QUARTERLY STATEMENT
01ST January to 31ST of March 2023
__ Financial Highlights for the 1st Quarter 2023 and 2022
Q1 2023 | Q1 2022 | Change | ||
Sales and operating result | KEUR | KEUR | (in %) | |
Sales | 55,020 | 49,498 | 11.2 | |
Segment revenues NEXUS / DE (unconsolidated) | 19,074 | 16,373 | 16.5 | |
Segment revenues NEXUS / DIS (unconsolidated) | 12,633 | 11,860 | 6.5 | |
Segment revenues NEXUS / ROE (unconsolidated) | 25,761 | 23,396 | 10.1 | |
Domestic sales | 28,815 | 25,713 | 12.1 | |
Sales in foreign countries | 26,205 | 23,785 | 10.2 | |
EBITDA | 11,602 | 10,175 | 14.0 | |
EBITA | 8,721 | 7,161 | 21.8 | |
EBIT | 7,688 | 5,985 | 28.5 | |
EBT | 8,074 | 5,669 | 42.4 | |
Consolidated net income | 5,654 | 4,393 | 28.7 | |
Cash flow from operating activities | 22,447 | 27,971 | -19.7 | |
Earnings per share (undiluted ) in EUR | 0.33 | 0.26 | 26.9 | |
Earnings per share (diluted ) in EUR | 0.33 | 0.26 | 26.9 | |
Ongoing development costs and depreciations | ||||
Capitalization of software developments | 936 | 591 | 58.4 | |
Total depreciation | 3,914 | 4,190 | -6.6 | |
Acquisition-related depreciation from purchase price allocation | 1,033 | 1,176 | -12.2 | |
Assets and equity capital | ||||
Non-current assets | 183,549 | 184,5111) | -0.5 | |
Current assets | 189,477 | 159,6851) | 18.7 | |
Liquid assets including shortterm financial depositions | 129,158 | 110,0191) | 17.4 | |
Equity capital | 243,434 | 238,9461) | 1.9 | |
Share price (closing price, Xetra, in EUR) | 54.80 | 54.20 | 1.1 | |
Employees (quarterly average) | 1,601 | 1,504 | 6.4 | |
¹⁾ Key date 31/12/2022 | ||||
As rounded figures are used in this report, it is possible that the totals and calculated percentage figures may vary slightly.
1 Nexus AG / Quarterly Statement Q1 2023 - Financial-Highlights
__ Letter to our Shareholders
Dear Shareholders:
the first quarter of 2023 was characterized by an extraordinarily lot of new events and was tense in our industry. In Germany, the Ministry of Health has triggered intensive discussions with a new digitization strategy and reform proposals for hospital financing. On the vendor side, SAP and Oracle have discontinued parts of their healthcare offering, which has created a lot of uncertainty on the customer side. In addition, the temporary funding programs in Germany and France put customers under strong pressure to implement them. Overall, the current environment is characterized by uncertainty, especially since the topics of the war in Ukraine, inflation and shortage of skilled workers put an additional strain on the overall mood.
On the positive side, however, our industry, and NEXUS in particular, continues to be seen as a problem-solver and forward-thinking industry.
In the first quarter, we were also able to confirm this view in an
impressive manner thanks to a substantial amount of incoming orders. In Holland, we were able to win three large HIS tenders and significantly strengthen our market position. The hospitals of the Poznan region in Poland chose NEXUS, and the hospitals of the UNEOS Group in France bought our HIS.
We have won numerous orders under the Hospital Future Act (KHZG) In Germany. In addition,we received major orders from the BG Hospital Group for our Vendor Neutral Archive (VNA), from the University Hospital Bonn and the Ludwigshafen Hospital in the laboratory sector as well as from from Warendorf in the special diagnostics sector. In the HIS sector, we were able to win tenders in Altenburg and Coppenbrügge.
In addition to the high level of incoming orders, we also managed to
significantly increase sales and operating result in the first quarter of
2023, thus successfully continuing our growth history.
