Balances of publity AG 2017

 

 

Assets Stand am 31.12.2017
(Euro)
A. FIXED ASSETS  
I. Intangible assets  
1. Paid concessions, industrial property rights and similar rights and assets and licenses over such rights and assets

863,00

II. Tangible assets  
Other facilities, plant and business equipment

403.550,00

III. Financial assets  
1. Shares in affiliated companies

939.750,00

2. Participating interests

2.083.440,00

3. Loans to companies in which participations are held

52.676.305,76

B. CURRENT ASSETS  
I. Receivables and other assets  
1. Trade receivables

26.054.133,73

2. Receivables from credit portfolios

12.950.000,00

3. Receivables from affiliated companies

2.627.099,39

4. Receivables from affiliated companies in which participations are held

870.000,00

5. Other assets

3.021.008,99

III. Cash-in-hand, bank balances 7.964.663,99
C. PREPAID EXPENSES

421.298,09

 

110.009.112,95

Equity and liabilities Stand am 31.12.2017
(Euro)
A. Equity  
I. Subscribed capital 6.050.000,00
II. Capital reserve 33.880.000,00
III. Profits carried forward

7.661.084,90

IV. Net profit for the year

10.086.030,47

B. PROVISIONS  
1. Tax provisions

0,00

2. Other provisions

264.900,00

C. LIABILITIES  

1. Bonds

  • thereof convertible: EUR 50,000,000.00 (previous year: EUR 30,000,000.00)
50.000.000,00
2. Trade payables

822.859,55

3. Amounts owed to affiliated companies

574.538,81

4. Other liabilities

  • thereof for taxes: EUR 435,107.00 (previous year: EUR 596.021,05)
669.699,22
 

110.009.112,95

Results of operations

In total, sales revenues fell by TEUR 18,006 to TEUR 23,571 in the financial year. The Com-pany’s results of operations are dependent on various revenue sources.

The Company generates revenues from servicing non-performing loan claims on behalf of third parties (TEUR 1,349; previous year: TEUR 9,072). Income of TEUR 4,344 was generated from the Company’s own credit portfolio (previous year: TEUR 9,327). Overall, the NPL segment is in decline, as the service contracts with the funds have ceased as a result of the funds being closed in 2017.

Further revenues were generated from real estate in the Asset Management segment. This generated TEUR 15,465 in 2017 (previous year: TEUR 18,535) from asset management contracts with institutional investors concerning real estate investments held jointly by the Company and international investors using investment companies. The real estate acquired consists of office real estate in Germany for which publity AG is engaged as asset and investment manager. The revenues are generated from the provision of support services in the acquisition process, from the management of ongoing ownership, and from a success-based participation generated on disposal.

Other operating income fell from TEUR 272 to TEUR 87. A significant proportion of this figure in the previous year resulted from the sale of publity Vertriebs GmbH and from out-of-period income, which did not recur to the same extent in 2017.

The expenses for purchased services increased from TEUR 3,153 to TEUR 3,314 compared to the previous year, resulting in a material expense ratio of 14.0% (previous year: 0.4%). This was due to commission expenses incurred in connection with asset management services.

The average number of employees increased by 2 to 28. However, personnel costs fell by TEUR 93 to TEUR 1,974 as a result of the resignation of one member of the Executive Board.

Other operating expenses increased by TEUR 414 to TEUR 7,160. A significant proportion of this increase results from recording individual impairment allowances against receivables (+ TEUR 1,950) as well as bad debt expense (+ TEUR 634). There was an opposite effect from lower legal and consultancy costs (- TEUR 558) and from the absence of out-of-period expenses (- TEUR 994).

The financial result increased by TEUR 1,283 to TEUR 2,831 compared to the previous year. Income totalling TEUR 3,965 was generated from loans to companies in which participations are held (previous year: TEUR 1,440). Counteracting this effect was the interest expense, which increased compared to the previous year as a result of the increase in convertible bonds (TEUR 1,692: (previous year: TEUR 1,289).

Overall the Company’s EBIT, taking into account the result from profit transfers (TEUR 1,160; previous year: TEUR 1,388), fell to TEUR 16,140 (previous year: TEUR 35,518).

 

Financial position

Our financial management is designed to ensure that liabilities are settled and receivables are collected within their due payment terms.

The equity ratio at the balance sheet date was 52.4% (previous year: 63.4%). The decrease resulted from the dividend payment and the lower net profit for the financial year.

The Company’s most significant obligation is the convertible bond, which was issued in 2015 and subsequently increased by EUR 20 million to EUR 50 million in the financial year 2017; the bond is the largest part of total liabilities, representing 45.5% of the balance sheet total. The convertible bond matures on 17 November 2020 and carries interest at 3.5%.

Off balance sheet obligations totalled TEUR 3,908 (previous year: TEUR 4,336) and primarily represent leasing and rental obligations in connection with the real estate used for the Company’s own commercial operations.

The cash flow, calculated as the sum total of net profit for the year and depreciation, totalled TEUR 10,282, significantly lower than in the previous year (TEUR 23,264).

 

Net assets

The convertible bond issue in 2015, the increase in the bond issue in 2017, and the capital increase in 2016 ensure the matching of financing maturities with the co-investments made.

The most significant share of assets on the balance sheet are represented by financial as-sets, at 50.6% of the total (previous year: 56.1%).