | 64,446 | 69,708 | 77,659 | 90,857 | 100,032 | |||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
2011 - 2022 __ EBIT (6 months) in KEUR
14.000
12.000
22.2%
10.000
19.9% | ||||||||||||||||||||||||||||||||||||||
8.000 | 13.0% | |||||||||||||||||||||||||||||||||||||
13.4% | ||||||||||||||||||||||||||||||||||||||
6.000 | 12.2% | |||||||||||||||||||||||||||||||||||||
19.0% | ||||||||||||||||||||||||||||||||||||||
4.000 | 15.5% | |||||||||||||||||||||||||||||||||||||
19.6% | ||||||||||||||||||||||||||||||||||||||
18.2% | 10.2% | |||||||||||||||||||||||||||||||||||||
12.5% | ||||||||||||||||||||||||||||||||||||||
2.000 | ||||||||||||||||||||||||||||||||||||||
0 | ||||||||||||||||||||||||||||||||||||||
2,443 | 2,749 | 3,250 | 3,581 | 4,284 | 4,948 | 5,887 | 6,605 | 7,488 | 8,462 | 10,147 | 12,403 | |||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
2011 - 2022 __ EBITDA (6 months) in KEUR
25.000
20.000 | |||||||||||||||||||||||||||||||||||||||
13.2% | |||||||||||||||||||||||||||||||||||||||
10.4% | |||||||||||||||||||||||||||||||||||||||
15.000 | 8.1% | ||||||||||||||||||||||||||||||||||||||
25.6% | |||||||||||||||||||||||||||||||||||||||
13.2% | |||||||||||||||||||||||||||||||||||||||
10.000 | 14.5% | ||||||||||||||||||||||||||||||||||||||
6.2% | |||||||||||||||||||||||||||||||||||||||
29.4% | |||||||||||||||||||||||||||||||||||||||
6.8% | 9.6% | 9.0% | |||||||||||||||||||||||||||||||||||||
5.000 | |||||||||||||||||||||||||||||||||||||||
0 | |||||||||||||||||||||||||||||||||||||||
5,407 | 5,774 | 6,330 | 6,898 | 8,923 | 9,472 | 10,846 | 12,276 | 15,417 | 16,663 | 18,391 | 20,823 | ||||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 |
Letter to our Shareholders - Nexus AG / Half-Year Report 2022 | 4 |
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Nexus AG published this content on 16 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 August 2022 07:01:09 UTC.
