Annual Financial Statements of Teamviewer Ag Fiscal Year 2020 2 3 15 74 16 61 17 75 51 28 65 29 39 60 60 63 64 40 48
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ANNUAL FINANCIAL STATEMENTS OF TEAMVIEWER AG FISCAL YEAR 2020 01_COMBINED MANAGEMENT REPORT 01 Group fundamentals ............................................................................................................... 3 02 Employees .............................................................................................................................. 15 03 Corporate responsibility ...................................................................................................... 16 04 Economic report ................................................................................................................... 17 05 Events after the reporting period ....................................................................................... 28 06 Opportunity and risk report .................................................................................................29 07 Outlook ...................................................................................................................................39 08 Remuneration report ............................................................................................................40 09 Takeover-related disclosures ...............................................................................................48 10 Corporate governance statement ........................................................................................ 51 11 Nonfinancial statement ........................................................................................................60 12 Closing statement on the dependency report ...................................................................60 13 Management report of TeamViewer AG ............................................................................ 61 02_ANNUAL FINANCIAL STATEMENTS 01 Balance Sheet ........................................................................................................................63 02 Income Statement .................................................................................................................64 03 Notes to the financial statements .......................................................................................65 03_FURTHER INFORMATION 01 Responsibility statement ...................................................................................................... 74 02 Independent auditor’s report ............................................................................................... 75 2 TeamViewer AG · Annual Financial Statements Fiscal Year 2020 COMBINED MANAGEMENT REPORT 01 Group fundamentals TeamViewer, founded in 2005, is a global technology com- pany and provider of a cloud-based platform enabling digi- tal connectivity between people and devices and the digital support of processes in industrial environments. In addition to a high number of private users who can use parts of the product portfolio free of charge, TeamViewer’s customer base comprises companies of different sizes and from various in- dustries. TeamViewer Group globally has 1,256 employees. TeamViewer AG is the Group’s parent company and its shares are listed on the Frankfurt Stock Exchange, in various indices, including the MDAX and TecDAX. BUSINESS MODEL As digital technologies continue to develop, the way in which advancing automation, robotics and the deployment of artificial people interact and work is also changing. For companies, intelligence (AI). Added to this is society’s increasing sensitivi- there is a growing need to connect employees and a large ty to environmental and climate issues and the growing call for number of devices and applications irrespective of time and a reduction in CO2e emissions and flexible working concepts place. Alongside the continuous increase in endpoints and de- (e. g. working from home). The global COVID-19 pandemic in vices, this strong need for connectivity solutions is influenced 2020 led to a substantial acceleration of these trends, particu- by global megatrends. These include digital transformation, larly in respect of flexible working concepts. further developments in the Internet of Things (IoT) segment, 003 TeamViewer AG · Annual Financial Statements Fiscal Year 2020 These megatrends and requirements are served by TeamView- Secondly, TeamViewer is steadily expanding its portfolio for all Coverage of customer segments er’s product and solutions portfolio. The software allows remote customer segments, building on its product offerings which al- Through its product portfolio, TeamViewer covers a broad access to devices of all types and enables them to be con- ready cover the full range of customers, from private users to range: Private individuals can use the software free of charge trolled, managed and monitored – ranging from laptops and global corporations. Thirdly, TeamViewer always has geograph- for non-commercial purposes (Free User Community), and mobile phones to industrial machinery and robots. The Team- ic expansion in its sights and is working towards further pene- there are a variety of solutions and subscription models for Viewer products, moreover, allow interaction with other people tration of its international markets. As part of these three dimen- commercial use. TeamViewer has a strong customer base in the through digital tools and the digitalisation of industrial process- sions, TeamViewer is seeking to generate organic growth while SME segment for historical reasons, although in recent years es along the entire value chain, enriching them with augmented at the same time looking out for suitable strategic acquisition the Company has invested more in the major customer segment reality (AR) elements. TeamViewer supports all common op- targets that complement the solutions portfolio and technolog- and secured a large number of enterprise customers1. erating systems to grant its customers the greatest possible ical knowledge of the TeamViewer Group in a meaningful way. freedom in the design of individual application scenarios. Increase in use cases Most of TeamViewer’s revenue is generated from sales of its TeamViewer allows devices of all kinds to be connected own software products and solutions. Since 2018, they have across all relevant operating systems. This alone means that been sold exclusively through a subscription model, where the opportunities for using the software are basically unlimit- the subscription period is usually twelve months. TeamViewer ed. Customers use the solutions to access devices and ma- also provides services to implement more complex solutions, chinery remotely, to monitor, control, maintain or repair them. for example in enterprise, IoT or AR settings. Beyond merely connecting devices, TeamViewer seeks to create added value by utilising new technologies such as AR, Strategy IoT and AI. The digital transformation offers a considerable TeamViewer’s strategic orientation pursues the overarching scope for additional use cases, especially in the industrial goal of generating long-term growth and steadily increasing area. The main focus is on accessing machinery data and the value of the Company. The Company’s strategy is based using it intelligently while at the same time providing special- on three growth dimensions which are to be advanced and ists and maintenance engineers on site with digital support in TeamViewer is increasingly seeking to expand its presence in further deepened by a number of strategic initiatives: First, their activities outside an office setting. TeamViewer’s large the enterprise segment, especially in the area of Industry 4.0. TeamViewer will develop new use cases. user and customer base and its continuous input are an im- In this regard, TeamViewer has reached an important mile- portant source of new use cases. They are addressed via new stone with the takeover of Ubimax and the intelligent integra- functionalities in existing solutions or selectively, through new tion of its AR and IoT solutions. Another growth driver in the applications. In general terms, TeamViewer is working both on enterprise customer segment is the digitalisation of sales and solutions that can be deployed horizontally but also on new, customer service interactions. In this context, TeamViewer tailored solutions for individual industries or parts of the value has supplemented its Tensor enterprise suite with major func- chain to support digital transformation. tionalities including co-browsing, a GDPR-compliant version of screen sharing. At the other end of the customer range, TeamViewer also increasingly meets the needs of non-com- mercial individual users through the free-of-charge integration of TeamViewer Meeting and other new developments. 004 1 Customers with invoiced billings across all products and services of at least EUR 10,000 within the last 12 months TeamViewer AG · Annual Financial Statements Fiscal Year 2020 The scope of consolidation of the Group changed in fiscal year 2020 due to the acquisition of Ubimax GmbH, includ- ing its subsidiaries Ubimax Inc. and Ubimax SA de CV, by TeamViewer AG and TeamViewer Germany GmbH in August 2020. The Ubimax GmbH, a wholly owned subsidiary of the TeamViewer Germany GmbH as of 31 December 2020, was merged with the TeamViewer Germany GmbH by entry in the commercial register on 7 January 2021. The merger was given retroactive effect as of 1 January 2020 in accounting terms. Locations TeamViewer maintains a total of 17 locations in ten countries. The Group’s head office is in Goppingen (Germany) which is also the central