Our sales increased by approx. 11.2% to KEUR 55,020 in the first drei months compared to the previous year. Our earnings before interest and taxes (EBIT) increased by approx. 28.5% to KEUR 7,688 and the EBT by 42.4% to KEUR 8,074. The result per share increased by 26.9% from EUR 0.26 (3M 2022) to EUR 0.33. We are able to
present an outstanding result for the first quarter with an EBITDA of approx. KEUR 11,602.
__ Dr. Ingo Behrendt Chief Executive Officer (CEO)
The first quarter was mainly dominated by development and marketing topics . Due to the changes that SAP and Oracle published to their product strategy, there will be completely new sales opportunities in some European markets in the coming years, which we want to take advantage of at an early stage. To prepare for this, we have already initiated special development and marketing programs in Q4-2022, which are intended to give us a competitive advantage here. We expect the programs to complement our development road map in 2023 and 2024.
In addition to these new opportunities, our product innovations
"NEXUS / ADVANCED REPORTING", NEXUS / PORTAL and NEXUS / VNA continues to be the focus of our development strategy. We have been working for some time on these new developments, which are now associated with the increased spread and acceptance of artificial intelligence (e.g., ChatGPT). The creation of diagnostic statements and diagnoses based on image analysis, predefined terminology and experience knowledge (AI) has been facilitated considerably. The goal of our developments is to produce findings significantly faster and of higher quality as well as to include the rapid expansion of AI.
It shows that we are able to realize strong growth, margin improvement and development projects at the same time in this phase. This is certainly thanks to our product and technology strength, which is currently paying off.
In the first months of 2023, we were also able to implement three company acquisitions that strengthen NEXUS / Germany, our national
2012 to 2023 __ Group Sales (Q1) in KEUR
60,000 | ||||||||||||||||||||||||||||
11.2% | ||||||||||||||||||||||||||||
50,000 | ||||||||||||||||||||||||||||
12.6% | ||||||||||||||||||||||||||||
40,000 | 13.0% | |||||||||||||||||||||||||||
9.6% | ||||||||||||||||||||||||||||
10.7% | ||||||||||||||||||||||||||||
30,000 | 10.7% | |||||||||||||||||||||||||||
10.8% | ||||||||||||||||||||||||||||
14.7% | ||||||||||||||||||||||||||||
20,000 | 22.4% | |||||||||||||||||||||||||||
19.8% | 12.0% | |||||||||||||||||||||||||||
10,000 | ||||||||||||||||||||||||||||
0 | ||||||||||||||||||||||||||||
13,855 | 16,604 | 18,596 | 22,767 | 26,113 | 28,940 | 32,044 | 35,465 | 38,870 | 43,940 | 49,498 | 55,020 |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
Letter to our Shareholders - Nexus AG / Quarterly Statement Q1 2023 | 2 |
company NEXUS / SWITZERLAND and ifa systems AG. The subsidiary of NEXUS, ifa systems AG, was able to significantly accelerate its cloud solution development in March thanks to a technology acquisition (arkandus Software GmbH, Peissenberg).
Since April 2023, NEXUS has held a 75% stake in NEXUS / SCHAUF GmbH, Langenfeld. The company creates patient management and queuing systems and thus ideally complements the NEXUS / product portfolio. The NEXUS platform strategy will be expanded to include integrated patient logistics in a hospital. The focus is on continuous digital process support, time-savings and increasing patient comfort. The small, highly specialized team of NEXUS / SCHAUFF will support these topics nationally and internationally in the future.
In May 2023, we strengthened our position in the digitization of long- term care with the acquisition of 90% of the Swiss solution provider SmartLiberty SA, Le Landeron (Switzerland). SmartLiberty SA is a leading provider of digital alerting and communication solutions and is a leading company in this field with approximately TCHF 8,000 in sales and more than 40 employees. The collaboration between NEXUS and SmartLiberty aims to accelerate the digitization of nursing homes in Europe thanks to innovative, comprehensive solutions.
