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3rd quarter 2016 – Conference Call 09 November, 2016 - Christian B. Teig, CFO
CompuGroup Medical SE – Synchronizing Healthcare
Key figures third quarter 2016
2
€ M Q3 16 Q3 15 Change 2015
Revenue 135.7 125.7 8% 543.1
EBITDA 28.3 20.8 36% 112.3
EBIT 19.4 10.6 67.8
EBT 15.8 6.0 62.2
Net income 9.6 4.9 38.6
EPS (€) 0.19 0.10 0.77
Cash net income* 15.4 13.0 72.9
Cash net income per share (€) 0.31 0.26 1.47
* Net income before minority interest plus amortization of intangible assets less amortization on in-house capitalized software
09/11/2016 Q3 2016 Conference Call
2010 – 2016 per quarter
3
Revenue (€ M) / profitability (EBITDA%)
0%
5%
10%
15%
20%
25%
30%
0
20
40
60
80
100
120
140
160
09/11/2016 Q3 2016 Conference Call
COGS and gross margin
4 09/11/2016 Q3 2016 Conference Call
Cost of goods sold and gross margin (€ ’000 / percent)
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
0
5.000
10.000
15.000
20.000
25.000
30.000
COGS Gross margin
Personnel expenses
5
€ ’000
0
10.000
20.000
30.000
40.000
50.000
60.000
09/11/2016 Q3 2016 Conference Call
Other expenses
6
0%
10%
20%
30%
40%
50%
60%
0
5000
10000
15000
20000
25000
30000
35000
09/11/2016 Q3 2016 Conference Call
Other expenses (€ ‘000) / percent of personnel expenses
Operating cash flow
7
-20000
-10000
0
10000
20000
30000
40000
50000
60000
09/11/2016 Q3 2016 Conference Call
€ ‘000
Capital expenditure
8
€ M Q3 2016
Company acquisitions 4.9
Purchase of minority interest and past acquisitions 0.0
Capitalized in-house services and other intangible assets 3.7
Cash outflow for capital expenditure in joint ventures 1.5
Office buildings and property 0.0
Other property and equipment 3.1
Sum 13.2
09/11/2016 Q3 2016 Conference Call
Company acquisitions are payments for the acquisition of 75 percent of the shares in VEGA Informatica e Farmacia S.r.l. in Italy and for 100 percent of the shares in Micromedic GmbH in Germany (AIS dealer)
0
100
200
300
400
500
600
700
800
30.06.2016 30.09.2016
Cash and cashequivalents
Other currentassets
Non-currentassets
Statement of financial position
9
€ M
0
100
200
300
400
500
600
700
800
30.06.2016 30.09.2016
Otherliabilities
Debt
Shareholdersequity
09/11/2016 Q3 2016 Conference Call
Software for doctors
09/11/2016 Q3 2016 Conference Call 10
Doctor software development
78%
22%
Recurring service fees Non-recurring sales
11
AIS revenue Q3 2016 100% = 77.5 € M
Outside Gematik project, revenue development corresponds to 1 percent organic growth.
For software maintenance and other recurring service fees, year-on-year organic growth at constant currency is 4 percent
Effects from initiatives to accelerate growth are expected to come in the fourth quarter.
€ M %
Revenue Q3 2015 75.1
Acquisitions 0.3
Organic growth 2.1 3%
Revenue Q3 2016 77.5 3%
09/11/2016 Q3 2016 Conference Call
Significant progress during the third quarter, official testing phase expected to start in November. The Konnektor was approved from Federal Office for Information Security (BSI) for pre-piloting up to 30 providers. Formal security certification for the test phase is expected in November. It is confirmed that the testing in the project can be done with existing card readers with a software update. All other components are ready to begin trials, including 506 contracted pilot users in region North-West.
Telematik Infrastructure pilot project
12 09/11/2016 Q3 2016 Conference Call
13
European market leader in doctor software
13
Software for pharmacies
09/11/2016 Q3 2016 Conference Call
Pharmacy software development
71%
29%
Recurring service fees Non-recurring sales
14
The pharmacy software business had a strong third quarter and already recovered from the relatively slow start to the year.
Growth initiatives had a significant positive impact over the summer period and revenue from hardware, software and services rebounded strongly.
€ M %
Revenue Q3 2015 21.7
Acquisitions 0.5 2%
Organic growth 2.1 10%
Revenue Q3 2016 24.3 12%
PCS revenue Q3 2016 100% = 24.3 € M
09/11/2016 Q3 2016 Conference Call
15
Software for hospitals
Hospital software development
16
Austria, Switzerland and Germany are performing well based on a good backlog of already contracted project revenue.
Special effects last year related to specific projects and markets in Eastern Europe, Turkey and the Middle-East lead to the exceptional year-on-year growth this quarter
€ M %
Revenue Q3 2015 14.4
Acquisitions 0.5 4%
Organic growth 3.8 26%
Revenue Q3 2016 18.7 30%
HIS revenue Q3 2016 100% = 18.7 € M
55%
45%
Recurring service fees Non-recurring sales
09/11/2016 Q3 2016 Conference Call
6,47,7 7,7
6,35,0
6,2
6,8 4,2 4,35,5
3,8 3,7 3,54,5 3,9 3,8 3,6
5,94,6
3,5 4,0
0123456789
10
Other
Germany
Communication & Data development
Communication & Data revenue (€ M)
17
6%
The positive development in the Communication & Data business continues in the third quarter with positive organic growth
The different growth rates in each quarter are normal fluctuations for this business segment as the business model is not based on any recurring revenue
09/11/2016 Q3 2016 Conference Call
4,9 5,54,8 4,6 5,0
5,6
6,84,5
5,2 5,3 4,9 4,6 4,8 4,5 4,6
6,0 6,1 6,1 5,7 5,56,1
0123456789
OtherGermany
Workflow & decision support development
Workflow & decision support revenue (€ M)
18
-3 %
After a strong first half with 20 percent organic growth, the third quarter in the Workflow & Decision Support business reversed some of these gains
These are normal quarterly fluctuations for this business segment.
09/11/2016 Q3 2016 Conference Call
CGM reaffirms guidance for 2016: Revenue is expected to be in the range of EUR 560 million to EUR 570 million Operating income (EBITDA) is expected to be in the range of EUR 125 million to EUR 133 million
The guidance includes all expected additional expenses during 2016 to prepare CGM for the beginning of the nation-wide roll-out of the Telematics Infrastructure in Germany
The guidance does not take into account potential revenue related to the Telematics Infrastructure roll-out
The guidance does not include revenue and costs associated with potential and currently undetermined further acquisitions during 2016
Guidance 2016 reaffirmed
09/11/2016 Q3 2016 Conference Call 19
Financial calendar 2016 / 2017
20 09/11/2016 Q3 2016 Conference Call
Date Event
November 9, 2016 Interim report Q3 2016
February 3, 2017 Preliminary Q4/Full Year Report 2016
March 31, 2017 Annual Report 2016
May 4, 2017 Interim Report Q1 2017
May 10, 2017 Annual General Shareholder Meeting
August 3, 2017 Interim Report Q2 2017
October 12, 2017 Investor- and Analyst Conference
November 9, 2017 Interim Report Q3 2017
Q&A session
21
If you would like to raise questions, please press *1 on your telephone
09/11/2016 Q3 2016 Conference Call
CompuGroup Medical SE Investor Relations Maria Trost 21 56070 Koblenz Germany www.cgm.com Phone: +49 (0) 261 8000-6200 Email: [email protected]
09/11/2016 Q3 2016 Conference Call 22