Highlights Q1 2023- Business Development
- Strong sales increase in the first quarter +11.2%
- Major tenders won in Germany, the Netherlands, France and Poland
- Preparation (development / marketing) for tenders to replace discontinued systems
Our share price has developed less satisfactorily. Despite excellent results and good prospects, the price is hardly changing.. After a significant rise in the share price in April, it has fallen significantly again. Investors were in part irritated by statements made by the German Ministry of Health. It seems that a preference or even recommendation for a foreign e-health provider has been expressed,
which has burdened the share prices of the German e-health providers.
OUTLOOK: Take advantage of our momentum!
The first three months of 2023 have been extremely successful for us. Growth amounting to 11% and approx. a 28% increase in EBIT are
strong results!
In addition, there are interesting new orders; we have succeeded in receiving surprising orders, especially in Holland and Poland. The three company acquisitions that we were able to realize in the first few months round out this successful period.
We want to start into the further quarters of the year with this momentum. The opportunities created by the state programs and, more recently, by the discontinuation of competitive systems are the best prerequisites. One prerequisite is undoubtedly whether our customers have sufficient capacity to implement their projects. There are obviously challenges in this respect related to the high project load and the shortage of skilled workers. We know how tense the situation is with our customers and work together with them on solutions.
We are still very optimistic about the remaining year in 2023 and want to use the momentum of the first quarter to achieve the goals of the entire year. The Nexus team is firmly committed to this and is looking forward to the task.
Warm regards,
Dr. Ingo Behrendt
Chief Executive Officer
2012 to 2023 __ EBIT (Q1) in KEUR
9,000 | ||||||||||||||||||||||||||||||||||||||
8,000 | ||||||||||||||||||||||||||||||||||||||
7,000 | ||||||||||||||||||||||||||||||||||||||
28.5% | ||||||||||||||||||||||||||||||||||||||
6,000 | ||||||||||||||||||||||||||||||||||||||
18.5% | ||||||||||||||||||||||||||||||||||||||
5,000 | ||||||||||||||||||||||||||||||||||||||
16.5% | ||||||||||||||||||||||||||||||||||||||
4,000 | 11.7% | |||||||||||||||||||||||||||||||||||||
12.5% | 17.9% | |||||||||||||||||||||||||||||||||||||
3,000 | ||||||||||||||||||||||||||||||||||||||
21.8% | 13.0% | |||||||||||||||||||||||||||||||||||||
2,000 | 17.3% | |||||||||||||||||||||||||||||||||||||
26.1% | 11.3% | |||||||||||||||||||||||||||||||||||||
1,000 | ||||||||||||||||||||||||||||||||||||||
0 | ||||||||||||||||||||||||||||||||||||||
1,291 | 1,628 | 1,812 | 2,126 | 2,590 | 2,926 | 3,293 | 3,882 | 4,335 | 5,049 | 5,985 | 7,688 | |||||||||||||||||||||||||||
2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 |
3 Nexus AG / Quarterly Statement Q1 2023 - Letter to our Shareholders
__ Interim Annual Report
REPORT ABOUT THE PROFIT, FINANCIAL AND ASSET SITUATION
NEXUS Group sales increased from KEUR 49,498 to KEUR 55,020 (+11.2%) in the first three months of the year 2023. The stable, positive sales development of NEXUS Group of recent years could be continued with that.
In the NEXUS / ROE Division, sales of KEUR 25,761 were achieved after KEUR 23,396 (3M-2022), i.e., approx. 10.1% higher than in the previous year. Additionally, sales increased from KEUR 16,373 (3M- 2022) to KEUR 19,074 (+16.5%) in the NEXUS / DE Division. In the NEXUS / DIS Division, sales of KEUR 12,633 were achieved after KEUR 11,860 (3M-2022) (+ 6.5%).
Based on the regional development of sales, we were able to increase sales in Germany by 12.1 % to KEUR 28,815 (3M-2022: KEUR 25,713). In international business, we achieved sales of KEUR 26,205 in the first quarter 2023 compared to KEUR 23,785 in the previous year (+10.2%). Sales in Poland (+51.9%) are increasing substantially, the Netherlands (+10.2%), France (8.7 %), Austria (+7.6%) and Switzerland (+6.1%) are increasing substantially. No significant sales were generated and consolidated by the companies acquired in the first quarter of 2023.
Consolidated earnings before income interest and taxes (EBIT) developed very positively. They improved by 28.5% to KEUR 7,688 (3M-2022: KEUR 5,985). Earnings before taxes rose even more sharply, rising from KEUR 5,669 to KEUR 8,074 (+42.4%). This included the significantly improved financial result due to rising interest rates. A value of KEUR 8,721 was achieved in EBITA and consequently was 21.8% over the value of previous year (3M-2022: KEUR 7,161). EBITDA reached KEUR 11,602 in the first quarter of 2023 (3M-2022: KEUR 10,175) and consequently was 14.0% higher than in the previous year. The non-recurring costs for the integration of the new companies amounted to KEUR 832 in the first quarter of 2023. The companies acquired in the first quarter of 2023 did not generate and consolidate a significant contribution to EBIT.
The cash flow from operating activities in the ersten quarter was KEUR 22,447 (3M-2022: KEUR 27,971 and consequently less than in the previous year. However, it still represents a high value. We had to pay significantly lower tax payments in the first months In the previous year. In addition, we have agreed on later payments for large-scale Hospital Future Act (KHZG) projects due to the funding regulations.
The consolidated surplus increased by 28.7% and amounted to KEUR 5,654 for the first quarter 2023 following KEUR 4,393 (3M- 2022). The undiluted result per share amounted to EUR 0.33 (previous year: EUR 0.26) (diluted: EUR 0.33; previous year: EUR 0.26). Cash resources including short-term financial assets amounted to KEUR 129,158 on 31/03/2023 (31/12/2022: KEUR 110,019).
Investments in tangible and intangible assets were made in the amount of KEUR 1,499 in the first quarter 2023 (3M-2022: KEUR 1,152). This includes KEUR 936 (3M-2022: KEUR 591) for capitalizing software developments.
The balance sheet total increased from KEUR 344,196 to KEUR 373,026 compared to 31/12/2022 (+8.4%). Intangible assets, goodwill and balanced-out deferred taxes add up to a total of KEUR 151,434 following previously KEUR 153,072 (31/12/2022). Receivables from customers amount to KEUR 37,900 following KEUR 38,154 on 31/12/2022.
EMPLOYEES
NEXUS Group employed an average of 1,601 people in the first three months (3M-2022: 1,504 employees).
EBITDA (Q1) in KEUR
14.0 % in comparison to the previous year
12,000 | |||||||
14.0% | |||||||
9,000 | 12.0% | ||||||
7.9% | |||||||
11.5% |
6,000
3,000
0
7,548 | 8,419 | 9,086 | 10,175 | 11,602 |
2019 | 2020 | 2021 | 2022 | 2023 |
EBT (Q1) in KEUR
42,4% in comparison to the previous year
9,000
8,000
7,000 | |||||||||||||||
42.4% | |||||||||||||||
6,000 | |||||||||||||||
14.1% | |||||||||||||||
5,000 | |||||||||||||||
18.2% | |||||||||||||||
4,000 | 10.0% | ||||||||||||||
3,000 | |||||||||||||||
2,000 | |||||||||||||||
1,000 | |||||||||||||||
0 | |||||||||||||||
3,823 | 4,205 | 4,970 | 5,669 | 8,074 | |||||||||||
2019 | 2020 | 2021 | 2022 | 2023 |
Interim Annual Report - Nexus AG / Quarterly Statement Q1 2023 | 4 |
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Nexus AG published this content on 16 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 May 2023 06:09:05 UTC.